Bruce also requires a calculation of taxable income for the most recent year ended December 31, 2019. The calculation should be prepared in Excel. He has also requested that you prepare the year-end journal entry for taxes payable using a marginal rate of 14% on income less than the small business deduction. Bruce has provided you with the draft statement of income and retained earnings (Appendix II) and additional information you will need (Appendix III).
Appendix II Quality Cabinets In Statement of income and retained earning For the period ended December 31 (Draft)
|
Current year |
Prior year |
|
|
(Draft) |
(Audited) |
|
|
Sales |
$ 8,959,800 |
$ 8,834,000 |
|
Cost of sales |
5,949,648 |
6,129,709 |
|
Gross profit |
3,010,152 |
2,704,291 |
|
Expenses: |
||
|
Advertising and promotion |
357,900 |
266,500 |
|
Amortization |
219,163 |
166,584 |
|
Automobile |
140,800 |
102,600 |
|
Bad debts |
17,250 |
19,110 |
|
Donations |
1,200 |
1,000 |
|
Dues and fees |
7,500 |
— |
|
Insurance |
69,600 |
57,200 |
|
Interest and bank charges |
119,203 |
46,600 |
|
Office |
101,200 |
108,700 |
|
Professional fees |
67,700 |
34,800 |
|
Property taxes |
44,700 |
40,900 |
|
Repairs and maintenance |
207,100 |
155,100 |
|
Rent expense |
84,654 |
— |
|
Salaries and wages |
1,160,460 |
1,175,600 |
|
Travel |
117,666 |
103,900 |
|
Utilities |
67,600 |
60,200 |
|
Warranty |
72,059 |
69,482 |
|
Income before taxes |
154,397 |
296,015 |
|
Income taxes (Note 1) |
70,000 |
76,754 |
|
Net income |
84,397 |
219,261 |
|
Retained earnings, opening |
2,571,214 |
2,360,953 |
|
Dividends |
48,750 |
9,000 |
|
Retained earnings, closing |
$ 2,606,861 |
$ 2,571,214 |
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Bruce also requires a calculation of
taxable income for the most recent year ended December 31,...
For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit...
For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 8,004 8,004 Dividends 1,000 1,000 Fees Earned 44,669 44,669 Wages Expense 21,425 21,425 Rent Expense 6,067 6,067 Depreciation Expense 4,181 4,181 Totals 75,673 75,673 31,673 44,669 44,000 31,004...
ABC Company, LLC Income Statement For the Year Ended December 31, 2016 (Actual Dollars) SALES $...
ABC Company, LLC Income Statement For the Year Ended December 31, 2016 (Actual Dollars) SALES $ 3,315,938 COST OF SALES GROSS PROFIT 640,652 OPERATING EXPENSES: Advertising Auto and Truck Expenses Bank Service Charges Credit Card Fees Depreciation Insurance Legal and Accounting Miscellaneous Payroll Taxes Rent Repairs and Maintenance Supplies Travel Utilities Wages Total Operating Expenses 5.264 3,686 3,158 16.621 8.436 24,511 15.943 10.963 29,931 36,000 34,370 35,748 7,071 28.338 199.537 $ OPERATING INCOME (LOSS) INTEREST EXPENSE 6,237 NET INCOME BEFORE...
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ABC Company, LLC Income Statement For the Year Ended December 31, 2016 (Actual Dollars) SALES 3,315,938...
ABC Company, LLC Income Statement For the Year Ended December 31, 2016 (Actual Dollars) SALES 3,315,938 640,652 COST OF SALES GROSS PROFIT OPERATING EXPENSES: Advertising Auto and Truck Expenses Bank Service Charges Credit Card Fees Depreciation Insurance Legal and Accounting Miscellaneous Payroll Taxes Rent Repairs and Maintenance Supplies Travel Utilities Wages Total Operating Expenses OPERATING INCOME (LOSS) 5,264 3,686 3,158 16,621 8,436 24,511 15,943 10,963 29,931 36,000 34,370 35,748 7,071 28,338 199,537 2009 6,237 INTEREST EXPENSE NET INCOME BEFORE TAXES...
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings...
Given is the Income Statement for the year ended December 31, 20XX, Statement of Retained Earnings for the year ended December 31, 20XX and Comparative Balance Sheets for 20XW and 20XX of Maris Corporation: Maris Corporation Income Statement Year Ended December 31, 20XX Sales $4,700,000 Cost of goods sold 2,925,000 Gross profits 1,775,000 Selling and administrative expense 630,000 Amortization expense 290,000 Operating income 855,000 Interest expense 52,000 Earnings before taxes 803,000 Taxes 390,000 Earnings after taxes...
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12/31/2019 Year-end Adjustment Data for Bruce and Emmett Corp is as follows: 1. $300,000 in sales...
12/31/2019 Year-end Adjustment Data for Bruce and Emmett Corp is
as follows:
1. $300,000 in sales on account had not been recorded but were
shipped FOB Shipping Point on December 31. The cost of this
inventory was $140,000. Bruce and Emmett use a perpetual inventory
system.
