Given the following financial statements, what is the forecasted
net income if all revenues and expenses are expected to remain a
constant percent of sales, and sales increase by 20%?
|
$2,196 |
||
|
$1,656 |
||
|
$3,324 |
Homework Answers
Since sales increase by 20%, and expenses as a percentage of sales remain constant, all expenses also increase by 20%.
Forecasted net income is $2196.
Add Answer to:
Given the following financial statements, what is the forecasted
net income if all revenues and expenses...
Given the following financial statements, what is the forecasted retained earnings if all revenues, expenses, assets...
Given the following financial statements, what is the forecasted
retained earnings if all revenues, expenses, assets and liabilities
remain a constant percent of sales, and sales increase by 20%?
Assume the common stock account will remain fixed and the dividend
payout ratio remains constant.
$3,776
$3,236
$1,896
We were unable to transcribe this imageGiven the following financial statements, what is the forecasted retained earnings if all revenues, expenses assets and liabilities remain a constant percent of sales, and sales...
4. Problem 16.04 Click here to read the eBook: Forecasted Financial Statements PRO FORMA INCOME STATEMENT...
4. Problem 16.04 Click here to read the eBook: Forecasted Financial Statements PRO FORMA INCOME STATEMENT Austin Grocers recently reported the following 2016 income statement (in millions of dollars): $700 Sales Operating costs including depreciation 500 ЕВT $200 Interest 40 $160 ЕВT Taxes (40%) 64 Net income $96 Dividends $32 Addition to retained earnings $64 For the coming year, the company is forecasting a 30% increase in sales, and it expects that its year-end operating costs, including depreciation, will equal...
Assignment 03 - Financial Statements, Cash Flow, and Taxes 3. Income statement Аа Аа The income...
Assignment 03 - Financial Statements, Cash Flow, and Taxes 3. Income statement Аа Аа The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the...
The following financial statements apply to Karl Company: 2019 Revenues Net sales Other revenues $420,000 350,000...
The following financial statements apply to Karl Company: 2019
Revenues Net sales Other revenues $420,000 350,000 10,000 360,000
16,000 436,000 Total revenues Expenses Cost of goods sold Selling
expenses General and administrative expenses Interest expense
Income tax expense 252,000 42,000 22,000 6,000 42,000 364,00e
206,000 38,000 20,000 6,000 36,000 306,000 Total expenses Net
income Assets Current assets $ 72,000 $ 54,000 $ 8,000 16,000
Marketable securities Accounts receivable Inventories Prepaid
expenses 70,000 200,000 6,000 286,000 210,000 40,000 $536,000
64,000 192,000...
Given the following information from the current financial statements of Umbrella Corp. Umbrella Corp. Income Statement...
Given the following information from the current financial statements of Umbrella Corp. Umbrella Corp. Income Statement For the year ended December 31, 2021 Sales (all on credit) $1,450,000 Cost of goods sold 1.050.000 Gross profit $400,000 Operating expenses 285.000 Operating income $135,000 Interest expense 5,300 Income before tas $129,700 Income tax expense 45,395 Profit $84,305 Umbrella Corp Balance sheet December 31, 2021 Cash Marketable securities Accounts receivable (not) Prepaid insurance Merchandise inventory Plant Ansats (net) Total Assets $28,500 122,000 52,300...
Given the following financial statements, calculate: Income statement Year Balance sheet Year Revenues Cost of sales...
Given the following financial statements, calculate: Income statement Year Balance sheet Year Revenues Cost of sales Selling costs Depreciation Operating profit 200.0 (80.0) (50.0) (20.0) 50.0 Working cash Accounts receivable Inventories Current assets 10 30 10 50 (4.0) Interest expense Gain on sale Earnings before taxes Property, plant, and equipment Prepaid pension assets Total assets 150 5 205 46.0 Taxes Net income (13.8) 32.2 Accounts payable Short-term debt Restructuring reserves Current liabilities 6 12 7 25 Long-term debt 70 Operating...
3. Financial statements and reports Aa Aa E The income statement, also known as the profit...
3. Financial statements and reports Aa Aa E The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the...
Ch 03: Assignment - Financial Statements, Cash Flow, and Taxes common shareholders. The income statement is...
Ch 03: Assignment - Financial Statements, Cash Flow, and Taxes common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not necessarily when cash was received or paid. Investors and analysts use the information given in the income statement and other financial statements and reports to evaluate the company's financial performance and condition Consider the following scenario: Cold Goose Metal Works...
The following financial statements apply to Gibson Company: 2019 2018 Revenues Net sales $ 211,700 $ 176,800 Other revenues 9,200 6,500 Total revenues 220,900 183,300...
The following financial statements apply to Gibson Company: 2019 2018 Revenues Net sales $ 211,700 $ 176,800 Other revenues 9,200 6,500 Total revenues 220,900 183,300 Expenses Cost of goods sold 126,000 102,300 Selling expenses 19,900 17,900 General and administrative expenses 9,700 8,700 Interest expense 1,400 1,400 Income tax expense 19,300 16,100 Total expenses 176,300 146,400 Net income $ 44,600 $ 36,900 Assets Current assets Cash $ 4,700 $ 7,100 Marketable securities 3,000 3,000 Accounts receivable 36,000 30,800 Inventories 101,500 95,900...
