Prepare an income statement using your calculations. Show gross profit and net income. You will need the following infor...
Prepare an income statement using your calculations. Show gross profit and net income. You will need the following information: Sales were K1, 375, 000 Administrative and sales expenses K225, 000 Interest on debt is K97, 000 Tax paid at 30%
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Answer has been solved assuming that cost of goods sold is nil in the absence of information related to cost of goods sold.
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Prepare an income statement using your calculations. Show gross profit and net income. You will need the following infor...
Income Statement: Use the following financial information to prepare an income statement: Beginning Inventory, Jan 1...
Income Statement: Use the following financial information to prepare an income statement: Beginning Inventory, Jan 1 Supplies 1 Income Tax Ending Inventory, Dec. 31 Depreciation Misc. expense 1 Light, heat, & power Burger Shack, Inc. 2 00,000 Advertising 2 ,000 Insurance 25% of income before tax Merchandise purchases 2 30,000 Sales Salaries 1,500 Rent 2 ,000 Net Sales 12,000 Office Salaries 18,000 1.500 440,000 57,000 28,000 700,000 100,000 Burger Shack, Inc. Income Statement E Net Sales Cost of Goods Sold:...
E5-8 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Computing the Gross Profit Percentage LO5-3 need...
E5-8 (Algo) Preparing a Classified (Multiple-Step) Income
Statement and Computing the Gross Profit Percentage LO5-3
need the Administrative expense
Net income
Earnings per share
Chapter 3.1 Homework Problems E5-8 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Computing the Gross Profit Percentage LO5-3 4.16 points The following data were taken from the records of Township Corporation at December 31 of the current year: eBook $ 98,000 31,000 6,400 Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income...
Using the income statement from 2015 and the new information below please create the income statement...
Using the income statement from 2015 and the new information below please create the income statement for 2016. OBD Inc. Income Statement For the Year Ended December 31, 2015 Sales 1000000 Cost of goods sold 400000 Gross profit (60% x $1000000) 600000 Operating expenses: Depreciation expense 5000 Selling and administrative expense 475000 Operating income (12% x $1000000) 120000 Interest expense (8% x $300000) 64000 Income before income taxes 56000 Income tax expense (27% x $56000) 15120 Net income 40880 New...
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax...
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax PI Expense Accounts Receivable Return On Assets + Merchandise Inventory Total Current Assets Asset Turnover Cash Total Assets Fixed Assets Other Current Assets Use the charts on the following page to calculate Net Profit Margin % for each scenario: Scenario 1 Scenario 2 Income Statement Income Statement Sales Sales Gross Sales $200,000 Gross Sales $100,000 Promotional Allowances $25,000 Promotional Allowances $15,000 Customer Returns -$15,000...
DE Full Income Statement Exercise Create a Full Income Statement using the Given Information Given Information...
DE Full Income Statement Exercise Create a Full Income Statement using the Given Information Given Information Income Statement ** Net Revenues Cost of Goods Sold Gross Profit 958, 100 431,145 526,955 round to nearest dollar using excel's ROUND() functi 7 Gross Revenues 8 Returns and Allowances 9 Sales Discounts 10 COGS Ratio 11 Depreciation 12 SG&A 13 Other operating expenses 14 Misc. other income 15 Misc. other losses 16 Tax rate 17 Common Shares Authorized 18 Common Shares Issued 19...
Forecasting an Income Statement AutoZone Inc. reports the following income statements. Consolidated Statement of Income ($...
Forecasting an Income Statement AutoZone Inc. reports the following income statements. Consolidated Statement of Income ($ in Thousands) 12 Months Ended Aug. 27, 2016 Net sales $10,635,676 Cost of sales, including warehouse and delivery expenses 5,026,940 Gross profit 5,608,736 Operating, selling, general and administrative expenses 3,548,341 Operating profit 2,060,395 Interest expense, net 147,681 Income before income taxes 1,912,714 Income tax expense 671,707 Net income $1,241,007 Forecast AutoZone's 2017 income statement assuming the following income statement relations ($ in thousands). All...
1.) Need help finding the Contribution Margin and Net Income 2. Prepare an income statement for...
1.) Need help finding the Contribution Margin and Net Income
2. Prepare an income statement for the year using absorption
costing.
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. 30 points $ 35 per unit 55 per unit 20 per unit $8,000,000 (per year) Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales...
Prepare statement of cash flows using the indirect method. The income statement for 2017 and the...
Prepare statement of cash flows using the indirect method. The
income statement for 2017 and the balance sheets for 2017 and 2016
are presented for Harding Industries, Inc.
Prepare the statement one section at a time. (Use parentheses
or a minus sign for numbers to be subtracted and for net cash
outflows.)
Harding Industries, Inc. Income Statement For the Year Ended December 31, 2017 Sales revenues $ 956,000 381,000 Less: Cost of goods sold Gross profit $575,000 Less operating expenses:...
Need help creating a income statement with the following information provided. Information from the Income Statement...
