Homework Answers
| Sales revenue | $13,900,000 | |
| Total Operating Revenues | $13,900,000 | |
| Less: Operating Expenses: | ||
| Cost of goods sold / Cost of Sales | $6,340,000 | |
| Selling expenses | $634,000 | |
| General and Administration expenses | $1,660,000 | |
| Research and Development expenses | $1,340,000 | |
| $8,314,000 | ||
| Operating Income [$13,900,000 - $8,314,000] | $5,586,000 | |
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Check my work Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics....
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items:
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items: Account TitleDebitsCreditsSales revenue$13,900,000Interest revenue64,000Loss on sale of investments$114,000Cost of goods sold6,340,000Selling expenses634,000General and administrative expenses1,660,000Interest expense54,000Research and development expense1,340,000Income tax expense914,000 Required:Calculate the company’s operating income for the year.
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2018,...
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2018, year end trial balance contained the following income statement items Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Research and development expense Income tax expense Debits Credits 12,700,000 52,000 102,000 6,220,000 622,000 1,540,000 42,000 1,220,000 902,000 Required: Calculate the company's operating income for the year. Total operating revenue Less...
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021,...
Pandora Corporation operates several factories in the Midwest
that manufacture consumer electronics. The December 31, 2021,
year-end trial balance contained the following income statement
items:
Account Title
Debits
Credits
Sales revenue
$
13,400,000
Interest revenue
59,000
Loss on sale of investments
$
109,000
Cost of goods sold
6,290,000
Selling expenses
629,000
General and administrative expenses
1,610,000
Interest expense
49,000
Research and development expense
1,290,000
Income tax expense
909,000
Required:
Calculate the company’s operating income for the year.
Total operating revenue...
a Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2018,...
a Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2018, year- end trial balance contained the following income statement items: Account Title Debits Credits 13,300,000 58,000 Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Selling expenses 108,000 6,280,000 628, 000 1,600,000 48,000 1,280,000 908,000 General and adninistrative expenses Interest expense Research and development expense Income tax expense Required Calculate the company's operating income for the year Total operating revenue...
Exercise 4-1 (Algo) Operating versus nonoperating income [LO4-1] Pandora Corporation operates several factories In the Midwest...
Exercise 4-1 (Algo) Operating versus nonoperating income [LO4-1] Pandora Corporation operates several factories In the Midwest that manufacture consumer electronics. The December 31, 2021, year- end trial balance contained the following income statement items Credits Debits Account Tiele $13.200,000 5१,000 Salen xevenae Interest revenue Lonn on ale of investment 107.000 6,270,000 627,000 1,590,000 Cost of goeds neld Sell ing expenser General and administrative expenses Interert expense Research and 4evel opasene expenre Inceme tax expense 47,000 1,270,000 907,000 Required: Calculate the...
What does the single step income statement look like and what is the operating income? The...
What does the single step
income statement look like and what is the operating income?
The Filzinger Corporation's December 31, 2021 year-end trial balance contained the following income statement items: Debits Credits 6,675,880 69,000 51,000 Account Title Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense General and administrative expense Interest expense Research and development expense Income tax expense 4,250,000 330,000 943,000 29,000 580,000 144,000 Required: Calculate the company's operating income for the year...
check my work The following income statement items appeared on the adjusted trial balance of Schembri...
check my work The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $18,900, cost of goods sold, $8,000; selling expenses, $1.480: general and administrative expenses. $980; interest revenue, $240; interest expense, $200. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's...
Use Excel Fill in the missing values for the income statement below given the following information:...
Use Excel
Fill in the missing values for the income statement below given the following information: Gross margin is 33% Net Margin is 10% Manufacturing Overhead is 10% of Direct Materials Cost Tax rate is 20% 6a) $ 110,000 43,795 Tesla, Inc Income Statement (10-2) Six Months Ended June 30, 2019 (in millions) Sales revenue Less: Cost of goods sold Direct materials Direct labor Manufacturing overhead Total cost of goods sold Gross profit Less: Operating expenses Research and Development General...
use tax rate of 37.5 Barron Pizza, Inc. Abbreviated Income Statements for the Years Ending 2012-2014...
use tax rate of 37.5
Barron Pizza, Inc. Abbreviated Income Statements for the Years Ending 2012-2014 ($ in thousands, except earnings per share) Year Ending Year Ending Year Ending Account 2014 2013 2012 Revenue $ 917,399 $ 946,298 Cost of goods sold $ -669,337 $ -656,197 Gross profit 169,350 $ 315,034 Selling, general, and administrative expenses $ -70,567 - 192,966 Research and development -5,428 $ -7,127 $ -3,459 Depreciation $ -34,446 $ -35,654 Operating income 60,553 $ 81,472 Other income...
