Income Statement
Intermediate Financial Management (MindTap Course List)
13th Edition
ISBN:9781337395083
Author:Eugene F. Brigham, Phillip R. Daves
Publisher:Eugene F. Brigham, Phillip R. Daves
Chapter6: Accounting For Financial Management
Section: Chapter Questions
Problem 12P
Related questions
Question
![1. Create and Income Statement with schedules for BLAZING ENTERPRISES for the Year Ended
December 31, 2019 given the following information. Write your answers for the following questions.
- How much is the Net Operating Income/ Earnings Before Interest and Taxes (EBIT)?
- How much is the Earnings Before Taxes (EBT)?
- How much is the Net Income/Earnings After Tax?
Sales
1,500,000.00
7,000.00
450,000.00
Depreciation Expense Store Equipment
Salesmen Salaries and Commission
SSS Premium Expense Salesmen
Philhealth Premium Expense Salesmen
HDMF Premium Expense Salesmen
SSS Premium Expense Admin Office
Philhealth Premium Expense Admin Office
HDMF Premium Expense Admin Office
Finished Goods Inventory Beginning
Interest Expense
Bad Debts Expense
Depreciation Office Equipment
Rent Expense Store
Light, power, utilities expense Store
Office and Officers Salary
Cost of Goods Manufactured
Finished Goods Inventory End
Rent Administrative Office
Office Supplies Used
Light, power, utilities expense Admin Office
Advertising
Freight Out
1,350.00
900.00
450.00
1,200.00
800.00
400.00
19,250.00
200,000.00
12,200.00
12,000.00
7,500.00
1,875.00
400,000.00
276,118.00
14,250.00
7,500.00
3,000.00
1,875.00
15,000.00
12,000.00](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fe598091e-a3a4-4a03-9f3c-b14b25e0009e%2F9ff06c97-b0be-4fc4-b89d-440792ed8710%2F8klywufi_processed.png&w=3840&q=75)
Transcribed Image Text:1. Create and Income Statement with schedules for BLAZING ENTERPRISES for the Year Ended
December 31, 2019 given the following information. Write your answers for the following questions.
- How much is the Net Operating Income/ Earnings Before Interest and Taxes (EBIT)?
- How much is the Earnings Before Taxes (EBT)?
- How much is the Net Income/Earnings After Tax?
Sales
1,500,000.00
7,000.00
450,000.00
Depreciation Expense Store Equipment
Salesmen Salaries and Commission
SSS Premium Expense Salesmen
Philhealth Premium Expense Salesmen
HDMF Premium Expense Salesmen
SSS Premium Expense Admin Office
Philhealth Premium Expense Admin Office
HDMF Premium Expense Admin Office
Finished Goods Inventory Beginning
Interest Expense
Bad Debts Expense
Depreciation Office Equipment
Rent Expense Store
Light, power, utilities expense Store
Office and Officers Salary
Cost of Goods Manufactured
Finished Goods Inventory End
Rent Administrative Office
Office Supplies Used
Light, power, utilities expense Admin Office
Advertising
Freight Out
1,350.00
900.00
450.00
1,200.00
800.00
400.00
19,250.00
200,000.00
12,200.00
12,000.00
7,500.00
1,875.00
400,000.00
276,118.00
14,250.00
7,500.00
3,000.00
1,875.00
15,000.00
12,000.00
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