Use the appropriate information from the data provided below to calculate operating income for the year...
Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2015.
Research & Development expense $300,000
Inventory $1,000,000
Selling Expense $250,000
Accounts Receivable $400,000
Interest Expense $100,000
Accounts Payable $300,000
Cost of Goods Sold $600,000
Sales $1,200,000
Net Cash provided by Operations $250,000
Display your answer in the following format only: 123456 (in other words, do not use $ signs or commas)
Homework Answers
| Solution: | |||
| Operating Income Statement | |||
| Amount | Amount | ||
| Revenues: | |||
| Service Revenue | 12,00,000 | ||
| Less: Cost of Goods Sold | 6,00,000 | ||
| Gross Profit | 6,00,000 | ||
| Less: Operating Expenses | |||
| Research & Development expense | 3,00,000 | ||
| Selling Expenses | 2,50,000 | ||
| Total Operating Expenses | 5,50,000 | ||
| Operating Income | 50,000 | ||
| Note: Interest Expenses is not an a operating expenses | |||
Add Answer to:
Use the appropriate information from the data provided below to
calculate operating income for the year...
Use the appropriate information from the data provided below to calculate operating income for the year...
Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2015. Research & Development expense $300,000 Inventory $1,000,000 Selling Expense $250,000 Accounts Receivable $400,000 Interest Expense $100,000 Accounts Payable $300,000 Cost of Goods Sold $600,000 Sales $1,200,000 Net Cash provided by Operations $250,000 Display your answer in the following format only: 123456 (in other words, do not use S signs or commas)
Use the comparative balance sheet and the additional information provided to prepare a cash flow statement...
Use the comparative balance sheet and the additional information provided to prepare a cash flow statement for Yannik Inc for the year ended 12/31/2019. 2019 2018 Cash 900,000 700,000 Accounts receivable (net) Inventory Equipment 600,000 900,000 1,500,000 (600,000) 3,300,000 500,000 750,000 1,200,000 (500,000) 2,650,000 Accumulated depreciation TOTAL Accounts payable Notes payable - Long-term Common stock Retained earnings TOTAL 650,000 700,000 1,200,000 750,000 400,000 800,000 1,000,000 450,000 3,300,000 2,650,000 Notes 1. Net income was $400,000. 2. Net income include a gain...
Partial Information Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Before Tax #s 255,000 650,000 750,000...
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Take me to the text Use the following information to prepare the operating activities section of...
Take me to the text Use the following information to prepare the operating activities section of a statement of cash flows for Max's Catering Company for 2020 using the indirect method. Net Income $300,000 Decrease in food and beverage inventory $29,500 Decrease in accounts payable $13,000 Depreciation expense $45,000 Increase in accounts receivable $15,000 Gain on sale of land $26,600 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash....
Casting Crew Inc. provided the following information for the year 2015. Retained earnings, January 1, 2015...
Casting Crew Inc. provided the following information for the year 2015. Retained earnings, January 1, 2015 £ 600,000 Administrative expenses 240,000 Selling expenses 300,000 Sales revenue 1,900,000 Cash dividends declared 80,000 Cost of goods sold 850,000 Gain on sale of investments 62,700 Loss on discontinued operations 75,000 Rent revenue 40,000 Unrealized holding gain on non-trading equity securities 17,000 Income tax...
Calculate the accounts receivable turnover, average collection period (days), inventory turnover, fixed asset turnover, and total...
Calculate the accounts receivable turnover, average collection
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asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31,...
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Selected information taken from the financial statements of Fordstar Co. for the year ended December 31,...
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The following information is available from the accounting records of Geneva Co. for the year ended...
The following information is available from the
accounting records of Geneva Co. for the year ended June 30,
2018:
Calculate the operating income for Geneva Co. for the
year ended June 30, 2018. Show all of your work.
Calculate the company’s net income for fiscal year
2018.
Accounts payable Cost of goods sold Interest expense Net cash provided by operations Net sales Provision for income taxes Research and development expenses Selling, general, and administrative expenses 90,000 270,000 60,000 150,000 490,000...
Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2015. Research & Development expense $300,000 Inventory $1,000,000 Selling Expense $250,000 Accounts Receivable $400,000 Interest Expense $100,000 Accounts Payable $300,000 Cost of Goods Sold $600,000 Sales $1,200,000 Net Cash provided by Operations $250,000 Display your answer in the following format only: 123456 (in other words, do not use S signs or commas)
Use the comparative balance sheet and the additional information provided to prepare a cash flow statement for Yannik Inc for the year ended 12/31/2019. 2019 2018 Cash 900,000 700,000 Accounts receivable (net) Inventory Equipment 600,000 900,000 1,500,000 (600,000) 3,300,000 500,000 750,000 1,200,000 (500,000) 2,650,000 Accumulated depreciation TOTAL Accounts payable Notes payable - Long-term Common stock Retained earnings TOTAL 650,000 700,000 1,200,000 750,000 400,000 800,000 1,000,000 450,000 3,300,000 2,650,000 Notes 1. Net income was $400,000. 2. Net income include a gain...
Partial Information Accounts Payable Accounts Receivable Accrued Liabilities Accumulated Depreciation Before Tax #s 255,000 650,000 750,000 252,000 10,000 Add. PIC - CIS Add. PIC-PIS Allowance for Doubtful Accounts 15,000 25,000 Amortization Expense - Patent Office Supplies Expense Bonds Payable 100,000 1.200,000 350,000 Cash Common Stock Customer Deposits 3,500,000 3,583,000 600,000 Cost of Goods Sold Depreciation Expense Discontinued Operations (Loss) 700,000 450,000 400,000 Discounts on Notes Payable Dividend Revenue 5.000 65.000 Loss on Sale of Equipment interest Expense 800,000 88.000 Interest...
Take me to the text Use the following information to prepare the operating activities section of a statement of cash flows for Max's Catering Company for 2020 using the indirect method. Net Income $300,000 Decrease in food and beverage inventory $29,500 Decrease in accounts payable $13,000 Depreciation expense $45,000 Increase in accounts receivable $15,000 Gain on sale of land $26,600 Do not enter dollar signs or commas in the input boxes. Use the negative sign for a decrease in cash....
Calculate the accounts receivable turnover, average collection
period (days), inventory turnover, fixed asset turnover, and total
asset turnover for each period.
X2 X3 X4 $2,500,000 3.200,000 3,500,000 4,000,000 1.900.000 2400.0002.700.000 3200.000 800,000 400,00D 25,000 200,000 10.000 20.000 30.000 60.000 15,000 107,500 COST OF GOODS SOLD GROSS PROFIT SELLING & ADMINISTRATIVE EXPENSE DEPRECIATION LEASES MISCELLANEOUS EXPENSE 600,000 400,000 800,000 800,000 400,000 160,000 190,000 138,700 25,000 175,000 170,000 89,000 EARNINGS BEFORE INTEREST & TAXES INTEREST EARNINGS BEFORE TAXES TAXES (35%) NET INCOME...
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 15,000 65,500 22,500 18,000 31,500 13,500 22,000 8,500 183,500 20,500 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b....
Selected information taken from the financial statements of Fordstar Co. for the year ended December 31, 2019, follows: Net cash provided by operations Cost of goods sold Selling, general, and administrative expenses Accounts payable Dividends paid Research and development expenses Merchandise inventory Provision for income taxes Net sales Interest expense $ 24,000 104,800 36,000 28,800 50,400 21,600 35,200 13,600 293,600 32,800 Required: a. Calculate income from operations (operating income) for the year ended December 31, 2019. Income from operations b....
The following information is available from the
accounting records of Geneva Co. for the year ended June 30,
2018:
Calculate the operating income for Geneva Co. for the
year ended June 30, 2018. Show all of your work.
Calculate the company’s net income for fiscal year
2018.
Accounts payable Cost of goods sold Interest expense Net cash provided by operations Net sales Provision for income taxes Research and development expenses Selling, general, and administrative expenses 90,000 270,000 60,000 150,000 490,000...
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