Homework Answers
| Sales | 800,000 |
| Less:cost of goods sold(800,000*65%) | $520,000 |
| Gross profit | $280,000 |
| Less:Selling and administrative expenses(800,000*12%) | $96,000 |
| Less:Depreciation expense | $9000 |
| EBIT | $175,000 |
| Less:interest expense | $9000 |
| EBT | $166,000 |
| Less:taxes($166,000*32%) | $53,120 |
| Net income | $112880. |
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9. Elgin Battery Manufacturers had sales of $800,000 in 2009 and their cost of goods sold...
Lemon Auto Wholesalers had sales of $1,180,000 last year, and cost of goods sold represented 73...
Lemon Auto Wholesalers had sales of $1,180,000 last year, and cost of goods sold represented 73 percent of sales. Selling and administrative expenses were 13 percent of sales. Depreciation expense was $12,000 and interest expense for the year was $13,000. The firm's tax rate is 30 percent a. Compute earnings after taxes Lemon Auto Wholesalers Income Statement
7. Carr Auto Wholesalers had sales of $900,000 in 2015, and cost of goods sold represented...
7. Carr Auto Wholesalers had sales of $900,000 in 2015, and cost of goods sold represented 65 percent of sales. Selling and administrative expenses were 9 percent of sales. Amortization expense was $10,000, and interest expense for the year was $8,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes using percentage-of-sales method. b. Assume the firm hires Ms. Hood, an efficiency expert, as a consultant. She suggests that by increasing selling and administrative expenses to 12...
During 2009, Raines Umbrella Corp. had sales of $734,000. Cost of goods sold, administrative and selling...
During 2009, Raines Umbrella Corp. had sales of $734,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $562,000, $95,000, and $128,000, respectively. In addition, the company had an interest expense of $102,000 and a tax rate of 40 percent. (Ignore any tax loss carryback or carryforward provisions.) Assume Raines Umbrella Corp. paid out $21,000 in cash dividends. If spending on net fixed assets and net working capital was zero, and if no new stock was issued...
During 2009, Raines Umbrella Corp. had sales of $750,000. Cost of goods sold, administrative and selling...
During 2009, Raines Umbrella Corp. had sales of $750,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $561,000, $96,000, and $131,000, respectively. In addition, the company had an interest expense of $99,000 and a tax rate of 40 percent. (Ignore any tax loss carryback or carryforward provisions.) Assume Raines Umbrella Corp. paid out $24,000 in cash dividends. If spending on net fixed assets and net working capital was zero, and if no new stock was issued...
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During 2018, Raines Umbrella Corp. had sales of $800,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $580,000, $90,000, and $150,000, respectively. In addition, the company had an interest expense of $89,000 and a tax rate of 21 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully deductible.) Suppose the company paid out $53,000 in cash dividends. If net capital spending and net working capital was zero, and if no new stock...
Carr Auto Wholesalers had sales of $1,510,000 in 2015, and cost of goods sold represented 76...
Carr Auto Wholesalers had sales of $1,510,000 in 2015, and cost of goods sold represented 76 percent of sales. Selling and administrative expenses were 12 percent of sales. Amortization expense was $19,000 and interest expense for the year was $10,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes using Percentage-of-Sales Method. (Input all answers as positive values.) CARR AUTO WHOLESALERS Income Statement For the Year Ended December 31, 2015 TClick to select) Cick to select) Interest...
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest...
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest expense Sales Selling and administrative expense Taxes value: 20.00 points Lemon Auto Wholesalers had sales of $740,000 last year, and cost of goods sold represented 70 percent of sales. Selling and administrative expenses were 12 percent of sales. Depreciation expense was $18,000 and interest expense for the year was $11,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes. Lemon Auto...
preparing the income statement Question 4 Total: 20 marks Part A Brown Auto Wholesalers had sales...
preparing the income statement
Question 4 Total: 20 marks Part A Brown Auto Wholesalers had sales of $800,000 in 2015 and cost of goods sold represented 70% of sales. Selling and administrative expenses were 15% of sales. Depreciation expense was $10,000 and interest expense for the year was $12,000. The firm's tax rate is 30%. Required: Prepare an income statement and show earnings after taxes. (5 marks)
1) Prepare an income statement from the following information. Sales: $800,000 Cost of Goods Sold: $300,000...
1) Prepare an income statement from the following information. Sales: $800,000 Cost of Goods Sold: $300,000 Administrative expenses: $50,000 Depreciation expenses: $10,000 Interest expense: $15,000 Tax rate: 20%
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Lemon Auto Wholesalers had sales of $1,180,000 last year, and cost of goods sold represented 73 percent of sales. Selling and administrative expenses were 13 percent of sales. Depreciation expense was $12,000 and interest expense for the year was $13,000. The firm's tax rate is 30 percent a. Compute earnings after taxes Lemon Auto Wholesalers Income Statement
7. Carr Auto Wholesalers had sales of $900,000 in 2015, and cost of goods sold represented 65 percent of sales. Selling and administrative expenses were 9 percent of sales. Amortization expense was $10,000, and interest expense for the year was $8,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes using percentage-of-sales method. b. Assume the firm hires Ms. Hood, an efficiency expert, as a consultant. She suggests that by increasing selling and administrative expenses to 12...
During 2018, Raines Umbrella Corp. had sales of $800,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $580,000, $90,000, and $150,000, respectively. In addition, the company had an interest expense of $89,000 and a tax rate of 21 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully deductible.) Suppose the company paid out $53,000 in cash dividends. If net capital spending and net working capital was zero, and if no new stock...
Carr Auto Wholesalers had sales of $1,510,000 in 2015, and cost of goods sold represented 76 percent of sales. Selling and administrative expenses were 12 percent of sales. Amortization expense was $19,000 and interest expense for the year was $10,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes using Percentage-of-Sales Method. (Input all answers as positive values.) CARR AUTO WHOLESALERS Income Statement For the Year Ended December 31, 2015 TClick to select) Cick to select) Interest...
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest expense Sales Selling and administrative expense Taxes value: 20.00 points Lemon Auto Wholesalers had sales of $740,000 last year, and cost of goods sold represented 70 percent of sales. Selling and administrative expenses were 12 percent of sales. Depreciation expense was $18,000 and interest expense for the year was $11,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes. Lemon Auto...
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