From the accounts below produce the income statement for the year. Income Statement Accounts for the...
From the accounts below produce the income statement for the year.
|
Income Statement Accounts for the Year Ending 2014 |
|
|
Cost of Goods Sold |
$543,000 |
|
Interest Expense |
$ 92,000 |
|
Taxes |
$ 24,000 |
|
Revenue |
$954,000 |
|
SG&A Expenses |
$ 88,000 |
|
Depreciation |
$150,000 |
Homework Answers
Prepare income statement :
| Revenue | 954000 | |
| Less:Cost of goods sold | (543000) | |
| Gross profit | 411000 | |
| Less: Operating Expenses | ||
| SG&A Expenses | (88000) | |
| Depreciation | (150000) | (238000) |
| Income before interest and tax | 173000 | |
| Less: Interest expenses | (92000) | |
| Income before tax | 81000 | |
| Less: Taxes | (24000) | |
| Net Income | 57000 |
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From the accounts below produce the income statement for the
year.
Income Statement Accounts for the...
Income statement. From the following income statement accounts in the popup window, a. produce the income...
Income statement. From the following income statement accounts
in the popup window,
a. produce the income statement for the year.
b. produce the operating cash flow for the year.
Income Statement Accounts for the Year Ending 2017 Balance Account Cost of goods sold Interest expense Taxes Revenue Selling, general, and administrative expenses Depreciation $348,000 $76,000 $55,600 $745,000 $68,000 $114,000
Complete A and B Income statement. From the following income statement accounts in the popup window,...
Complete A and B
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Answer please the Question Below Types - Not a Hand Writing please With explanation 1.From the...
Answer please the Question Below Types - Not a Hand Writing
please With explanation
1.From the following income statement accounts a. produce the income statement for the year b. produce the operating cash flow for the year Income Statement Accounts for the Year Ending 2019 Cost of Goods Sold $1,419,000 Interest Expense $ 288,000 Taxes $ 318,000 Revenue $2.984.000 SG&A Expenses $ 454.000 Depreciation $ 258.000
Answer please the Question Below Types - Not a Hand Writing please With explanation 1.From the...
Answer please the Question Below Types - Not a Hand Writing
please With explanation
1.From the following income statement accounts a. produce the income statement for the year b. produce the operating cash flow for the year Income Statement Accounts for the Year Ending 2019 Cost of Goods Sold $1,419,000 Interest Expense $ 288,000 Taxes $ 318,000 Revenue $2.984.000 SG&A Expenses $ 454.000 Depreciation $ 258.000
The Savoy Corporation Income Statement Accounts for the year ending December 31, 2014 Account Cos...
The Savoy Corporation Income Statement Accounts for the year ending December 31, 2014 Account Cost of goods sold Interest expense Taxes Revenue Bal ance $345,000 $79,000 $57,100 $836,000 $93,000 Selling, general, and administrative expenses Depreciation $126,000 Refer to the Savoy Corporation Income Statement Accounts. What is the average tax rate for the Savoy Corporation for 2014? 33.3% 29.6% 30.0% 35,0% QUESTION 15 An increase in borrowing from long-term debt holders is a source of cash. True False
The Savoy Corporation...
Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2014 included...
Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2014 included the following: Debit Credit $280,000 Sales revenue Cost of goods sold $150,000 Administrative expenses 40,000 Loss on sale of equipment 18,000 Commissions to salespersons 16,000 Interest revenue 10,000 Freight-out 6,000 Loss due to earthquake damage 24,000 Bad debt expense 6,000 Totals $260.000 $290,000 Other information: Logan's income tax rate is 30%. Finished goods inventory: January 1, 2014 $160,000 December 31, 2014 140,000 On Logan's...
a) Using the accounts below as appropriate, produce a complete Multi-step Income Statement. Remember to label...
a) Using the accounts below as appropriate, produce a complete Multi-step Income Statement. Remember to label every number. b) Calculate the Gross Profit ratio and the Profit Margin ratio. Hint: not all of the accounts below are needed. Account General Ledger Balance Accounts Receivable $ 2,500,000 Cost of goods sold 35,000,000 Depreciation expense 1,750,000 Gain on sale of land 2,500,000 General and Administrative Expenses 5,000,000 Interest Income 3,500,000 Interest Expense 6,000,000 Inventory 7,000,000 Land 100,000,000 Common Stock (2 million shares...
The following selected accounts from the Blue Door Corporation's general ledger are presented below for the...
The following selected accounts from the Blue Door Corporation's general ledger are presented below for the year ended December 31, 2022 Advertising expense $55,000 Interest revenue Common stock 250,000 Inventory $ 30,000 67.000 24,000 Cost of goods sold 1,085,000 Rent revenue Depreciation expense 125,000 Retained earnings 535,000 Dividends 150,000 Salaries and wages expense 675,000 8,500 Freight-out 25,000 Sales discounts Income tax expense 70,000 Sales returns and allowances 41,000 2,400,000 Insurance expense Sales revenue 15,000 70,000 Interest expense Prepare a multiple-step...
B) The following selected accounts from Okanagan Corporation’s general ledger are presented below for the year...
