Question

The Fitness Studio, Inc.’s, 2021 income statement lists the following income and expenses: EBITDA = $676,000,...

The Fitness Studio, Inc.’s, 2021 income statement lists the following income and expenses: EBITDA = $676,000, EBIT = $542,000, interest expense = $84,000, and net income = $420,000.

Calculate the 2021 taxes reported on the income statement. (Enter your answer in dollars. Round your answer to the nearest dollar amount.)

You have been given the following information for Corky’s Bedding Corp.:

  1. Net sales = $12,200,000.

  2. Cost of goods sold = $8,800,000.

  3. Other operating expenses = $240,000.

  4. Addition to retained earnings = $1,030,000.

  5. Dividends paid to preferred and common stockholders = $370,000.

  6. Interest expense = $930,000, all of which is tax deductible.


The firm’s tax rate is 21 percent.

Calculate the depreciation expense for Corky’s Bedding Corp. (Round your answer to the nearest dollar amount.)

please explain step by step

Math   Advanced-Math   
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
The Fitness Studio, Inc.’s 2018 income statement lists the following income and expenses: EBIT = $778,000,...
The Fitness Studio, Inc.’s 2018 income statement lists the following income and expenses: EBIT = $778,000, interest expense = $190,000, and taxes = $205,800. The firm has no preferred stock outstanding and 100,000 shares of common stock outstanding. Calculate the 2018 earnings per share. (Round your answer to 2 decimal places.)
Listed below is the 2021 income statement for Tom and Sue Travels, Inc. TOM AND SUE...
Listed below is the 2021 income statement for Tom and Sue Travels, Inc. TOM AND SUE TRAVELS, INC. Income Statement for Year Ending December 31, 2021 (in millions of dollars) Net sales $ 16.200 Less: Cost of goods sold 7.300 Gross profits $ 8.900 Less: Other operating expenses 3.300 Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 5.600 Less: Depreciation 2.100 Earnings before interest and taxes (EBIT) $ 3.500 Less: Interest 0.755 Earnings before taxes (EBT) $ 2.745 Less:...
Edmonds Industries is forecasting the following income statement: Sales $7,000,000 Operating costs excluding depreciation & amortization...
Edmonds Industries is forecasting the following income statement: Sales $7,000,000 Operating costs excluding depreciation & amortization 3,850,000 EBITDA $3,150,000 Depreciation and amortization 420,000 EBIT $2,730,000 Interest 420,000 EBT $2,310,000 Taxes (40%) 924,000 Net income $1,386,000 The CEO would like to see higher sales and a forecasted net income of $2,079,000. Assume that operating costs (excluding depreciation and amortization) are 55% of sales and that depreciation and amortization and interest expenses will increase by 14%. The tax rate, which is 40%,...
The preliminary 2021 income statement of Alexian Systems, Inc., is presented below: ALEXIAN SYSTEMS, INC. Income...
The preliminary 2021 income statement of Alexian Systems, Inc., is presented below: ALEXIAN SYSTEMS, INC. Income Statement For the Year Ended December 31, 2021 ($ in millions, except earnings per share) Revenues and gains: Sales revenue $ 437 Interest revenue 5 Other income 127 Total revenues and gains 569 Expenses: Cost of goods sold 246 Selling and administrative expense 151 Income tax expense 43 Total expenses 440 Net Income $ 129 Earnings per share $ 12.90 Additional information: Selling and...
Problem 2-37 Income Statement (LG2-1) Listed below is the 2021 income statement for Tom and Sue...
Problem 2-37 Income Statement (LG2-1) Listed below is the 2021 income statement for Tom and Sue Travels, Inc. TOM AND SUE TRAVELS, INC. Income Statement for Year Ending December 31, 2021 (in millions of dollars) Net sales $ 17.000 Less: Cost of goods sold 7.700 Gross profits $ 9.300 Less: Other operating expenses 3.500 Earnings before interest, taxes, depreciation, and amortization (EBITDA) $ 5.800 Less: Depreciation 2.500 Earnings before interest and taxes (EBIT) $ 3.300 Less: Interest 0.775 Earnings before...
Beasley, Inc., reports the following amounts in its December 31, 2021, income statement. Sales revenue $...
Beasley, Inc., reports the following amounts in its December 31, 2021, income statement. Sales revenue $ 320,000 Income tax expense $ 31,000 Interest expense 13,000 Cost of goods sold 126,000 Salaries expense 30,000 Advertising expense 22,000 Utilities expense 43,000 Prepare a multiple-step income statement.
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 700,000 Interest revenue 43,000 Gain on sale of investments 90,000 Total revenues and gains 833,000 Expenses and losses: Cost of goods sold $ 380,000 Selling expense 70,000 Administrative expense 90,000 Interest expense 27,000 Restructuring costs 66,000 Income tax expense 50,000 Total expenses and losses 683,000 Net Income $ 150,000...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION...
The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $ 592,000 Interest revenue 32,000 Gain on sale of investments 86,000 Total revenues and gains 710,000 Expenses and losses: Cost of goods sold $ 325,000 Selling expense 67,000 Administrative expense 87,000 Interest expense 16,000 Restructuring costs 55,000 Income tax expense 40,000 Total expenses and losses 590,000 Net Income $ 120,000...
Income statement. Construct the Barron​ Pizza, Inc. income statement for the year ending 2015 with the...
Income statement. Construct the Barron​ Pizza, Inc. income statement for the year ending 2015 with the following information​ (the dollar amounts are in thousands of​ dollars): Shares​ outstanding: 16,632,000 Tax​ rate: 37.5% Interest​ expense:$6,123 ​Revenue:$889,397 ​Depreciation:$31,319 ​Selling, general, and administrative​ expense:$77,558 Other​ income:$1,213 Research and​ development:$4,042 Cost of goods​ sold:​$750,603 ​Note: Enter all expenses as negative numbers. (Round the income statement accounts to the nearest thousand dollars and the earnings per share to the nearest cent. ​ Also, use a...
Jan Supplies Inc. had the following account balances at December 31, 2021: Sales returns and allowances...
Jan Supplies Inc. had the following account balances at December 31, 2021: Sales returns and allowances $9,775 Payments to suppliers on account 48,363 Travel and entertainment expense 3,545 Contributions by owners 16,000 Dividends, paid in cash 10,000 Sales revenue 154,400 Cost of goods sold 81,597 Insurance expense 3,500 Office supplies expense 2,260 Deferred revenue 12,350 Advertising expense 10,507 Repairs and maintenance expense 6,745 Cash received from debt 12,000 Collections from customers on account 51,318 Freight expense 6,050 Income tax expense...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT