1) Prepare an income statement from the following information. Sales: $800,000 Cost of Goods Sold: $300,000...
1) Prepare an income statement from the following information.
Sales: $800,000
Cost of Goods Sold: $300,000
Administrative expenses: $50,000
Depreciation expenses: $10,000
Interest expense: $15,000
Tax rate: 20%
Homework Answers
| Calculation of Net Income | ||
| $ | $ | |
| Sales Revenues | 800,000.00 | |
| Less Expenses: | ||
| Cost of goods sold | 300,000.00 | |
| Administrative expenses | 50,000.00 | |
| Depreciation expenses | 10,000.00 | |
| Interest expense | 15,000.00 | 375,000.00 |
| Income before tax | 425,000.00 | |
| Income tax at 20% | 85,000.00 | |
| Net Income | 340,000.00 |
Add Answer to:
1) Prepare an income
statement from the following information.
Sales: $800,000
Cost of Goods Sold: $300,000...
1) Prepare an income statement from the following information. Sales: $600,000 Cost of Goods Sold: $300,000...
1) Prepare an income statement from the following information. Sales: $600,000 Cost of Goods Sold: $300,000 Administrative expenses: $50,000 Depreciation expenses: $10,000 Interest expense: $15,000 Tax rate: 20% 2) Prepare a balance sheet from the following information Cash $110,000 Accounts receivable: $50,000 Accounts payable: $40,000 Notes payable (short term $120,000 Inventories: $70,000 Gross fixed assets: $175,000 Other assets: $15,000 Retained earnings: $15,000 Accumulated depreciation: $20,000 Long term banknote: $105,000 Other long-term debt: $20,000 Common stock $100,000 3) Prepare a statement...
18. Based on the following account information, prepare a multi step statement of income. Cash: $50,000...
18. Based on the following account information, prepare a multi step statement of income. Cash: $50,000 Prepaid expenses: $5,000 Accounts receivable: $70,000 Bad debt expense: $1,000 General and administrative expenses: $10,000 Net Sales: $900,000 Direct materials and direct labor expenses: $300,000 Selling and marketing expenses: $150,000 Income tax expense: $180,000 Interest income: $5,000 Interest receivable: $5,000 Retained earnings: $80,000 Accumulated depreciation: $5,000 Depreciation expense: $1,000
preparing the income statement Question 4 Total: 20 marks Part A Brown Auto Wholesalers had sales...
preparing the income statement
Question 4 Total: 20 marks Part A Brown Auto Wholesalers had sales of $800,000 in 2015 and cost of goods sold represented 70% of sales. Selling and administrative expenses were 15% of sales. Depreciation expense was $10,000 and interest expense for the year was $12,000. The firm's tax rate is 30%. Required: Prepare an income statement and show earnings after taxes. (5 marks)
Prepare retined earnings statement for 2017 Cost of goods sold Net sales $135,900 %200 Cash dividends...
Prepare retined earnings statement for 2017
Cost of goods sold Net sales $135,900 %200 Cash dividends declared There were 20,000 shares of mon stock outstanding during the year 16,000 Instructions (a) Prepare a multiple-step income statement. (b) Prepare a single-step income statement. (c) Which format do you prefer? Discuss. E4-8 (LO3,4) (Income Statement, EPS) Presented below are selected ledger accounts of Tucker Corporation as 31, 2017 Cash $ 50,000 Instr Selling expenses Net sales Cost of goods sold Cash dividends...
$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin...
$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: Sales $142,000 Interest revenue Purchases returns 5,200 Purchases discounts taken Gain on sale of equipment (pretax) 3,800 Inventory, January 1, 2019 Freight-in 3,400 Purchases Selling expenses 15,600 Administrative expenses Unrealized increase in fair value of Loss from truck accident (pretax) 2,400 available-for-sale securities The following additional information is also...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold 705000 Gross Profit/(Loss) 504000 Selling Expenses Selling Expenses 125200 Administrative Expenses 170800 296000 < 208000 Interest Expense 7100 Dividend Revenue 18700 Interest Expense - 11600 196400 Income Before Income Taxes -58920 Income from Continuing Operations 137480 Income from Continuing Operations -51800 Discontinued Operations Loss, Net of Tax $ 85680 Net Income /(Loss) Per Share of Common Stock $ 85680 Net Income /(Loss) 50000 $...
