During the year, Belyk Paving Co. had sales of $2,380,000. Cost of goods sold, administrative and selling expenses, and depreciation expense were $1,320,000, $605,000, and $441,000, respectively. In addition, the company had an interest expense of $266,000 and a tax rate of 22 percent. (Ignore any tax loss or carryforward provision and assume interest expense is fully deductible.) What is the net income? What is its operating cash flow?

Q: Kipay Co. had the following account balances: Sales - P120,000; Cost of goods sold - P60,000; Salary…

A: Income before tax means the profit earned before paying any taxes to the government authorities. It…

Q: An annual income statement from Quest Realty, Inc. is shown below: Revenues Revenue from sales of…

A:

Q: Toodles Inc. had sales of $1,840,000. Cost of goods sold, administrative and selling expenses, and…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: For fiscal year 2021, ABC Corporation, a retailer, has PL4 billion in gross sales, P560 million in…

A: Income tax due is the amount being paid by the taxpayer or the business owner over the net income…

Q: The following information can be found in Sanduc Merchandising Corporation's financial statement in…

A: Net profit is one of the important measure of profitability of the business. High net profit means…

Q: Arreaga Corp. has a tax rate of 20 percent and income before non-operating items of $1,392,000. It…

A: Increasing in prior year's income is reported on the retained earnings statement.   Income tax…

Q: BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes…

A: The deferred tax asset represents the difference in the income tax that is paid on book value and…

Q: Frezia Corp.'s total assets at the end of last year were P315,000 and its net income after taxes was…

A: Return on total assets = Net Income/ Avg. total assets

Q: Collin Krafts has sales of $820,000 and costs of $530,000. Interest expense is $35,000. The tax rate…

A: Statement of comprehensive income: It is a statement that reflects both, standard income and…

Q: During 2018, Raines Umbrella Corp. had sales of $750,000. Cost of goods sold, administrative and…

A: Here, Free Cash flow to Equityholder, FCFE = Dividend paid to the shareholders = $68,000Let's put…

Q: How much Net Income did the company earn during the year

A: The income generated by a business in the course of normal operations, after deducting the direct…

Q: BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes…

A: The deferred tax asset is an asset for the company that is overpaid due to the difference in book…

Q: The following information is related to Crane Company for 2020. Retained earnings balance, January…

A: Income statement shows different items which are expensed current year and received current year.

Q: JoeBlow Co. had revenue and expenses from ongoing business operations for the current year of…

A: Income statement refers to those financial statements which showcases the company's revenues and…

Q: MAR Corporation, a manufacturer, has a gross sales of P90,000,000.00 for YER 2021, its fifth year of…

A: Solution: MAR Corporation, a manufacturer for YER 2021. Gross sales = P90000000 in its 5th year of…

Q: What is the net income after tax?

A: Given information is: BDO Company reported the following on December 31, 2015: Income before tax for…

Q: This year, Southern Coat Company had sales of £730,000. Cost of goods sold, administrative and…

A: Sales = 730,000 Cost of Goods Sold = 580,000 Admin and selling expenses = 105,000 Depreciation…

Q: The following information is related to Dickinson Company for 2020. Retained earnings balance,…

A: Multi-step income statement and retained earnings statement are financial statements.

Q: During the year, the Senbet Discount Tire Company had gross sales of $1.23 million. The company’s…

A: The cash flow that is generated by a company from its primary business operation is term as the…

Q: For the events described below, select the taxrelated term from the following list that best…

A:

Q: For the past year, Momsen, Ltd., had sales of $46,577, interest expense of $3,932, cost of goods…

A: “Statement of Profit & Loss” is a financial tool which shows profitability of business. It shows…

Q: At the end of last year, River Side Company achieved $9 million in revenues (EBITDA). Depreciation…

A: Net income:  It is often defined as the total earnings earned by a business during an accounting…

Q: Useful Life Fixed Assets Cost Accounting Fiscal Land 2,000,000,000 1,800,000,000 50 Building Factory…

