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Los Angeles City College *
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001
Subject
Accounting
Date
May 20, 2024
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jpeg
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Final Exam @) 15 20/20 points awarded Submitted 276/300 Total points awarded Help Following are the income statement and some additional information for Carolina Consulting Company. Carolina Consulting Company Income Statement For the Year Ended December 31, 2024 Net sales $ 16,000 Cost of goods sold (2,700) Gross margin 13,300 Operating expenses $ 3,200 Depreciation expense 1,500 (4,700) Income before taxes 8,600 Income taxes (2,800) Net income $ 5,800 All sales were on credit and accounts receivable decreased by $1,020 in 2024 compared to 2023. Merchandise purchases were on credit with a decrease in accounts payable of $820 during the year. Ending inventory was $620 larger than beginning inventory. Income taxes payable increased $420 during the year. All operating expenses were paid for in cash. Required: Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. Note: Amounts to be deducted should be indicated with a minus sign. Cash flows from operating activities: Cash received from customers Qs 17020® Cash paid to suppliers (V] (4,140) @ Cash paid for taxes (V] (2,380) @ Cash paid for operating expenses (V] (3,200) @ Net cash flows from operating activities $ 7,300 Exit
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Related Questions
A company reported the following data for the year ending 2018:
Description
Amount
Sales
Sales discount
Sales returns and allowances
$400,000
$16,000
$13,000
$117,000
$153,000
|Cost of goods sold
|Operating expense
Income tax expense
$23,750
Compute the amount of gross profit to be reported on the income statement.
a. $101,000
b. $117,000
c. $254,000
d. $124,750
Answer
O O O O
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Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,242. Ending
inventory was $1,594.
Note: Input all amounts as positive values.
Sales
Sales returns and allowances
Sales discount
Purchases
Purchase discounts
Depreciation expense
Salary expense
Insurance expense
Utilities expense
Plumbing expense
Rent expense
HANSEN REALTY
Income Statement
For Year Ended December 31, 2023
Gross profit from sales
Operating expenses:
$ 34,300
1,086
1,146
10,212
Total operating expenses
534
109
4,900
2,300
204
244
174
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Atlantic Corporation reported the following financial statements:
E (Click the icon to view the financial statements.)
The company has 2,200 shares of common stock outstanding. What is Atlantic's earnings per share? (Round the earnings per share to two decimal places, X.XX.
O A. $1.90
Financial Statements
O B. $3.58
OC. $2.49
O D. 3.19 times
Atlantic Corporation
Comparative Balance Sheet
December 31, 2019 and 2018
2019
2018
Assets
Current Assets:
Cash and Cash Equivalents
2,052 $
1,655
Accounts Receivable
1,951
1,731
Merchandise Inventory
1,342
1,094
1,615
1,817
Prepaid Expenses
Total Current Assets
6,960
6,297
18,240
16,174
Other Assets
2$
25,200 $
22,471
Total Assets
Liabilities
Current Liabilities
24
7.087 $
8,158
4,698
3,844
Long-term Liabilities
Total Liabilities
11,785
12,002
Stockholders' Equity
Common Stock, no par
7,015
4,169
6,400
6,300
Retained Earnings
Click to select your an
Total Stockholders' Equity
13,415
10,469
24
25,200 $
22,471
Clear Al
All parts showing
Total…
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Data for Micatin Designs, Inc. follow:
Data table
Micatin Designs, Inc.
Comparative Income Statement
Years Ended December 31, 2024 and 2023
2024
2023
Net Sales Revenue
$429,000
$374,000
Expenses:
Cost of Goods Sold
201,000
187,000
Selling and Administrative Expenses
97,450
92,750
Other Expenses
8,500
3,250
Total Expenses
306,950
283,000
Net Income
$122,050
$91,000
.
Requirements
1.
Prepare a comparative common-size income statement for
Micatin
Designs, Inc. using the
2024
and
2023
data. Round percentages to one-tenth percent.
