Prepare a multi-step Statement of Comprehensive Income using the following: • Sales – 20,000 • Cost of Goods Sold – 10,000 • General and administrative expenses – 4,000 • Selling expenses – 2,000

Prepare a multi-step Statement of Comprehensive Income using the following: • Sales – 20,000 • Cost of Goods Sold – 10,000 • General and administrative expenses – 4,000 • Selling expenses – 2,000

Financial Accounting Intro Concepts Meth/Uses

14th Edition

ISBN:9781285595047

Author:Weil

Publisher:Weil

Chapter1: Introduction To Business Activities And Overview Of Financial Statements And The Reporting Process

Section: Chapter Questions

Problem 23E

See similar textbooks

Related questions

Q: 3. Prepare a multi-step Statement of Comprehensive Income using the following: • Sales – 20,000 •…

A: Income statement means the statement which show the cost of goods sold and selling price and give…

Q: Make the single step and multi-step statement of the following. Sales 417,500…

A: Income Statement (Single-step) Particulars Amount Sales 417,500 Add: Gains on disposal of…

Q: 1. Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and…

A: Introduction: Net sales: Net sales value to be shown in income statement. It tells the exact sales…

Q: Make the single step statement of the followi Sales 417,500 Cost of goods sold 210,000 Salaries…

A: The income statement is prepared to record the revenues and expenses of the current period and…

Q: financial information is presented here for queen company. Net sales- 80,000 cost of goods sold-…

A: Formula: Gross profit = Net sales - Cost of goods sold

Q: Calculate the sales from the given information Cost of goods sold is $38,000…

A: The format is - Sales less Cost of goods sold less Depreciation less tax Net…

Q: RJ Garcia Sound had sales of P600,000 and sales returns of P80,000. Cost of goods sold was P320,000…

A: Gross profit is an excess of revenue over the cost of goods sold. It indicates the profit before…

Q: Sales revenues are RO 400,000, cost of goods sold is RO 310,000, and operating expenses are RO…

A: Gross profit = Sales revenue - Cost of goods sold Net profit = Gross profit - Operating expenses

Q: Insurance expense 18,200 Administrative Salaries expense 16,300 Sales revenue 160,000 Income…

A: Total administrative expenses are those which are not directly concerned with the product but also…

Q: Make the single step statement of the follOWI Sales 417,500 Cost of goods sold 210,000 Salaries…

A: The income statement is prepared to record the revenues and expenses of the current period.

Q: If the net sales 1250 000 ID selling expenses 250 000 ID., Administrative expenses 250 000 ID., the…

A: Introduction: Gross profit: Deduction of cost of goods sold from the sales value drives the Gross…

Q: A company reports net sales of OMR 60,000, cost of goods sold is OMR 35,000, operating expenses is…

A: Net Income is also known as net earnings. It refers to the amount which is derived after deducting…

Q: Assuming Net Sales is $180,000, Cost of Goods Sold is $79,000, Selling Expenses are $28,500, General…

A: Income from operations are the income that is generated from the daily operations of the business.…

Q: Operating Profit?

A: Operating profits are profits that are earned by the company from its major business activities…

Q: Joyner Company’s income statement for Year 2 follows: Sales $ 705,000 Cost of goods sold 92,000…

A: Statement of cash flows forms a part of financial statement of the entity and is prepared with a…

Q: Sophia Corp. reported annual business revenues of $90,000 and taxable income of $46,500 (both…

A: Answer:- Revenue is $ 90000 Taxable income is $ 46500 â€‹â€‹â€‹â€‹â€‹The meals and entertainment…

Q: Sales $200,000 Interest expenses $10,000 Tax $5,000 Administration expenses $2,000 Advertisement…

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

Q: se the following information (in thousands) Sales revenue ¥300,000 Gain on sale of equipment 90,000…

A: Tax means the mandatory payment made by assesse to the government without expecting anything…

Q: 1.Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and Allowances…

A: net sales = sales - selling expenses Gross profit margin = gross profit / sales × 100

Q: For Mortenson Company, the following information is available: Cost of goods sold$ 60,000 Income…

A: Formula: Gross profit = Sales revenue - Cost of goods sold Deduction of cost of goods sold from…

Q: Refer to the information for Sundahl Company on the previous page.Required:1. Prepare a common-size…

A: A common size balance sheet allows for the relative percentage of each expense as a % of sales…

Q: Calculate the Sales from the information given: Cost of goods sold is $38,000 Net income is $14,625…

A: The question is multiple choice question. Required Choose the Correct Option.

Q: Sales Cost of goods sold P800,000 480,000 320,000 Gross Profit Operating expenses 40,000 Selling…

A: Comparative financial statements are prepared to analyze the financial statements of the company. It…

Q: information, please prepare income statements using both traditional and contribution formats Items…

A: INCOME statement is prepare to know the profit position of a company . it can be done by preparing…

Q: The revenue is $40,000, the cost of goods sold is $26,000, the selling, general and administrative…

A: Earnings before tax(EBT) measures a companies profitability before income taxes are factored.

