The following financial information is provided for the company, which is a service company: Income 800,000 Profit from regular operations 100,000 Total profit 120,000 Net profit 90,000 Profit from operation 220,000 Selling and administrative expenses 500,000 Profit before income tax 200,000 Calculate the following for the company: a) other income and expenses, b) capital costs, c) income tax, d) discontinued operations and e) other comprehensive income

The following financial information is provided for the company, which is a service company: Income 800,000 Profit from regular operations 100,000 Total profit 120,000 Net profit 90,000 Profit from operation 220,000 Selling and administrative expenses 500,000 Profit before income tax 200,000 Calculate the following for the company: a) other income and expenses, b) capital costs, c) income tax, d) discontinued operations and e) other comprehensive income

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...

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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.
Macon Mills is a division of Bolin Products. Inc. During the most recent year, Macon had a net income of $40 million. Included in the income was interest expense of $2,800,000. The companys tax rate was 40%. Total assets were $470 million, current liabilities were $104,000,000, and $72,000,000 of the current liabilities are noninterest bearing. What are the invested capital and ROI for Macon?
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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Presented below is information related to Sohar Inc at December 31, 2020. Revenues $1,200,000 Income from continued operation 150,000 Comprehensive income 180,000 Net income 135,000 Income from operation 330,000 Selling & Administrative Expenses 750,000 Income before income tax 300,000 Compute the following: (a) Other income & expenses, (b) Financing Cost, (c) Income Tax, (d) Discontinued operation, (e) Other Comprehensive Income.
The following data and information are provided for Waltz Corporation. Use net income after taxes as margin. Sales Revenue $1,000,000 Average total assets used during the year = $200,000 Cost of Goods Sold -500,000 Inventory = $60,000 Gross Margin 500,000 Long-term liabilities = $100,000 Selling Expenses -386,000 Accounts receivable = $10,000 Administrative Expenses -80,000 Cost of total invested capital = 12% Net Operating Income 34,000 Fixed expenses = $300,000 Other Income & Expense -6,000 Variable expenses = 666,000 Net Income before Taxes 28,000 Average price per unit sold = $10 Income Taxes -8,000 Net Income after Taxes $ 20,000…
The following data are taken from the records of Dove Company, a division of Oasis Corporation for the year ended December 31, 2021 Sales 120,000,000.00Less: Variable Cost and Expenses 8,000,000.00Contribution Margin 4,000,000.00Less:: Direct Fixed Cost and Expenses 1,000,000.00Segment Income 3,000,000.00 The company used an average assets of P8,000,000.00 in 2021. The cost of capital is 12% Calculate the following:1. Return on Sales2. Asset Turnover3. ROI4. Residual Income
The Lagerstroemia Corporation was formed on January 1 of the current year. Calculate the Lagerstroemia Corporation'staxable income or loss for the current year given the following informationGross receipts $255,000Cost of goods sold 150,000Dividend income (from 10-percent-owned domestic corporation) 35,000Interest income 10,000Business expenses (other than organizational costs) 120,000Organizational costs expensed 5,000Taxable income/(loss) $
A company reports the following data: Interest expense $10,000 Cost of goods sold $160,000 Marketing expenses $70,000 Administrative expenses $50,000 Sales $400,000 Stock dividends $5,000 Income tax $20,000 Depreciation expense $20,000 Which expense is a noncash expense
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Air Company reported the following data for the current year:Income from continuing operations 700,000Net income 500,000Selling and administrative expenses 2,250,000Income before income tax 1,000,000 What amount should be reported as income or loss from discontinued operations?