2.
To an investor, how does
2024
compare with
2023?
Explain your reasoning.
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The following are the financial statement JNC Ltd. for the year ended 31 March 2020:
JNC Ltd.
Income statement
For the year ended 31 March 2020
$”M”
Revenue
1276.50
Cost of sales
(907.00)
369.50
Distribution costs
(62.50)
Administrative expenses
(132.00)
175.00
Interest received
12.50
Interest paid
(37.50)
150.00
Tax
(70.00)
Profit after tax
80.00
JNC Ltd.
Statement of financial position as at 31 March
2020
2019
$”M”
$”M”
ASSETS:
Non- current assets:
Property, plant and equipment
190
152.5
Intangible assets
125
100
Investments
12.5
Current assets:
Inventories
75
51
Receivables
195
157.5
Short-term investment
25
Cash in hand
1
0.5
Total assets
611
474
Equity and liabilities:
Equity:
Share capital
(10 million ordinary shares of $ 10 per value)
100
75
Share premium
80
75
Revolution reserve
50
45.5
Retained earnings
130
90
Non-current liabilities:
Loan
85
25…
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Module pute Net Operating Profit after Tax
Refer to the balance sheet information below for Home Depot.
Feb. 3, 2019 Jan. 28, 2018
$35,891
$34,794
1,511
3,056
$37,402
$37,850
$14,177
$13,640
24,822
22,974
$38,999
$36,614
Operating assets
Nonoperating assets
Total assets
$ millions
Operating liabilities
Nonoperating liabilities
Total liabilities
Net sales
Operating expense before tax
Net operating profit before tax (NOPBT)
Other expense
Income before tax
Tax expense
Net income
Assume a statutory tax rate of 22%.
a. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = Net income + NNE
Net income
NNE
NOPAT
$
9,453 $
$
$91,973
78,772
13,201
828
12,373
2,920
$9,453
7,361 * $
16814
b. Compute NOPAT for the year ended Feb. 3, 2019 using the formula: NOPAT = NOPBT - Tax on operating profit
NOPBT Tax on operating profit
7,361 * $
10,296.78 x $
NOPAT
-2936
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View Policies
Current Attempt in Progress
Assume Sunland Company has the following reported amounts: Sales revenue $1,000,000, Sales returns and allowances $29,000,
Cost of goods sold $649.599, and Operating expenses $215,600.
(a) Compute net sales.
Net sales $
(b) Compute gross profit.
Gross profit S
(c) Compute income from operations.
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Operating data for Joshua Corporation are presented as follows:
Net Sales
Cost of Goods Sold
Selling Expenses
Administrative Expenses
Income Tax Expense
Net Income
2022
800,000
520,000
120,000
60,000
30,000
70,000
Instructions
Prepare a schedule showing a vertical analysis for 2022 and 2021.
Net Sales
Cost of Goods Sold
Gross Profit
Selling Expenses
Your Answers:
FYI: Format the percent cols to one decimal place. Ex 99.9%
2022
Administrative Expenses
Total Operating Expenses
Income Before Income Taxes
Income Tax Expense
Net Income
2021
600,000
408,000
72,000
48,000
24,000
48,000
Amount
800,000
520,000
280,000
120,000
60,000
180,000
100,000
30,000
70,000
Percent
100.0%
2021
Amount Percent
600,000
100.0%
408,000
192,000
72,000
48,000
120,000
72,000
24,000
48,000
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ASSESSMENT:
Problem #1: On June 30, 2020, PSA Trading Co. has the following informatign:
revenue from sales is Po8,760; sales return is P35,50o; cost of goods sold is P8.490:
salaries cost P 14,600; rent is P8,090; light and water expenses are P7.550 and
miscellaneous expenses are Po,520.Generate an income statement and find:
a. Gross Profit
b. Net Profit or Loss
Problem #2: AMA 6operative store had the following activities for year ended
2021: gross sales amounting to Po4,653, the cost of goods sold was P48,923, the
operating expensés were, P8,723.15, and refunds for defective goods amounted to
P26,497.15. Generate an income slatemeni and find:
a. Net Sales
b. Gross Profit
c. Net Profit
Problem #3: AMA cooperative store had the following activities for year ended 2021:
gross sales amounting to P94,653, the cost of goods sold was P48,923, the operating
expenses were, P8,723.15, and refunds for defective goods amounted to P26,497.15.