Q: If the net sales 1250 000 ID ., selling expenses 250 000 ID., Administrative expenses 250 000 ID.,…

A: Solution:- Calculation of Gross profit as follows under:-

Q: Prepare a multi-step Statement of Comprehensive Income using the following: • Sales – 20,000 •…

A: Gross profit = Sales - Cost of Goods Sold Operating profit = Gross profit - operating expenses

Q: During August, 2022, Sheffield's Supply Store generated revenues of $60100. The company's expenses…

A: Net income: The bottom line of income statement which is the result of excess of earnings from…

Q: .Net Sales is equal to P200, 000 and Cost of Goods Sold totaled P65, 000. What is the Gross Profit?…

A: Gross Profit is the sum of all salaries, wages, interests, etc. before any deductions and taxes.…

Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…

A: Net profit is the amount the money made by your business after deducting all operating, interest,…

Q: Use the Financial information is presented below to determine the Gross Profit: Operating expenses $…

A: The gross profit is earned by the company, when the cost related to manufacturing and selling a…

Q: Compute the net profit if, Service Revenue OMR 110,000; Other income OMR12,000; salary Expenses OMR…

A: Introduction: Income statement: All revenues and expenses are to be shown in income statement. It…

Q: Selling, general, and administrative expenses were $80,000; net sales were $390,000; interest…

A: Gross Profit = Net Sales - Cost of goods sold

Q: 4. Prepare a multi-step Statement of Comprehensive Income using the following: • Sales – P20,000 •…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: Use the following information (in thousands): Service Revenue ¥1,600,000 Income from continuing…

A: Finance cost = Income from operation - Income before income tax

Q: SERVICE REVENUE $ 281,000 120,000 161,000 Sales revenue, net Cost of goods sold Gross profit…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: Make the single step statement of the following. Sales 417,500 Cost of goods sold 210,000…

A: Formula: Net Income = Total revenues - Total expenses.

Q: XYZ Inc. had the following figures in its Income Statement: (please show solution) Sales Php…

A: Cash inflow consists of sales and other income, whereas cash outflow consists of COGS, salaries,…

Q: Complete the following Common Size Income Statement:…

A: Given information : Particulars Amount Sales $ 14,000.00 Cost of goods sold $ 9,000.00…

Q: Selling. general, and administrative expenses were $178.200; net sales were $810,000: interest…

A: Operating income: =Net sales - Cost Of Goods Sold - Operating expenses Net Income: =Operating income…

Q: Use the following information (in thousands): Sales revenue ¥300,000 Gain on sale of equipment…

A: Income from operations can be defined the revenue that is generated directly from the production of…

Q: Complete the following Common Size Income Statement: Amount Percent Sales $14,000 (b) Cost of Goods…

A: A Common size income statement is a statement where each line item is expressed as a percentage of…

Question

3. Prepare a multi-step Statement of Comprehensive Income using the following:

• Sales – 20,000

• Cost of Goods Sold – 10,000

• General and administrative expenses – 4,000

• Selling expenses – 2,000

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Calculating the required part.

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Similar questions

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.
Profitability Ratios The following data came from the financial statements of Israel Company: Revenue $900,000 Assets $600,000 Expenses 600,000 Liabilities 100,000 Net income 300,000 Average equity 500,000 Required:
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Return on assets The following data (in millions) were adapted from recent financial statements of Tootsie Roll Industries Inc. (TR): The percent a company adds to its cost of sales to determine selling price is called a markup. What is Tootsie Roll’s markup percent? Round to one decimal place.
3. Prepare a multi-step Statement of Comprehensive Income using the following: • Sales – 20,000 • Cost of Goods Sold – 10,000 • General and administrative expenses – 4,000 • Selling expenses – 2,000 You can use business name and the end of the current year for the heading.
Use the following information (in thousands): Sales revenue ¥300,000 Gain on sale of equipment 90,000 Cost of goods sold 164,000 Interest expense 16,000 Selling & administrative expenses 30,000 Income tax rate 30% Determine the amount of income from operations
Assuming Net Sales is $180,000, Cost of Goods Sold is $79,000, Selling Expenses are $28,500, General Expenses are $22,800, and Interest Expense is $2,000, then Income from Operations is a.$101,000. b.$95,300. c.$72,500. d.$49,700. e.$27,700.
Given the following information: Revenue from Operations 3,40,000 Cost of Revenue from Operations 1,20,000 Selling expenses 80,000 Administrative Expenses 40,000 Calculate Gross profit ratio and Operating ratio.
Calculate the net income for a company given the following information: Sales revenue = $100,000, Cost of goods sold = $40,000, Operating expenses = $20,000, Interest expense = $5,000, and Income tax rate = 25%.
XYZ Company reported the following information for the year: Net Sales $1,000,000, Cost of goods sold $500,000, Selling expenses $200,000, General and administrative expenses $100,000, and Interest expense $50,000. Calculate the company's Earnings Before Interest and Taxes (EBIT) and Net Income.
During the year, net sales were $250,000; gross profit was $100,000; net income was $40,000; income tax expense was $10,000; and selling, general, and administrative expenses were $44,000. Calculate cost of goods sold, income from operations, income before taxes, and interest expense.
Direction: Using the following account titles below: Sales – 20,000 Interest Expense - 660 Cost of Goods Sold – 10,000 Rent Expense 2,000 Depreciation Expense – 1,000 Utilities Expense – 1,000 Selling Expenses – 2,000 Compute for the following: Gross Income Operating Income Net income