Please give me all the answers. thanks 18. Income statement The income statement, also known as...
Please give me all the
answers. thanks
18. Income statement The income statement, also known as a profit and loss (P&L) statement, provides a snapshot of a company's financial performance during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the...
Given the following financial statements, what is the forecasted
retained earnings if all revenues, expenses, assets and liabilities
remain a constant percent of sales, and sales increase by 20%?
Assume the common stock account will remain fixed and the dividend
payout ratio remains constant.
$3,776
$3,236
$1,896
We were unable to transcribe this imageGiven the following financial statements, what is the forecasted retained earnings if all revenues, expenses assets and liabilities remain a constant percent of sales, and sales...
4. Problem 16.04 Click here to read the eBook: Forecasted Financial Statements PRO FORMA INCOME STATEMENT Austin Grocers recently reported the following 2016 income statement (in millions of dollars): $700 Sales Operating costs including depreciation 500 ЕВT $200 Interest 40 $160 ЕВT Taxes (40%) 64 Net income $96 Dividends $32 Addition to retained earnings $64 For the coming year, the company is forecasting a 30% increase in sales, and it expects that its year-end operating costs, including depreciation, will equal...
Assignment 03 - Financial Statements, Cash Flow, and Taxes 3. Income statement Аа Аа The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the...
The following financial statements apply to Karl Company: 2019
Revenues Net sales Other revenues $420,000 350,000 10,000 360,000
16,000 436,000 Total revenues Expenses Cost of goods sold Selling
expenses General and administrative expenses Interest expense
Income tax expense 252,000 42,000 22,000 6,000 42,000 364,00e
206,000 38,000 20,000 6,000 36,000 306,000 Total expenses Net
income Assets Current assets $ 72,000 $ 54,000 $ 8,000 16,000
Marketable securities Accounts receivable Inventories Prepaid
expenses 70,000 200,000 6,000 286,000 210,000 40,000 $536,000
64,000 192,000...
Given the following information from the current financial statements of Umbrella Corp. Umbrella Corp. Income Statement For the year ended December 31, 2021 Sales (all on credit) $1,450,000 Cost of goods sold 1.050.000 Gross profit $400,000 Operating expenses 285.000 Operating income $135,000 Interest expense 5,300 Income before tas $129,700 Income tax expense 45,395 Profit $84,305 Umbrella Corp Balance sheet December 31, 2021 Cash Marketable securities Accounts receivable (not) Prepaid insurance Merchandise inventory Plant Ansats (net) Total Assets $28,500 122,000 52,300...
Given the following financial statements, calculate: Income statement Year Balance sheet Year Revenues Cost of sales Selling costs Depreciation Operating profit 200.0 (80.0) (50.0) (20.0) 50.0 Working cash Accounts receivable Inventories Current assets 10 30 10 50 (4.0) Interest expense Gain on sale Earnings before taxes Property, plant, and equipment Prepaid pension assets Total assets 150 5 205 46.0 Taxes Net income (13.8) 32.2 Accounts payable Short-term debt Restructuring reserves Current liabilities 6 12 7 25 Long-term debt 70 Operating...
3. Financial statements and reports Aa Aa E The income statement, also known as the profit and loss (P&L) statement, provides a snapshot of the financial performance of a company during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the...
Ch 03: Assignment - Financial Statements, Cash Flow, and Taxes common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the period in which they were incurred, not necessarily when cash was received or paid. Investors and analysts use the information given in the income statement and other financial statements and reports to evaluate the company's financial performance and condition Consider the following scenario: Cold Goose Metal Works...
Please give me all the
answers. thanks
18. Income statement The income statement, also known as a profit and loss (P&L) statement, provides a snapshot of a company's financial performance during a specified period of time. It reports a firm's gross income, expenses, net income, and the income that is available for distribution to its preferred and common shareholders. The income statement is prepared using the generally accepted accounting principles (GAAP) that match the firm's revenues and expenses to the...
Most questions answered within 3 hours.
-
McGlaun Company pays its employees every two weeks. The firm
last paid its employees on September...
asked 6 minutes ago -
You have been gifted a Mogwai as a pet and decide to do a little
online...
asked 10 minutes ago -
given the standard of 200 mg/dl and the absorbance of that
standard is 0.640. What is...
asked 13 minutes ago -
Exercise 8-51 Algo
An accounting professor is notorious for being stingy in giving
out good letter...
asked 21 minutes ago -
month
total distribution cost
level of activity (unit produced)
july
230.000
3500
august
250.000
3750
september...
asked 23 minutes ago -
A smoke detector system uses two devices, A and B. If smoke is
present, the probability...
asked 1 hour ago -
Your division head has assigned another important project to you
and your team. This project is...
asked 35 minutes ago -
Under normal use conditions, the Mean Time To Failure of a
heating coil can be modeled...
asked 1 hour ago -
Consider the probability that fewer than 34 out of 116 CDs will
be defective. Assume the...
asked 50 minutes ago -
4J Manufacturing Company uses a job order cost accounting system
and keeps perpetual inventory records. Prepare...
asked 40 minutes ago -
Please write code in C++
using recursive function
Write a program that computes the sequence of...
asked 38 minutes ago -
What is 345 as an unsigned decimal number? It is 34
with subscript of 5. Not...
asked 54 minutes ago