Homework Answers
| Tasso Company | |
| Income Statement | |
| For the Month Ended July, 2009 | |
| Revenue | |
| Sales Revenue | 25,000 |
| Expenses | |
| Expenses required to provide services | 18,750 |
| Net Income | 6,250 |
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An inexperienced accounting intern at Tasso Company prepared the following income statement for the month of...
Shown below is an income statement for 2020 that was prepared by a poorly trained bookkeeper...
Shown below is an income statement for 2020 that was prepared by a poorly trained bookkeeper of Cullumber Corporation Cullumber Corporation INCOME STATEMENT December 31, 2020 Sales revenue Investment revenue Cost of goods sold Selling expenses Administrative expenses Interest expense Income before special items Special items Loss on disposal of a component of the business Net federal income tax liability Net income $825.000 18,000 (406,000) (143,500) (193,700) (12,500) 87.300 (42.2001 (13,530) $31.570 Prepare a multiple-step income statement for 2020 for...
4 Skipped The income statement shown below was prepared and sent by Jenna Preston, the owner...
4 Skipped The income statement shown below was prepared and sent by Jenna Preston, the owner of Preston Gifts, to several of her creditors. The business is a sole proprietorship that sells miscellaneous gifts. An accountant for one of the creditors looked over the income statement and found that it did not conform to generally accepted accounting principles. PRESTON GIFTS Income Statement Year Ended December 31, 2019 Cash Collected from Customers $126,000 Cost of Goods Sold Merchandise Inventory, Jan. 1...
The following condensed income statements of the Jackson Holding Company are presented for the two years...
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2018 and 2017: Sales Cost of goods sold Gross profit Operating expenses Operating income Gain on sale of division 2018 2017 $15,400,000 $10,000,000 9,400,000 6,200,000 6,000,000 3,800,000 3,360,000 2,760,000 2,640,000 1,040,000 640,000 3,280,000 1,040,000 1,312,000 416,000 $ 1,968,000 $ 624,000 Income tax expense Net income ices On October 15, 2018, Jackson entered into a tentative agreement to sell the assets of...
P5.5A An inexperienced accountant prepared this condensed income statement for Simon Company, a retail firm that...
P5.5A An inexperienced accountant prepared this condensed income statement for Simon Company, a retail firm that has been in business for a number of years. Prepare a correct multiple-step income statement. Simon Company Income Statement For the Year Ended December 31, 2022 Revenues Net sales $850,000 Other revenues 22,000 872,000 Cost of goods sold 555,000 Gross profit 317,000 Operating expenses Selling expenses 109,000 Administrative expenses 103,000 212,000 Net earnings $105,000 As an experienced, knowledgeable accountant, you review the statement and...
The following incorrect income statement was prepared by the accountant of the Axel Corporation:
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATIONIncome StatementFor the Year Ended December 31, 2021Revenues and gains:Sales revenue$700,000Interest revenue43,000Gain on sale of investments90,000Total revenues and gains833,000Expenses and losses:Cost of goods sold$380,000Selling expense70,000Administrative expense90,000Interest expense27,000Restructuring costs66,000Income tax expense50,000Total expenses and losses683,000Net Income$150,000Earnings per share$1.50 Required:Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate is 25%. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 620,000 Interest revenue 35,000 Gain on sale of investments 82,000 Total revenues and gains 737,000 Expenses and losses: Cost of goods sold $ 340,000 Selling expense 62,000 Administrative expense 82,000 Interest expense 19,000 Restructuring costs 58,000 Income tax expense 44,000 Total expenses and losses 605,000 Net Income $ 132,000...
Check my work The following condensed income statements of the Jackson Holding Company are presented for...
Check my work The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2021 and 2020: points Sales revenue cost of goods sold Gross profit Operating expenses Operating income Gain on sale of division 2021 2020 $15,400,000 $10,000,000 9.400,000 5,200,000 6,000,000 3,000,000 3,360,000 2.760,000 2.640,000 1,040,000 640,000 3,280,000 1,040,000 820, 000 2 60,000 $ 2,460,000 5 780,000 Income tax expense Net income Reference On October 15, 2021, Jackson entered into a...