A: Deferred tax: Deferred tax is the tax effect of the timing difference. The difference between…

Q: MOWGLI Company provided the following information for the year ended December 31, 2021. Contribution…

A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization…

Q: During the year, the Senbet Discount Tire Company had gross sales of $1.24 million. The company’s…

A: The term net income refers to the revenue or income left with the company after deducting all the…

Q: LUGAW Inc. has an earnings before interest and taxes of P4,750,000. The company’s total depreciation…

A: Taxes = Earnings before interest and taxes x tax rate = P4,750,000 X 30% = P1,425,000

Q: Staycate Travels Inc. reports a gross profit of $35,000, interest expense of $4,000, a tax rate of…

A: Depreciation refers to the method through which the costs of the assets is being allocated over the…

Q: MOWGLI Company provided the following information for the year ended December 31, 2021. 125,000…

A: 1. Income Statement - This statement shows the income earned and loss incurred by the organization…

Q: For fiscal year 2021, ABC Corporation, a retailer, has Pl.4 billion in gross sales, P560 million in…

A: The amount of income tax due is the difference between the net income received and the amount paid…

Q: For the past year, Momsen Limited had sales of $45,017, interest expense of $3,308, cost of goods…

A: Net income is overall profit received by the company after providing the operating expenses and the…

Q: For the past year, Momsen, Ltd., had sales of $44,042, interest expense of $2,918, cost of goods…

A: Sales of $44,042 Interest Expense is $2,918 Selling and admin. Expense is $10,626 Depriciation isn…

Q: Susco had the following items this year:   Gross receipts $700,000 Operating expenses 500,000…

A: Long term capital losses of the business can only be set off against long term capital gains. But…

Q: This year, Southern Coat Company had sales of £730,000. Cost of goods sold, administrative and…

A: Step 1: Net Income:         Statement of Comprehensive Income Sales 730,000.00   (-)…

Q: Toodles Inc. had sales of $1,840,000. Cost of goods sold, administrative and selling expenses, and…

A: The question is based on the concept of Financial Management.

Q: Foraker Inc. has sales of $52,900, costs of $35,443, depreciation expense of $3,480, and interest…

A: The operating cash flow is calculated as net income after adjusting for non cash expenses.

Q: OI Corporation, a manufacturer, has a gross sales of P90,000,000.00 for CY 2021, its fifth year of…

A: Solution: JOI Corporation, a manufacturer for CY 2021, Gross sales = P90000000 in its 5th year of…

Q: Minas Mining Inc. recently reported $15,000 of sales, $7,500 of operating costs other than…

A: Net Income is the reported earnings or revenues that are reported in the books of accounts of a…

Q: Arco Steel, Inc. generated total sales of $45,565,200 during fiscal 2010. Depreciation and…

A: EBIT: EBIT means Earnings before interest and tax. It is also referred to as Operating income, and…

Q: BDO Company reported the following on December 31, 2015: Income before tax for accounting purposes…

A: Taxable temporary difference arises when the current period's taxable income is lower than the…

Q: Minor, Inc., had revenue of $572,000 and expenses (other than income taxes) of $282,000 for…

A: Given information is: Minor, Inc., had revenue of $572,000 and expenses (other than income taxes) of…

Q: what is the firm's net new long-term debt?

A: Long-Term Debt: It refers to debt that has a maturity greater than one year.  Long-term debt is…

Q: The Analtoly Corporation is an electronics dealer and distributor. Sales for the last year were $4.5…

A: Answer 1: Profit on sale of securities=Sale Proceeds-Cost of securities=$120,000-$40,000=$80,000…

Deferred Tax

Deferred tax is an estimated future tax which is made while preparing accounts. It is estimated as a result of past and present transactions in the financial statements. It is not the actual tax which needs to be paid or refundable from the revenue authority, it is an accounting entry. It exists because of the difference between accounting profits and taxable profits.