Homework Answers
Income statement for the year ended Sep 30 2020
Revenues
Revenue from operations (Sales) $575000
Total Income $575000
Expenses
Cost of goods sold $275000
Selling and administrative expenses $45000
Interest Expenses $55000
Depreciation Expenses $85000
Taxes $22000
Total Expense $482000
Net Income $93000
Add Answer to:
11) Craigco extracted the following information from their books for the year ended Sept. 30, 2020:...
The following information was taken from Navaria's financial records for the year ended June 30, 2020 (in thousands of...
The following information was taken from Navaria's financial records for the year ended June 30, 2020 (in thousands of dollars) Administrative expenses Cost of goods sold $9,485 79,883 Other expenses 642 Financing expenses 825 Interest revenue 632 Income tax expense 4,962 Sales revenue 120,183 Rental of Wages Equipment Advertising Depreciation Engineering activities Research and development activities $1,923 $71 $0 $524 770 36 0 128 Sales and marketing activities 3,579 5,887 27 (a) Prepare a multi-step statement of income for the...
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020:...
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020: Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administration expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares $1,054,300 8,200 20,000 9,000 400,634 243,366 93,000 62,000 14,400 58,600 16,700 21,700 Prepare a single-step statement of income for the year ended April 30, 2020 Riddell Ltd. Statement of Income
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020:...
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020: Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administration expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares $1,054,300 8,200 20,000 9,000 400,634 243,366 93,000 62,000 14,400 58,600 16,700 21,700 Prepare a multi-step statement of income for the year ended April 30, 2020 Riddell Ltd. Statement of Income
Cullumber, Inc. has the following data for the year ended December 31, 2020: Net sales $270,900...
Cullumber, Inc. has the following data for the year ended December 31, 2020: Net sales $270,900 Discontinued operations loss 22,200 Cost of goods sold 167,600 Interest expense 4,100 Selling expenses 15,500 Administrative expenses 36,840 Shares of capital stock outstanding, 20,000 Tax rate of 30% on all items Prepare a multiple-step income statement for Cullumber, Inc. for the year ended December 31, 2020
The following balances were taken from the books of Concord Corp. on December 31, 2020. Interest...
The following balances were taken from the books of Concord Corp. on December 31, 2020. Interest revenue $87,200 Accumulated depreciation-equipment $41,200 Cash 52,200 Accumulated depreciation-buildings 29,200 Sales revenue 1,381,200 Notes receivable 156,200 Accounts receivable 151,200 Selling expenses 195,200 Prepaid insurance 21,200 Accounts payable 171,200 Sales returns and allowances 151,200 Bonds payable 101,200 Allowance for doubtful accounts 8,200 Administrative and general expenses 98,200 Sales discounts 46,200 Accrued liabilities 33,200 Land 101,200 Interest expense 61,200 Equipment 201,200 Notes payable 101,200 Buildings Loss...
The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest...
The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest revenue Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable $41,250 29,250 Cash Sales revenue 156,250 Accounts receivable 195,250 Prepaid insurance 171,250 $87,250 52.250 1,381,250 151,250 21,250 151,250 8,250 46,250 101,250 201,250 Sales returns and allowances 101,250 Allowance for doubtful accounts Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable 98,250 Sales discounts 33,250 Land 61.250 Equipment 101,250 Buildings Cost...
The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020: Sales revenue $1,0...
The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020: Sales revenue $1,074,300 Interest revenue 6,900 Utilities expense 28,000 Insurance expense 7,500 Cost of goods sold 397,491 Distribution expenses 245,509 Administration expenses 94,000 Depreciation expense 90,000 Interest expense 17,900 Income tax expense 57,100 Dividends declared-Common shares 14,200 Dividends declared-Preferred shares 19,200 (a) Prepare a single-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income
Ezekiel Corporation gathered the following information for the fiscal year ended December 31, 2020: &...
Ezekiel Corporation gathered the following information for the fiscal year ended December 31, 2020: Sales $1,300,000 Discontinued operations loss 110,000 Selling and administrative expenses 160,000 Cost of goods sold 900,000 Loss on sale of equipment 40,000 Nola Corporation is subject to a 30% income tax rate. Instructions Prepare a partial income statement, beginning with income before income taxes. (show the steps please!)
45) Ezekiel Corporation gathered the following information for the fiscal year ended December 31, 2020: Sales...
45) Ezekiel Corporation gathered the following information for the fiscal year ended December 31, 2020: Sales $1,300,000 Discontinued operations loss 110,000 Selling and administrative expenses 160,000 Cost of goods sold 900,000 Loss on sale of equipment 40,000 Nola Corporation is subject to a 30% income tax rate. Instructions Prepare a partial income statement, beginning with income before income taxes.
Exercise 4.1 The accountant at Latifa Shoe CO. has compiled the following information from the company's...
Exercise 4.1 The accountant at Latifa Shoe CO. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 20X7. Rent Revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling & admin) Income tax Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (selling & admin) Cash dividends declared $29,000 18,000 31,000 250,700 37,400 69,300 496,000 980,000 65,000 16,000 Required:...
