Homework Answers
| MARIN COMPANY | |||
| Income statement | |||
| For the year ended December 31 2017 | |||
| (In thousands, except earnings per share) | |||
| Sales revenue | $246,000 | ||
| Cost of good sold | $121,180 | ||
| Gross profit ($246,000 -$121,180) | $124,820 | ||
| Operating expenses | |||
| Selling expense | |||
| Delivery expense | $5,400 | ||
| Sales commission | $16,960 | ||
| Depreciation of sales Equipment | $14,800 | $37,160 | |
| Administrative/ General expense | |||
| Officers salaries | $10,300 | ||
| Depreciation of office furniture and equipment | $9,250 | $19,550 | $56,710 |
| Income from operations ($124,820 - $56,710) | $68,110 | ||
| Other revenue and gain | |||
| Rent revenue | $2,100 | ||
| $70,210 ($68,110 +$2,100) | |||
| Other expenses and Losses | |||
| Interest expense | $3,600 | ||
| Income before taxes ($70,210 - $3,600) | $66,610 | ||
| Income tax | $12,310 | ||
| Net income ($66,610 -$12,310) | $54,300 | ||
| Earnings per share ($54,300/25,000) | $2.172 | ||
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prepare an income statement for Marin inc for the year
2017
Is Kieso, Intermediate Accounting, 17e...
Return to Blackboard BLUS Kieso, Intermediate Accounting, 17e Help System Announcements Open Assignment CALCULATOR PRINTER VERSION...
Return to Blackboard BLUS Kieso, Intermediate Accounting, 17e Help System Announcements Open Assignment CALCULATOR PRINTER VERSION Brief Exercise 4-02 ment Your answer is incorrect. 4-05 4-OZ 4-08 Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2020. Expel were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000 expense $45,000. Brisky's tax rate is 30%. The corporation had 100,000 shares of common stock a and 70,000 shares issued and outstanding during 2020. Prepare a...
The income statement of Marin Inc. is presented here. Marin Inc. Income Statement For the Year...
The income statement of Marin Inc. is presented here. Marin Inc. Income Statement For the Year Ended November 30, 2017 Sales revenue $7,579,100 Cost of goods sold Beginning inventory $1,866,300 Purchases 4,483,800 Goods available for sale 6,350,100 Ending inventory 1,573,100 Total cost of goods sold 4,777,000 Gross profit 2,802,100 Operating expenses Selling expenses 446,400 Administrative expenses 690,100 1,136,500 Net income $1,665,600 Additional information: 1. Accounts receivable decreased $372,700 during the year, and inventory decreased $293,200. 2. Prepaid expenses increased $148,500...
The accounting records of Marin Inc. show the following data for 2017 (its first year of...
The accounting records of Marin Inc. show the following data for 2017 (its first year of operations). 1. Life insurance expense on officers was $8,100. 2. Equipment was acquired in early January for $315,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Marin used a 30% rate to calculate depreciation. 3. Interest revenue on State of New York bonds totaled $4,200. 4. Product warranties were estimated to be $53,100 in 2017. Actual repair...
D U I S p Kleo, Intermediate Accounting, 17e System Arcouncements URCES Windsor Inc. provided the...
D U I S p Kleo, Intermediate Accounting, 17e System Arcouncements URCES Windsor Inc. provided the following information for the year 20 282.000 Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold Loss on discontinued operations Rent revenue Unrealized holding gain on available-for-sale debt securities Encome tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealed holding gain on available for sale...
The following information is available for Marin Inc. for the year ended December 31, 2017: Loss...
The following information is available for Marin Inc. for the
year ended December 31, 2017:
Loss on discontinued operations
$75,000
Retained earnings January 1, 2017
$1,240,000
Rent revenue
87,000
Selling expenses
861,000
Income tax applicable to continuing operations
296,000
Income tax applicable to loss on discontinued operations
28,000
Administrative expenses
512,000
Cost of goods sold
1,674,000
Loss on write-down of inventory
35,000
Sales revenue
3,725,000
Gain on sale of equipment
37,000
Cash dividends declared
221,000
Unrealized gain on available-for-sale securities...
w pobarea Marriott balto. Canvas Login Kleso, Intermediate Accounting, 16e Help System Announcements CALCULATOR PRINTER VERSION...
w pobarea Marriott balto. Canvas Login Kleso, Intermediate Accounting, 16e Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 4-5 (Part Level Submission) Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2017 Information related to Martinez Company ($000 omitted). $5,214 4,274 60,884 17,544 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold...
Marin Inc., a greeting card company, had the following statements prepared as of December 31, 2017...
Marin Inc., a greeting card company, had the following statements prepared as of December 31, 2017 MARIN INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $5,900 $7,000 Accounts receivable 61,500 51,400 Short-term debt investments (available-for-sale) 35,400 17,800 Inventory 39,900 60,400 Prepaid rent 4,900 3,900 Equipment 155,300 131,000 Accumulated depreciation-equipment (34,700 ) (25,200) Copyrights 45,900 49,900 Total assets $314,100 $296,200 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable...
A) prepare an income statement and a retained earnings statement for the year B) prepare a...
