Homework Answers
| a] | Firm's net income = 3400*80%/20% = | $ 13,600 | ||
| b] | Firm's revenue = 13600+3400+2400+2400+4400+9400 = | $ 35,600 | ||
| c] | EBIT = 35600-9400-4400-2400 = | $ 19,400 | ||
| CANDY CANES: | April | May | June | |
| Sales | $ - | $ 3,30,000 | ||
| Net income | $ - | $ 68,000 | ||
| Net cash flow | $ -2,62,000 | $ - | $ 3,30,000 |
Add Answer to:
A firm's income statement included the following data. The firm's average tax rate was 20% $...
Candy Canes Inc. spends $100,000 to buy sugar and peppermint in April. It produces its candy...
Candy Canes Inc. spends $100,000 to buy sugar and peppermint in April. It produces its candy and sells it to distributors in May for $150,000, but it does not receive payment until June. For each month, find the firm's sales, net income, and net cash flow, and fill in the following table. (Leave no cells blank - be certain to enter "0" wherever required. Negative amounts should be indicated by a minus sign.) April May June Net Sales sh Flow...
A firm's income statement included the following data. The firm's average tax rate was 20%. $...
A firm's income statement included the following data. The firm's average tax rate was 20%. $ 9,600 Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation 3,600 4,600 2,600 2,600 a. What was the firm's net income? Net income b. What must have been the firm's revenues? Revenues $ c. What was EBIT? EBIT $
Balto Moving and Storage, Inc. generates the following income statement for the year. In addition, the...
Balto Moving and Storage, Inc. generates the following income statement for the year. In addition, the company has a net reduction in working capital of $2,150 and spends $2,975 on new capital projects. Income Statement Net sales $ 7,500.00 Cost of goods sold 1,600.00 Depreciation 750.00 EBIT $ 5,150.00 Interest expense 1,250.00 Taxable income $ 3,900.00 Taxes 1,170.00 Net income $ 2,730.00 a. What is the company’s cash flow from operations? (Round your answer to the nearest dollar.) b. What...
Blue Hamster Manufacturing Inc.'s income statement reports data for its first year of operation. The firm's...
Blue Hamster Manufacturing Inc.'s income statement reports data for its first year of operation. The firm's CEO would like sales to increase by 25% next year 1. Blue Hamster is able to achieve this level of increased sales, but its interest costs increase from 10% to 15% of earnings before interest and taxes (EBIT) 2. The company's operating costs (excluding depreciation and amortization) remain at 70% of net sales, and its depreciation and amortization expenses remain constant from year to...
Blue Hamster Manufacturing Inc.'s income statement reports data for its first year of operation. The firm's...
Blue Hamster Manufacturing Inc.'s income statement reports data for its first year of operation. The firm's CEO would like sales to increase by 25% next year. 1, Blue Hamster is able to achieve this level of increased sales, but its interest costs increase from 10% to 15% of earnings before interest and taxes (EBIT 2. The company's operating costs (excluding depreciation and amortization) remain at 80% of net sales, and its depreciation and amortization expenses remain constant from year to...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods:...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash $ 9,400 Accounts receivable $ 27,600 Inventory $ 51,000 Building and equipment, net $ 99,600 Accounts payable $ 30,675 Common stock $ 150,000 Retained earnings $ 6,925 The gross margin is 25% of sales. Actual and budgeted sales data: March (actual) $ 69,000 April $ 85,000 May $ 90,000 June $ 115,000 July $ 66,000 Sales are...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods:...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash 9,400 27,600 51,000 99,600 30,675 $ 150,000 Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings 6,925 a. The gross margin is 25% of sales b. Actual and budgeted sales data: S 69,000 S 85,000 90,000 S 115,000 S 66,000 March (actual) April May June July c. Sales are 60% for cash and...
Complete Iguana’s budgeted income statement for quarter 2 Requirea information The following information applies to the...
Complete Iguana’s budgeted income statement for quarter
2
Requirea information The following information applies to the questions displayed below.) Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame r es 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $11 per hour Iguana has the following inventory policies: • Ending finished goods inventory should be 40 percent of next month's sales. •...
solve question 1&2&3 please. as it is able, repay the loan plus accumulated interest at the...
solve question 1&2&3 please.
as it is able, repay the loan plus accumulated interest at the end of the quarter. 1. Prepare a schedule of expected cash collections for July, August, and September and for the quarter in total. (Leave no cells blank-be certain to enter "0" wherever required. Do not round intermediate calculations. Omit the "S" sign in your response.) Schedule of Expected Cash Collections Cash sales Sales on account: May June July August Total cash collections 2. Prepare...
Budgeted income statement and supporting budgets for three months Newport Inc. gathered the following data for...