The adjusted trial balance of Pacific Scientific Corporation on December 31, 2021, the end of the...
The adjusted trial balance of Pacific Scientific Corporation on
December 31, 2021, the end of the company's fiscal year, contained
the following income statement items ($ in millions): sales
revenue, $2,106; cost of goods sold, $1,240; selling expense, $126;
general and administrative expense, $105; interest expense, $40;
and gain on sale of investments, $45. Income tax expense has not
yet been recorded. The income tax rate is 25%.
Prepare a multiple-step income statement for 2021. (Amounts
to be deducted should...
Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2018, year end trial balance contained the following income statement items Account Title Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Research and development expense Income tax expense Debits Credits 12,700,000 52,000 102,000 6,220,000 622,000 1,540,000 42,000 1,220,000 902,000 Required: Calculate the company's operating income for the year. Total operating revenue Less...
Pandora Corporation operates several factories in the Midwest
that manufacture consumer electronics. The December 31, 2021,
year-end trial balance contained the following income statement
items:
Account Title
Debits
Credits
Sales revenue
$
13,400,000
Interest revenue
59,000
Loss on sale of investments
$
109,000
Cost of goods sold
6,290,000
Selling expenses
629,000
General and administrative expenses
1,610,000
Interest expense
49,000
Research and development expense
1,290,000
Income tax expense
909,000
Required:
Calculate the company’s operating income for the year.
Total operating revenue...
a Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2018, year- end trial balance contained the following income statement items: Account Title Debits Credits 13,300,000 58,000 Sales revenue Interest revenue Loss on sale of investments Cost of goods sold Selling expenses 108,000 6,280,000 628, 000 1,600,000 48,000 1,280,000 908,000 General and adninistrative expenses Interest expense Research and development expense Income tax expense Required Calculate the company's operating income for the year Total operating revenue...
Exercise 4-1 (Algo) Operating versus nonoperating income [LO4-1] Pandora Corporation operates several factories In the Midwest that manufacture consumer electronics. The December 31, 2021, year- end trial balance contained the following income statement items Credits Debits Account Tiele $13.200,000 5१,000 Salen xevenae Interest revenue Lonn on ale of investment 107.000 6,270,000 627,000 1,590,000 Cost of goeds neld Sell ing expenser General and administrative expenses Interert expense Research and 4evel opasene expenre Inceme tax expense 47,000 1,270,000 907,000 Required: Calculate the...
What does the single step
income statement look like and what is the operating income?
The Filzinger Corporation's December 31, 2021 year-end trial balance contained the following income statement items: Debits Credits 6,675,880 69,000 51,000 Account Title Sales revenue Interest revenue Gain on sale of investments Cost of goods sold Selling expense General and administrative expense Interest expense Research and development expense Income tax expense 4,250,000 330,000 943,000 29,000 580,000 144,000 Required: Calculate the company's operating income for the year...
check my work The following income statement items appeared on the adjusted trial balance of Schembri Manufacturing Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $18,900, cost of goods sold, $8,000; selling expenses, $1.480: general and administrative expenses. $980; interest revenue, $240; interest expense, $200. Income taxes have not yet been recorded. The company's income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company's...
Use Excel
Fill in the missing values for the income statement below given the following information: Gross margin is 33% Net Margin is 10% Manufacturing Overhead is 10% of Direct Materials Cost Tax rate is 20% 6a) $ 110,000 43,795 Tesla, Inc Income Statement (10-2) Six Months Ended June 30, 2019 (in millions) Sales revenue Less: Cost of goods sold Direct materials Direct labor Manufacturing overhead Total cost of goods sold Gross profit Less: Operating expenses Research and Development General...
use tax rate of 37.5
Barron Pizza, Inc. Abbreviated Income Statements for the Years Ending 2012-2014 ($ in thousands, except earnings per share) Year Ending Year Ending Year Ending Account 2014 2013 2012 Revenue $ 917,399 $ 946,298 Cost of goods sold $ -669,337 $ -656,197 Gross profit 169,350 $ 315,034 Selling, general, and administrative expenses $ -70,567 - 192,966 Research and development -5,428 $ -7,127 $ -3,459 Depreciation $ -34,446 $ -35,654 Operating income 60,553 $ 81,472 Other income...
The adjusted trial balance of Pacific Scientific Corporation on
December 31, 2021, the end of the company's fiscal year, contained
the following income statement items ($ in millions): sales
revenue, $2,106; cost of goods sold, $1,240; selling expense, $126;
general and administrative expense, $105; interest expense, $40;
and gain on sale of investments, $45. Income tax expense has not
yet been recorded. The income tax rate is 25%.
Prepare a multiple-step income statement for 2021. (Amounts
to be deducted should...
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