DATA Sales $500,000 Cost of goods sold $100,000 General and administrative expenses $60,000 Depreciation expenses 9,000...
| DATA | ||
| Sales | $500,000 | |
| Cost of goods sold | $100,000 | |
| General and administrative expenses | $60,000 | |
| Depreciation expenses | 9,000 | |
| Interest expense | 11,000 | |
| Income taxes |
99,200 |
Given the information above, please prepare
a) the income statement in good form,
| (b) the common-sized income statement. |
Homework Answers
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DATA
Sales
$500,000
Cost of goods sold
$100,000
General and administrative expenses
$60,000
Depreciation expenses
9,000...
Sales revenue Cost of goods sold Gross profit Selling and administrative expenses Operating income Interest expense...
Sales revenue Cost of goods sold Gross profit Selling and administrative expenses Operating income Interest expense Income before tax Income tax expense Net income 2018 R 70,000 42,000 R 28,000 20,000 R8,000 2,000 R6,000 2,000 R 4,000 2017 R 60,000 30,000 R 30,000 14,000 R16,000 2,000 R14,000 3,000 R11,000 Required: 1. Prepare common-size comparative income statements for the two years for Beach Motors (Pty) Ltd (11) 2. What observations can you make about the common-size statements? List at least four...
Income Statement Year Ended 12/31/18 Balance Sheet Sales Cost of Goods Sold Operating Expenses Depreciation Expense100,000...
Income Statement Year Ended 12/31/18 Balance Sheet Sales Cost of Goods Sold Operating Expenses Depreciation Expense100,000 EBIT Interest Expense EBT Taxes Net Income 12/31/2018 12/31/2017 $60,000$45,000 880,000650,000 200,000Less Acc'd Depreciation 450,000350,000 350,000 $395,000 $1.400,000 Current Assets 750,000 Gross Fixed Assets Fixed Assets 430,000 $490,000 50,000 Total Assets 50,000 00,000 Current Liabilities 120,000Long-term Debt $35,000 330,000 5,000 $50,000 270,000 5,000 70,000 $395,000 180,000 Common Stock Retained Earnings Total Liabilities & Equity $490.000 110 $395.000 a) Prepare the 2018 common-sized income statement...
Selling and administrative expense Depreciation expense Sales Interest expense Cost of goods sold Taxes 312,000 195,000...
Selling and administrative expense Depreciation expense Sales Interest expense Cost of goods sold Taxes 312,000 195,000 1,680,000 121,000 550,000 166,000 Jonas Brothers Cough Drops Income Statement
ABC Company reports the following information: Sales $160,000 General and Administrative Expenses 9,000 Beginning Raw Materials...
ABC Company reports the following information: Sales $160,000 General and Administrative Expenses 9,000 Beginning Raw Materials Inventory 6,000 Ending Raw Materials Inventory 5,000 Beginning Work-in-Process Inventory 3,000 Ending work-in-Process Inventory 2,000 Beginning Finished Goods Inventory 4,000 Ending Finished Goods Inventory 6,000 Direct Labor 29,000 Material Purchases 92,000 Mfg. Overhead (insurance % taxes) 20,000 Note: You can assume that overhead was correctly applied. Prepare and submit: a. ABC’s Cost of Goods Manufactured Statement. b. ABC’s Cost of Goods Sold Statement. c....
A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000...
A company reported the following: Cost of Goods Sold $ 290,000 Selling, and Administrative Expenses 9,000 Income Tax Expense 7,350 Inventory 13,500 Net Income 110,650 Sales Revenue 425,000 Sales Discounts 4,500 Sales Returns & Allowances 3,500 What is the amount of gross profit? A) $127,000 B) $119,650 C) $135,000 D) $118,000
Cost of goods sold Interest expense Net revenue Other selling, general, and administrative expenses Provision for...
Cost of goods sold Interest expense Net revenue Other selling, general, and administrative expenses Provision for income taxes Weighted average shares outstanding $1,231, 349 670 2,035,531 395,883 86,387 63,832 Required: a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share. (Enter your answers in thousands not in dollars. Round "Basic earnings per share" to 2 decimal places.) AEROPOSTALE, INC. Consolidated Statement of Income For...
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest...
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest expense Sales Selling and administrative expense Taxes value: 20.00 points Lemon Auto Wholesalers had sales of $740,000 last year, and cost of goods sold represented 70 percent of sales. Selling and administrative expenses were 12 percent of sales. Depreciation expense was $18,000 and interest expense for the year was $11,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes. Lemon Auto...
Suppose Ruston Company has the following revenue and expenses for 2018: Revenues of $7,800,000 Cost of Goods Sold of $1,...