Generate an income statement and find:
a. Net Sales…
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Portions of the financial statements for Peach Computer are provided below.
Net sales
Expenses:
PEACH COMPUTER
Income Statement
For the year ended December 31, 2024
Cost of goods sold
Operating expenses
Depreciation expense
Income tax expense
Total expenses
Net income
Cash
Accounts receivable
Inventory
Prepaid rent
Accounts payable
Income tax payable
PEACH COMPUTER
Selected Balance Sheet Data
December 31
2024
$106,000
45,400
79,000
3,400
$1,090,000
600,000
54,000
44,000
49,000
5,400
2023
$87,000
51,000
57,000
5,800
39,000
12,000
$1,900,000
1,788,000
$112,000
Increase (I) or
Decrease (D)
$19,000 (I)
5,600 (D)
22,000
(I)
2,400
(D)
10,000 (I)
6,600 (D)
Required:
Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method. (Amounts to be
deducted should be indicated with a minus sign.)
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Problem 13-02A (Video)
The comparative statements of Cullumber Company are presented here:
Cullumber CompanyIncome StatementsFor the Years Ended December 31
2020
2019
Net sales
$1,891,640
$1,751,600
Cost of goods sold
1,059,640
1,007,100
Gross profit
832,000
744,500
Selling and administrative expenses
501,100
480,100
Income from operations
330,900
264,400
Other expenses and losses
Interest expense
23,700
21,700
Income before income taxes
307,200
242,700
Income tax expense
93,700
74,700
Net income
$213,500
$168,000
Cullumber CompanyBalance SheetsDecember 31
Assets
2020
2019
Current assets
Cash
$60,100
$64,200
Debt investments (short-term)
74,000
50,000
Accounts receivable
118,900
103,900
Inventory
127,700
117,200
Total current assets
380,700
335,300
Plant assets (net)…
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Portions of the financial statements for Peach Computer are provided below.
PEACH COMPUTER
Income Statement
For the year ended December 31, 2024
Net sales
Expenses:
Cost of goods sold
Operating expenses
Depreciation expense
Income tax expense
Total expenses
Net income
Cash
Accounts receivable
Inventory
Prepaid rent
Accounts payable
Income tax payable
$1,100,000
610,000
55,000
45,000
PEACH COMPUTER
Selected Balance Sheet Data
December 31
2024
$107,000
45,500
80,000
3,500
50,000
5,500
2023
$87,500
51,500
57,500
6,000
39,500
12,500
$1,925,000
1,810,000
$115,000
Increase (I) or
Decrease (D)
$19,500 (I)
(D)
6,000
22,500
(I
2,500
(D)
10,500 (I)
7,000
(D)
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Question
The income statement of Cheyenne Company is shown below.
CHEYENNE COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020
Sales revenue
$6,890,000
Cost of goods sold
Beginning inventory
$1,910,000
Purchases
4,410,000
Goods available for sale
6,320,000
Ending inventory
1,620,000
Cost of goods sold
4,700,000
Gross profit
2,190,000
Operating expenses
Selling expenses
460,000
Administrative expenses
700,000
1,160,000
Net income
$1,030,000
Additional information:
1.
Accounts receivable decreased $350,000 during the year.
2.
Prepaid expenses increased $160,000 during the year.
3.
Accounts payable to suppliers of merchandise decreased $300,000 during the year.
