Homework Answers
Calculation of Sale-
As per net income formula-
Net income = Sales - cost of goods sold - general & adminstrative expenses - selling & Distribution expenses - interest expenses - depreciation expenses - taxes
440,000 = Sales -140000 -35,000 - 70,000 -10,000 -30,000
Sales = 7,25,000
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(Understanding the income statement) If the Reid Company earned $440,000 in net income, spent $140,000 in...
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE...
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,750,000 Purchases 4,830,000 Goods available for sale 6,580,000 Ending inventory 1,450,000 Cost of goods sold Gross profit Operating expenses Selling expenses 440,000 Administrative expenses 770,000 Net income 5,130,000 1,640,000 1,210,000 $430,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts...
Income statement. Use the data om the following financial statement in he popup window . Complete...
Income statement. Use the data om the following financial statement in he popup window . Complete he partia income statement he company paid interest expense of $17,500 or 2017 and had an overall tax ate of 40% for 2017 Complete the income statement below: (Round to the nearest dollar.) t Year Ending 2017 Sales revenue Cost of goods sold Fixed costs Selling, general, and administrative expenses S360,000 $142,000 $43,400 $28,200 $46,300 Data Table Partial Income Statement Year Ending 2017 EBIT...
Given the following information prepare in good form an income statement for the Oil Drilling Company...
Given the following information prepare in good form an income statement for the Oil Drilling Company ($million). Selling and administrative expense................................................... $ 60,000 Depreciation expense........................................................................ 70,000 Sales................................................................................................... 470,000 Interest expense................................................................................. 40,000 Cost of goods sold............................................................................. 140,000 Taxes................................................................................................. 45,000
3-1. (Computing earnings per share) If ABC Company earned $280,000 in net income and paid cash...
3-1. (Computing earnings per share) If ABC Company earned $280,000 in net income and paid cash dividends of $40,000, what are ABC's earnings per share and dividends per share if it has 80,000 shares outstanding? 3-2. (Preparing an income statement) Prepare an income statement and a common-sized income statement from the following information. Sales $525,000 Cost of goods sold 200,000 General and administrative expenses 62,000 Depreciation expenses 8,000 Interest expense 12,000 Income taxes 97,200
1. What is the amount of Net Sales that ABC would report on its Income Statement?...
1. What is the amount of Net Sales that ABC would report on its
Income Statement?
$3,000,000
$2,920,000
$3,200,000
$2,970,000
2. What is the amount of Gross Profit that ABC would report on
its Income Statement?
$1,300,000
$1,220,000
$1,500,000
$1,270,000
3. What is the TOTAL amount of Operating Expenses that ABC would
report on its Income Statement?
$506,000
$500,000
$554,000
$440,000
ABC Company has the following information available on December 31, 2017. The tax rate is 25% $6,000 Sales Salaries...
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $...
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $ $ 575,000 $ CA Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Gross margin Less operating expenses: Selling expenses Administrative expenses 35,000 375,100 410,100 (70,000) 340,100 (84,000) (122,000) (575,000) Sales 781,000 3. What was the average cost per unit for direct materials and factory depreciation? (R answers to 2 decimal...
12.6 Pro forma income statement. Given the income statement in the popup window, € , for...
12.6
Pro forma income statement. Given the income statement in the popup window, € , for California Cement Company for 2013 and an expected sales growth rate of 7.42% for 2014, prepare a pro forma income statement for 2014. First, find the percentage of each income statement line from 2013 as a percent of sales. (Round to three decimal places.) California Cement Company Income Statement for 2013 Sales revenue $ 22,861,000 % $ -11,691,000 % $ -4,043,000 % Cost of...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty...
Income Statement: Use the following financial information to prepare an income statement: Beginning Inventory, Jan 1...
Income Statement: Use the following financial information to prepare an income statement: Beginning Inventory, Jan 1 Supplies 1 Income Tax Ending Inventory, Dec. 31 Depreciation Misc. expense 1 Light, heat, & power Burger Shack, Inc. 2 00,000 Advertising 2 ,000 Insurance 25% of income before tax Merchandise purchases 2 30,000 Sales Salaries 1,500 Rent 2 ,000 Net Sales 12,000 Office Salaries 18,000 1.500 440,000 57,000 28,000 700,000 100,000 Burger Shack, Inc. Income Statement E Net Sales Cost of Goods Sold:...
How to calculate the net operating income for both and shipping expense? Milden Company is a...
How to calculate the net operating income for both and shipping
expense?