Need help creating a income statement with the following
information provided.
Information from the Income Statement for December 2017 • Past year revenues were $2,200,000 with food accounting for 80% of sales. • Cost of sales were 32.62% of total sales with a food cost of 37.1% and a beverage cost of 14.7% • Expenses as a percentage of total sales were provided by Mr. Medom • Annual Rent is $154,000 Salaries & Wages Depreciation Interest Marketing General & Administrative...
can you calculate gross profit, operating profit and net profit? thank you Dr. Zhivago Diagnostics Corp.'s...
can you calculate gross profit, operating profit and net
profit? thank you
Dr. Zhivago Diagnostics Corp.'s income statement for 20X1 is as follows: Sales .. Cost of goods sold Gross profit ................... Selling and administrative expense Operating profit Interest expense Income before taxes ....... Taxes (30%) Income after taxes $2,790,000 1,790,000 $1,000,000 302.000 $ 698,000 54,800 $ 643,200 192,960 $ 450,240
Income Statement: Use the following financial information to prepare an income statement: Beginning Inventory, Jan 1 Supplies 1 Income Tax Ending Inventory, Dec. 31 Depreciation Misc. expense 1 Light, heat, & power Burger Shack, Inc. 2 00,000 Advertising 2 ,000 Insurance 25% of income before tax Merchandise purchases 2 30,000 Sales Salaries 1,500 Rent 2 ,000 Net Sales 12,000 Office Salaries 18,000 1.500 440,000 57,000 28,000 700,000 100,000 Burger Shack, Inc. Income Statement E Net Sales Cost of Goods Sold:...
E5-8 (Algo) Preparing a Classified (Multiple-Step) Income
Statement and Computing the Gross Profit Percentage LO5-3
need the Administrative expense
Net income
Earnings per share
Chapter 3.1 Homework Problems E5-8 (Algo) Preparing a Classified (Multiple-Step) Income Statement and Computing the Gross Profit Percentage LO5-3 4.16 points The following data were taken from the records of Township Corporation at December 31 of the current year: eBook $ 98,000 31,000 6,400 Sales revenue Gross profit Selling (distribution) expense Administrative expense Pretax income Income...
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax PI Expense Accounts Receivable Return On Assets + Merchandise Inventory Total Current Assets Asset Turnover Cash Total Assets Fixed Assets Other Current Assets Use the charts on the following page to calculate Net Profit Margin % for each scenario: Scenario 1 Scenario 2 Income Statement Income Statement Sales Sales Gross Sales $200,000 Gross Sales $100,000 Promotional Allowances $25,000 Promotional Allowances $15,000 Customer Returns -$15,000...
DE Full Income Statement Exercise Create a Full Income Statement using the Given Information Given Information Income Statement ** Net Revenues Cost of Goods Sold Gross Profit 958, 100 431,145 526,955 round to nearest dollar using excel's ROUND() functi 7 Gross Revenues 8 Returns and Allowances 9 Sales Discounts 10 COGS Ratio 11 Depreciation 12 SG&A 13 Other operating expenses 14 Misc. other income 15 Misc. other losses 16 Tax rate 17 Common Shares Authorized 18 Common Shares Issued 19...
1.) Need help finding the Contribution Margin and Net Income
2. Prepare an income statement for the year using absorption
costing.
Sims Company, a manufacturer of tablet computers, began operations on January 1, 2019. Its cost and sales information for this year follows. 30 points $ 35 per unit 55 per unit 20 per unit $8,000,000 (per year) Manufacturing costs Direct materials Direct labor Overhead costs Variable Fixed Selling and administrative costs for the year Variable Fixed Production and sales...
Prepare statement of cash flows using the indirect method. The
income statement for 2017 and the balance sheets for 2017 and 2016
are presented for Harding Industries, Inc.
Prepare the statement one section at a time. (Use parentheses
or a minus sign for numbers to be subtracted and for net cash
outflows.)
Harding Industries, Inc. Income Statement For the Year Ended December 31, 2017 Sales revenues $ 956,000 381,000 Less: Cost of goods sold Gross profit $575,000 Less operating expenses:...
Need help creating a income statement with the following
information provided.
Information from the Income Statement for December 2017 • Past year revenues were $2,200,000 with food accounting for 80% of sales. • Cost of sales were 32.62% of total sales with a food cost of 37.1% and a beverage cost of 14.7% • Expenses as a percentage of total sales were provided by Mr. Medom • Annual Rent is $154,000 Salaries & Wages Depreciation Interest Marketing General & Administrative...
can you calculate gross profit, operating profit and net
profit? thank you
Dr. Zhivago Diagnostics Corp.'s income statement for 20X1 is as follows: Sales .. Cost of goods sold Gross profit ................... Selling and administrative expense Operating profit Interest expense Income before taxes ....... Taxes (30%) Income after taxes $2,790,000 1,790,000 $1,000,000 302.000 $ 698,000 54,800 $ 643,200 192,960 $ 450,240
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