4.
Accrued expenses payable decreased $90,000 during the year.
5.
Administrative expenses include depreciation expense of…
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Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023
INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000
Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000
Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000
EQUITY AND LIABILITIESEquity 3 760 000
Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000
Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000
B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…
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Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
2021
2020
2019
Sales
$ 508,246
$ 389,358
$ 270,200
Cost of goods sold
305,964
246,853
172,928
Gross profit
202,282
142,505
97,272
Selling expenses
72,171
53,731
35,666
Administrative expenses
45,742
34,264
22,427
Total expenses
117,913
87,995
58,093
Income before taxes
84,369
54,510
39,179
Income tax expense
15,693
11,175
7,953
Net income
$ 68,676
$ 43,335
$ 31,226
KORBIN COMPANY
Comparative Balance Sheets
December 31
2021
2020
2019
Assets
Current assets
$ 60,248
$ 40,324
$ 53,904
Long-term investments
0
1,000
3,350
Plant assets, net
113,627
103,113
62,412
Total assets
$ 173,875
$ 144,437
$ 119,666
Liabilities and Equity
Current liabilities
$ 25,386
$ 21,521
$ 20,942
Common stock
66,000
66,000
48,000
Other paid-in capital
8,250
8,250
5,333
Retained earnings
74,239
48,666…
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Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
2021
2020
2019
Sales
$ 508,246
$ 389,358
$ 270,200
Cost of goods sold
305,964
246,853
172,928
Gross profit
202,282
142,505
97,272
Selling expenses
72,171
53,731
35,666
Administrative expenses
45,742
34,264
22,427
Total expenses
117,913
87,995
58,093
Income before taxes
84,369
54,510
39,179
Income tax expense
15,693
11,175
7,953
Net income
$ 68,676
$ 43,335
$ 31,226
KORBIN COMPANY
Comparative Balance Sheets
December 31
2021
2020
2019
Assets
Current assets
$ 60,248
$ 40,324
$ 53,904
Long-term investments
0
1,000
3,350
Plant assets, net
113,627
103,113
62,412
Total assets
$ 173,875
$ 144,437
$ 119,666
Liabilities and Equity
Current liabilities
$ 25,386
$ 21,521
$ 20,942
Common stock
66,000
66,000
48,000
Other paid-in capital
8,250
8,250
5,333
Retained earnings
74,239
48,666…
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Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
2021
2020
2019
Sales
$ 508,246
$ 389,358
$ 270,200
Cost of goods sold
305,964
246,853
172,928
Gross profit
202,282
142,505
97,272
Selling expenses
72,171
53,731
35,666
Administrative expenses
45,742
34,264
22,427
Total expenses
117,913
87,995
58,093
Income before taxes
84,369
54,510
39,179
Income tax expense
15,693
11,175
7,953
Net income
$ 68,676
$ 43,335
$ 31,226
KORBIN COMPANY
Comparative Balance Sheets
December 31
2021
2020
2019
Assets
Current assets
$ 60,248
$ 40,324
$ 53,904
Long-term investments
0
1,000
3,350
Plant assets, net
113,627
103,113
62,412
Total assets
$ 173,875
$ 144,437
$ 119,666
Liabilities and Equity
Current liabilities
$ 25,386
$ 21,521
$ 20,942
Common stock
66,000
66,000
48,000
Other paid-in capital
8,250
8,250
5,333
Retained earnings
74,239
48,666…
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The following are the financial statement Kin Ltd. for the year ended 31 March 2020:
Kin Ltd.
Income statement
For the year ended 31 March 2020
$”M”
Revenue
1276.50
Cost of sales
(907.00)
369.50
Distribution costs
(62.50)
Administrative expenses
(132.00)
175.00
Interest received
12.50
Interest paid
(37.50)
150.00
Tax
(70.00)
Profit after tax
80.00
Kin Ltd.