The following incorrect income statement was prepared by the accountant of the AXL Corporation: AXL CORPORATION...
The following incorrect income statement was prepared by the accountant of the AXL Corporation: AXL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 600,000 Interest revenue 33,000 Gain on sale of investments 80,000 Total revenues and gains 713,000 Expenses and losses: Cost of goods sold $ 330,000 Selling expense 60,000 Administrative expense 80,000 Interest expense 17,000 Restructuring costs 56,000 Income tax expense 42,500 Total expenses and losses 585,500 Net Income $ 127,500...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 720,000 Interest revenue 45,000 Gain on sale of investments 92,000 Total revenues and gains 857,000 Expenses and losses: Cost of goods sold $ 390,000 Selling expense 72,000 Administrative expense 92,000 Interest expense 29,000 Restructuring costs 68,000 Income tax expense 51,500 Total expenses and losses 702,500 Net Income $ 154,500...
The following incorrect Income statement was prepared by the accountant of the Axel Corporation: $592,000 32,000...
The following incorrect Income statement was prepared by the accountant of the Axel Corporation: $592,000 32,000 86,000 710,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2018 Revenues and gains: Sales Interest and dividends Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $325,000 Selling expenses 67,000 Administrative expenses 87,000 Interest 26,000 Restructuring costs 55,000 Income taxes 60,000 Total expenses and losses Net Income 620,000 $ 90,000 Earnings per share $...
Shown below is an income statement for 2020 that was prepared by a poorly trained bookkeeper of Cullumber Corporation Cullumber Corporation INCOME STATEMENT December 31, 2020 Sales revenue Investment revenue Cost of goods sold Selling expenses Administrative expenses Interest expense Income before special items Special items Loss on disposal of a component of the business Net federal income tax liability Net income $825.000 18,000 (406,000) (143,500) (193,700) (12,500) 87.300 (42.2001 (13,530) $31.570 Prepare a multiple-step income statement for 2020 for...
4 Skipped The income statement shown below was prepared and sent by Jenna Preston, the owner of Preston Gifts, to several of her creditors. The business is a sole proprietorship that sells miscellaneous gifts. An accountant for one of the creditors looked over the income statement and found that it did not conform to generally accepted accounting principles. PRESTON GIFTS Income Statement Year Ended December 31, 2019 Cash Collected from Customers $126,000 Cost of Goods Sold Merchandise Inventory, Jan. 1...
The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2018 and 2017: Sales Cost of goods sold Gross profit Operating expenses Operating income Gain on sale of division 2018 2017 $15,400,000 $10,000,000 9,400,000 6,200,000 6,000,000 3,800,000 3,360,000 2,760,000 2,640,000 1,040,000 640,000 3,280,000 1,040,000 1,312,000 416,000 $ 1,968,000 $ 624,000 Income tax expense Net income ices On October 15, 2018, Jackson entered into a tentative agreement to sell the assets of...
Check my work The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2021 and 2020: points Sales revenue cost of goods sold Gross profit Operating expenses Operating income Gain on sale of division 2021 2020 $15,400,000 $10,000,000 9.400,000 5,200,000 6,000,000 3,000,000 3,360,000 2.760,000 2.640,000 1,040,000 640,000 3,280,000 1,040,000 820, 000 2 60,000 $ 2,460,000 5 780,000 Income tax expense Net income Reference On October 15, 2021, Jackson entered into a...
The following incorrect Income statement was prepared by the accountant of the Axel Corporation: $592,000 32,000 86,000 710,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2018 Revenues and gains: Sales Interest and dividends Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $325,000 Selling expenses 67,000 Administrative expenses 87,000 Interest 26,000 Restructuring costs 55,000 Income taxes 60,000 Total expenses and losses Net Income 620,000 $ 90,000 Earnings per share $...
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