Use the following information to compute NET INCOME. The income tax rate on all items is...
Use the following information to compute NET INCOME. The income tax rate on all items is 40%.
|
Cost of Goods Sold |
$ 11,000 |
|
Interest Expense |
2,100 |
|
Loss from sale of land |
1,000 |
|
Cash |
900 |
|
Selling and Administrative Expense |
1,750 |
|
Accounts payable |
400 |
|
Sales |
20,000 |
|
Gain from sale of equipment |
1,250 |
|
Dividends |
700 |
Homework Answers
| sales | 20,000 |
| Gain on sale of equipment | 1,250 |
| less:cost of goods sold | (11,000) |
| interest expense | (2,100) |
| selling and administrative expense | (1.750) |
| less:loss from sale of land | (1,000) |
| Income before tax | 5,400 |
| less: tax @40% | (2,160) |
| net income | 3,240 |
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Use the following information to compute NET INCOME. The income
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Using the following information, compute NET INCOME. Cost of Goods Sold $ 6,000 Interest Expense 1,100...
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Using the following information, compute GROSS PROFIT. Cost of Goods Sold &n
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Spreadsheet and Statement The following 2016 information is available for Stewart Company: Condensed Income Statement for...
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The following income statement items appeared on the adjustedtrial balance of Schembri Manufacturing Corporation for...
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Rembrandt Paint Company had the following income statement items for the year ended December 31, 2021...
Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2021 ($ in thousands):
Can someone check what I'm doing wrong.
Thanks
This is what you can see when you open the yellow
box
$ Income Statement For the year ended December 31, 2021 ($ in thousands, except per share amounts) Sales Revenue Cost of goods sold Gross profit Operating expense Advertising expense $ Depreciation expense Salaries expense Restructuring cost 18,000 10,500 7,500 3,300 700...
Comparative balance sheets for 2018 and 2017 and a statement of income for 2018 are given...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
560
$
370
Accounts receivable
710
370
Inventory
860
440
Land
700
670
Building
900
900
Less: Accumulated depreciation
(200
)
(160
)
Equipment
3,400
3,230
Less: Accumulated depreciation
(343
)...
The following information was taken from the records of Blue Inc. for the year 2020: Income...
The following information was taken from the records of Blue Inc. for the year 2020: Income tax applicable to income from continuing operations $228,140; income tax applicable to loss on discontinued operations $31,110, and unrealized holding gain on available-for-sale securities (net of tax) $18,300. Gain on sale of equipment $115,900 Cash dividends declared $183,000 Loss on discontinued operations 91,500 Retained earnings January 1, 2020 3,000,000 Administrative expenses 292,800 Cost of goods sold 1,037,000 Rent revenue 48,800 Selling expenses 366,000 Loss...
Sesame uses the perpetual system, and their income tax rate is 30%. On Sesame’s multiple-step income...
Sesame uses the perpetual system, and their
income tax rate is 30%. On Sesame’s multiple-step
income statement for 2020, net income is:
a) $20,000
b) $15,000
c) $16,800
d) $9,800
Sesame Corp's adjusted trial balance at December 31, 2020, included the following: Debit Credit $170,000 $ 70,000 28,000 11,000 9,000 Sales Cost of goods sold Administrative expenses Loss on sale of equipment Sales commissions Interest revenue Loss of warehouse due to flood Loss from operation of discontinued division Bad debt...
During 2019, Dana had the following gains and losses. Calculate her 2019 total income tax liability for these items if her tax bracket is 37% LT gain from sale on personal use boat: $5,000 LT gain fro...
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Rembrandt Paint Company had the following income statement items
for the year ended December 31, 2021 ($ in thousands):
Can someone check what I'm doing wrong.
Thanks
This is what you can see when you open the yellow
box
$ Income Statement For the year ended December 31, 2021 ($ in thousands, except per share amounts) Sales Revenue Cost of goods sold Gross profit Operating expense Advertising expense $ Depreciation expense Salaries expense Restructuring cost 18,000 10,500 7,500 3,300 700...
Comparative balance sheets for 2018 and 2017 and a statement of
income for 2018 are given below for Metagrobolize Industries.
Additional information from the accounting records of Metagrobolize
also is provided.
METAGROBOLIZE INDUSTRIES
Comparative Balance Sheets
December 31, 2018 and 2017
($ in 000s)
2018
2017
Assets
Cash
$
560
$
370
Accounts receivable
710
370
Inventory
860
440
Land
700
670
Building
900
900
Less: Accumulated depreciation
(200
)
(160
)
Equipment
3,400
3,230
Less: Accumulated depreciation
(343
)...
Sesame uses the perpetual system, and their
income tax rate is 30%. On Sesame’s multiple-step
income statement for 2020, net income is:
a) $20,000
b) $15,000
c) $16,800
d) $9,800
Sesame Corp's adjusted trial balance at December 31, 2020, included the following: Debit Credit $170,000 $ 70,000 28,000 11,000 9,000 Sales Cost of goods sold Administrative expenses Loss on sale of equipment Sales commissions Interest revenue Loss of warehouse due to flood Loss from operation of discontinued division Bad debt...
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