Suppose Ruston Company has the following revenue and expenses for 2018: Revenues of $7,800,000 Cost of Goods Sold of $1,560,000 Depreciation Expenses of $700,000 Income Taxes of $1,676,000 Interest Expenses of $70,000 Other Expenses of $500,000 Sales, General, & Administrative Expenses of $780,000 Use an income statement with amounts in thousands A) What is the value of Pre-Tax Income? and B) What is the value of Net Income? Please specify your answer in the same units as the income statement.
Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses...
Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $79,000. The president has announced that the company's goal is to increase net income by 15 percent. Required The following items are independent of each other a. Prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal? b. The market may become stagnant next...
Sales revenue Cost of goods sold Gross profit Selling, general, and administrative expenses Loss on sales...
Sales revenue Cost of goods sold Gross profit Selling, general, and administrative expenses Loss on sales of securities Income before interest and taxes Interest expense Income before taxes Income tax expense Net income Retained earnings, January 1, 2017 $542,825 (435,550) $107,275 $(65,830) (310) $41,135 (9,220) $31,915 (12,766) $19,149 58,615 $77,764 (12,149) $65,615 Dividends paid on common stock Retained earnings, December 31, 2017 December 31, 2016 Heartland Inc. Comparative Statements of Financial Position (thousands omitted) December 31, 2017 Assets Current assets:...
Sales revenue Cost of goods sold Gross profit Selling and administrative expenses Operating income Interest expense Income before tax Income tax expense Net income 2018 R 70,000 42,000 R 28,000 20,000 R8,000 2,000 R6,000 2,000 R 4,000 2017 R 60,000 30,000 R 30,000 14,000 R16,000 2,000 R14,000 3,000 R11,000 Required: 1. Prepare common-size comparative income statements for the two years for Beach Motors (Pty) Ltd (11) 2. What observations can you make about the common-size statements? List at least four...
Income Statement Year Ended 12/31/18 Balance Sheet Sales Cost of Goods Sold Operating Expenses Depreciation Expense100,000 EBIT Interest Expense EBT Taxes Net Income 12/31/2018 12/31/2017 $60,000$45,000 880,000650,000 200,000Less Acc'd Depreciation 450,000350,000 350,000 $395,000 $1.400,000 Current Assets 750,000 Gross Fixed Assets Fixed Assets 430,000 $490,000 50,000 Total Assets 50,000 00,000 Current Liabilities 120,000Long-term Debt $35,000 330,000 5,000 $50,000 270,000 5,000 70,000 $395,000 180,000 Common Stock Retained Earnings Total Liabilities & Equity $490.000 110 $395.000 a) Prepare the 2018 common-sized income statement...
Selling and administrative expense Depreciation expense Sales Interest expense Cost of goods sold Taxes 312,000 195,000 1,680,000 121,000 550,000 166,000 Jonas Brothers Cough Drops Income Statement
Cost of goods sold Interest expense Net revenue Other selling, general, and administrative expenses Provision for income taxes Weighted average shares outstanding $1,231, 349 670 2,035,531 395,883 86,387 63,832 Required: a. Prepare a classified (multiple-step) consolidated income statement (showing gross profit, operating income, and income before income taxes). Include a presentation of basic earnings per share. (Enter your answers in thousands not in dollars. Round "Basic earnings per share" to 2 decimal places.) AEROPOSTALE, INC. Consolidated Statement of Income For...
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest expense Sales Selling and administrative expense Taxes value: 20.00 points Lemon Auto Wholesalers had sales of $740,000 last year, and cost of goods sold represented 70 percent of sales. Selling and administrative expenses were 12 percent of sales. Depreciation expense was $18,000 and interest expense for the year was $11,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes. Lemon Auto...
Cost of goods sold is usually 70 percent of sales revenue, and selling and administrative expenses are usually 10 percent of sales plus a fixed cost of $79,000. The president has announced that the company's goal is to increase net income by 15 percent. Required The following items are independent of each other a. Prepare a pro forma income statement. What percentage increase in sales would enable the company to reach its goal? b. The market may become stagnant next...
Sales revenue Cost of goods sold Gross profit Selling, general, and administrative expenses Loss on sales of securities Income before interest and taxes Interest expense Income before taxes Income tax expense Net income Retained earnings, January 1, 2017 $542,825 (435,550) $107,275 $(65,830) (310) $41,135 (9,220) $31,915 (12,766) $19,149 58,615 $77,764 (12,149) $65,615 Dividends paid on common stock Retained earnings, December 31, 2017 December 31, 2016 Heartland Inc. Comparative Statements of Financial Position (thousands omitted) December 31, 2017 Assets Current assets:...
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