Homework Answers
Answer is b. Income from Operations.
Explanation:
The Operating income is computed by deducting the operating expense from the gross profit of the business. It is required to be further deducted or added for non-operating expense or non-operating income to arrive at the net income of the business.
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In a multiple-step income statement, operating expenses are subtracted from gross profit...
Selling and administrative expenses are subtracted from gross profit to obtain operating income. True False
Selling and administrative expenses are subtracted from gross profit to obtain operating income. True False
On the multiple-step income statement, "gross profit" (also known as "gross margin") is calculated as follows:...
On the multiple-step income statement, "gross profit" (also known as "gross margin") is calculated as follows: Select one: a. Net revenues less cost of goods sold less operating expenses b. Net revenues less all expenses c. Net revenues less cost of goods sold d. Net revenues less cost of goods sold less operating expenses less income tax expense
E5-8 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Computing the Gross Profit Percentage LO5-3 need...
E5-8 (Algo) Preparing a Classified (Multiple-Step) Income
Statement and Computing the Gross Profit Percentage LO5-3
need the Administrative expense
Net income
Earnings per share
Chapter 3.1 Homework Problems E5-8 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Computing the Gross Profit Percentage LO5-3 4.16 points The following data were taken from the records of Township Corporation at December 31 of the current year: eBook $ 98,000 31,000 6,400 Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income...
thanks for helping Ending inventory is subtracted from cost of goods available for sale to compute:...
thanks for helping
Ending inventory is subtracted from cost of goods available for sale to compute: Oa. gross profit. Ob. cost of goods sold. Oc. beginning inventory. Od. net sales.
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
Which of the following is not a subtotal on the multi-step income statement? O A. gross...
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Use the following multi-step income statement of Cullumber Company to prepare a single-step version. Income Statement...
Use the following multi-step income statement of Cullumber Company to prepare a single-step version. Income Statement For the Year Ended December 31, 2022 Sales Sales revenue $97,500 Less: Sales returns and allowances 2,300 Net sales $95,200 Cost of goods sold 48,000 Gross profit 47,200 Operating expenses 14,900 Income from operations 32,300 Other revenues and gains Interest revenue 1,200 Other expenses and losses Loss on sale of equipment 600 Net income $32,900 Income Statement
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...
Company A 100% 23% Sales revenues Less: Cost of goods sold Gross profit Less: Operating expenses...
Company A 100% 23% Sales revenues Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Interest expense Income before income taxes Less: Income tax expense Net income 77% 16% 61% Company B 100% 21% 79% 24% 55% 4% 51% 4% 47% 3% 58% 3% 55% Which company is more profitable based on this common - size statement? O A. Company B OB. Company A OC. Company A and B are equally profitable OD. Cannot determine from...
Which of the following is not a subtotal on the multi-step income statement? a) Operating Income...
Which of the following is not a subtotal on the multi-step income statement? a) Operating Income Ob) Interest Expense c) Income from Continuing Operations Before Taxes d) Gross Profit
On the multiple-step income statement, "gross profit" (also known as "gross margin") is calculated as follows: Select one: a. Net revenues less cost of goods sold less operating expenses b. Net revenues less all expenses c. Net revenues less cost of goods sold d. Net revenues less cost of goods sold less operating expenses less income tax expense
E5-8 (Algo) Preparing a Classified (Multiple-Step) Income
Statement and Computing the Gross Profit Percentage LO5-3
need the Administrative expense
Net income
Earnings per share
Chapter 3.1 Homework Problems E5-8 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Computing the Gross Profit Percentage LO5-3 4.16 points The following data were taken from the records of Township Corporation at December 31 of the current year: eBook $ 98,000 31,000 6,400 Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income...
thanks for helping
Ending inventory is subtracted from cost of goods available for sale to compute: Oa. gross profit. Ob. cost of goods sold. Oc. beginning inventory. Od. net sales.
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
Which of the following is not a subtotal on the multi-step income statement? O A. gross profit OB. income from continuing operations before tax OC. operating income OD. interest expense Hitchcock Enterprises sold a vacant plot of land for $20,000. The company had paid $4,000 for the land ten years ago. On the statement of cash flows, this transaction would be reported as a O A. financing cash inflow of $20,000 B. investing cash inflow of $16,000 O C. investing...
Use the following multi-step income statement of Cullumber Company to prepare a single-step version. Income Statement For the Year Ended December 31, 2022 Sales Sales revenue $97,500 Less: Sales returns and allowances 2,300 Net sales $95,200 Cost of goods sold 48,000 Gross profit 47,200 Operating expenses 14,900 Income from operations 32,300 Other revenues and gains Interest revenue 1,200 Other expenses and losses Loss on sale of equipment 600 Net income $32,900 Income Statement
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...
Company A 100% 23% Sales revenues Less: Cost of goods sold Gross profit Less: Operating expenses Operating income Less: Interest expense Income before income taxes Less: Income tax expense Net income 77% 16% 61% Company B 100% 21% 79% 24% 55% 4% 51% 4% 47% 3% 58% 3% 55% Which company is more profitable based on this common - size statement? O A. Company B OB. Company A OC. Company A and B are equally profitable OD. Cannot determine from...
Which of the following is not a subtotal on the multi-step income statement? a) Operating Income Ob) Interest Expense c) Income from Continuing Operations Before Taxes d) Gross Profit
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