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.:
Net sales =
$12,200,000.
Cost of goods sold =
$8,800,000.
Other operating
expenses = $240,000.
Addition to retained
earnings...
Here is the income statement for Sarasota, Inc.
SARASOTA,
INC.
Income Statement
For the Year Ended...
Here is the income statement for Sarasota, Inc.
SARASOTA,
INC.
Income Statement
For the Year Ended December 31, 2022
Sales revenue
$455,000
Cost of goods sold
210,000
Gross profit
245,000
Expenses (including $11,400 interest and $20,000 income
taxes)
106,000
Net income
$139,000
Additional information:
1.
Common stock outstanding January 1, 2022, was 32,500 shares,
and 51,800 shares were outstanding at December 31, 2022.
2.
The market price of Gillman, Inc., stock was $15 in 2022.
3.
Cash dividends of $14,500...
Here is the income statement for Myers, Inc.
Myers, Inc.
Income Statement
For the Year Ended...
Here is the income statement for Myers, Inc.
Myers, Inc.
Income Statement
For the Year Ended December 31, 2020
Sales revenue
$434,000
Cost of goods sold
222,000
Gross profit
212,000
Expenses (including $10,000
interest and $20,500 income taxes)
82,000
Net income
$ 130,000
Additional information:
1.
Common stock outstanding
January 1, 2020, was 16,000 shares, and 24,000 shares were
outstanding at December 31, 2020.
2.
The market price of Myers
stock was $13.75 in 2020.
3.
Cash dividends of $27,300...
Here is the income statement for Myers, Inc.
Myers, Inc.
Income Statement
For the Year Ended...
Here is the income statement for Myers, Inc.
Myers, Inc.
Income Statement
For the Year Ended December 31, 2020
Sales revenue
$420,000
Cost of goods sold
224,000
Gross profit
196,000
Expenses (including $10,000
interest and $21,500 income taxes)
106,000
Net income
$ 90,000
Additional information:
1.
Common stock outstanding
January 1, 2020, was 16,000 shares, and 24,000 shares were
outstanding at December 31, 2020.
2.
The market price of Myers
stock was $18.26 in 2020.
3.
Cash dividends of $21,600...
Here is the income statement for Tamarisk, Inc.
TAMARISK, INC.
Income Statement
For the Year Ended...
Here is the income statement for Tamarisk, Inc.
TAMARISK, INC.
Income Statement
For the Year Ended December 31, 2017
Sales revenue
$414,600
Cost of goods sold
232,500
Gross profit
182,100
Expenses (including $16,700 interest and $27,200 income
taxes)
84,100
Net income
$ 98,000
Additional information:
1.
Common stock outstanding January 1, 2017, was 21,800 shares,
and 38,100 shares were outstanding at December 31, 2017.
2.
The market price of Tamarisk stock was $13 in 2017.
3.
Cash dividends of $24,000...
Here is the income statement for Metlock, Inc.
METLOCK, INC.
Income Statement
For the Year Ended...
Here is the income statement for Metlock, Inc.
METLOCK, INC.
Income Statement
For the Year Ended December 31, 2022
Sales revenue
$446,200
Cost of goods sold
211,400
Gross profit
234,800
Expenses (including $16,400 interest and $28,500 income
taxes)
76,100
Net income
$ 158,700
Additional information:
1.
Common stock outstanding January 1,
2022, was 29,400 shares, and 36,500 shares were outstanding at
December 31, 2022.
2.
The market price of Metlock stock
was $13 in 2022.
3.
Cash dividends of $24,300...
The preliminary 2018 income statement of Alexian Systems, Inc.,
is presented below: ALEXIAN SYSTEMS, INC. Income...
The preliminary 2018 income statement of Alexian Systems, Inc.,
is presented below: ALEXIAN SYSTEMS, INC. Income Statement For the
Year Ended December 31, 2018 ($ in millions, except earnings per
share) Revenues and gains: Net sales $ 430 Interest 8 Other income
131 Total revenues and gains 569 Expenses: Cost of goods sold 275
Selling and administrative 154 Income taxes 56 Total expenses 485
Net Income $ 84 Earnings per share $ 4.20 Additional information:
Selling and administrative expenses include...
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...
ALPHA CORP.
2018 Income Statement
Sales
$311,153
Cost of Goods
Sold
ALPHA CORP.
2018 Income Statement
Sales
$311,153
Cost of Goods
Sold
$142,555
Depreciation
$ 15,000
EBIT
$153,598
Interest
paid
$ 12,000
Taxable Income
$141,598
Taxes
$ 42,479
Net
Income
$ 99,118
Dividends
$ 40,000
Additions to retained
Earnings
$ 59,118
Capital/Equity
$120,000
XYZ Corp. has 10,000 shares of common stock outstanding, and the
market price for a share of stock at the end of 2018 was $96.
What is the price-earnings ratio?
What is the price-sales ratio?
What...
The income statement, also known as the profit and loss
(P&L) statement, provides a snapshot of...
The income statement, also known as the profit and loss
(P&L) statement, provides a snapshot of the financial
performance of a company during a specified period of time. It
reports a firm’s gross income, expenses, net income, and the income
that is available for distribution to its preferred and common
shareholders.
The income statement is prepared using the generally accepted
accounting principles (GAAP) that match the firm’s revenues and
expenses to the period in which they were incurred, not necessarily...