The following information was taken from Navaria's financial records for the year ended June 30, 2020 (in thousands of dollars) Administrative expenses Cost of goods sold $9,485 79,883 Other expenses 642 Financing expenses 825 Interest revenue 632 Income tax expense 4,962 Sales revenue 120,183 Rental of Wages Equipment Advertising Depreciation Engineering activities Research and development activities $1,923 $71 $0 $524 770 36 0 128 Sales and marketing activities 3,579 5,887 27 (a) Prepare a multi-step statement of income for the...
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020: Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administration expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares $1,054,300 8,200 20,000 9,000 400,634 243,366 93,000 62,000 14,400 58,600 16,700 21,700 Prepare a single-step statement of income for the year ended April 30, 2020 Riddell Ltd. Statement of Income
The following information was taken from Riddell Ltd's adjusted trial balance as at April 30, 2020: Sales revenue Interest revenue Utilities expense Insurance expense Cost of goods sold Distribution expenses Administration expenses Depreciation expense Interest expense Income tax expense Dividends declared-Common shares Dividends declared-Preferred shares $1,054,300 8,200 20,000 9,000 400,634 243,366 93,000 62,000 14,400 58,600 16,700 21,700 Prepare a multi-step statement of income for the year ended April 30, 2020 Riddell Ltd. Statement of Income
The following balances were taken from the books of Concord Corp. on December 31, 2020. Interest revenue $87,200 Accumulated depreciation-equipment $41,200 Cash 52,200 Accumulated depreciation-buildings 29,200 Sales revenue 1,381,200 Notes receivable 156,200 Accounts receivable 151,200 Selling expenses 195,200 Prepaid insurance 21,200 Accounts payable 171,200 Sales returns and allowances 151,200 Bonds payable 101,200 Allowance for doubtful accounts 8,200 Administrative and general expenses 98,200 Sales discounts 46,200 Accrued liabilities 33,200 Land 101,200 Interest expense 61,200 Equipment 201,200 Notes payable 101,200 Buildings Loss...
The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest revenue Accumulated depreciation-equipment Accumulated depreciation-buildings Notes receivable $41,250 29,250 Cash Sales revenue 156,250 Accounts receivable 195,250 Prepaid insurance 171,250 $87,250 52.250 1,381,250 151,250 21,250 151,250 8,250 46,250 101,250 201,250 Sales returns and allowances 101,250 Allowance for doubtful accounts Selling expenses Accounts payable Bonds payable Administrative and general expenses Accrued liabilities Interest expense Notes payable 98,250 Sales discounts 33,250 Land 61.250 Equipment 101,250 Buildings Cost...
The following information was taken from Riddell Ltd.'s adjusted trial balance as at April 30, 2020: Sales revenue $1,074,300 Interest revenue 6,900 Utilities expense 28,000 Insurance expense 7,500 Cost of goods sold 397,491 Distribution expenses 245,509 Administration expenses 94,000 Depreciation expense 90,000 Interest expense 17,900 Income tax expense 57,100 Dividends declared-Common shares 14,200 Dividends declared-Preferred shares 19,200 (a) Prepare a single-step statement of income for the year ended April 30, 2020. Riddell Ltd. Statement of Income
45) Ezekiel Corporation gathered the following information for the fiscal year ended December 31, 2020: Sales $1,300,000 Discontinued operations loss 110,000 Selling and administrative expenses 160,000 Cost of goods sold 900,000 Loss on sale of equipment 40,000 Nola Corporation is subject to a 30% income tax rate. Instructions Prepare a partial income statement, beginning with income before income taxes.
Exercise 4.1 The accountant at Latifa Shoe CO. has compiled the following information from the company's records as a basis for an income statement for the year ended December 31, 20X7. Rent Revenue Interest expense Market appreciation on land above cost Salaries and wages expense (selling & admin) Income tax Other administrative expenses Cost of goods sold Net sales Depreciation on plant assets (selling & admin) Cash dividends declared $29,000 18,000 31,000 250,700 37,400 69,300 496,000 980,000 65,000 16,000 Required:...
Most questions answered within 3 hours.
-
A student takes a multiple-choice test that has 10 questions.
Each question has two choices. The...
asked 6 minutes ago -
Willie Keeler has a lifetime batting average of 0.341. Assume
that Willie Keeler came to bat...
asked 8 minutes ago -
Which of the following has the highest boiling point?
A) 0.5m NaCl
B) 0.5m C6H12O6
C)...
asked 27 minutes ago -
12. A firm is producing at an output level where
AR = MC > AC >...
asked 24 minutes ago -
Radovilsky Manufacturing Company, in Hayward, California,
makes flashing lights for toys. The company operates its production...
asked 26 minutes ago -
As an athlete exercises, sweat is produced and evaporated to
jelp maintain a proper body temperature....
asked 26 minutes ago -
Which of these macromolecules is most prevalent (by mass) in the
environment? What particular challenge does...
asked 28 minutes ago -
Consider two stocks. Stock A has a standard deviation of 46% and
stock B has a...
asked 31 minutes ago -
Give a unary language (using only input alphabet ∑={1} )that is
not Turing- recognizable and prove...
asked 42 minutes ago -
1. Write the balanced net reaction for a Ti (s) | TiCl2 (aq) ||
InCl3 (aq)...
asked 40 minutes ago -
3) Answer the following questions:please respond in one
paragraph
In your opinion, what are the crucial...
asked 46 minutes ago -
Assume that the readings at freezing on a batch of thermometers
are normally distributed with a...
asked 51 minutes ago