Statement of financial position as at 31 March
2020
2019
$”M”
$”M”
ASSETS:
Non- current assets:
Property, plant and equipment
190
152.5
Intangible assets
125
100
Investments
12.5
Current assets:
Inventories
75
51
Receivables
195
157.5
Short-term investment
25
Cash in hand
1
0.5
Total assets
611
474
Equity and liabilities:
Equity:
Share capital
(10 million ordinary shares of $ 10 per value)
100
75
Share premium
80
75
Revolution reserve
50
45.5
Retained earnings
130
90
Non-current liabilities:…
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Mc
Graw
PEACH COMPUTER
Income Statement
For the year ended December 31, 2024
Net sales
Expenses:
Cost of goods sold
Operating expenses
Depreciation expense
Income tax expense
Total expenses
Net income
Cash
Accounts receivable.
Inventory
Prepaid rent
Accounts payable
Income tax payable
PEACH COMPUTER
Selected Balance Sheet Data
December 31
2024
$96,000
46,600
69,000
2,400
39,000
4,400
$990,000
500,000
44,000
34,000
Cash Slows from operating activities
Cash received from customers
Cash paid to suppliers
Cash paid for operating expenses
Cash paid for income taxes
Depreciation expense
2023
$82,000
$2,000
52,000
3,000
34,000
7,000
PEACH COMPUTER
Statement of Cash Flows (partial)
For the Year Ended December 31, 2024
Net cash flows from operating activities
$1,650,000
1,568,000
$82,000
Required:
Prepare the operating activities section of the statement of cash flows for Peach Computer using the direct method (Amounts to be
deducted should be indicated with a minus sign.)
Increase (1) or…
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Preparation of SCI for a Merchandising Business Using the Multistep Approach
Instructions:
Prepare a Statement of Comprehensive Income for the year ended December 31,2020 the using the following account titles listed.
Cost of Sales ₱2,675,000
Depreciation expense ₱105,000
Rent expense ₱240,000
Salaries expense ₱360,000
Sales Discount ₱826,500
Sales Returns and Allowances ₱275,500
Sales ₱5,510,000
Supplies expense ₱540,000
Taxes ₱92,400
Utilities expense ₱180,000
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Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
2021 2020 2019
Sales $ 429,809 $ 329,269 $ 228,500
Cost of goods sold 258,745 207,439 146,240
Gross profit 171,064 121,830 82,260
Selling expenses 61,033 45,439 30,162
Administrative expenses 38,683 28,976 18,966
Total expenses 99,716 74,415 49,128
Income before taxes 71,348 47,415 33,132
Income tax expense 13,271 9,720 6,726
Net income $ 58,077 $ 37,695 $ 26,406
KORBIN COMPANY
Comparative Balance Sheets
December 31
2021 2020 2019
Assets
Current assets $ 58,039 $ 38,846 $ 51,928
Long-term investments 0 1,100 3,100
Plant assets, net 106,146 96,441 57,969
Total assets $ 164,185 $ 136,387 $ 112,997
Liabilities and Equity
Current liabilities $ 23,971 $ 20,322 $ 19,774
Common stock 67,000 67,000 49,000
Other paid-in capital 8,375 8,375 5,444
Retained earnings 64,839 40,690 38,779
Total liabilities and equity $ 164,185 $ 136,387 $…
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Income statements for year ending 31 December 2019
Gees Baking Co. ltd 9west com.
$’000 $’000
Net revenue 35,119 30,990
Cost of goods sold 12,693 11,088
Gross profit 22,426 19,902
Selling & administrative expenses 13,158 11,358
Other operating expenses 819 313
Operating income 8,449 8,231
Interest income 833 355
Other income…
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Selected comparative financial statements of Korbin Company follow.
