37383940 Service revenue41 Operating expenses:42Salaries expenseSupplies expenseRent expenseInsurance expense46Miscellaneous expense47Depreciation expense48 Total operating expenses49 Operating income50 Other expense:4344455551525354 Net income55Net loss5657Interest expense62Green-All LandscapingIncome StatementFor the Year Ended December 31, 2024$188,00014,60072,0005,40026,4009,600loss")Formula must include =IFUse the IF function to return either cell A54or A55$384,000316,000$68,0002,823$65,1775859 Students: The scratchpad area is for you to do any additional work you need to solve this question or can be use60 Nothing in this area will be graded, but it will be submitted with your assignment.61

An Income statement shows all the income(s) earned by an organization. There are a number of ways to…

Answered: 4 Net income 5 Net loss 6 67 Formula…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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THE ATHLETIC ATTICIncome StatementFor the Year Ended December 31, 2024Net sales $8,900,000Cost of goods sold 5,450,000Gross profit 3,450,000Expenses: Operating expenses $1,600,000 Depreciation expense 210,000 Interest expense 50,000 Income tax expense 360,000 Total expenses 2,220,000Net income $1,230,000 THE ATHLETIC ATTICBalance SheetsDecember 31 2024 2023Assets Current assets: Cash $164,000 Accounts receivable 790,000 Inventory 1,405,000 Supplies 110,000Long-term assets: Equipment 1,150,000 Less: Accumulated depreciation (420,000) Total assets $3,199,000 Liabilities and Stockholders' Equity Current liabilities: Accounts payable $115,000 Interest payable 0 Income tax payable 40,000 Long-term liabilities: Notes payable 600,000 Stockholders' equity: Common stock 700,000…
INCOME STATEMENT Year ended June 30 2022 2021 $'000 $'000Revenue 22450 18675Cost of sales 8475 8055Gross Profit 13975 10620Distribution costs 4245 3120Administrative expenses 1276 2134Selling expenses…
Requlred Informatlon RivMera Townshlp reported the following data for Its governmental activitles for the year ended June 30, 20X9: 2 of 3 Item Amount Cash and cash equivalents $1,000,000 300,000 8,500,000 1,200,000 400,000 4,800,000 Receivables Capital assets Accumulated depreciation Accounts payable 01:56:09 Long-term liabilities Additlonal Information avalable is as follows: All of the long-term debt was used to acquire capital assets. Cash of $475,000 Is restricted for debt service. Based on the preceding Informatlon, on the statement of net assets prepared at June 30, 20X9, what amount should be reported for net assets Invested In capital assets, net of related debt? Multiple Cholce $3.300,000 $2.900,000 $2,825,000 $4.200,000
Calculate the asset efficiency - receivables, inventory, fixed asset and total asset turnover ratios
Income 31955 , assets 213000, assets at end year, 259000. What return on assets
Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…
Thank you
Calculate Return on Total Assets for all the years?
01/31/2019 01/31/2018 Total Revenue $514,405,000 $500,343,000 Cost of Revenue $385,301,000 $373,396,000 Gross Profit $129,104,000 $126,947,000 Research & Development $0 $0 Sales,General & Admin. $107,147,000 $106,510,000 Non-Recurring Items $0 $0 Other Operating Items $0 $0 Operating Income $21,957,000 $20,437,000 Earnings before interest and Tax $13,806,000 $17,453,000 Interest Expense $2,346,000 $2,330,000 Earnings before Tax $11,460,000 $15,123,000 Income Tax $4,281,000 $4,600,000 Minority Interest $0 $0 Equity Earnings -$509,000 -$661,000 Net Income-Cont. Operations $6,670,000 $9,862,000 Net Income $6,670,000 $9,862,000 Net Income Applicable to Common Shareholders $6,670,000 $9,862,000 Here is the income statement. PERIOD ENDING: 01/31/2019 01/31/2018 Current Asset Cash and Cash Equivalents $7,722,000…
Orbit Limited : Statement of Financial Position as at 31 December 2022 2021 Non-current Assets R11 810 000 R7 560 000 Property, Plant, Equipment R10 025 000 R6 250 000 Investments R1 785 000 R1 310 000 Current Assets R4 190 000 R4 690 000 Inventories R 1 875 000 R2 350 000 Account Receivable R1 925 000 R2 200 000 Cash R390 000 R140 000 Toatal Assets R16 000 000 R12 250 000 Equities & Liabilities Equity ? ? Oridanary share capital R5 480 000 R3 680 000 Retained earnings ? ? Non-current Liabilities R4 500 000 R3 800 000 Loan (20% p.a) R4 500 000 R3 800 000 Current Liabilities R2 300 000 R1 500 000 Accounts payable? R2 300 000 R1 500 000 Calculate the increase in the retained earnings over the two-year period.
React Corporation Comparative Statements of Financial Position December 31, 2025 and 2024 2025 2024 Assets Current Assets Cash & Cash Equivalent 106,789 102,375 Trade & Other Receivables 327,611 277,467 Inventory 331,863 297,654 Prepaid Expenses 101,565 114,813 Total Current Assets 870,828 792,309 Noncurrent Assets Property, Plant & Equipment Intangibles 135,754 166,481 Total Noncurrent Assets 7,500 7,500 TOTAL ASSETS 143,254 173,981 1,014,082 966,290 Liabilities and Shareholders’ Equity Current Liabilities Trade & Other Payables Unearned Revenues 238,000 208,703 Notes Payables - current 107,508 82,456 Total Current Liabilities 45,000 45,000…
Provide a Conclusion and Recommendation for the company.

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4 Net income 5 Net loss 6 67 Formula must include = IF Use the IF function to return either cell A54 or A55