Question

In its income statement for the year ended December 31, 2017, Ivanhoe Company reported the following...

In its income statement for the year ended December 31, 2017, Ivanhoe Company reported the following condensed data.
Salaries and wages expenses $813,750 Loss on disposal of plant assets $ 146,125
Cost of goods sold 1,727,250 Sales revenue 3,867,500
Interest expense 124,250 Income tax expense 43,750
Interest revenue 113,750 Sales discounts 280,000
Depreciation expense 542,500 Utilities expense 192,500
Prepare a multiple-step income statement. (List other revenues before other expenses.)
IVANHOE COMPANY
Income Statement

For the Month Ended December 31, 2017For the Year Ended December 31, 2017December 31, 2017

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
$

    Less    Add    

:

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

 $

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
$

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
$

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales

 $

SHOW LIST OF ACCOUNTS

LINK TO TEXT

LINK TO TEXT
Calculate the profit margin and gross profit rate. (Round answers to 2 decimal places, e.g. 15.25%.)
Profit margin %
Gross profit rate %
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
In its income statement for the year ended December 31, 2020, Novak Company reported the following...
In its income statement for the year ended December 31, 2020, Novak Company reported the following condensed data. Operating expenses $731,780 Interest revenue $30,980 Cost of goods sold 1,303,500 Loss on disposal of plant assets 18,110 Interest expense 74,730 Net sales 2,413,600 Other comprehensive loss 8,200 Prepare a single-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) NOVAK COMPANY Income Statement December 31, 2020For the Month Ended December 31,...
Exercise 19-24 (Part Level Submission) Flounder Inc. reports the following pretax income (loss) for both book...
Exercise 19-24 (Part Level Submission) Flounder Inc. reports the following pretax income (loss) for both book and tax purposes. (Assume the carryback provision is used where possible for a net operating loss.) Year Pretax Income (Loss) Tax Rate 2015 $123,000 40 % 2016 98,000 40 % 2017 (289,000 ) 45 % 2018 119,000 45 % The tax rates listed were all enacted by the beginning of 2015. (a) Your answer is correct. Prepare the journal entries for years 2015–2018 to...
Tamarisk Corporation has one temporary difference at the end of 2017 that will reverse and cause...
Tamarisk Corporation has one temporary difference at the end of 2017 that will reverse and cause taxable amounts of $58,100 in 2018, $62,900 in 2019, and $68,000 in 2020. Tamarisk’s pretax financial income for 2017 is $320,800, and the tax rate is 40% for all years. There are no deferred taxes at the beginning of 2017. Compute taxable income and income taxes payable for 2017. Taxable income $ Income taxes payable Prepare the journal entry to record income tax expense,...
Sheffield Corporation began 2017 with a $98,000 balance in the Deferred Tax Liability account. At the...
Sheffield Corporation began 2017 with a $98,000 balance in the Deferred Tax Liability account. At the end of 2017, the related cumulative temporary difference amounts to $324,200, and it will reverse evenly over the next 2 years. Pretax accounting income for 2017 is $493,800, the tax rate for all years is 40%, and taxable income for 2017 is $414,600. Compute income taxes payable for 2017. Income taxes payable $ Prepare the journal entry to record income tax expense, deferred income...
These financial statement items are for Swifty Corporation at year-end, July 31, 2017. Salaries and wages...
These financial statement items are for Swifty Corporation at year-end, July 31, 2017. Salaries and wages payable $ 3,680 Salaries and wages expense 58,900 Supplies expense 17,000 Equipment 20,100 Accounts payable 4,100 Service revenue 67,500 Rent revenue 9,900 Notes payable (due in 2020) 3,800 Common stock 16,000 Cash 30,400 Accounts receivable 11,780 Accumulated depreciation—equipment 7,500 Dividends 4,000 Depreciation expense 5,500 Retained earnings (beginning of the year) 35,200 Prepare an income statement for the year. Swifty Corporation did not issue any...
Presented below is information for Concord Company for the month of March 2020. Cost of goods...
Presented below is information for Concord Company for the month of March 2020. Cost of goods sold $221,920 Rent expense $33,370 Freight-out 6,410 Sales discounts 8,470 Insurance expense 5,440 Sales returns and allowances 12,520 Salaries and wages expense 55,970 Sales revenue 390,680 Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CONCORD COMPANY Income Statement March 31, 2020For the Month Ended March 31, 2020For the Year Ended...
Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2019–2022....
Jennings Inc. reported the following pretax income (loss) and related tax rates during the years 2019–2022. Pretax Income (loss) Tax Rate 2019 $80,000 40 % 2020 (180,000) 40 % 2021 230,000 20 % 2022 100,000 20 % Pretax financial income (loss) and taxable income (loss) were the same for all years since Jennings began business. The tax rates from 2019–2022 were enacted in 2019. Your answer is partially correct. Try again. Prepare the journal entries for the years 2020–2022 to...
Exercise 5-09 a-b (Part Level Submission) Presented below is information for Kaila Company for the month...
Exercise 5-09 a-b (Part Level Submission) Presented below is information for Kaila Company for the month of March 2020. Cost of goods sold $215,000 Rent expense $30,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 6,000 Sales returns and allowances 13,000 Salaries and wages expense 58,000 Sales revenue 380,000 (a) Your answer is correct. Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) KAILA COMPANY Income Statement For...
The following are the trial balance and the other information related to Kevin Consulting Engineer. KEVIN...
The following are the trial balance and the other information related to Kevin Consulting Engineer. KEVIN CONSULTING ENGINEER TRIAL BALANCE DECEMBER 31, 2020 Debit Credit Cash $29,500 Accounts Receivable 55,700 Allowance for Doubtful Accounts $803 Supplies 2,300 Prepaid Insurance 1,120 Equipment 29,000 Accumulated Depreciation-Equipment 6,145 Notes Payable 7,200 Common Stock 10,000 Retained Earnings 23,254 Service Revenue 115,957 Rent Expense 10,439 Salaries and Wages Expense 32,900 Utilities Expenses 1,760 Office Expense 640 $163,359 $163,359 1. Fees received in advance from clients...
Presented below is information for Pharoah Company for the month of January 2022. Cost of goods...
Presented below is information for Pharoah Company for the month of January 2022. Cost of goods sold $218,125 Rent expense $33,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 12,000 Sales returns and allowances 20,000 Salaries and wages expense 57,000 Sales revenue 377,000 Other comprehensive income 2,100 (a) Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) Pharoah Company Income Statement...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT