ABC Inc. Has the flexible budgeted income statement for the period ended in December 31, 2019 at 600 units sold as follows:
Sales (100 price per unit *600 units) 600,000
Whereas the actual income statement for the period ended in December 31, 2019 at 600 units sold as follows:
Sales 650,000
Required: compute the variance and specify whichever favorable and unfavorable variance is.
ABC Inc. Has the flexible budgeted income statement for the period ended in December 31, 2019...
Question 4 of 6 QUIGLEYA CORPORATION Comparative Income Statement For the years ended December 31 2019 2018 Sales Revenue 582,500 650,000 Sales return and allowance 12,500 12,000 Net Sales 570,000 638,000 Cost of Goods Sold 400,000 390,000 Gross Profit 170,000 248,000 Operating Expenses Salaries and Wages Expense 65,000 65,000 Other Operating Expenses 15.400 22.000 Advertising expense 17,600 20,000 Rent Expense 6,000 6,000 Depreciation Expense 6,600 3.400 Bad Debt Expense 4650 3,000 Total Operating Expenses 115.250 119,400 Income From Operations 54,750...
In its income statement for the year ended December 31, 2017, Blossom Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $450,000 Loss on disposal of plant assets 1,149,500 Sales revenue 65,000 Income tax expense 145,200 Sales discounts 300,000 Utilities expense $83,000 2,210,000 25,000 120,000 100,000 Your answer is partially correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) BLOSSOM COMPANY Income Statement For the Year...
Save-the-Earth Co. reports the following income statement accounts for the year ended December 31. Sales discounts $ 800 Office salaries expense 2,500 Rent expense—Office space 2,000 Advertising expense 600 Sales returns and allowances 300 Office supplies expense 600 Cost of goods sold 10,000 Sales 30,000 Insurance expense 1,500 Sales staff salaries 3,000 Required: Prepare a multiple-step income statement for the year ended December 31.
Allen Products. Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold Gross profits Less: operating expenses Operating profits Less: interest expense Net profit before taxes Less: taxes (rate 30%) Net profits after taxes $936,700 443,996 5492,704 211,694 $281,010 29,038 5251,972 75,592 $176,380 Allen Products, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold 936,700 271,115 172,881 $492,704 Fixed Variable Gross profits Less: operating expenses...
The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 161,000 Income Tax Expense 16,590 Merchandise Sales (gross revenue) for Cash 232,000 Merchandise Sales (gross revenue) on Credit 40,400 Office Expenses 18,600 Sales Returns and Allowances 6,810 Salaries and Wages Expense 38,600 1. Prepare a multistep income statement. MYSTERY INCORPORATED Income Statement For the Year Ended December 31 Net Sales Cost of Goods Sold Gross Profit Operating Expenses Salaries and Wages...
Using the below information: Allen Products, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue $937,800 Less: cost of good sold 378,871 Gross profits $558,929 Less: operating expenses 223,196 Operating profits $335,733 Less: interest expense 32,823 Net profit before taxes $302,910 Less: taxes (rate 30%) 90,873 Net profits after taxes $212,037 Allen Products LP, wants to do a scenario analysis for the coming year. The pessimistic prediction for sales is $890,000; the most likely amount of sales...
For the years ended December 31 2019 2018 Sales Revenue 582,500 650,000 Sales return and allowance 12,000 12,500 570,000 Net Sales 638,000 Cost of Goods Sold 400,000 390,000 Gross Profit 170,000 248,000 Operating Expenses Salaries and Wages Expense 65,000 65,000 Other Operating Expenses 15,400 22,000 Advertising expense 17,600 20,000 Rent Expense 6,000 6,000 Depreciation Expense 6,600 3,400 Bad Debt Expense 4,650 3,000 Total Operating Expenses 115,250 119.400 Income From Operations 54750 128,600 Other Revenues and Gains Rent Revenue 6,000 6,000...
In its income statement for the year ended December 31, 2022, Cheyenne Corp.reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $520,800 Loss on disposal of plant assets 1,125,180 Sales revenue 80,940 Income tax expense 74,100 Sales discounts 353,400 Utilities expense $95,190 2,519,400 28,500 182,400 125,400 (a) Your Answer Correct Answer Your answer is correct. Prepare a multiple-step income statement. (List other revenues before other expenses.) Cheyenne Corp. Income Statement...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross sales $19,000 1,000 $18,000 12,000 $6,000 $15,000 100 Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $14,900 9,000 $5,900 $ $ 2,000 500 600 700 2,200 550 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 360 300 $3,810 $ 2,190 $3,400 2,500 560...
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 240 Depreciation expense-Office Uffice copier 750 Sales discounts 1,270 Sales returns and allowances 227,000 TV advertising expense 33, 000 Interest revenue 11, 400 Cost of goods sold 23, 800 Sales commission expense $ 560 15, 700 4,000 3,800 660 91,000 13, 200 Prepare a...