Homework Answers
Blue Ltd
Income Statement
| Amt in Pounds | |
| Sales | 658800 |
| Less: Cost of goods sold | 402600 |
| Gross Profit | 256200 |
| Expense | |
| Administrative Expense | 12200 |
| Selling Expense | 146400 |
| Increase in Exployee cost | 18300 |
| Profit before taxes | 79300 |
| Less: Income Tax | 30500 |
| Net Income | 48800 |
Calculation of Net Income
Net Income =Share capital at the biginning - Share capital at the end or Changes in Assets - Changes in Liabilities
| Increase in Cash | 81420 |
| Increase in Inventory | 149860 |
| Increase in Account Receivable (net) | 53100 |
| Decrease in Investment | (55460) |
| Net Increase in Assets | 228920 |
| Add: Decrease in Account Payable | 60180 |
| Less: Increase in Bond Payable | (96760) |
| Capital | 192340 |
| Increase in Share capital | 162840 |
| Net Income | 29500 |
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net income for the current year $ 1 The following are all changes in the account...
net
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Exercise 104
Presented below are changes in the account balances of Wenn Company
during the year, except for retained earnings.
Increase
(Decrease)
Increase
(Decrease)
Cash
$29,910
Accounts payable
$35,710
Accounts receivable (net)
(18,300)
Bonds payable
(23,680)
Inventory
52,770
Common stock
62,820
Plant assets (net)
46,870
Paid-in capital
16,290
The only entries in Retained Earnings were for net income and a
dividend declaration of $16,680.
(a)
Compute the net income for the current year.
Net income
$
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and 74,850 shares issued and outstanding during 2017. Prepare a
condensed multiple-step income statement for Nash Corporation.
(Round earnings per share to 2 decimal places, e.g.
1.48.)
LiST OF OPTIONS AND ACCOUNTS:
NASH...
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Exercise 104
Presented below are changes in the account balances of Wenn Company
during the year, except for retained earnings.
Increase
(Decrease)
Increase
(Decrease)
Cash
$29,910
Accounts payable
$35,710
Accounts receivable (net)
(18,300)
Bonds payable
(23,680)
Inventory
52,770
Common stock
62,820
Plant assets (net)
46,870
Paid-in capital
16,290
The only entries in Retained Earnings were for net income and a
dividend declaration of $16,680.
(a)
Compute the net income for the current year.
Net income
$
Nash Corporation had net sales of $2,420,000 and interest
revenue of $40,900 during 2017. Expenses for 2017 were cost of
goods sold $1,453,900, administrative expenses $221,800, selling
expenses $296,100, and interest expense $51,900. Nash’s tax rate is
30%. The corporation had 105,200 shares of common stock authorized
and 74,850 shares issued and outstanding during 2017. Prepare a
condensed multiple-step income statement for Nash Corporation.
(Round earnings per share to 2 decimal places, e.g.
1.48.)
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