2018 852,000 otal revenue expenses osts of goods sold elling/general experies 232,000 9,200 $402,000 nterest expenses ncome tax expense $3,000 736,200 total expenses Net income 125,100 2017 912,000 $ 408,000 264,000 10,500 84,000 766,500 145,000
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- Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).
- solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answerINCOME STATEMENT Year ended June 30 2022 2021 $'000 $'000Revenue 22450 18675Cost of sales 8475 8055Gross Profit 13975 10620Distribution costs 4245 3120Administrative expenses 1276 2134Selling expenses…Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other Assets:Equipment, net P340,000 P320,000Other Assets 15,000 15,000Total Property and Other Assets P355,000 P335,000 Total Assets…
- What is the net income for the year if the net revenue from by-product is treated as deduction from the cost of goods sold? Group of answer choices d. P118,000 b. P230,000 a. P200,000 c. P218,000ABC Co. financial records on Dec31,2025 A/R,Dec2025-1,680,000 CollectionsofA/R-6,240,000 Allow.forbaddebts,Jan2025-38,400 Invetory,Jan1-2,880,000 Inventory,Dec31-1,500,000 CashSales-1,200,000 Purchases-4,800,000, GrossProfitSales-2,160,000 For current yr, the management decided to change the method in estimating bad debts from % of A/R to aging meth. Of ending bal of A/R, 60% of it belongs to 0-30 days category with 1% uncollectibility rate,30% belongs to 31-60 days age with 5% uncollectibility rate,&rest belongs to 61 & over days category with 10% uncollectibility rate. Bad debts expense for the year is?THE ATHLETIC ATTICIncome StatementFor the Year Ended December 31, 2024Net sales $8,900,000Cost of goods sold 5,450,000Gross profit 3,450,000Expenses: Operating expenses $1,600,000 Depreciation expense 210,000 Interest expense 50,000 Income tax expense 360,000 Total expenses 2,220,000Net income $1,230,000 THE ATHLETIC ATTICBalance SheetsDecember 31 2024 2023Assets Current assets: Cash $164,000 Accounts receivable 790,000 Inventory 1,405,000 Supplies 110,000Long-term assets: Equipment 1,150,000 Less: Accumulated depreciation (420,000) Total assets $3,199,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $115,000 Interest payable 0 Income tax payable 40,000 Long-term liabilities: Notes payable 600,000 Stockholders' equity: Common stock 700,000…
- 61. Lala Company reported the following information in 2021:· Sales revenue- P500,000· Cost of Goods Sold- P350,000· Operating Expenses- P55,000· Unrealized translation gain- P20,000· Cash dividends received on investment in equity securities- P2,000Ignore income tax, for 2021, Lala Company would report total comprehensive income before tax of? CHOICES: P115,000 P20,000 P117,000 P97,000how did they get the Income Before Tax? Proforma Income Statement 1/31/21 Total Revenue $ 28,959,000.00 Cost of Goods $ 15,299,000.00 Gross Profit $ 11,535,000.00 Operating Expenses $ 7,609,000.00 Total Operating Expenses $ 7,609,000.00 Operating Income or Loss $ 3,926,000.00 Interest Expense $ 434,000.00 Income Before Tax $ 3,644,000.00 Income Tax Expense $ 963,000.00 Income from Continuing Operations $ 2,681,000.00 Net Income $ 2,681,000.00E6.14 (LO 3), AP Deere & Company is a global manufacturer and distributor of agricultural, construction, and forestry equipment. The company reports inventory and cost of goods sold using the LIFO method. Suppose it reported the following information in its 2025 annual report. (in millions) 2025 2024 Inventories (LIFO) $2,397 $3,042 Current assets 30,857 Current liabilities 12,753 1,367 16,255 LIFO reserve Cost of goods sold Instructions a. Compute Deere's inventory turnover and days in inventory for 2025. (Round inventory turnover to 2 decimal places.) b. Compute Deere's current ratio using the 2025 data as presented, and then again after adjusting for the LIFO reserve. c. Comment on how ignoring the LIFO reserve might affect your evaluation of Deere's liquidity. Idi bried FIEO LIFO and average cost and evaluate impact on gross profil