KORBIN COMPANY
Comparative Income Statements
For Years Ended December 31
2021
2028
2019
Sales
$ 468,557 $ 358,953
$ 249,100
Cost of goods sold
282,871
227,576
159,424
Gross profit
186,486
131,377
89,676
Selling expenses
66,535
49,536
32,881
Administrative expenses
42,170
31,588
20,675
Total expenses
108,705
81,124
53,556
Income before taxes
Income tax expense
Net income
77,781
50,253
36,120
14,467
10,302
7,332
$ 63,314
$ 39,951
$28,788
Assets
Current assets
Long-term investments
Plant assets, net
Total assets
Liabilities and Equity
Common stock
KORBIN COMPANY
Comparative Balance Sheets
December 31
2921
2020
2019
$ 56,255
102,883
$ 159,138
$ 132,195
$ 37,652
1,100
93,443
$ 50,332
3,130
56,862
$ 100,524
Current liabilities
Other paid-in capital
Retained earnings
$ 23,234
70,000
8,750
57,154
$ 19,697
70,000
Total liabilities and equity
$ 159,138
8,750
33,748
$132,195
$ 19,167
52,800
5,778
32,579
$ 109,524
Problem 17-2A…
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Sales Revenue
$983,000
Cost of Goods Sold 489,000
Operating Expenses 243,000
Use this information to construct an income statement for the year 2019.
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Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,248. Ending inventory was $1,600.
Note: Input all amounts as positive values.
Sales
$ 34,900
Sales returns and allowances
1,092
Sales discount
1,152
Purchases
10,512
Purchase discounts
540
Depreciation expense
115
Salary expense
5,200
Insurance expense
2,600
Utilities expense
210
Plumbing expense
250
Rent expense
180
Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,248. Ending inventory was $1,600.
Note: Input all amounts as positive values.
Sales
$ 34,900
Sales returns and allowances
1,092
Sales discount
1,152
Purchases
10,512
Purchase discounts
540
Depreciation expense
115
Salary expense
5,200
Insurance expense
2,600
Utilities expense
210
Plumbing expense
250
Rent expense
180
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View Policies
Current Attempt in Progress
Culver Limited reports the following information: sales $1,155,600; cost of goods sold $710,640; administrative expenses $172,800;
selling expenses $118,800; other income $28,080; other expenses $37,800; and income tax expense $29,160. Assuming Culver uses a
multiple-step statement of income.
(a)
Calculate gross profit.
Gross profit
2$
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(b)
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The following information was taken from the financial statements of Sunland Company:
2021
2020
Gross profit on sales
$678,600
$760,000
Income before income taxes
205,400
225,000
Net income
260,000
225,000
Net income as a percentage of net sales
10%
9%
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Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%)
2021
2020
Cost of goods sold in dollars
$enter a dollar amount
$enter a dollar amount
Cost of goods sold as a percentage of net sales
nter percentages rounded to 1 decimal place
%
nter percentages rounded to 1 decimal place
%
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Window World Company's income statement for the year ending December 31, 2024 included the following items:
Interest revenue
$65,500
Salaries expense
85,000
Cost of goods sold
217,600
The following balances have been excerpted from the company's comparative balance sheets:
31-Dec-24
31-Dec-23
Interest receivable
$9,100
$7,500
Salaries payable
8,900
4,200
Accounts payable
12,700
10,900
Inventory
36,100
32,500
The amount of cash paid by the companies for salaries in 2024 was
Select one:
$89,700.
$93,900.
$80,300.
$80,800.
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Window World Company's income statement for the year ending December 31, 2024 included the following items:
Interest revenue
$65,500
Salaries expense
85,000
Cost of goods sold
217,600
The following balances have been excerpted from the company's comparative balance sheets:
31-Dec-24
31-Dec-23
Interest receivable
$9,100
$7,500
Salaries payable
8,900
4,200
Accounts payable
12,700
10,900
Inventory
36,100
32,500
The amount of cash paid by the company to suppliers in 2024 was
Select one:
$215,800.
$212,200.
$219,400.
