Income Statement: The income statement of Taco Bell company is given for theyears 2020 & 2019.20202019General and administrative expenses25,00024,000Interest expense1,2001,500Net sales$124,000$138,000Selling expenses11,88012,720Income taxes$1,109.51,883COGS108,00095,000Gain on Sale of land4506001. What is the operating profit marain for the company over the years 2020 and+ O d) ENGTOSHIBA zvcHy9vKm0jUnAg/formResponse?pli= 13. What is the gross profit margin for the company over the years 2020 and 2019respectively? *O A) 2.6%; 4.5%O B) 1.3%; 2,5%C) 1.8%; 3.4%O D) 27.4%; 31.1%O E) None of the above4. According to your answer in the previous question (3), the gross profit marginhas decreased from 2019 to 2020. This decline in gross profit could be due to:A) A decrease in prices caused by competition, deflation, or slow-moving goods thathave been discounted.B) An increase in the cost of goods and the firm has been unable to pass along theincreases to customers. This is happened while the selling prices have remained thesame.C) All of the above.D) None of the aboveO O O

Gross Profit margin: When all expenses associated with making and selling a company's goods or…

Answered: Income Statement: The income statement…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter12: Intangibles

Section: Chapter Questions

Problem 3MC

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Fisafolia Corporation has gross income from operations of $210,000 and operating expenses of $160,000 for 2019. The corporation also has $30,000 in dividends from publicly traded domestic corporations in which the ownership percentage was 45 percent. Calculate the corporation's dividends received deduction for 2019. $_____________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $135,000. Calculate the corporation's dividends received deduction for 2019. $___________ Assume that instead of $210,000, Fisafolia Corporation has gross income from operations of $158,000. Calculate the corporation's dividends received deduction for 2019. $_____________
Refer to the information for Cox Inc. above. What amount would Cox record as depreciation expense for 2019 if the units-of-production method were used ( Note: Round your answer to the nearest dollar)? a. $179,400 b. $184,000 c. $218,400 d. $224,000
Leverage Cook Corporation issued financial statements at December 31, 2019, that include the following information: Balance sheet at December 31,2019 Assets $8,000,000 Liabilities $1,200,000 Stockholders' equity (300,000 shares) $6,800,000 Income statement for 2019: Income from operations $1,200,000 Less: Interest expense (100,000) Income before taxes $1,100,000 Less: Income taxes expense (0,30) (330,000) Net income $ 770,000 The levels of assets, liabilities, stockholders' equity, and operating income have been stable in recent years; however, Cook Corporation is planning a 51,800,000 expansion program that will increase income from operations by $350,000 to $1,550,000, Cook is planning to sell 8.5% notes at par to finance the expansion. Required: What earnings per share does Cook report before the expansion?
HIC GROUP OF Companies COMPARATIVE INCOME STATEMENT For years ended 3rd December 2019 2020       Revenue and gains Sales revenue 495,500                                 496,738.75 Interest revenue 278,500                                 279,196.25 Investment Income 71,700                                   71,879.25 Other revenue 101,500                                 101,753.75 Total revenue and gains 947,200                                 949,968 Expenses and losses                                                            Cost of good sold 450,000                                 447,750 Selling&administrative 185,000                                 184,075 Computer (operating) 42,500                                   42,288…
HIC GROUP OF Companies COMPARATIVE INCOME STATEMENT For years ended 3rd December 2019 2020       Revenue and gains Sales revenue 495,500 496,738.75 Interest revenue 278,500 279,196.25 Investment Income 71,700 71,879.25 Other revenue 101,500 101,753.75 Total revenue and gains 947,200 949,968 Expenses and losses                                                            Cost of good sold 450,000 447,750 Selling&administrative 185,000 184,075 Computer (operating) 42,500 42,288 Depreciation 50,000…
