Homework Answers
Income statement
For the year ended December 31, 2019
| Revenue | ||
| Sales revenue | 592000 | |
| Less: Sales return and allowance | -40000 | |
| Net Sales revenue | 552000 | |
| Less: Cost of goods sold | -156000 | |
| Gross profit | 396000 | |
| Less: Operating expense | -186000 | |
| Operating income | 210000 | |
| Other revenue and gains | 12700 | |
| Other expense and losses | -13300 | |
| -600 | ||
| Net income (loss) | 209400 |
Comprehensive income
For the year ended December 31,2019
| Net income | 209400 |
| Add:Other comprehensive income | 5400 |
| Comprehensive income | 214800 |
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the fallowing information is available for Berlin crop. for
the year ended December 21,2019
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Other revenues and gains $ 12,700 Other expenses and losses 13,300 Cost of goods sold 156,000...
Other revenues and gains $ 12,700 Other expenses and losses 13,300 Cost of goods sold 156,000 Other comprehensive income 5,400 Sales revenue $592,000 Operating expenses 186,000 Sales returns and allowances 40,000 Prepare a multiple-step income statement for Berlin Corp. and a comprehensive income statement.
The following information is available for Riverbed Corp. for the year ended December 31, 2017: Other...
The following information is available for Riverbed Corp. for the year ended December 31, 2017: Other revenues and gains $10,800 Sales revenue $666,500 Other expenses and losses 14,500 Operating expenses 252,800 Cost of goods sold 191,300 Sales returns and allowances 40,000 Other comprehensive income 5,000 Prepare a multiple-step income statement for Riverbed Corp and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. RIVERBED CORP Comprehensive Income Statement For...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other revenues and gains $20,800 Other expenses and losses 2,800 Cost of goods sold 276,000 Sales discounts 2,800 Sales revenue 743,000 Operating expenses 206,000 Sales returns and allowances 8,200 Prepare a multiple-step income statement for Marin Corp. The company has a tax rate of 25%. MARIN CORP. Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue Less 743000 Sales Returns and Allowances...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other revenues and gains $20,800 Other expenses and losses 2,800 Cost of goods sold 276,000 Sales discounts 2.800 Sales revenue 743,000 Operating expenses 206,000 Sales returns and allowances 8,200 Prepare a multiple-step income statement for Marin Corp. The company has a tax rate of 25%. MARIN CORP. Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue Less 743000 Sales Returns and Allowances...
The following information is available for Blue Spruce Corp. for the year ended December 31, 2017:...
The following information is available for Blue Spruce Corp. for
the year ended December 31, 2017:
Other revenues and gains
$12,000
Sales revenue
$603,000
Other expenses and losses
14,000
Operating expenses
203,300
Cost of goods sold
233,900
Sales returns and allowances
40,000
Other comprehensive income
5,900
We were unable to transcribe this imageBLUE SPRUCE CORP. Income Statement For the Year Ended December 31, 2017 - A We were unable to transcribe this image
The following information is available for Martinez Corp. for the year ended December 31, 2017: Other revenues and gain...
The following information is available for Martinez Corp. for the year ended December 31, 2017: Other revenues and gains $9,100 Sales revenue $653,800 Other expenses and losses 15,300 Operating expenses 242,800 Cost of goods sold 245,500 Sales returns and allowances 40,000 Other comprehensive income 5,600 Prepare a multiple-step income statement for Martinez Corp. and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. (Enter negative amounts using either a...
The following information is available for Windsor, Inc. for the year ended December 31, 2022: Other...
The following information is available for Windsor, Inc. for the year ended December 31, 2022: Other revenues and gains $10,700 Sales revenue $672,400 Other expenses and losses 13,000 Operating expenses 244,800 Cost of goods sold 251,500 Sales returns and allowances 40,000 Other comprehensive income 5,500 Prepare a multiple-step income statement for Windsor, Inc. and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. Windsor, Inc. Income Statement For the...
The following information is available for Oriole Cerporation for the year ended December 31, 2020: sales...
The following information is available for Oriole Cerporation for the year ended December 31, 2020: sales revenue $750,000, other revenues and gains $88,000, operating expenses $116,000, cost of goods sold $464.000, other expenses and losses $32,500, and preferred stock dividends $43,125. The company's tax rate was 25%, and it had 45,000 shares outstanding during the entire year Prepare a corporate Income statement. (List other revenues before other expenses.) ORIOLE CORPORATION Income Statement < < < < < < < Calculate...
Do It! Review 5-05 x Your answer is incorrect. Try again. The following information is available...
