Exam Review S15

Cullumber Company Income Statements For the Years Ended December 31 2025 2024 Net $2,400,400 $2,240,000 Cost of good 1127000 1,307,000 Gross profit 1,072,400 522,200 Selling and administrative 650,000 622,700 Income from operations 422,400 309,500 Other and lac Intereat ex 20,500 25,000 Income before income tax 254,300 203,500 Income 118,440 35,050 Net Income $274.200 $198,480 Ast Cullumber Company Balance Sheets December 33 2025 2024 Current act Cash $78.130 $23,450 Debt Investments (short) 96,200 65,000 Accounts recchable (net) 153,140 133,640 Inventory 163,000 150,150 Total current acts 471,370 422,250 Plantasacts (nct) $43,700 676,390 Total $1,324,970 $1,100,640 Lablities and Stockholders' Equity Current Tablitics Accountab $200,000 $189,020 Income tax payable 56.550 54,500 Total current tic 254,330 243,620 Bonds payable 286,000 250,000 Total Tablice 550,510 502,420 Stockholders' equity Comment($ 377,000 270,000 Retained carnings 407 420 215,020 Total stockholders' equity 784,420…

General accounting question

financial statement below represents the performance of Yovela & Co in 2023. Yovela and Co Income statement for the year ended 31 December 2023 $ Sales revenue 187,000 Cost of goods sold (105,000) Gross profit 82,000 Interest income 1, 050 Selling, General & Administrative Exp. (49,300) Interest Expense (1,950) Profit before tax 31,800 Tax Exp. (8,427) Profit after tax 23, 373 Statement of financial position as at 31 December 2023 ASSETS $ $ Non- Current Assets Delivery van 44, 500 Current Assets Inventories 26,000 Trade receivables 21, 600 Cash at bank 20,855 Prepaid expenses (325) 68,455 Total Assets 112,955 EQUITY AND LIABILITIES Current Liabilities Trade payables 18,000 Tax payable 2,350 20, 350 Non- Current Liabilities Non- current debt 35, 650 Total Liabilities 56, 000 Equity 56, 955 Total equity and liabilities 112, 955 Required: As an analyst, you are required to prepare a condensed financial statement as part of your process of evaluating the business of Yovela $ Co. Useful…

EASSY Manufacturing Company presents the following: Statement of Comprehensive Income December 31, 2018 Sales 480,000 Cost of sales 336,000 Gross profit Operating expenses 144,000 57,600 Income before taxes 86,400 Income tax (30%) 12,960 73,440 Net income P Statement of Financial Position December 31, 2018 Current assets 420,000 Non-current assets 500,000 Total assets 920,000 Current liabilities 90,000 Non-current liabilities 250,000 490,000 Ordinary shares Retained earnings Total liabilities and shareholders' equity 90,000 P 920,000 Additional information: 1. Dividends payout is 60%. 2. Only current assets and current liabilities are directly related to sales. 3. The business expects a 30% increase in sales next year. 4. The business is expecting to retain 40% of the earning next year. Expected increase in assets Your answer Spontaneous increase in current liabilities. Your answer

Skysong Inc., a greeting card company, had the following statements prepared as of December 31, 2020. SKYSONG INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2020 AND 2019 12/31/20 12/31/19 Cash $6,100 $6.900 Accounts receivable 61.900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4.000 Equipment 155,500 131,200 Accumulated depreciation-equipment (34,800 ) (25,300 ) Copyrights 45,700 50.200 Total assets $314,000 $295,500 Accounts payable $46,200 $39,700 Income taxes payable 4,000 6,100 Salaries and wages payable 7,900 4,000 Short-term loans payable 7,900 10,000 Long-term loans payable 59.800 68,600 Common stock, $10 par 100,000 100,000 Contributed capital, common stock 30,000 30,000 Retained earnings 58,200 37,100 Total liabilities & stockholders' equity $314,000 $295,500

SUNLAND COMPANYIncome StatementsFor the Years Ended December 31     2022   2021 Net sales   $2,178,400   $2,030,000 Cost of goods sold   1,207,000   1,187,080 Gross profit   971,400   842,920 Selling and administrative expenses   590,000   565,220 Income from operations   381,400   277,700 Other expenses and losses            Interest expense   25,960   23,600 Income before income taxes   355,440   254,100 Income tax expense   106,632   76,230 Net income   $ 248,808   $ 177,870 SUNLAND COMPANYBalance SheetsDecember 31 Assets   2022   2021 Current assets            Cash   $ 70,918   $ 75,756    Debt investments (short-term)   87,320   59,000    Accounts receivable   139,004   121,304    Inventory   148,680   136,290      Total current assets   445,922   392,350 Plant assets (net)   765,820   613,954 Total assets   $1,211,742…

Ehrens Corporation Balance Sheet December 31, 2023 and 2022 Sales 240,000$ Cost of goods sold 80, 900 Gross profit 159, 100 Operating expenses 77,400 Income from operations 81,700 Other income (expense) Interest expense (2,000) Loss on sale of equipment (8,400) Total other (expense) (10,400) Income before taxes 71,300 Income tax expense (27,650) Net income 43,650$ Additional information: 1. There was no gain or loss on the sales of the long -term investments, nor on the bonds retired. 2. Old equipment with an original cost of $ 37,550 was sold for $2, 100 cash Prepare a complete statement of cash flows for the year end 2023 using the indirect method. Ehrens Corporation Income Statement

The following information is available for Sunland Corporation for the year ended December 31, 2022: sales revenue $840,000, other revenues and gains $91,000, operating expenses $101,000, cost of goods sold $466,000, other expenses and losses $30,500, and preferred stock dividends $40,950. The company's tax rate was 20%, and it had 70,000 common shares outstanding during the entire year. (a) Your Answer Correct Answer Your answer is partially correct. Prepare a corporate income statement. (List other revenues before other expenses.)

