Multiple-Step Income Statement and Profit Margin
The following income statement items, arranged in alphabetical
order, are...
Multiple-Step Income Statement and Profit Margin
The following income statement items, arranged in alphabetical
order, are taken from the records of Shaw Corporation for the
current year:
Advertising expense
$1,500
Interest expense
$1,410
Commissions expense
2,652
Interest revenue
1,412
Cost of goods sold
29,269
Rent revenue
6,551
Depreciation expense - office building
2,760
Salaries and wages expense—office
11,508
Income tax expense
1,499
Sales revenue
48,090
Insurance expense - salesperson’s auto
2,232
Supplies expense—office
809
Required:
Assume that Shaw Corporation classifies...
The Alexander Company reported the following income statement
for 2016:
Sales $15,000,000
Less: Operating expenses
Wages,...
The Alexander Company reported the following income statement
for 2016:
Sales $15,000,000
Less: Operating expenses
Wages, salaries, benefits $6,000,000
Raw materials 3,000,000
Depreciation 1,500,000
General, selling, and administrative expenses 1,500,000
Total operating expenses 12,000,000
Earnings before interest and taxes (EBIT) $3,000,000
Less: Interest expense 750,000
Earnings before taxes $2,250,000
Less: Income taxes 1,000,000
Earnings after taxes $1,250,000
Less: Preferred dividends 250,000
Earnings available to common stockholders $1,000,000
Earnings per share—250,000 shares outstanding $4.00
Assume that all depreciation and 75 percent...
Sellall Department Stores reported the following amounts in its
adjusted trial balance prepared as of its...
Sellall Department Stores reported the following amounts in its
adjusted trial balance prepared as of its December 31 year-end:
Administrative Expenses, $3,300; Cost of Goods Sold, $27,540;
Income Tax Expense, $3,530; Interest Expense, $1,700; Interest
Revenue, $220; General Expenses, $3,500; Net Sales Revenue,
$46,155; and Delivery (freight-out) Expense, $390.
Prepare a multistep income statement for distribution to
external financial statement users.
Sellall Department Stores reported the following amounts in its
adjusted trial balance prepared as of its...
Sellall Department Stores reported the following amounts in its
adjusted trial balance prepared as of its December 31 year-end:
Administrative Expenses, $3,100; Cost of Goods Sold, $26,460;
Income Tax Expense, $3,420; Interest Expense, $1,700; Interest
Revenue, $220; General Expenses, $3,300; Net Sales Revenue,
$44,345; and Delivery (freight-out) Expense, $370.
Prepare a multistep income statement for distribution to
external financial statement users.
Make an income statement with the following:
Sales Revenue
Net Income
Net Income from continuing...
Make an income statement with the following:
Sales Revenue
Net Income
Net Income from continuing operations
Cost of Goods Sold
Gain/Loss on sale of assets
Gross Profit
Gain/Loss from discontinued operations, net of tax
Interest Revenue
Dividend Revenue
selling, general, and administrative expenses
Operating Income
Interest Expense
Income before taxes
Income tax expense
A firm’s income statement included the following data. The
firm’s average tax rate was 20%.
...
A firm’s income statement included the following data. The
firm’s average tax rate was 20%.
Cost of goods sold $ 9,800
Income taxes paid $ 3,800
Administrative expenses $ 4,800
Interest expense $ 2,800
Depreciation $ 2,800
a. What was the firm’s net income?
b. What must have been the firm's revenues?
c. What was EBIT?
A firm’s income statement included the following data. The
firm’s average tax rate was 25%.
Cost...
A firm’s income statement included the following data. The
firm’s average tax rate was 25%.
Cost of goods sold
$
8,900
Income taxes paid
$
2,900
Administrative expenses
$
3,900
Interest expense
$
1,900
Depreciation
$
1,900
a. What was the firm’s net income?
b. What must have been the firm's revenues?
c. What was EBIT?
A firm’s income statement included the following data. The
firm’s average tax rate was 20%. Cost...
A firm’s income statement included the following data. The
firm’s average tax rate was 20%. Cost of goods sold $ 9,200 Income
taxes paid $ 3,200 Administrative expenses $ 4,200 Interest expense
$ 2,200 Depreciation $ 2,200
a. What was the firm’s net income?
b. What must have been the firm's revenues?
c. What was EBIT?
Dominos department store has advertised for finance students to
work in its Finance department during the...
Dominos department store has advertised for finance students to
work in its Finance department during the summer and you have
applied for the job. To determine whether you are familiar with the
content of classified financial statement. Use the following data
provided by the controller of ASF. The data are derived from the
store s’ operation in the year ended December 31 2011
Net sales
10,000
Net income
?
Current liabilities
2,000
Selling expenses
1,000
Long...