Do It! Review 5-05 x Your answer is incorrect. Try again. The following information is available for Flounder Corp. for the year ended-December 31, 2020: Other revenues and gains other expenses and losses Cost of goods sold Other comprehensive income $11,200 13,800 Sales revenue Operating expenses Sales returns and allowances $604,000 196,000 45,000 7,000 Prepare a multiple-step income statement for Flounder Corp. and a comprehensive income statement. (List other revenues before other expenses. Enter negative amounts using either a negative...
Exercise 4-10 a-c The following is information for Blue Spruce Corp. for the year ended December...
Exercise 4-10 a-c The following is information for Blue Spruce Corp. for the year ended December 31, 2020: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,220,000 45,000 9,000 732,000 61,000 51,000 15,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of...
The following information is available for Riverbed Corp. for the year ended December 31, 2017: Other revenues and gains $10,800 Sales revenue $666,500 Other expenses and losses 14,500 Operating expenses 252,800 Cost of goods sold 191,300 Sales returns and allowances 40,000 Other comprehensive income 5,000 Prepare a multiple-step income statement for Riverbed Corp and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. RIVERBED CORP Comprehensive Income Statement For...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other revenues and gains $20,800 Other expenses and losses 2,800 Cost of goods sold 276,000 Sales discounts 2,800 Sales revenue 743,000 Operating expenses 206,000 Sales returns and allowances 8,200 Prepare a multiple-step income statement for Marin Corp. The company has a tax rate of 25%. MARIN CORP. Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue Less 743000 Sales Returns and Allowances...
The following information is available for Marin Corp. for the year ended December 31, 2022. Other revenues and gains $20,800 Other expenses and losses 2,800 Cost of goods sold 276,000 Sales discounts 2.800 Sales revenue 743,000 Operating expenses 206,000 Sales returns and allowances 8,200 Prepare a multiple-step income statement for Marin Corp. The company has a tax rate of 25%. MARIN CORP. Income Statement For the Year Ended December 31, 2022 Sales Sales Revenue Less 743000 Sales Returns and Allowances...
The following information is available for Blue Spruce Corp. for
the year ended December 31, 2017:
Other revenues and gains
$12,000
Sales revenue
$603,000
Other expenses and losses
14,000
Operating expenses
203,300
Cost of goods sold
233,900
Sales returns and allowances
40,000
Other comprehensive income
5,900
We were unable to transcribe this imageBLUE SPRUCE CORP. Income Statement For the Year Ended December 31, 2017 - A We were unable to transcribe this image
The following information is available for Martinez Corp. for the year ended December 31, 2017: Other revenues and gains $9,100 Sales revenue $653,800 Other expenses and losses 15,300 Operating expenses 242,800 Cost of goods sold 245,500 Sales returns and allowances 40,000 Other comprehensive income 5,600 Prepare a multiple-step income statement for Martinez Corp. and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. (Enter negative amounts using either a...
The following information is available for Windsor, Inc. for the year ended December 31, 2022: Other revenues and gains $10,700 Sales revenue $672,400 Other expenses and losses 13,000 Operating expenses 244,800 Cost of goods sold 251,500 Sales returns and allowances 40,000 Other comprehensive income 5,500 Prepare a multiple-step income statement for Windsor, Inc. and comprehensive income statement. The company has a tax rate of 30%. This rate also applies to the other comprehensive income. Windsor, Inc. Income Statement For the...
The following information is available for Oriole Cerporation for the year ended December 31, 2020: sales revenue $750,000, other revenues and gains $88,000, operating expenses $116,000, cost of goods sold $464.000, other expenses and losses $32,500, and preferred stock dividends $43,125. The company's tax rate was 25%, and it had 45,000 shares outstanding during the entire year Prepare a corporate Income statement. (List other revenues before other expenses.) ORIOLE CORPORATION Income Statement < < < < < < < Calculate...
Do It! Review 5-05 x Your answer is incorrect. Try again. The following information is available for Flounder Corp. for the year ended-December 31, 2020: Other revenues and gains other expenses and losses Cost of goods sold Other comprehensive income $11,200 13,800 Sales revenue Operating expenses Sales returns and allowances $604,000 196,000 45,000 7,000 Prepare a multiple-step income statement for Flounder Corp. and a comprehensive income statement. (List other revenues before other expenses. Enter negative amounts using either a negative...
Exercise 4-10 a-c The following is information for Blue Spruce Corp. for the year ended December 31, 2020: Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,220,000 45,000 9,000 732,000 61,000 51,000 15,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2019 Retained earnings at December 31, 2019 Loss from expropriation of...
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