B) The following selected accounts from Okanagan
Corporation’s general ledger are presented below for the year ended
December 31, 2018:
Accounts receivable
$249,000
Accumulated depreciation—equipment
745,000
Advertising expense
50,000
Common shares
254,000
Cost of goods sold
1,085,000
Depreciation expense
131,000
Dividends declared
154,000
Equipment
1,461,000
Freight out
24,000
Income tax expense
73,000
Insurance expense
23,000
Interest expense
60,000
Interest revenue
31,000
Inventory
103,000
Prepaid expenses
31,000
Rent revenue
24,000
Retained earnings
506,000
Salaries expense
772,000
Sales
2,646,000
Sales discounts
22,000...
Income statement. From the following income statement accounts
in the popup window,
a. produce the income statement for the year.
b. produce the operating cash flow for the year.
Income Statement Accounts for the Year Ending 2017 Balance Account Cost of goods sold Interest expense Taxes Revenue Selling, general, and administrative expenses Depreciation $348,000 $76,000 $55,600 $745,000 $68,000 $114,000
Complete A and B
Income statement. From the following income statement accounts in the popup window, E! a. produce the income statement for the year. b. produce the operating cash flow for the year. Income Statement Year Ending December 31, 2017 Revenue Cost of goods sold EBIT Taxable income Net income i Data Table Income Statement Accounts for the Year Ending 2017 Balance Account Cost of goods sold Interest expense Taxes Revenue Selling, general, and administrative expenses Depreciation $343,000 $81,000...
Income statement. From the following income statement accounts in the popup window, a. produce the income statement for the year. b. produce the operating cash flow for the year. a. produce the income statement for the year. Complete the income statement below. (Round to the nearest dollar.) Income Statement Year Ending December 31, 2017 EBIT Taxable income Net Income b. produce the operating cash flow for the year. The operating cash flow for the year is $ . (Round to...
Answer please the Question Below Types - Not a Hand Writing
please With explanation
1.From the following income statement accounts a. produce the income statement for the year b. produce the operating cash flow for the year Income Statement Accounts for the Year Ending 2019 Cost of Goods Sold $1,419,000 Interest Expense $ 288,000 Taxes $ 318,000 Revenue $2.984.000 SG&A Expenses $ 454.000 Depreciation $ 258.000
Answer please the Question Below Types - Not a Hand Writing
please With explanation
1.From the following income statement accounts a. produce the income statement for the year b. produce the operating cash flow for the year Income Statement Accounts for the Year Ending 2019 Cost of Goods Sold $1,419,000 Interest Expense $ 288,000 Taxes $ 318,000 Revenue $2.984.000 SG&A Expenses $ 454.000 Depreciation $ 258.000
The Savoy Corporation Income Statement Accounts for the year ending December 31, 2014 Account Cost of goods sold Interest expense Taxes Revenue Bal ance $345,000 $79,000 $57,100 $836,000 $93,000 Selling, general, and administrative expenses Depreciation $126,000 Refer to the Savoy Corporation Income Statement Accounts. What is the average tax rate for the Savoy Corporation for 2014? 33.3% 29.6% 30.0% 35,0% QUESTION 15 An increase in borrowing from long-term debt holders is a source of cash. True False
The Savoy Corporation...
Logan Corp.'s trial balance of income statement accounts for the year ended December 31, 2014 included the following: Debit Credit $280,000 Sales revenue Cost of goods sold $150,000 Administrative expenses 40,000 Loss on sale of equipment 18,000 Commissions to salespersons 16,000 Interest revenue 10,000 Freight-out 6,000 Loss due to earthquake damage 24,000 Bad debt expense 6,000 Totals $260.000 $290,000 Other information: Logan's income tax rate is 30%. Finished goods inventory: January 1, 2014 $160,000 December 31, 2014 140,000 On Logan's...
The following selected accounts from the Blue Door Corporation's general ledger are presented below for the year ended December 31, 2022 Advertising expense $55,000 Interest revenue Common stock 250,000 Inventory $ 30,000 67.000 24,000 Cost of goods sold 1,085,000 Rent revenue Depreciation expense 125,000 Retained earnings 535,000 Dividends 150,000 Salaries and wages expense 675,000 8,500 Freight-out 25,000 Sales discounts Income tax expense 70,000 Sales returns and allowances 41,000 2,400,000 Insurance expense Sales revenue 15,000 70,000 Interest expense Prepare a multiple-step...
B) The following selected accounts from Okanagan
Corporation’s general ledger are presented below for the year ended
December 31, 2018:
Accounts receivable
$249,000
Accumulated depreciation—equipment
745,000
Advertising expense
50,000
Common shares
254,000
Cost of goods sold
1,085,000
Depreciation expense
131,000
Dividends declared
154,000
Equipment
1,461,000
Freight out
24,000
Income tax expense
73,000
Insurance expense
23,000
Interest expense
60,000
Interest revenue
31,000
Inventory
103,000
Prepaid expenses
31,000
Rent revenue
24,000
Retained earnings
506,000
Salaries expense
772,000
Sales
2,646,000
Sales discounts
22,000...
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