2. Employees are allowed to carry over up to 10 days of earned
vacation days per year up to 40 days. Employees earn an average of
$150 per day. A total of 500 earned...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
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Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Balance Income Statement Balance Sheet Account Title Debit Credit Debit Credit Debit Credit Cash 16,000 16,000 Accounts Receivable 6,000 6,000 Supplies 2,000 2,000 Equipment 19,000 19,000 Accumulated Depr. 6,000 6,000 Accounts Payable 10,000 10,000 Wages Payable 2,000 2,000 Common Stock 5,000 5,000 Retained Earnings 3,688 3,688 Dividends 1,000 1,000 Fees Earned 50,510 50,510 Wages Expense 21,658 21,658 Rent Expense 5,674 5,674 Depreciation Expense 5,866 5,866 Totals 77,198 77,198...
Required information $ 45,040 SUSQUEHANNA EQUIPMENT RENTALS Income Statement For the Year Ended December 31, Year...
Required information $ 45,040 SUSQUEHANNA EQUIPMENT RENTALS Income Statement For the Year Ended December 31, Year 1 Revenue: Rental fees earned Expenses Maintenance expense 700 Salaries expense 10.600 Utilities expense 670 Rent expense 3,900 Interest expense 401 Depreciation expense 2,200 Office supplies expense 1,090 $ $ 19,561 25,479 $ 25,479 K Prev Comprehensive Problem 1 [The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals...
ABC Company, LLC Income Statement For the Year Ended December 31, 2016 (Actual Dollars) SALES $ 3,315,938 COST OF SALES GROSS PROFIT 640,652 OPERATING EXPENSES: Advertising Auto and Truck Expenses Bank Service Charges Credit Card Fees Depreciation Insurance Legal and Accounting Miscellaneous Payroll Taxes Rent Repairs and Maintenance Supplies Travel Utilities Wages Total Operating Expenses 5.264 3,686 3,158 16.621 8.436 24,511 15.943 10.963 29,931 36,000 34,370 35,748 7,071 28.338 199.537 $ OPERATING INCOME (LOSS) INTEREST EXPENSE 6,237 NET INCOME BEFORE...
ABC Company, LLC Income Statement For the Year Ended December 31, 2016 (Actual Dollars) SALES 3,315,938 640,652 COST OF SALES GROSS PROFIT OPERATING EXPENSES: Advertising Auto and Truck Expenses Bank Service Charges Credit Card Fees Depreciation Insurance Legal and Accounting Miscellaneous Payroll Taxes Rent Repairs and Maintenance Supplies Travel Utilities Wages Total Operating Expenses OPERATING INCOME (LOSS) 5,264 3,686 3,158 16,621 8,436 24,511 15,943 10,963 29,931 36,000 34,370 35,748 7,071 28,338 199,537 2009 6,237 INTEREST EXPENSE NET INCOME BEFORE TAXES...
JasNav Inc. Excerpt from the statement of comprehensive income For the year ended December 31, 20X2 ('000s) Revenue $2,530 Cost of goods sold (1.679) Gross profit 851 Distribution costs (62) Depreciation expense (167) Loss on disposal of equipment (14) Administrative expenses (76 Operating income 532 Interest expense (180) Income before income tax expense 352 Income tax expense 183 Net income $ 169 Jas Nav Inc. Statements of financial position As at December 31 ('000s) 20X2 20X1 JasNav Inc. Statements of...
12/31/2019 Year-end Adjustment Data for Bruce and Emmett Corp is
as follows:
1. $300,000 in sales on account had not been recorded but were
shipped FOB Shipping Point on December 31. The cost of this
inventory was $140,000. Bruce and Emmett use a perpetual inventory
system.
2. Employees are allowed to carry over up to 10 days of earned
vacation days per year up to 40 days. Employees earn an average of
$150 per day. A total of 500 earned...
Finley Company End-of-Period Spreadsheet For the Year Ended December 31 Adjusted Trial Income Balance Statement Debit Credit Debit Credit 48,000 Balance Sheet Debit Credit 48,000 18,000 18,000 6,000 57,000 6,000 57,000 Account Title Cash Accounts Receivable Supplies Equipment Accumulated Depr. Accounts Payable Wages Payable Common Stock Retained Earnings Dividends Fees Earned Wages Expense Rent Expense Depreciation Expense Totals Net Income (Loss) 18,000 25,000 6,000 30,000 3,000 18,000 25,000 6,000 30,000 3,000 3,000 3,000 155,000 155,000 63,000 27,000 63,000 27,000 15,000...
Required information $ 45,040 SUSQUEHANNA EQUIPMENT RENTALS Income Statement For the Year Ended December 31, Year 1 Revenue: Rental fees earned Expenses Maintenance expense 700 Salaries expense 10.600 Utilities expense 670 Rent expense 3,900 Interest expense 401 Depreciation expense 2,200 Office supplies expense 1,090 $ $ 19,561 25,479 $ 25,479 K Prev Comprehensive Problem 1 [The following information applies to the questions displayed below.] On December 1, Year 1, John and Patty Driver formed a corporation called Susquehanna Equipment Rentals...
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