Homework Answers
Answer
The below are the presentation of detailed income statement.
Matlock company
Income statement
For the Year Ended December 31st, 2020
| Particulars | $ | $ |
| Revenue: | ||
| Sales revenue | 1,381,450 | |
| Less sales return and allowances | 151,450 | |
| Less sales discounts | 46,450 | |
| 197,900 | ||
| Net sales | 1,183,550 | |
| Less cost of goods sold | 622,450 | |
| Gross profit | 561,100 | |
| Less Operating expenses: | ||
| Selling expenses | 195,450 | |
| General and administrative expenses | 98,450 | |
| Total operating expenses | 293,900 | |
| Operating income | 267,200 | |
| Non operating income and expenses | ||
| Loss from earthquake damage | (151,450) | |
| Interest revenue | 87,450 | |
| Interest expense | (61,450) | |
| Total non operating expenses | 125,450 | |
| Income before income tax | 141,750 | |
| Income tax expense | 28,350 | |
| Net profit | 113,400 | |
| Earnings per share |
Calculations
Income tax rate is 20%
Income tax expense = 141,750 × 20% = $28,350
Earnings per share formula is as follows.
Earnings per share = income available to common share holders / weighted average number of common shares outstanding
Earnings per share = 113,400 / 100,000 = $1.13
$1.13 is earnings per share (EPS) and Net income is $113,400.
statement of retained earnings
| Particulars | $ |
| Beginning retained earnings | 22,450 |
| Add net income | 113,400 |
| Ending balance of retained earnings | 135,850 |
Ending balance of retained earnings is $135,850.
Operating expenses include selling expense, administrative and general expenses only.
Non operating section include interest revenue and two expenses include interest expenses and loss from earthquake.
If YOU are like the answer please upvote.
Add Answer to:
Question 3 of 6 > -/2 View Policies Current Attempt in Progress The following balances were...
< > Question 2 of 5 View Policies Current Attempt in Progress The following balances were...
< > Question 2 of 5 View Policies Current Attempt in Progress The following balances were taken from the books of Waterway Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87.900 52.900 1,381,900 151.900 21.900 151.900 8.900 46,900 101,900 201,900 141,900 622,900 Accumulated depreciation-equipment Accumulated depreciation--buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general...
--/1 Question 1 View Policies Current Attempt in Progress The following balances were taken from the...
--/1 Question 1 View Policies Current Attempt in Progress The following balances were taken from the books of Windsor Corp. on December 31, 2020. Interest revenue $87,350 Accumulated depreciation equipment $41,350 Cash 52,350 Accumulated depreciation-buildings 29,350 Sales revenue 1,381,350 Notes receivable 156,350 Accounts receivable 151,350 Selling expenses 195,350 Prepaid insurance 21,350 Accounts payable 171,350 Sales returns and allowances 151,350 Bonds payable 101,350 Allowance for doubtful accounts 8,350 Administrative and general expenses 98,350 Sales discounts 46,350 Accrued liabilities 33,350 Land 101,350...
help pls Question 4 View Policies Current Attempt in Progress The following balances were taken from...
help pls
Question 4 View Policies Current Attempt in Progress The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest revenue $87,250 52,250 Cash Sales revenue 1,381,250 Accounts receivable 151,250 Prepaid insurance 21,250 Accumulated depreciation-equipment $41,250 Accumulated depreciation-buildings 29,250 Notes receivable 156,250 Selling expenses 195,250 Accounts payable 171,250 Bonds payable 101,250 Administrative and general expenses 98,250 Accrued liabilities 33,250 Interest expense 61,250 Notes payable 101,250 Sales returns and allowances 151,250 8.250 Allowance for doubtful...
Question 11 of 13 < > View Policies Current Attempt in Progress Presented below is information...
Question 11 of 13 < > View Policies Current Attempt in Progress Presented below is information related to Sunland Corp., for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Interest expense Write-off of goodwill due to impairment Depreciation expense omitted in 2018 Dividends declared Effect on prior years of change in accounting principle (credit) Loss from operations of discontinued component of business Gain from disposal of component of business Federal tax...
View Policies Current Attempt in Progress For each of the following accounts, indicate the effect of...
View Policies Current Attempt in Progress For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance. Debit Effect Credit Effect Normal Balance Accounts Payable. a. b. < > < > < d. Advertising Expense. Service Revenue. Accounts Receivable. Retained Earnings. Dividends. < e. f. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer View Policies Current Attempt in Progress For each of the following...
Question 3 View Policies Current Attempt in Progress Presented below is selected information related to Tamarisk,...
