Given the following information, calculate ABC Corp’s Net Income: Sales: $260,000 Cost of Goods Sold: $100,000 Salaries and Wages: $20,000 Rent Expense: $15,000 Advertising Expense: $35,000 Cost of repairs resulting from fire: $50,000
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- Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.Johnson, Incorporated had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Purchased a copyright for $5,000 cash Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for major repairs If all transactions were recorded properly, what amount did Johnson capitalize for the year, and what amount did Johnson expense for the year?Jada Company had the following transactions during the year: Purchased a machine for $500,000 using a long-term note to finance it Paid $500 for ordinary repair Purchased a patent for $45,000 cash Paid $200,000 cash for addition to an existing building Paid $60,000 for monthly salaries Paid $250 for routine maintenance on equipment Paid $10,000 for major repairs Depreciation expense recorded for the year is $25,000 If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Jadas balance sheet resulting from this years transactions? What amount did Jada report on the income statement for expenses for the year?
- Johnson, Incorporated, had the following transactions during the year: Purchased a building for $5,000,000 using a mortgage for financing Paid $2,000 for ordinary repair on a piece of equipment Sold product on account to customers for $1,500,600 Paid $20,000 cash to add a storage shed in the corner of an existing building Paid $360,000 in monthly salaries Paid $25,000 for routine maintenance on equipment Paid $110,000 for extraordinary repairs Depreciation expense recorded for the year is $15,000. If all transactions were recorded properly, what is the amount of increase to the Property, Plant, and Equipment section of Johnsons balance sheet resulting from this years transactions? What amount did Johnson report on the income statement for expenses for the year?Denali Limited, a manufacturing company, had the following income statement information: Revenue $4,000,000 Cost of goods sold $3,000,000 Other operating expenses $ 500,000 Interest expense $ 100,000 Tax expense $ 120,000 Denali’s gross profi t is equal to B . $500,000Denali Limited, a manufacturing company, had the following income statement information: Revenue $4,000,000 Cost of goods sold $3,000,000 Other operating expenses $ 500,000 Interest expense $ 100,000 Tax expense $ 120,000 Denali’s gross profi t is equal to A . $280,000.
- The Azuza Company owns no plant assets and had the following income statement for the year: Sales revenue $930,000 Cost of goods sold $650,000 Wages expense 210,000 Rent expense 42,000 Utilities expense 12,000 914,000 Net income $16,000 Additional information about the company includes: End ofYear Beginning ofYear Accounts receivable $67,000 $59,000 Inventory 62,000 86,000 Prepaid rent 9,000 7,000 Accounts payable 22,000 30,000 Wages payable 9,000 7,000 Use the preceding information to calculate the cash flow from operating activities using the indirect method. Remember to use negative signs with answers when appropriate.Make the single step and multi-step statement of the following. Sales 417,500 Cost of goods sold 210,000 Salaries expense 38,000 Depreciation expense- building 40,000 Advertising expense 12,300 Office supplies Expense 3,500 Gains on disposal of store Equipment 3,000 Interest expense 1,000Calculate the net profit for a company given the following information: total revenue of $500,000, cost of goods sold of $200,000, operating expenses of $100,000, and taxes of $50,000.
- Rogue Industries reported the following items for the current year: Sales = $3,000,000; Cost of Goods Sold = $1,500,000; Depreciation Expense = $170,000; Administrative Expenses = $150,000; Interest Expense = $30,000; Marketing Expenses = $80,000; and Taxes = $300,000. Rogue's gross profit is equal to Select one: a. 1,070,000 b. $1,100,000 c. $1,500,000 d. $770,000The following income statement and balance sheets for Laser World are provided: LASER WORLD Income Statement For the year-ended December 31, 2021 Sales revenue $ 2,260,000 Cost of goods sold 1,500,000 Gross profit 760,000 Expenses: Operating expenses 345,000 Depreciation expense 66,000 Loss on sale of land 4,600 Interest expense 24,000 Income tax expense 58,000 Total expenses 497,600 Net income $ 262,400 LASER WORLD Balance Sheet December 31 2021 2020 Assets Current assets: Cash $127,000 $104,000 Accounts receivable 91,000 72,000 Inventory 200,000 180,000 Prepaid rent 12,000 12,000 Long-term assets: Land 270,000 210,000 Equipment 270,000 220,000 Accumulated depreciation (74,000) (46,000) Total assets $896,000 $752,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $57,000 $56,000 Interest payable 8,900…ABC Corporation has the following information for the year: Sales revenue: $500,000 Cost of goods sold: $300,000 Operating expenses: $100,000 Interest expense: $20,000 Income tax rate: 30% Calculate the company's net income for the year.