A) prepare an income statement and a retained earnings
statement for the year
B) prepare a classified statement of financial position at
July 31
s. mor E4-17 These financial statement items are for Van Dijk Company NV at year-end 2017. Salaries and wages payable $ 2,040 Notes payable (long-term) Salaries and wages expense 50,700 Cash Utilities expense 22,600 Accounts receivable Equipment 30,000 Accumulated depreciation equip. Accounts payable 4,100 Dividends Service revenue 62,000 Depreciation expense Rent revenue 8,500 Retained earnings (beginning...
prepare an income statement for the year 2020 using the multiple-step form and single-step form Con...
prepare an income statement for the year 2020 using the
multiple-step form and single-step form
Con Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single- step format. The discussion involves the following 2020 Information related to Waterway Company ($000 omitted). Administrative expense Officers' salaries $4,972 Depreciation of office furniture and equipment 4,032 60,642 Cost of goods sold Rent revenue 17,302 Selling expense Delivery expense...
prepare an income statement for lonyear Inc for the year ended Decenmber 31, 2017. Current Attempt...
prepare an income statement for lonyear Inc for the year ended
Decenmber 31, 2017.
Current Attempt in Progress The following items and amounts were taken from Lonyear Inc's 2017 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 84,700 123,192 438,458 115,131 7,818 64,618 88,419 584.951 6,499 49.384 4.806 1.882 Lonyear Inc. Income Statement $ cs $
Return to Blackboard BLUS Kieso, Intermediate Accounting, 17e Help System Announcements Open Assignment CALCULATOR PRINTER VERSION Brief Exercise 4-02 ment Your answer is incorrect. 4-05 4-OZ 4-08 Brisky Corporation had net sales of $2,400,000 and interest revenue of $31,000 during 2020. Expel were cost of goods sold $1,450,000, administrative expenses $212,000, selling expenses $280,000 expense $45,000. Brisky's tax rate is 30%. The corporation had 100,000 shares of common stock a and 70,000 shares issued and outstanding during 2020. Prepare a...
The accounting records of Marin Inc. show the following data for 2017 (its first year of operations). 1. Life insurance expense on officers was $8,100. 2. Equipment was acquired in early January for $315,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Marin used a 30% rate to calculate depreciation. 3. Interest revenue on State of New York bonds totaled $4,200. 4. Product warranties were estimated to be $53,100 in 2017. Actual repair...
D U I S p Kleo, Intermediate Accounting, 17e System Arcouncements URCES Windsor Inc. provided the following information for the year 20 282.000 Retained earnings, January 1, 2020 Administrative expenses Selling expenses Sales revenue Cash dividends declared Cost of goods sold Loss on discontinued operations Rent revenue Unrealized holding gain on available-for-sale debt securities Encome tax applicable to continuing operations Income tax benefit applicable to loss on discontinued operations Income tax applicable to unrealed holding gain on available for sale...
The following information is available for Marin Inc. for the
year ended December 31, 2017:
Loss on discontinued operations
$75,000
Retained earnings January 1, 2017
$1,240,000
Rent revenue
87,000
Selling expenses
861,000
Income tax applicable to continuing operations
296,000
Income tax applicable to loss on discontinued operations
28,000
Administrative expenses
512,000
Cost of goods sold
1,674,000
Loss on write-down of inventory
35,000
Sales revenue
3,725,000
Gain on sale of equipment
37,000
Cash dividends declared
221,000
Unrealized gain on available-for-sale securities...
w pobarea Marriott balto. Canvas Login Kleso, Intermediate Accounting, 16e Help System Announcements CALCULATOR PRINTER VERSION BACK NEXT Exercise 4-5 (Part Level Submission) Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single-step format. The discussion involves the following 2017 Information related to Martinez Company ($000 omitted). $5,214 4,274 60,884 17,544 Administrative expense Officers' salaries Depreciation of office furniture and equipment Cost of goods sold...
Marin Inc., a greeting card company, had the following statements prepared as of December 31, 2017 MARIN INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $5,900 $7,000 Accounts receivable 61,500 51,400 Short-term debt investments (available-for-sale) 35,400 17,800 Inventory 39,900 60,400 Prepaid rent 4,900 3,900 Equipment 155,300 131,000 Accumulated depreciation-equipment (34,700 ) (25,200) Copyrights 45,900 49,900 Total assets $314,100 $296,200 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans payable...
A) prepare an income statement and a retained earnings
statement for the year
B) prepare a classified statement of financial position at
July 31
s. mor E4-17 These financial statement items are for Van Dijk Company NV at year-end 2017. Salaries and wages payable $ 2,040 Notes payable (long-term) Salaries and wages expense 50,700 Cash Utilities expense 22,600 Accounts receivable Equipment 30,000 Accumulated depreciation equip. Accounts payable 4,100 Dividends Service revenue 62,000 Depreciation expense Rent revenue 8,500 Retained earnings (beginning...
prepare an income statement for the year 2020 using the
multiple-step form and single-step form
Con Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting an income statement in a multiple-step versus a single- step format. The discussion involves the following 2020 Information related to Waterway Company ($000 omitted). Administrative expense Officers' salaries $4,972 Depreciation of office furniture and equipment 4,032 60,642 Cost of goods sold Rent revenue 17,302 Selling expense Delivery expense...
prepare an income statement for lonyear Inc for the year ended
Decenmber 31, 2017.
Current Attempt in Progress The following items and amounts were taken from Lonyear Inc's 2017 income statement and balance sheet. Cash Retained earnings Cost of goods sold Salaries and wages expense Prepaid insurance Inventory Accounts receivable Sales revenue Notes payable Accounts payable Service revenue Interest expense $ 84,700 123,192 438,458 115,131 7,818 64,618 88,419 584.951 6,499 49.384 4.806 1.882 Lonyear Inc. Income Statement $ cs $
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