ABC company has budgeted the following cost of goods sold January Sales (on Income statement) CGS...
ABC company has budgeted the following cost of goods sold January Sales (on Income statement) CGS $60,000 If the cost of goods sold is equal to 60 % of sales and the selling price is $10 per unit what are the budgeted sales in dollars and units for each month? Select one: $100,000 and 10,000 units none of these answers is correct $60,000 and 6,000 units $150,000 and 15,000 units ABC company has budgeted the following sales. January February Sales(on...
prepare a statement of cost of goods manufactured Statement of Cost of Goods Manufactured The following...
prepare a statement of cost of
goods manufactured
Statement of Cost of Goods Manufactured The following data relate to the Denver Company's operations for the year ended December 31, 20XX: Direct materials purchases ............................ $100,000 Indirect material usage........................ 10,000 Indirect labor........ 10,000 Direct labor.. 300,000 Sales salaries ...................... 100,000 Administrative salaries.................. 50,000 Factory water and electricity ................. 20,000 Advertising expenses....................... 60,000 Depreciation-sales and general office ............. 40,000 Depreciation-factory ........... 50,000 Beginning Inventories: Direct materials. $20,000 Work-in-process .... 60,000 Finished goods.....
9. Elgin Battery Manufacturers had sales of $800,000 in 2009 and their cost of goods sold...
9. Elgin Battery Manufacturers had sales of $800,000 in 2009 and their cost of goods sold represented 65 percent of sales. Selling and administrative expenses were 12 percent of sales. Depreciation expense was $9,000 and interest expense for the year was $9,000. The firm's tax rate is 32 percent. What is the dollar amount of taxes paid? O $167130 O $56,000 O $53,120 O $193,800
2 1. Construct an income statement using the following information- 3 a. Enter the account names...
2 1. Construct an income statement using the following information- 3 a. Enter the account names & amounts into the correct cells 4 b. Calculate the Net Income. 5 Interest Expense = $10,000 6 Cost of Goods Sold = $160,000 7 Marketing Expenses = $70,000 8 Administrative Expenses = $50,000 9 Sales = $400,000 10 Income Tax = $20,000 11 Depreciation Expense = $20,000 12 13 14 Finch Company 15 Income Statement 16 Amounts 17 Revenues/Sales 18 Less: Cost of...
1) Prepare an income statement from the following information. Sales: $600,000 Cost of Goods Sold: $300,000 Administrative expenses: $50,000 Depreciation expenses: $10,000 Interest expense: $15,000 Tax rate: 20% 2) Prepare a balance sheet from the following information Cash $110,000 Accounts receivable: $50,000 Accounts payable: $40,000 Notes payable (short term $120,000 Inventories: $70,000 Gross fixed assets: $175,000 Other assets: $15,000 Retained earnings: $15,000 Accumulated depreciation: $20,000 Long term banknote: $105,000 Other long-term debt: $20,000 Common stock $100,000 3) Prepare a statement...
preparing the income statement
Question 4 Total: 20 marks Part A Brown Auto Wholesalers had sales of $800,000 in 2015 and cost of goods sold represented 70% of sales. Selling and administrative expenses were 15% of sales. Depreciation expense was $10,000 and interest expense for the year was $12,000. The firm's tax rate is 30%. Required: Prepare an income statement and show earnings after taxes. (5 marks)
Prepare retined earnings statement for 2017
Cost of goods sold Net sales $135,900 %200 Cash dividends declared There were 20,000 shares of mon stock outstanding during the year 16,000 Instructions (a) Prepare a multiple-step income statement. (b) Prepare a single-step income statement. (c) Which format do you prefer? Discuss. E4-8 (LO3,4) (Income Statement, EPS) Presented below are selected ledger accounts of Tucker Corporation as 31, 2017 Cash $ 50,000 Instr Selling expenses Net sales Cost of goods sold Cash dividends...
