The Rollings Company had sales of $1,000 with cost of goods sold (COGS) equal to 30% of sales. Rollings also had total other operating expenses of $400, interest expense of $125, and is subject to a flat 40% of its pre-tax income in income taxes. What is Rollings’ net income?

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A: Income before tax means the profit earned before paying any taxes to the government authorities. It…

Q: Abacus Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than…

A: The gross profit is the excess of net sales over the cost of goods sold. Operating profit can be…

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A: After tax operating income   -           (  EBIT × 1- TAX RATE  )

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A: Earnings before interest and taxes: Earnings before interest, depreciation and taxes are the…

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A: The income statement is one of the essential parts of the financial statement used for reporting the…

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A: The cost of goods sold is determined by adding beginning inventory to cost of goods manufactured and…

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A: Times interest earned ratio is a ratio calculated to determine how many times the earnings available…

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A: Interest Coverage Ratio (ICR) is defined as the debt and profitability ratio used to determine how…

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A:

Q: Carrefour Company's gross profit is OMR 550,000. The other balances are: Insurance OMR 70,000, Rent…

A: Net income before interest and tax = Gross profit + rent received - (insurance + salaries and wages…

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A: Formula used: Earnings after Tax = [ Gross profit - Interest expense - Depreciation expense ] x [ 1…

Q: The Company reported post-tax profit of P491,400 for the year ended December 31, 2020.Cost of goods…

A: Profit before tax = post-tax profit / (1 - tax rate) = P491,400 / (1 - 0.30) = P702,000

Q: McShane Corporation has sales of $300,000, a gross profit margin of 35%, operating expenses of…

A: The time interest earned ratio is the ratio that provides the ability of the company to pay of its…

Q: Cupery Co. has net sales of $105,000, cost of goods sold of $70,000, and operating expenses of…

A: Gross Profit = Net Sales - Cost of Goods Sold   Gross Profit Rate = Gross Profit Net Sales * 100

Q: The accounting records of the Meadowbrook Company show the following: / Los records contables de…

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

Q: A company sells 180,000 (sale price) of goods and collect sales tax of 8%. What current liability…

A: Current liability means the amount which the business has the obligation to pay within short term…

Q: Staycate Travels Inc. reports a gross profit of $35,000, interest expense of $4,000, a tax rate of…

A: Depreciation refers to the method through which the costs of the assets is being allocated over the…

Q: Diamond, Inc. had the following Income Statement at the end of the year. Compute Diamond's federal…

A: Gross profit. = $ 69000 Less salaries = $31000 Less rent. = $ 2000 Less business meal With clients.…

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A: When the sales exceeds the purchase, the excess sales tax is payable. Sales tax due can be…

Q: SABM Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than…

A: Relationship between Operating Expense and Gross Profit Cost of sales = Net sales - Gross profit We…

Q: SABM Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: The Good Life Store has sales of $79,600. The cost of goods sold is $48,200 and the other costs are…

A: Net income is the amount left from revenue earned after deducting all the expenses and taxes for the…

Q: For the past year, Momsen Limited had sales of $45,017, interest expense of $3,308, cost of goods…

A: Net income is overall profit received by the company after providing the operating expenses and the…

Q: You have the following data: The net income after tax is 42000 OMR and ncome tax is 3000 OMR and…

A: The gross profit is the difference between sales and cost of goods sold. Further net income is…

Q: Carrefour Company's gross profit is OMR 550,000. The other balances are: Insurance OMR 70,000, Rent…

A: Net profit of the company means gross profit with all other income and deducting all expense of the…

Q: ameron D., a sole proprietor has the following data in 2021 for the first year of merchandising:…

A: Gross income is the gross revenue earned by a person after deducting cost of earning such revenue…

Q: Santos Company had a 40 percent tax rate. Given the following pre-tax 21) amounts, what would be the…

A: Income tax is charged on the net income of the business. The net income is the Excess of revenue…

Q: If a retailer has revenues of $700,000, cost of goods sold that total $270,000, and operating…

A: The earning before taxes would be considered without considering the operating expenses. All these…

Q: Nu Company reported the following pretax data for its FIRST year of operations:         Net Sales…

A: First-in-First-Out (FIFO): In this method, items purchased initially are sold first. So, the value…

Q: A computer company announces the following data. In tax-year 1, gross income is $43,000,000, the…

A: Gross income less operating expenses gives earnings before interest and taxes (EBIT). Taxable income…

Q: BCD Company had sales Revenue of $500,000 for the year 2019. Its cost of goods sold was $240,000,…

A: Income statement: All revenues and expenses of the company generated or incurred for the period are…

Q: During the fiscal year 20x4, the initial inventory of the goods of company A is 15.000 €, purchases…

A: Cost of sales = Beginning inventory + Purchases - Closing inventory

Q: The annual sales of a company are $235,000 including sales tax at 17.5%. Half of the sales are on…

A: We have the following information: Annual Sales: $235,000 Annual sales includes a sales tax of…

Q: Henry Company had sales revenue of USD1,200,000, gross profit of USD749,000, operating expenses of…

A: Income tax expense refers to the expense amount which company records in the accounting period for…

Q: Acme Pest Control has sales of $13,500, cost of goods sold of $4,000, selling expenses of $3,500,…

A: The Income Statement tells how much any company had earned. Hence, income Statement helps to…

Q: Marco Travels reports a gross profit of $35,000, interest expense of $4,000, a tax rate of 30% and…

A: The earnings after taxes are calculated by deducting all the indirect expenses, including…

Q: Vhea Corp has an operating profit of P1,200 produced from P9,800 in sales. If Vhea has no interest…

A: Operating profit- This profit is obtained by the entity during its operating activities only. This…

Q: Flip's Pizzeria Inc. has the following financial items for the current year: Advertising Expenses…

A: The operating income is said to be taxable income during the period.

Q: The following information is available for Tamarisk Corp. for the year ended December 31, 2022.…

A: The multi-step income statement is an alternative option to make an income statement. It requires…

Q: Carrefour Company's gross profit is OMR 550,000. The other balances are: Insurance OMR 70,000, Rent…

A: Net Income before Interest and Tax = Gross Profit - Other Operating Expenses + Other Income

Q: Al Mawarid Construction Equipment LLC has provided following Income Statement for the year ending…

A: The gross profit ratio can be calculated as gross profit divided by total sales  The operating…

Q: he Johnson's Company had net income(after tax) = 500,000 USD, Johnson's Company's income statement…

A: Times Interest Earned:- It is a ratio that helps in calculating the debt-paying capacity of a…

Q: Bohr Paint Company has annual sales of $12 million per year. If there is a profit of $5000 per day…

A: Gross profit is a profit a company makes after deducting associated with making and selling its…

Q: Nueva Company reported the following pretax data for its first year of operations.           Net…

A: Cost of goods available for sale means total goods including opening stock and purchases which can…

Q: GHIST Co. reported a net income of P2,100,000 for 2020. It incurred operating expenses other than…

A: Relationship between Operating Expense and Gross Profit Cost of sales = Net sales - Gross profit We…