Milden Company is a merchandiser that plans to sell 35,000 units during the next quarter at a selling price of $56 per unit. The company also gathered the following cost estimates for the next quarter: 20 points Cost Cost of good sold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense Cost Formula $26 per unit sold $183,000 per quarter 6% of sales $57,000 per...
The income statement of Kingbird Company is shown below. $6,770,000 KINGBIRD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,750,000 Purchases 4,830,000 Goods available for sale 6,580,000 Ending inventory 1,450,000 Cost of goods sold Gross profit Operating expenses Selling expenses 440,000 Administrative expenses 770,000 Net income 5,130,000 1,640,000 1,210,000 $430,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts...
Income statement. Use the data om the following financial statement in he popup window . Complete he partia income statement he company paid interest expense of $17,500 or 2017 and had an overall tax ate of 40% for 2017 Complete the income statement below: (Round to the nearest dollar.) t Year Ending 2017 Sales revenue Cost of goods sold Fixed costs Selling, general, and administrative expenses S360,000 $142,000 $43,400 $28,200 $46,300 Data Table Partial Income Statement Year Ending 2017 EBIT...
3-1. (Computing earnings per share) If ABC Company earned $280,000 in net income and paid cash dividends of $40,000, what are ABC's earnings per share and dividends per share if it has 80,000 shares outstanding? 3-2. (Preparing an income statement) Prepare an income statement and a common-sized income statement from the following information. Sales $525,000 Cost of goods sold 200,000 General and administrative expenses 62,000 Depreciation expenses 8,000 Interest expense 12,000 Income taxes 97,200
1. What is the amount of Net Sales that ABC would report on its
Income Statement?
$3,000,000
$2,920,000
$3,200,000
$2,970,000
2. What is the amount of Gross Profit that ABC would report on
its Income Statement?
$1,300,000
$1,220,000
$1,500,000
$1,270,000
3. What is the TOTAL amount of Operating Expenses that ABC would
report on its Income Statement?
$506,000
$500,000
$554,000
$440,000
ABC Company has the following information available on December 31, 2017. The tax rate is 25% $6,000 Sales Salaries...
2. Prepare an income statement. MERIWELL COMPANY Income Statement For the Year Just Completed Sales $ $ 575,000 $ CA Cost of goods sold: Finished goods inventory, beginning Add: Cost of goods manufactured Goods available for sale Deduct: Finished goods inventory, ending Gross margin Less operating expenses: Selling expenses Administrative expenses 35,000 375,100 410,100 (70,000) 340,100 (84,000) (122,000) (575,000) Sales 781,000 3. What was the average cost per unit for direct materials and factory depreciation? (R answers to 2 decimal...
12.6
Pro forma income statement. Given the income statement in the popup window, € , for California Cement Company for 2013 and an expected sales growth rate of 7.42% for 2014, prepare a pro forma income statement for 2014. First, find the percentage of each income statement line from 2013 as a percent of sales. (Round to three decimal places.) California Cement Company Income Statement for 2013 Sales revenue $ 22,861,000 % $ -11,691,000 % $ -4,043,000 % Cost of...
Preparing a Single-Step and a Multiple-Step Income Statement The following pretax information is taken from the adjusted trial balance of Trader J's Corp. at December 31, 2020, its annual year-end. Sales revenue, net Gain on sale of investment Depreciation expense Selling expense General and administrative expenses Rent revenue $950,000 8,000 25,000 140,000 92,300 18,000 7,000 9,000 80,000 10,000 550,000 30,000 Investment revenue Interest expense Recovery from prior expropriation loss Loss on sale of long-term investments Cost of goods sold Casualty...
Income Statement: Use the following financial information to prepare an income statement: Beginning Inventory, Jan 1 Supplies 1 Income Tax Ending Inventory, Dec. 31 Depreciation Misc. expense 1 Light, heat, & power Burger Shack, Inc. 2 00,000 Advertising 2 ,000 Insurance 25% of income before tax Merchandise purchases 2 30,000 Sales Salaries 1,500 Rent 2 ,000 Net Sales 12,000 Office Salaries 18,000 1.500 440,000 57,000 28,000 700,000 100,000 Burger Shack, Inc. Income Statement E Net Sales Cost of Goods Sold:...
How to calculate the net operating income for both and shipping
expense?
Milden Company is a merchandiser that plans to sell 35,000 units during the next quarter at a selling price of $56 per unit. The company also gathered the following cost estimates for the next quarter: 20 points Cost Cost of good sold Advertising expense Sales commissions Shipping expense Administrative salaries Insurance expense Depreciation expense Cost Formula $26 per unit sold $183,000 per quarter 6% of sales $57,000 per...
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