$3,300 2,700 12,800 89,700 Cost of Goods Sold, Income Statement, and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: Sales $142,000 Interest revenue Purchases returns 5,200 Purchases discounts taken Gain on sale of equipment (pretax) 3,800 Inventory, January 1, 2019 Freight-in 3,400 Purchases Selling expenses 15,600 Administrative expenses Unrealized increase in fair value of Loss from truck accident (pretax) 2,400 available-for-sale securities The following additional information is also...
Corporation INCOME STATEMENT For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold 705000 Gross Profit/(Loss) 504000 Selling Expenses Selling Expenses 125200 Administrative Expenses 170800 296000 < 208000 Interest Expense 7100 Dividend Revenue 18700 Interest Expense - 11600 196400 Income Before Income Taxes -58920 Income from Continuing Operations 137480 Income from Continuing Operations -51800 Discontinued Operations Loss, Net of Tax $ 85680 Net Income /(Loss) Per Share of Common Stock $ 85680 Net Income /(Loss) 50000 $...
ABC company has budgeted the following cost of goods sold January Sales (on Income statement) CGS $60,000 If the cost of goods sold is equal to 60 % of sales and the selling price is $10 per unit what are the budgeted sales in dollars and units for each month? Select one: $100,000 and 10,000 units none of these answers is correct $60,000 and 6,000 units $150,000 and 15,000 units ABC company has budgeted the following sales. January February Sales(on...
prepare a statement of cost of
goods manufactured
Statement of Cost of Goods Manufactured The following data relate to the Denver Company's operations for the year ended December 31, 20XX: Direct materials purchases ............................ $100,000 Indirect material usage........................ 10,000 Indirect labor........ 10,000 Direct labor.. 300,000 Sales salaries ...................... 100,000 Administrative salaries.................. 50,000 Factory water and electricity ................. 20,000 Advertising expenses....................... 60,000 Depreciation-sales and general office ............. 40,000 Depreciation-factory ........... 50,000 Beginning Inventories: Direct materials. $20,000 Work-in-process .... 60,000 Finished goods.....
9. Elgin Battery Manufacturers had sales of $800,000 in 2009 and their cost of goods sold represented 65 percent of sales. Selling and administrative expenses were 12 percent of sales. Depreciation expense was $9,000 and interest expense for the year was $9,000. The firm's tax rate is 32 percent. What is the dollar amount of taxes paid? O $167130 O $56,000 O $53,120 O $193,800
2 1. Construct an income statement using the following information- 3 a. Enter the account names & amounts into the correct cells 4 b. Calculate the Net Income. 5 Interest Expense = $10,000 6 Cost of Goods Sold = $160,000 7 Marketing Expenses = $70,000 8 Administrative Expenses = $50,000 9 Sales = $400,000 10 Income Tax = $20,000 11 Depreciation Expense = $20,000 12 13 14 Finch Company 15 Income Statement 16 Amounts 17 Revenues/Sales 18 Less: Cost of...
Most questions answered within 3 hours.
-
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 3 minutes ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 4 minutes ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 2 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 2 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 2 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 3 hours ago -
A space vehicle is coasting at a constant velocity of 18.1 m/s
in the +y direction...
asked 4 hours ago -
5) Use the following balanced equation to answer questions
(a)-(i).
3 Cu(s) + 8 HNO3(aq) →...
asked 3 hours ago -
A three-year maturity bond with a 12% annual coupon rate is
currently traded at par $1000...
asked 3 hours ago -
1.
What is the minimum volume to use in the Spec 20 cuvette in order
to...
asked 4 hours ago -
A builder wants to install wall-to-wall carpeting in a living
room of length 8.87 m and...
asked 4 hours ago -
Organizational change can produce anxiety in those affected by
the change. In what ways can change...
asked 4 hours ago