Homework Answers
| Sales | 592000 | |
| Less: Cost of goods sold | (325000) | |
| Gross profit | 267000 | |
| Less: Operating expenses | ||
| Selling expenses | (67000) | |
| Administrative expenses | (87000) | |
| Restructuring costs | (55000) | (209000) |
| Income from operation | 58000 | |
| OTHER EXPENSES | ||
| Interest expenses | (26000) | |
| OTHER REVENUE | ||
| Interest & dividend | 32000 | |
| Gain on sale of investment | 86000 | 92000 |
| Income before taxes | 150000 | |
| Less: Income tax @40% | (60000) | |
| Net income | 90000 | |
| Share outstanding | 100000 | |
| EPS | 0.90 |
Please comment in case of any doubt.
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The following incorrect Income statement was prepared by the accountant of the Axel Corporation: $592,000 32,000...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 620,000 Interest revenue 35,000 Gain on sale of investments 82,000 Total revenues and gains 737,000 Expenses and losses: Cost of goods sold $ 340,000 Selling expense 62,000 Administrative expense 82,000 Interest expense 19,000 Restructuring costs 58,000 Income tax expense 44,000 Total expenses and losses 605,000 Net Income $ 132,000...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 680,000 Interest revenue 41,000 Gain on sale of investments 88,000 Total revenues and gains 809,000 Expenses and losses: Cost of goods sold $ 370,000 Selling expense 68,000 Administrative expense 88,000 Interest expense 25,000 Restructuring costs 64,000 Income tax expense 48,500 Total expenses and losses 663,500 Net Income $ 145,500...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 720,000 Interest revenue 45,000 Gain on sale of investments 92,000 Total revenues and gains 857,000 Expenses and losses: Cost of goods sold $ 390,000 Selling expense 72,000 Administrative expense 92,000 Interest expense 29,000 Restructuring costs 68,000 Income tax expense 51,500 Total expenses and losses 702,500 Net Income $ 154,500...
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement...
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $660,000 Interest revenue 39,000 Gain on sale of investments 86,000 Total revenues and gains 785,000 Expenses and losses: Cost of goods sold $360,000 Selling expense 66,000 Administrative expense 86,000 Interest expense 23,000 Restructuring costs Income tax expense 47,000 Total expenses and losses 644,000 Net Income $141,000 Earnings per share 62,000 Required: Prenare...
he following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
he following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 650,000 Interest revenue 38,000 Gain on sale of investments 85,000 Total revenues and gains 773,000 Expenses and losses: Cost of goods sold $ 355,000 Selling expense 65,000 Administrative expense 85,000 Interest expense 22,000 Restructuring costs 61,000 Income tax expense 46,250 Total expenses and losses 634,250 Net Income $ 138,750...
The following incorrect income statement was prepared by the accountant of the Axel Corporation:
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATIONIncome StatementFor the Year Ended December 31, 2021Revenues and gains:Sales revenue$700,000Interest revenue43,000Gain on sale of investments90,000Total revenues and gains833,000Expenses and losses:Cost of goods sold$380,000Selling expense70,000Administrative expense90,000Interest expense27,000Restructuring costs66,000Income tax expense50,000Total expenses and losses683,000Net Income$150,000Earnings per share$1.50 Required:Prepare a multiple-step income statement for 2021 applying generally accepted accounting principles. The income tax rate is 25%. (Amounts to be deducted should be indicated with a minus sign. Round EPS answer to 2...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000 92,000 857,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $390,000 Selling expense 72,000 Administrative expense 92,000 Interest expense 29,000 Restructuring costs 68,000 Income tax expense 51,500 Total expenses and losses Net Income Earnings per share 702,500 $154,500...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $610,000 34,000...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $610,000 34,000 81,000 725,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $335,000 Selling expense 61,000 Administrative expense 81,000 Interest expense 18,000 Restructuring costs 57,000 Income tax expense 43,250 Total expenses and losses Net Income 595,250 $129,750 $ 1.30 Earnings...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000 92,000 857,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $390,000 Selling expense 72,000 Administrative expense 92,000 Interest expense 29,000 Restructuring costs Income tax expense 51,500 Total expenses and losses Net Income 68,000 702,500 $154,500 $ 1.55 Earnings...
please help me complete it The following incorrect income statement was prepared by the accountant of...
please help me complete it
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $670,000 40,000 87, eee 797,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $365,000 Selling expense 67,000 Administrative expense 87,000 Interest expense 24,000 Restructuring costs 63,000 Income tax expense 47,750 Total expenses and losses Net...
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $660,000 Interest revenue 39,000 Gain on sale of investments 86,000 Total revenues and gains 785,000 Expenses and losses: Cost of goods sold $360,000 Selling expense 66,000 Administrative expense 86,000 Interest expense 23,000 Restructuring costs Income tax expense 47,000 Total expenses and losses 644,000 Net Income $141,000 Earnings per share 62,000 Required: Prenare...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000 92,000 857,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $390,000 Selling expense 72,000 Administrative expense 92,000 Interest expense 29,000 Restructuring costs 68,000 Income tax expense 51,500 Total expenses and losses Net Income Earnings per share 702,500 $154,500...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $610,000 34,000 81,000 725,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $335,000 Selling expense 61,000 Administrative expense 81,000 Interest expense 18,000 Restructuring costs 57,000 Income tax expense 43,250 Total expenses and losses Net Income 595,250 $129,750 $ 1.30 Earnings...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $720,000 45,000 92,000 857,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $390,000 Selling expense 72,000 Administrative expense 92,000 Interest expense 29,000 Restructuring costs Income tax expense 51,500 Total expenses and losses Net Income 68,000 702,500 $154,500 $ 1.55 Earnings...
please help me complete it
The following incorrect income statement was prepared by the accountant of the Axel Corporation: $670,000 40,000 87, eee 797,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $365,000 Selling expense 67,000 Administrative expense 87,000 Interest expense 24,000 Restructuring costs 63,000 Income tax expense 47,750 Total expenses and losses Net...
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