Answered: a) Prepare income statement for…

Business

Accounting

a) Prepare income statement for company.

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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Required information [The following information applies to the questions displayed below] The following information pertains to the inventory of Parvin Company for Year 3: Jan. 1 Beginning inventory Apr, 1 Oct. 1 Purchased Purchased 400 units # $17 2,900 units # $22 1,200 units # $23 During Year 3, Parvin sold 3,825 units of inventory at $43 per unit and incurred $18,30% of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $148,700, inventory of $6,800, common stock of $131,000, and retained earnings of $24,500.
Compute the component percentages for Trixy Magic's Income statement below. (Enter your answers as a percentage rounded to 2 decimal place (i.e. 0.1234 should be entered as 12.34). Enter all answers as positive values.) Net sales Cost of sales Gross margin Expenses Selling, general, and administrative Depreciation Interest-net Total expenses Pre-tax earnings Income tax provision Net earnings TRIXY MAGIC, INC. Consolidated Statements of Earnings (in millions) Fiscal 2018 $ $ 48,236 31,732 16,504 11,093 1,547 294 12,934 3,570 1,328 2,242 % Sales 100.00 % % Fiscal Years Ended on % Sales Fiscal 2017 $ $ 48,284 31,558 16,726 10,534 1,373 201 12,108 4,618 1,719 2,899 100.00 % % Fiscal 2016 % Sales S 46,930 30.741 16,198 ३ 9,746 1,171 156 11,073 5,125 1,910 3.215 100.00 %
7 / 9 Sales Cost of sales Gross profit Operating expenses 66,7% REQUIRED Use the information provided below to prepare the Cash Flow Statement of Nascar Limited for the year ended 31 December 2021. Depreciation Other operating expenses Operating profit Interest on mortgage loan Profit before tax ▼ INFORMATION The following Information was extracted from the records of Nascar Limited for the past two years: STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR ENDED 31 DECEMBER: Company tax Profit after tax 16 2021 (R) 18 560 000 (12 800 000) 5 760 000 (2 912 000) 300 000 2 612 000 2 848 000 (240 000) 2 608 000 (782 400) 1 825 600 DELL 2020 (R) 12 000 000 (7 500 000) 4 500 000 (2 120 000) 260 000 1 860 000 2 380 000 (720 000) 1 660 000 (498 000) 1 162 000 Addre
TB MC Qu. 16-106 (Algo) Jester Corporation's most recent income statement... Jester Corporation's most recent income statement appears below: Income Statement Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 230,000 105,000 125,000 37,000 88,000 19,000 69,000 20,700 $ 48,300 The beginning balance of total assets was $230,000 and the ending balance was $223,000. The return on total assets is closest Multiple Choice 30.5% O 27.2% O 38.9% 21.3%
Times interest earned
This year Last year 1050 Assets Cash 1530 Marketable securities Accounts receivable Inventories Total current assets 1810 1220 2050 1770 2900 2790 8290 6830 Gross fixed assets 29480 28090 Less: Accumulated depreciation 14680 13140 Net fixed assets 14800 14950 Total assets Liabilities and Stockholders' Equity 23090 21780 Accounts payable Notes payable Accruals 1560 1540 2760 2160 190 350 Total current liabilities 4510 4050 Long-term debt Common stock Retained earnings Total stockholders' equity 5220 4970 9950 9950 3410 2810 13360 12760 Total liabilities and stockholders' equity 23090 21780
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The following information is available for Blue Corp. for the year ended December 31, 2022: Other revenues and gains Other expenses and losses Cost of goods sold $11,100 14,000 164,000 Sales revenue Operating expenses Sales returns and allowances Prepare a multiple-step income statement for Blue Corp. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg (45).) BLUECORP. Income Statement $616,000 197,000 40,000 $
The Tarboro Corporation data for the current year and prior year is as follows: Current year $75,600 $59,400 $51,200 Account Current assets A/R Mdse. Inventory Current liabilities $76,500 $31,000 $47,460 $31,240 $607,700 $469,700 $138,000 $49,080 $88,920 $20,520 $68,400 Long-term liabilities. Common stock (5,000 shares) Retained earnings Net sales revenue COGS Gross Profit Selling/General expenses Net income before taxes Income tax expense Net Income What would a horizontal analysis report with respect to long-term liabilities? OA. Long-term liabilities increased by $28,500. B. Long-term liabilities decreased by $16,500. OC. Long-term liabilities decreased by 27.5%. D. Long-term liabilities increased by 91.94%. Prior year $60,000 $44,000 $40,000 $60,000 $2,500 $42,000 $17,000 $515,000 $385,000 $130,000 $52,000 $78,000 $18,000 $60,000
Cochran corporation, Inc. has the following income statement: Cochran corporation, Inc. Income statement For the year ended December 31, 2021 net sales $240 Cost of goods sold $150 gross profit $90 Operating expenses $65 Net income $25 Using vertical analysis, what percentage is assigned to operating expenses? a. 27,1% b. 43.3% c. 72.2% d. 260.0%
The following information is provided by Domino Pty Ltd (tax rate 30%). Date Transaction Amount ($) 01.07.19 Credit franking account balance 1,000 28.07.19 PAYG instalment paid for June quarter 2018/19 8,000 31.08.19 Paid annual GST for 2018/19 11,000 30.09.19 Paid final dividend from 2018/19 – 60% franked 42,000 25.10.19 PAYG instalment paid for Sep quarter 2019/20 4,000 28.10.19 Paid income tax from 2018/19 income tax return 7,500 15.12.19 Received 70% franked dividend 16,000 15.02.20 Paid interim dividend – fully franked 42,000 28.02.20 PAYG instalment paid for Dec quarter 2019/20 4,000 28.05.20 PAYG instalment varied to $0 from Mar quarter 0 30.06.20 Final dividend declared for 2019/20 9,000 The company bench mark percentage is 60% Taxable income of the company for the 2019/20 tax year was $50,000 Required Prepare the franking account of Domino Pty Ltd for the 2019/20 franking…
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