Given the financial data construct income statement Times interest earned 4 times tax rate 40% cost...
Given the financial data construct income statement
Times interest earned 4 times
tax rate 40%
cost of goods sold to sales 70%
sales 150,000
interest expense as %of sales 3%
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Given the financial data construct income statement
Times interest earned 4 times
tax rate 40%
cost...
Given the following information for Smashville, Inc., construct an income statement for the year: Cost of...
Given the following information for Smashville, Inc., construct an income statement for the year: Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: $ 170,000 $ 3,200 $ 338,000 $ 49,000 $ 7,400 $ 14,000 40% What are retained earnings for the year? (Input all amounts as positive values.)
Given the following information for Smashville, Inc., construct an income statement for the year: Cost of...
Given the following information for Smashville, Inc., construct an income statement for the year: Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: $169,000 $ 1,300 $282,000 $ 44,000 $ 7,400 $ 5,000 303 What are retained earnings for the year? (Input all amounts as positive values.) COS Retained earings
Exercise 9-10 Number of times interest earned LO 9-3 The following data come from the financial...
Exercise 9-10 Number of times interest earned LO 9-3 The following data come from the financial records of Jordan Corporation for 2018: Sales Interest expense Income tax expense Net income $845,000 4,300 30,000 26,000 Required How many times was interest earned in 2018? (Round your answer to 2 decimal places.) Interest earned times times
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...
$220 Given the selected income statement data for Gray Co., what was its effective tax rate...
$220 Given the selected income statement data for Gray Co., what was its effective tax rate for the year? Present your answer in percentage terms rounded to one decimal place (e.g., 23.4%). Sales $495 Cost of goods sold Salaries expense $62 Tax expense $44 Net income $46 Total liabilities $416 Total assets $559
Calculating the Times Interest Earned Ratio For the most recent year
Calculating the Times Interest Earned Ratio For the most recent year, ICU Windows, Inc., had sales of $380,000, cost of goods sold of $110,000, depreciation expense of $32,000, and additions to retained earnings of $41,620. The firm currently has 30,000 shares of common stock outstanding, and the previous year's dividends per share were $1.50. Assuming a 34 percent income tax rate, what was the times interest earned ratio?
Problem 14-5A Condensed statement of financial position and income statement data for Speedway Corporation follow: 2016...
Problem 14-5A Condensed statement of financial position and income statement data for Speedway Corporation follow: 2016 $17,900 48,100 63,700 129,700 SPEEDWAY CORPORATION Statement of Financial Position December 31 2018 2017 Assets Current assets Cash $25,200 $20,100 Accounts receivable (net) 55,300 45,300 Inventory 100,000 85,100 Total current assets 180,500 150,500 Long-term investments 57,500 69,700 Property, plant, and equipment (net) 498,900 371,800 Total assets $736,900 $592,000 Liabilities and Shareholders' Equity Liabilities Current liabilities $85,700 $79,600 Non-current liabilities 155,700 85,400 Total liabilities 241,400...
15. The following common-size income statement data and tax rates are available on a company. Financial Item Current Ye...
15. The following common-size income statement data and tax rates are available on a company. Financial Item Current Year (%) 100 Revenues Cost of goods sold 38.6 3.1 Interest expense Research expenses Selling and general expenses 32.9 Income tax rate 22% The net profit margin in the current year is closest to: _ %
Times interest earned Loomis, Inc. reported the following on the company’s income statement in two recent...
Times interest earned Loomis, Inc. reported the following on the company’s income statement in two recent years: Current Year Prior Year Interest expense $499,000 $598,800 Income before income tax expense 6,586,800 6,826,320 a. Determine the times interest earned ratio for the current year and the prior year. Round to one decimal place. Current year Prior year b. Is the number of times interest charges are earned improving or declining?
question 4 and 5 Lantos Company had a 20 percent tax rate. Sales revenue Cost of...
question 4 and 5
Lantos Company had a 20 percent tax rate. Sales revenue Cost of goods sold Salaries and wages expense Depreciation expense Dividend revenue Utilities expense Discontinued operations loss Interest expense $1,000,000 600,000 80,000 110,000 90,000 10,000 100,000 20,000 4. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement? (See Module 3 Part 2) In 2020, Esther Corporation reported net income of $600,000. It declared and paid...
Given the following information for Smashville, Inc., construct an income statement for the year: Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: $ 170,000 $ 3,200 $ 338,000 $ 49,000 $ 7,400 $ 14,000 40% What are retained earnings for the year? (Input all amounts as positive values.)
Given the following information for Smashville, Inc., construct an income statement for the year: Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: $169,000 $ 1,300 $282,000 $ 44,000 $ 7,400 $ 5,000 303 What are retained earnings for the year? (Input all amounts as positive values.) COS Retained earings
Exercise 9-10 Number of times interest earned LO 9-3 The following data come from the financial records of Jordan Corporation for 2018: Sales Interest expense Income tax expense Net income $845,000 4,300 30,000 26,000 Required How many times was interest earned in 2018? (Round your answer to 2 decimal places.) Interest earned times times
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...
$220 Given the selected income statement data for Gray Co., what was its effective tax rate for the year? Present your answer in percentage terms rounded to one decimal place (e.g., 23.4%). Sales $495 Cost of goods sold Salaries expense $62 Tax expense $44 Net income $46 Total liabilities $416 Total assets $559
Problem 14-5A Condensed statement of financial position and income statement data for Speedway Corporation follow: 2016 $17,900 48,100 63,700 129,700 SPEEDWAY CORPORATION Statement of Financial Position December 31 2018 2017 Assets Current assets Cash $25,200 $20,100 Accounts receivable (net) 55,300 45,300 Inventory 100,000 85,100 Total current assets 180,500 150,500 Long-term investments 57,500 69,700 Property, plant, and equipment (net) 498,900 371,800 Total assets $736,900 $592,000 Liabilities and Shareholders' Equity Liabilities Current liabilities $85,700 $79,600 Non-current liabilities 155,700 85,400 Total liabilities 241,400...
15. The following common-size income statement data and tax rates are available on a company. Financial Item Current Year (%) 100 Revenues Cost of goods sold 38.6 3.1 Interest expense Research expenses Selling and general expenses 32.9 Income tax rate 22% The net profit margin in the current year is closest to: _ %
question 4 and 5
Lantos Company had a 20 percent tax rate. Sales revenue Cost of goods sold Salaries and wages expense Depreciation expense Dividend revenue Utilities expense Discontinued operations loss Interest expense $1,000,000 600,000 80,000 110,000 90,000 10,000 100,000 20,000 4. Given the following pre-tax amounts, what would be the income tax expense reported on the face of the income statement? (See Module 3 Part 2) In 2020, Esther Corporation reported net income of $600,000. It declared and paid...
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