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- In 2007, the Damon Company had sales of $600,000; cost of sales of $430,000; interest expense of $12,000; a gain on the sale of a component of $12,000; and an extraordinary loss of $20,000. For its income statement, Damon uses the single-step format and the all-inclusive concept. What was Damon's reported pretax income from continuing operations? a. $150,000 b. $170,000 c. $158,000 d. $138,000Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2016 (in million). What is the right amount? Income Statement ($ Million) YEAR END YEAR END YEAR END YEAR END 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1The Companyreported the following data for the 2020 :Net sales P9,500,000 Cost of goods sold 4,000,000 Distribution costs 1,000,000 Administrative expenses 1,200,000 Interest expense 700,000 Gain from sale of land 500,000 Income tax expense 800,000 Income from discontinued operations-net of tax 600,000 Unrealized gain on equity investment at FV through OCI-net of tax 1,300,000 Actuarial loss during the year fully recognized-net of tax 300,000 Foreign translation adjustment-debit net of tax 100,000 Revaluation surplus during the year-net of tax 2,500,000 How much is the total comprehensive income for the 2020?
- Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) Year End 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost of Sales -679.1 -659 -681.3 -667 Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Income Taxes -56.8 -64.2 -67.5 -72.6 Dividends -38.3 -38.7 -39.8 -40.1 CHOICES: A. 108.7B. 132.7C. No choice givenD. 132.8E. 121.8Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) YEAR END YEAR END YEAR END YEAR END 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1 Addition to Retained EarningsGiven the historical income statement of Mega Trade Inc., how much would be added to the company's retained earning for the year 2016 (in millions)? Income Statement ($ Million) Income Statement ( $ Million) Year End 2015 2016 2017 2019 Sales 1, 234,90 1,251.40 1,300.40 1,334.40 Cost of Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income / Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1
- Statement of Comprehensive Income for Brooklyn Company for the current year isSales P750,000Variable cost 600,000Contribution margin 150,000Fixed cost 100,000Operating income P50,000Required:d. Degree of operating leveragee. Suppose the company experiences a 30% increase in revenues, compute for thepercentage change in profits.The following transactions for Fortitude Enterprises during the second quarter of 2024: Sales amounted to P5,000,000 and related cost of goods sold was P3,000,000 Selling expenses for the given period was P250,000. Depreciation is usually recorded at annual amount of P1,200,000. Real property taxes for the year in the amount of P600,000 were paid on April 1, 2024. An inventory loss arising from a temporary market decline of P400,000 had occurred on June 30, 2024. Ignoring income taxes, net income for the second quarter ending June 30, 2024 should be?Gain Sharing Plans. A company recorded sales of P9,810,000 for the 1st quarter. Inventory for sale amounted to P350,000. The company incurred an actual cost of P7,600,000. For the following quarter of operations, the company recorded sales of P7, 860,000 and incurred a cost of P6, 835,000. Inventory amounted to P580,000. The company allows cost amounting of 80% of sales value of production. The company uses Scanlon plan to incentivize its employees. Compute for the bonus to be distributed to employees, company share and the amount reserve if the employees received 60% of the gain and 20% of it becomes part of the reserve. Assume that there are 116,000 participating employees. Use the sample Scanlon Plan format in the discussions.
- Topic: Pro Forma Income Statement At the end of last year, John Inc. reported the following income statement (in millions) Sales $3,000 Operating costs excluding depreciation 2450 EBITDA $ 550 Depreciation 250 EBIT $ 300 Interest 125 EBT $ 175 Taxes (40%) 70 Net Income $ 105 Looking ahead to the following year, the company's CFO has assembled this information: - Year-end sales are expected to be 10% higher than the $3 billion in sales generated last year. - Year-end operating costs, excluding depreciation, are expected to equal 80% of year-end…Given the historical income statement of Mega Trade Inc., how much would be added to the company's retained earning for the year 2016 (in millions)? Income Statement ( $ Million) Year End 2015 2016 2017 2019 Sales 1, 234.90 1,251.70 1,300.40 1,334.40 Cost of Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income / Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1