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General Accounting

Partial Income Statement of ABC Corp. In 2021 Sales revenue $350,200 Cost of goods sold $142,000 Fixed costs $43,000 Selling, general, and administrative expenses $27,800 Depreciation $45,800 Interest expense $0 Tax rate 40% The Net Income for ABC Corp. in 2021 is $___________ (round to the nearest dollar amount)

Enola Enterprises Income Statement Year Ended Ended June 30, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses: Salaries Expense 42,000 Advertising Expense 12,000 Depreciation Expense-Plant Assets 28,000 Total Operating Expenses Income From Operations Other Income (Expenses) Dividend Revenue Interest Expense Total Other Income (Expenses) Net Income Before Income Taxes Income Tax Expense Net Income 10,800 -3,100 229,000 104,000 125,000 82,000 43,000 7,700 50,700 8,000 42,700 Additional data follow: a) Collections from customers are $13,000 more than sales. b) Dividend revenue, interest expense, and income tax expense equal their cash amounts. c) Payments to suppliers are the sum of cost of goods sold plus advertising expense. d) Payments to employees are $1,700 more than salaries expense. e) Cash payment for the acquisition of plant assets is $108,000.

What is the income before tax for the third quarter ended September 30, 2020? a. P406,250 b. P375,000 c. P675,000 d. P275,000

The income statement of Tavis Corporation and selected additional data are presented below: Tavis Corporation Income Statement for the Year Ended December 31, 2020                                                                              Net sales                                                  $220,000 Cost of goods sold                                  __109,000 Gross profit                                                111,000 Selling and general expenses                       _98,000 Income from operations                                13,000 Interest expense                                          __2,500 Income before income tax                             10,500 Income tax expense                                    __3,000 Net income                                                 $ 7,500   Additional data: Total assets                                              $214,000 Common stockholders’ equity                   $116,000 Preferred dividends…

Metlock Inc., a greeting card company, had the following statements prepared as of December 31, 2025. Metlock Inc. Comparative Balance Sheet As of December 31, 2025 and 2024 12/31/25 12/31/24 Cash $6,000 $7,000 Accounts receivable 61,800 50,700 Short-term debt investments (available-for-sale) 35,300 17,900 Inventory 39,800 59,400 Prepaid rent 4,900 4,000 Equipment 153,100 130,500 Accumulated depreciation-equipment (35,000) (24,700) Copyrights 45,900 50,500 Total assets $311,800 $295,300 Accounts payable $46,000 $39,700 Income taxes payable 4,000 5,900 Salaries and wages payable 8,100 4,100 Short-term loans payable 8,100 10,100 Long-term loans payable 59,900 68,600 Common stock, $10 par 100,000 100,000 Paid-in capital, common stock 30,000 30,000 Retained earnings 55,700 36,900 Total liabilities and stockholders' equity $311,800 $295,300

Financial Accounting

Sunrise Bakery Inc. Income Statement Year Ended October 31, 2022   Sales revenue                                                                          $462,500 Cost of goods sold                                                                   231,250 Gross profit                                                                              231,250 Operating expenses                Salaries and wages expense                            $92,500           Depreciation expense                                         3,900           Other operating expenses                                 35,987             132,387 Income from operations                                                             98,863 Other expenses                       Interest expense                                                                               413 Income before income tax                                                          98,450 Income tax expense…

general accounting

I want to correct answer general accounting question

Lanfield, Inc. Comparative Income Statement Years Ended December 31, 2024 and 2023   2024 2023 Net Sales Revenue $459,000 $428,000 Cost of Goods Sold 234,000 212,000 Gross Profit 225,000 216,000 Operating Expenses 134,000 132,000 Income From Operations 91,000 84,000 Interest Expense 13,000 16,000 Income Before Income Tax 78,000 68,000 Income Tax Expense 24,000 26,000 Net Income $54,000 $42,000       Lanfield, Inc. Comparative Balance Sheet December 31, 2024 and 2023   2024 2023 2022* Assets       Current Assets:       Cash $98,000 $97,000   Accounts Receivables, Net 114,000 115,000 $104,000 Merchandise Inventory 146,000 158,000 202,000 Prepaid Expenses 13,000 6,000   Total Current Assets 371,000 376,000   Property, Plant, and Equipment, Net 211,000 180,000   Total Assets $582,000…

Financial Accounting

Palm Tree Limited has the following financial statements:   Palm Tree Limited Income Statement For the Year Ended December 31, 2022 Net sales $165,000 Cost of goods sold 97,500 Gross profit 67,500 Operating expenses 27,500 Income from operations 40,000 Interest expense 3,500 Income before income taxes 36,500     Income Tax 11,000 Net Income $ 25,500   Palm Tree Limited Income Statement For the Year Ended December 31, 2022   2022 2021 Cash $15,000 $9,750 Accounts receivable 11,750 8,750 Inventories 16,500 11,750 Prepaid insurance 2,500 2,000 Equipment 25,500 33,500 Accumulated depreciation—equipment (16,250) (17,750) Total assets $55,000 $48,000       Accounts payable $5,000 $6,750 Wages payable 2,000 2,000 Income taxes payable 3,000 1,000 Long-term note payable 0 8,750 Common shares 15,000 15,000 Retained…

Subject: financial accounting

The income statement of Boost Plus, Inc. follows:

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.)

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…

provide answer General accounting question

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…