A comparative balance sheet for Carter Fuel Injection Systems, Inc. appears below:Carter Fuel Injection Systems, Inc.Comparative Balance SheetDec. 31, 2020 Dec. 31, 2019AssetsCash $ 34,000 $11,000Accounts receivable 25,000 13,000Inventory 18,000 17,000Prepaid expenses 11,000    9,000Long-term investments -0- 17,000Equipment 55,000 33,000Accumulated depreciation—equipment (20,000) (15,000)Total assets $123,000 $85,000Liabilities and Stockholders' EquityAccounts payable $ 27,000 $ 7,000Bonds payable 35,000 45,000Common stock 31,000 23,000Retained earnings 30,000 10,000Total liabilities and stockholders' equity $123,000 $85,000Additional information:1. Net income for the year ending December 31, 2020 was $35,000.2. Cash dividends of $15,000 were declared and paid during the year.3. Long-term investments that had a cost of $17,000 were sold for $14,000.4. No equipment was sold during 2020.HINT: depreciation expense must be determined. Notice in #4 it states no equipment was “sold”during…
High-Tex Limited Income Statement for the year ending 30 June 2019 ($’000) 2018 ($’000) Revenue - computer 9,600 8,300 Revenue - software 1,450 1,500 Total operating revenue 11,050 9,800 Cost of sales 5,400 5,195 Gross profit 5,650 4,605 Administration expense 1,250 950 Wages expense 600 500 Depreciation expense 225 225 Other expenses 480 435 Earnings before interest and tax 3,095 2,495 Interest expense 455 525 Profit before tax 2,640 1,970 Income tax expense 792 591 Profit for the period from continuing operations 1,848 1,379 High-Tex Limited Balance Sheet as at 30 June 2,019 ($’000) 2,018 ($’000) Current assets Cash 1,450 2155 Accounts receivable 1455 1,045 Inventories 755 980 Total current assets 3,660 4,180 Non-current assets Property, plant and equipment 6,780 7,150 Intangible assets 550 451 Total non-current assets 7,330 7,601 Total assets 10,990 11,781 Current liabilities Accounts payable 735…
1. The following information is from Direct to You Corp.’s (DYC) financial records for its year ended December 31, 2020: Select statement of financial position information: 2020 2019 Investments in financial assets (at fair value through profit or loss [FVPL]) 12,000 10,000 Inventory 575,000 498,000 Property, plant, and equipment (PPE) 1,984,000 1,396,000 Less: accumulated depreciation (650,400) (487,000) Copyright 126,000 135,000 Patents 564,000 417,000 Select statement of comprehensive income information: Depreciation of property, plant, and equipment (334,400) Amortization of patents (65,000) Interest expense (75,000) Impairment loss — copyright (9,000) Gain on sale of PPE 23,000 Additional information: PPE that originally cost $570,000 was sold during the year. 100,000 common shares were issued in 2020 to acquire $450,000 of property, plant, and equipment. DYC is subject to IFRS. What amount of net cash used…
Income Statement for the years ending 31 August: 2020 2019 £ £Revenue 950,000 975,000Cost of sales 455,000 460,000Gross profit 495,000 515,000Total expenses 320,000 310,000Net profit 175,000 205,000 Statement of financial position as at 31 August: 2020 2019£ £Non-current assets 70,000 65,000Current assetsCash at bank…
I NEED HELP WITH D AND F OF THIS PROBLEM Rhodes Corporation’s financial statements are shown below. Rhodes Corporation: Income Statements for Year Ending December 31(Millions of Dollars) 2020 2019 Sales $ 12,000 $ 10,000 Operating costs excluding depreciation 10,634 8,702 Depreciation and amortization 410 390 Earnings before interest and taxes $ 956 $ 908 Less interest 260 200 Pre-tax income $ 696 $ 708 Taxes (25%) 174 177 Net income available to common stockholders $ 522 $ 531 Common dividends $ 203 $ 200 Rhodes Corporation: Balance Sheets as of December 31 (Millions of Dollars) 2020 2019 Assets Cash $ 550 $ 500 Short-term investments 220 200 Accounts receivable 2,750 2,500 Inventories 1,550 1,300 Total current assets $ 5,070 $ 4,500 Net plant and equipment 3,650 3,500 Total assets $ 8,720 $ 8,000 Liabilities and Equity Accounts payable $ 1,100 $…
Income Statement for the years ending 31 August: 2020 2019 £ £Revenue 950,000 975,000Cost of sales 455,000 460,000Gross profit 495,000 515,000Total expenses 320,000 310,000Net profit 175,000 205,000 Statement of financial position as at 31 August:- 2020 2019£ £Non-current assets 70,000 65,000Current assetsCash at bank…
The following information for 2021 and 2020 is presented for BuyRite: December 31Assets 2021 2020Current assets:Cash $42,000 $54,000Accounts receivable 580,000 445,000Inventory 5,010,000 4,950,000Prepaid expenses 84,000 79,000Total current assets 5,716,000 5,528,000Building and equipment, net 1,097,000 1,095,000Total assets $6,813,000 $6,623,000 Liabilities and Stockholders’ EquityCurrent…

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