Q2) Prepare an income statement using the information given below. Make sure to identify gross profit, operating income, and net income. Inventories Cost of Goods Sold Administrative Expenses Accumulated Depreciation Sales Depreciation Expense Selling Expenses Common Stock Dividends Interest Expense Corporate Tax Rate $50,000 $250,000 $50,000 $150,000 $600,000 $25,000 $150,000 $8,000 $8,000 40%

Q2) Prepare an income statement using the information given below. Make sure to identify gross profit, operating income, and net income. Inventories Cost of Goods Sold Administrative Expenses Accumulated Depreciation Sales Depreciation Expense Selling Expenses Common Stock Dividends Interest Expense Corporate Tax Rate $50,000 $250,000 $50,000 $150,000 $600,000 $25,000 $150,000 $8,000 $8,000 40%

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter1: The Role Of Accounting In Business

Section: Chapter Questions

Problem 1.4.2MBA: Return on assets The following data (in millions) were adapted from recent financial statements of...

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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.
Compute total income from the following? Net Sales OMR 50000, Cost of goods sold OMR 20000, Dividend received OMR 5000, Insurance paid OMR 2000, Depreciation OMR 2000 and Commission received OMR 1000. a. OMR 36000 b. OMR 27000 c. OMR 33000 d. OMR 43000
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Calculate net profit from the following? Net sales OMR 50000, Cost of goods sold OMR 20000, Rent received OMR 10000, Salaries OMR 5000, Insurance OMR 3000 and Depreciation OMR 4000. a. OMR 28000 b. OMR 32000 c. OMR 30000 d. OMR 35000
Tisdale Incorporated reports the following amount in its December 31, 2021, income statement. Sales revenue Nonoperating revenue Selling expenses General expenses $300,000 110,000 60,000 50,000 Income tax expense Cost of goods sold Administrative expenses $ 30,000 190,000 40,000 Required:1. Prepare a multiple-step income statement.2. Explain how analyzing the multiple levels of profitability can help in understanding the future profit-generating potential of Tisdale Incorporated.
If Net Sales Revenue is $108,000, Gross profits are $28,000 and Operating expenses are $12,000. What is the Cost of Goods Sold and Net Profit or Loss? 1. COGS $38,000 and Profit $98,000 2. COGS $88,000 and Proft $10,000 3. COGS $80,000 and Proft $16,000 4. COGS $98,000 and Loss $38,000 Which step in the accounting cycle occurs prior to the preparation of the financial statements? 1. Record and post adjustments 2. Analyse transactions 3. Analyse the changes in the accounts 4. Close the accounts Bluefield Limited is considering a project that will require an initial investment of $50 000 and is expected to generate future net cash flows of $10 000 annually for years 1 to 3 and $5000 annually for years 4 to 10. The project's payback period is: 1. 4 years 2. 5 years 3. 6 years 4. 7 years
XYZ Company has the following information for the year ended December 31, 2022: Revenue - $100,000 Cost of Goods Sold - $50,000 Operating Expenses - $20,000 Interest Expense - $5,000 Income Tax Expense - $10,000 Dividends Paid - $8,000 Calculate the net profit for the year ended December 31, 2022.
Q1: Use the following multi-step income statement of Ancho Company to prepare a single-step version. Income Statement For the Year Ended December 31, 2022 Sales Sales revenue........................................................................ $98,000 Less: Sales returns and allowances .................................. 2,000 Net sales ............................................................................... $96,000 Cost of goods sold................................................................. 42,000 Gross profit................................................................ 54,000 Operating expenses . 14,000 Income from…
PROBLEM SOLVING 1 The profit or loss section of the statement of comprehensive income of ITS NOT OK TO BE OK Company for the year ended December 31, 2020 is reproduced below: Sales P 6,100,000 Cost of goods sold 3,700,000 Gross profit P2,400,000 Gain on sale of equipment 100,000 Salaries expense -820,000 Insurance expense -380,000 Depreciation expense 220,000 Profit before interest and income tax P1,080,000 Interest expense 120,000 Profit before income tax P960,000 Income tax expense 288,000 Profit P672,000 The following information is also available: Decrease in accounts receivable P120,000 Increase in inventory 280,000 Decrease in accounts payable 160,000 Increase in salaries payable 100,000 Increase in prepaid insurance 180,000 Decrease in interest payable 30,000 Increase in income tax payable 18,000
Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales $ 9,600 Cost of goods sold 7,810 Depreciation 470 Earnings before interest and taxes $ 1,320 Interest paid 106 Taxable income $ 1,214 Taxes 425 Net income $ 789 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 2022 2021 2022 Cash $ 240 $ 270 Accounts payable $ 1,410 $ 1,410 Accounts receivable 1,020 920 Long-term debt 1,110 1,310 Inventory 1,840 1,710 Common stock 3,360 3,280 Total $ 3,100 $ 2,900 Retained earnings 650 900 Net fixed assets 3,430 4,000 Total assets $ 6,530 $ 6,900 Total liabilities & equity $ 6,530 $ 6,900 What is the quick ratio for 2022?
1-What will be the total operating expense? a.41200 b.53200 c. 19700 d. 21500 2-What will be the net income? a. 56000 b. 338000 c. 16000 d. 72000 3-What will be the total Selling and distribution expense? a. 41200 b. 17200 c. 19700 d. 14800 4-What will be the Gross Profit at the end of the year December 2019 a. OMR 338,000 b. OMR 16000 c. OMR 336,000 d. OMR 56000 5-What is the Gross Margin in terms of Percentage? a. Cannot be determined b. 20.66 c. 16.66 d. 16.56
how did they get the Income Before Tax? Proforma Income Statement 1/31/21 Total Revenue $ 28,959,000.00 Cost of Goods $ 15,299,000.00 Gross Profit $ 11,535,000.00 Operating Expenses $ 7,609,000.00 Total Operating Expenses $ 7,609,000.00 Operating Income or Loss $ 3,926,000.00 Interest Expense $ 434,000.00 Income Before Tax $ 3,644,000.00 Income Tax Expense $ 963,000.00 Income from Continuing Operations $ 2,681,000.00 Net Income $ 2,681,000.00