Question 3 View Policies Current Attempt in Progress Presented below is selected information related to Tamarisk, Inc. at December 31, 2019. Tamarisk. Inc reports financial information monthly. Accounts Payable $3.900 11.700 Salaries and Wages Expense Notes Payable Cash $21.450 32.500 7.800 Rent Expense 12,740 Advertising Expense Service Revenue 17,550 70.200 37,700 Accounts Receivable Dividends Equipment 9.750 Determine the total assets of Tamarisk, Inc. at December 31, 2019. Total assets of Tamarisk, Inc. $ e Textbook and Media
-/3 > < Question 6 of 6 View Policies Current Attempt in Progress The following information...
-/3 > < Question 6 of 6 View Policies Current Attempt in Progress The following information is related to Bonita Company for 2020. Retained earnings balance, January 1, 2020 $1.038,800 Sales Revenue 26,500,000 Cost of goods sold 16,960,000 Interest revenue 74,200 Selling and administrative expenses 4,982,000 Write-off of goodwill 869.200 Income taxes for 2020 1,318,640 Gain on the sale of investments 116,600 Loss due to flood damage 413.400 Loss on the disposition of the wholesale division (net of tax) 466,400...
Current Attempt in Progress The following balances were taken from the books of Sheridan Corp. on...
Current Attempt in Progress The following balances were taken from the books of Sheridan Corp. on December 31, 2020. Interest revenue $87,300 Accumulated depreciation-equipment $41,300 Cash 52,300 Accumulated depreciation-buildings 29,300 156,300 Sales revenue Notes receivable 1,381,300 151,300 Accounts receivable Selling expenses 195,300 Prepaid insurance 21,300 Accounts payable 171,300 Sales returns and allowances 151,300 Bonds payable 101,300 Allowance for doubtful accounts Administrative and general expenses 98,300 8,300 46,300 Sales discounts Accrued liabilities 33,300 Land 101,300 Interest expense 61,300 Equipment 201,300 Notes...
Send to Gradebook ting Question 2 View Policies Current Attempt in Progress Indicate whether the following...
Send to Gradebook ting Question 2 View Policies Current Attempt in Progress Indicate whether the following items would appear on the income statement, balance sheet, or retained earnings statement. upport (a) Notes payable (b) Advertising expense Income statement (c) Common stock Balance sheet (d) Cash (e) Service revenue Income statement (f) Dividends e Textbook and Media Save for Later Last saved 1 second ago.
Question 29 View Policies Current Attempt in Progress Novak Corp. showed the following balances at the...
Question 29 View Policies Current Attempt in Progress Novak Corp. showed the following balances at the end of its first year: Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $17080 850 4270 3420 5120 6590 850 35380 21350 What amount did Novak Corp.show as total credits? $50510 $51360 $52220 $49650
< > Question 2 of 5 View Policies Current Attempt in Progress The following balances were taken from the books of Waterway Corp. on December 31, 2020. Interest revenue Cash Sales revenue Accounts receivable Prepaid insurance Sales returns and allowances Allowance for doubtful accounts Sales discounts Land Equipment Buildings Cost of goods sold $87.900 52.900 1,381,900 151.900 21.900 151.900 8.900 46,900 101,900 201,900 141,900 622,900 Accumulated depreciation-equipment Accumulated depreciation--buildings Notes receivable Selling expenses Accounts payable Bonds payable Administrative and general...
--/1 Question 1 View Policies Current Attempt in Progress The following balances were taken from the books of Windsor Corp. on December 31, 2020. Interest revenue $87,350 Accumulated depreciation equipment $41,350 Cash 52,350 Accumulated depreciation-buildings 29,350 Sales revenue 1,381,350 Notes receivable 156,350 Accounts receivable 151,350 Selling expenses 195,350 Prepaid insurance 21,350 Accounts payable 171,350 Sales returns and allowances 151,350 Bonds payable 101,350 Allowance for doubtful accounts 8,350 Administrative and general expenses 98,350 Sales discounts 46,350 Accrued liabilities 33,350 Land 101,350...
help pls
Question 4 View Policies Current Attempt in Progress The following balances were taken from the books of Skysong Corp. on December 31, 2020. Interest revenue $87,250 52,250 Cash Sales revenue 1,381,250 Accounts receivable 151,250 Prepaid insurance 21,250 Accumulated depreciation-equipment $41,250 Accumulated depreciation-buildings 29,250 Notes receivable 156,250 Selling expenses 195,250 Accounts payable 171,250 Bonds payable 101,250 Administrative and general expenses 98,250 Accrued liabilities 33,250 Interest expense 61,250 Notes payable 101,250 Sales returns and allowances 151,250 8.250 Allowance for doubtful...