$248,290.
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Problem I. The following data represent selected information from the comparative income statement and balance sheet for Little CPA Company for the years ended December 31, 2020 and 2019:
2020
2019
Net Sales (all on credit)
P370,000
P333,000
Cost of goods sold
160,000
150,000
Gross profit
210,000
183,000
Income from operations
95,000
87,000
Interest expense
8,000
8,000
Net income
70,000
57,000
Cash
10,000
14,000
Accounts receivable, net
30,000
25,000
Inventory
43,000
40,000
Prepaid expenses
5,000
7,000
Total current assets
88,000
86,000
Total noncurrent assets
112,000
104,000
Total current liabilities
70,000
60,000
Total noncurrent liabilities
40,000
45,000
Ordinary share capital, no par*
60,000
60,000
Retained earnings
30,000
25,000
Note: 10,000 ordinary shares have been issued and outstanding since the company was established. They had a…
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Problem I. The following data represent selected information from the comparative income statement and balance sheet for Little CPA Company for the years ended December 31, 2020 and 2019:
2020
2019
Net Sales (all on credit)
P370,000
P333,000
Cost of goods sold
160,000
150,000
Gross profit
210,000
183,000
Income from operations
95,000
87,000
Interest expense
8,000
8,000
Net income
70,000
57,000
Cash
10,000
14,000
Accounts receivable, net
30,000
25,000
Inventory
43,000
40,000
Prepaid expenses
5,000
7,000
Total current assets
88,000
86,000
Total noncurrent assets
112,000
104,000
Total current liabilities
70,000
60,000
Total noncurrent liabilities
40,000
45,000
Ordinary share capital, no par*
60,000
60,000
Retained earnings
30,000
25,000
Note: 10,000 ordinary shares have been issued and outstanding since the company was established. They had a…
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The following are the financial statement Quick Ltd. for the year ended 31st December 2020:
Quick Ltd.
Income statement
For year ended 31st December 2020
$”000”
Revenue
1276.50
Cost of sales
(907.00)
369.50
Distribution costs
(62.50)
Administrative expenses
(132.00)
175.00
Interest received
12.50
Interest paid
(37.50)
Profit before tax
150.00
Tax
(70.00)
Profit after tax
80.00
Quick Ltd.
Statement of financial position as at 31 December
2020
2019
$”000”
$”000d”
ASSETS:
Non- current assets:
Property, plant and equipment
190
152.5
Intangible assets
125
100
Investments
12.5
Current assets:
Inventories
75
51
Receivables
195
157.5
Short-term investment
25
Cash in hand
1
0.5
Total assets
611
474
Equity and liabilities:
Equity:
Share capital
100
75
Share premium
80
75
Revolution reserve
50
45.5
Retained earnings
130
90
Non-current liabilities:
Loan
85
25…
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salamagundi, inc. has the following income statement:
For the year ended December 31, 2021
net sales: $160
Cost of goods sold: $100
gross profit: $60
Operating expenses: $40
Net income: $20
Using vertical analysis, what percentage is assigned to operating expenses?
a. 25%
b. 40%
c. 66.7%
d. 200%
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Financial statement analysis The financial statements of Zach Industries for the year ended December 31, 2019, follow .
a. Use the financial statements to complete the following table E. Assume the industry averages given in the table are applicable for both 2018 and 2019.
b. Analyze Zach Industries' financial condition as it is related to (1) liquidity, (2) activity, (3) debt, (4) profitability, and (5) market. Summarize the company's overall financial condition.
.....
a. The current ratio is 1.04. (Round to two decimal places.)
The quick ratio is .38. (Round to two decimal places.)
The inventory turnover is 2.32. (Round to two decimal places.)
The average collection period is 56.1 days. (Round to one decimal place.)
The debt ratio is 61.7 %. (Round to one decimal place.)
The times interest earned ratio is
|. (Round to one decimal place.)
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