In its income statement for the year ended December 31, 2022, Swifty Corporation reported the following condensed data. Operating expenses $ 711,000 Interest revenue $ 24,000 Cost of goods sold 1,247,000 Loss on disposal of plant assets 8,000 Interest expense 61,000 Net sales 2,191,000 Income tax expense 38,000 other comprehensive income (net of $1,200 tax) 7,400 Prepare a multiple-step income statement.

In its income statement for the year ended December 31, 2022, Swifty Corporation reported the following condensed data. Operating expenses $ 711,000 Interest revenue $ 24,000 Cost of goods sold 1,247,000 Loss on disposal of plant assets 8,000 Interest expense 61,000 Net sales 2,191,000 Income tax expense 38,000 other comprehensive income (net of $1,200 tax) 7,400 Prepare a multiple-step income statement.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter1: Accounting And The Financial Statements

Section: Chapter Questions

Problem 26BE: Brief Exercise 1-26 Income Statement An analysis of the transactions of Rutherford Company for the...

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Brief Exercise 1-26 Income Statement An analysis of the transactions of Rutherford Company for the year ended December 31, yields the following information: sales revenue, $65,000; insurance expense, $4,300; interest income, $3,900; cost of goods sold, $28,800; and loss on disposal of property, plant, and equipment, $1,200. Required: Prepare a single income statement.
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2018: Cash 92,000 Retained Earnings 381,000 Accounts Receivable 450,000 Dividends 300,000 Inventory 370,000 Sales 8,925,000 Estimated Returns Inventory 5,000 Cost of Goods Sold 5,620,000 Office Supplies 10,000 Sales Salaries Expense 850,000 Prepaid Insurance 12,000 Advertising Expense 420,000 Office Equipment 220,000 Depreciation Expense Accumulated Depreciation Store Equipment 33,000 Office Equipment 58,000 Miscellaneous Selling Expense 18,000 Store Equipment 650,000 Office Salaries Expense 540,000 Accumulated Depreciation Rent Expense 48,000 Store Equipment 87,500 Insurance Expense 24,000 Accounts Payable 38,500 Depreciation Expense Customers Refunds Payable 10,000 Office Equipment 10,000 Salaries Payable 4,000 Office Supplies Expense 4,000 Note Payable Miscellaneous Administrative (final payment due 2034) 140,000 Exp. 6,000 Common Stock 50,000 Interest Expense 12,000 Instructions 1. Prepare a multiple-step income statement. 2. Prepare a retained earnings statement. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 7,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Return on assets ExxonMobil Corporation (XOM) explores, produces, and distributes oil and natural gas. The Coca-Cola Company (KO) produces and distributes soft drink beverages, including Coke. Wal-Mart Stores, Inc.., (WMT) operates retail stores and supermarkets. The following data (in millions) were taken from recent financial statements of each company: Compute the return on assets for each company using the preceding data, and rank the companies’ return on assets from highest to lowest. Round the return on assets to one decimal place.
FINANCIAL STATEMENTS The Davidson Corporation's balance sheet and income statement are provided here. Davidson Corporation: Balance Sheet as of December 31, 2016 (Millions of Dollars) Davidson Corporation: Income Statement for Year Ending December 31, 2016 (Millions of Dollare) Sales 6.250 Operating costs excluding depreciation and amortization 5.230 EBITDA 1.000 Depreciation amortization 2.20 EBIT 800 Interest 180 EBT 620 Taxes (40%) 248 Net income 372 Common dividends paid 146 Earnings per share 3,72 a. Construct the statement of stockholders equity for December 31, 2016. No common stock was issued during 2016. b. How much money has been reinvested in the firm over the years? c. At the present time, how large a check could be written without it bouncing? d. How much money must be paid to current creditors within the next year?