Question 11 of 13 < > View Policies Current Attempt in Progress Presented below is information related to Sunland Corp., for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue Interest expense Write-off of goodwill due to impairment Depreciation expense omitted in 2018 Dividends declared Effect on prior years of change in accounting principle (credit) Loss from operations of discontinued component of business Gain from disposal of component of business Federal tax...
View Policies Current Attempt in Progress For each of the following accounts, indicate the effect of a debit or a credit on the account and the normal balance. Debit Effect Credit Effect Normal Balance Accounts Payable. a. b. < > < > < d. Advertising Expense. Service Revenue. Accounts Receivable. Retained Earnings. Dividends. < e. f. eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer View Policies Current Attempt in Progress For each of the following...
Question 3 View Policies Current Attempt in Progress Presented below is selected information related to Tamarisk, Inc. at December 31, 2019. Tamarisk. Inc reports financial information monthly. Accounts Payable $3.900 11.700 Salaries and Wages Expense Notes Payable Cash $21.450 32.500 7.800 Rent Expense 12,740 Advertising Expense Service Revenue 17,550 70.200 37,700 Accounts Receivable Dividends Equipment 9.750 Determine the total assets of Tamarisk, Inc. at December 31, 2019. Total assets of Tamarisk, Inc. $ e Textbook and Media
-/3 > < Question 6 of 6 View Policies Current Attempt in Progress The following information is related to Bonita Company for 2020. Retained earnings balance, January 1, 2020 $1.038,800 Sales Revenue 26,500,000 Cost of goods sold 16,960,000 Interest revenue 74,200 Selling and administrative expenses 4,982,000 Write-off of goodwill 869.200 Income taxes for 2020 1,318,640 Gain on the sale of investments 116,600 Loss due to flood damage 413.400 Loss on the disposition of the wholesale division (net of tax) 466,400...
Current Attempt in Progress The following balances were taken from the books of Sheridan Corp. on December 31, 2020. Interest revenue $87,300 Accumulated depreciation-equipment $41,300 Cash 52,300 Accumulated depreciation-buildings 29,300 156,300 Sales revenue Notes receivable 1,381,300 151,300 Accounts receivable Selling expenses 195,300 Prepaid insurance 21,300 Accounts payable 171,300 Sales returns and allowances 151,300 Bonds payable 101,300 Allowance for doubtful accounts Administrative and general expenses 98,300 8,300 46,300 Sales discounts Accrued liabilities 33,300 Land 101,300 Interest expense 61,300 Equipment 201,300 Notes...
Send to Gradebook ting Question 2 View Policies Current Attempt in Progress Indicate whether the following items would appear on the income statement, balance sheet, or retained earnings statement. upport (a) Notes payable (b) Advertising expense Income statement (c) Common stock Balance sheet (d) Cash (e) Service revenue Income statement (f) Dividends e Textbook and Media Save for Later Last saved 1 second ago.
Question 29 View Policies Current Attempt in Progress Novak Corp. showed the following balances at the end of its first year: Cash Prepaid insurance Accounts receivable Accounts payable Notes payable Common stock Dividends Revenues Expenses $17080 850 4270 3420 5120 6590 850 35380 21350 What amount did Novak Corp.show as total credits? $50510 $51360 $52220 $49650
Most questions answered within 3 hours.
-
Completely and thoroughly explain how control charts could be
used by a company that makes eyeglass...
asked 2 minutes ago -
Explain how the equilibrium loanable funds interest rate is
determined? Please draw a picture of what...
asked 4 minutes ago -
Below is the trial balance of Tom’s Tents at 5 April 2018.
£
£
Trading account:...
asked 13 minutes ago -
For this question, we want to implement the basic
java classes to support the concept of an...
asked 14 minutes ago -
Two random variables X and Y have joint density function f(x,y)
=c(where c >0 denotes an...
asked 16 minutes ago -
Bonita Corporation issued 1,900 shares of $10 par value common
stock upon conversion of 950 shares...
asked 21 minutes ago -
When finding confidence interval for mu , if population standard
deviation (sigma) is known, we use...
asked 50 minutes ago -
Convert your enthalpy of reaction (kJ/mol) to heat of explosion
(kJ/kg) using the molar mass of...
asked 36 minutes ago -
At what annual rate would the following have to be
invested?
$8,929, to grow to $55,581,...
asked 35 minutes ago -
If the codon were 5 bases long instead of three, how many codons
would exist in...
asked 42 minutes ago -
Mittuch Corp. is evaluating a project with the following cash
flows. The company uses a discount...
asked 49 minutes ago -
An income elasticity coefficient of −1.8 means the product is a
normal good.
true or false
asked 41 minutes ago