Budgeted income statement and supporting budgets for three months Newport Inc. gathered the following data for use in developing the budgets for the first quarter June, July, August) of its fiscal year: a. Estimated sales at $36 per unit: June July 300,000 units 400,000 units 500,000 units 500,000 units August September b. Estimated finished goods inventories: May 31 June 30 July 31 August 31 16,000 units 5 % of next month's sales 5% of next month's sales 5% of next...
Candy Canes Inc. spends $100,000 to buy sugar and peppermint in April. It produces its candy and sells it to distributors in May for $150,000, but it does not receive payment until June. For each month, find the firm's sales, net income, and net cash flow, and fill in the following table. (Leave no cells blank - be certain to enter "0" wherever required. Negative amounts should be indicated by a minus sign.) April May June Net Sales sh Flow...
A firm's income statement included the following data. The firm's average tax rate was 20%. $ 9,600 Cost of goods sold Income taxes paid Administrative expenses Interest expense Depreciation 3,600 4,600 2,600 2,600 a. What was the firm's net income? Net income b. What must have been the firm's revenues? Revenues $ c. What was EBIT? EBIT $
Blue Hamster Manufacturing Inc.'s income statement reports data for its first year of operation. The firm's CEO would like sales to increase by 25% next year 1. Blue Hamster is able to achieve this level of increased sales, but its interest costs increase from 10% to 15% of earnings before interest and taxes (EBIT) 2. The company's operating costs (excluding depreciation and amortization) remain at 70% of net sales, and its depreciation and amortization expenses remain constant from year to...
Blue Hamster Manufacturing Inc.'s income statement reports data for its first year of operation. The firm's CEO would like sales to increase by 25% next year. 1, Blue Hamster is able to achieve this level of increased sales, but its interest costs increase from 10% to 15% of earnings before interest and taxes (EBIT 2. The company's operating costs (excluding depreciation and amortization) remain at 80% of net sales, and its depreciation and amortization expenses remain constant from year to...
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash 9,400 27,600 51,000 99,600 30,675 $ 150,000 Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings 6,925 a. The gross margin is 25% of sales b. Actual and budgeted sales data: S 69,000 S 85,000 90,000 S 115,000 S 66,000 March (actual) April May June July c. Sales are 60% for cash and...
Complete Iguana’s budgeted income statement for quarter
2
Requirea information The following information applies to the questions displayed below.) Iguana, Inc., manufactures bamboo picture frames that sell for $25 each. Each frame r es 4 linear feet of bamboo, which costs $2.00 per foot. Each frame takes approximately 30 minutes to build, and the labor rate averages $11 per hour Iguana has the following inventory policies: • Ending finished goods inventory should be 40 percent of next month's sales. •...
solve question 1&2&3 please.
as it is able, repay the loan plus accumulated interest at the end of the quarter. 1. Prepare a schedule of expected cash collections for July, August, and September and for the quarter in total. (Leave no cells blank-be certain to enter "0" wherever required. Do not round intermediate calculations. Omit the "S" sign in your response.) Schedule of Expected Cash Collections Cash sales Sales on account: May June July August Total cash collections 2. Prepare...
Budgeted income statement and supporting budgets for three months Newport Inc. gathered the following data for use in developing the budgets for the first quarter June, July, August) of its fiscal year: a. Estimated sales at $36 per unit: June July 300,000 units 400,000 units 500,000 units 500,000 units August September b. Estimated finished goods inventories: May 31 June 30 July 31 August 31 16,000 units 5 % of next month's sales 5% of next month's sales 5% of next...
Most questions answered within 3 hours.
-
Phosphorous + bromine = phosphorous tribromide. If 35.0 g of
bromine are reacted and 27.9 grams...
asked 1 hour ago -
Derive the long wavelength limit of the Planck energy density
distribution
asked 1 hour ago -
Calculate the pH of each of the following solutions.
0.50 M HBr
3.1×10−4 M KOH
4.2×10−5...
asked 4 hours ago -
For the year ended December 31, Depot Max’s cost of merchandise
sold was $85,600. Inventory at the...
asked 4 hours ago -
Week 10 - Professional Memo Assignment
Professional Memo Assignment
Your mission for this week, should you...
asked 4 hours ago -
Write a Python program that stores the data for each
player on the team, and it...
asked 5 hours ago -
In
the last 3 months, mike never knows when he is going to get his
allowance...
asked 5 hours ago -
Is Ca(OH)2 a Bronsted base, Lewis base, or both? Why?
asked 5 hours ago -
1A- Why don’t voters complain about U.S. tariffs on imported
sugar?
Because sugar is only a...
asked 5 hours ago -
Cash Payback Period
Primera Banco is evaluating two capital investment proposals for
a drive-up ATM kiosk,...
asked 5 hours ago -
Create a button in Swift (Xcode) that will create a charge,
create a charge using Stripe's...
asked 5 hours ago -
The reaction rate of CO and NO2 in the reaction
CO(g) + NO2(g) → CO2(g) +...
asked 5 hours ago