Bigco Corporation is one of the nation's leading distributors of food and related products to restaurants, universities, hotels, and othercustomers. A simplified version of its recent income statement contained the following items (in millions).Cost of salesesInterest expenseIncome taxesNet earningsSalesEarnings before income taxesSelling, general, and administration expenseOther revenuesTotal expenses (excluding income taxes)Total revenues$ 11,601249391,37816,3301,6273,49343015,13316,760Prepare an income statement for the year ended June 30, current year. (Hint: First order the items as they would appear on the incomestatement and then confirm the values of the subtotals and totals.)Note: Enter your answers in millions rather than in dollars (for example, 5,000 million should be entered as 5,000 rather than5,000,000).Revenues:Total revenuesExpenses:BIGCO CORPORATIONIncome Statement(in millions)$0

Step 1: Income statement is prepared at the end of accounting year to know the profitability of…

Answered: Bigco Corporation is one of the…

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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es Bigco Corporation is one of the nation's leading distributors of food and related products to restaurants, universities, hotels, and other customers. A simplified version of its recent income statement contained the following items (in millions). Cost of sales Income taxes Interest expense Net earnings Sales Earnings before income taxes Selling, general, and administration expense Other revenues Total expenses (excluding income taxes) Total revenues $ 11,631 319 34 1,193 16,240 1,512 3,493 430 15,158 16,670 Prepare an income statement for the year ended June 30, current year. (Hint: First order the items as they would appear on the income statement and then confirm the values of the subtotals and totals.) Note: Enter your answers in millions rather than in dollars (for example, 5,000 million should be entered as 5,000 rather than 5,000,000).
Selected information from the annual financial statements of Delicata Industries is shown below. ($ in thousands) Revenue Operating income Net other income(expense) Net income 240,000 5,600 196,480 Average operating assets 4,200,000 Average operating liabilities 1,800,000 Current Financials $1,500,000 Delicata has an income tax rate of 20%. a. What is Delicata's net operating profit after taxes (NOPAT) for the year? $0 b. Calculate Delicata's net operating profit margin (NOPM) for the year. Result Numerator + Denominator = 0 + $ 0 = NOPM $ c. Calculate Delicata's return on net operating assets (RNOA) for the year. Numerator + Denominator = Result 0 + $ 0 = RNOA $ 96
C. Paxton Company provided the following income statement for last year: P 87,021,000 (62,138,249) P 24,882,751 (19,371,601) P 5,511,150 (875,400) P 4,635,750 (1,854,300) P 2.781.450 Sales Cost of Goods Sold Gross Margin Operating Expenses Operating Income Interest Expense Income Before Taxes Income Taxes Net Income Required: Calculate the times interest earned ratio. (Round your answer to one decimal place.
Consider the following income statement data from the Ross Company: Current Year Prior Year $962,500 $720,000 582,960 440,820 182,175 156,420 104,100 79,000 13,533 8,532 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Prepare a comparative income statement, showing increases and decreases in dollars and in percentages. (Round percentages to one decimal.) Ross Company Comparative Income Statements Sales revenue Cost of goods sold Gross profit on sales Operating expenses Selling expenses Administrative expenses Total Income before income taxes Income tax expense Net income $ $ LA Current Year Prior Year (Decrease) $ $ Increase Percent Change $ LA
Calculate the missing items in the income statement. Dollar amounts indicated are in thousands. The "Income Tax" field also includes interest expense and other income and losses. *ATTACHED IS THE CHART WITH THE INFORMATION*
For this question, calculate all values to 2 decimal places of £M (e.g. £123.45M) unless otherwise specified, and all ratios to 2 decimal places of percentage (e.g. 9.87%). You are given the following income statements and balance sheets for Freddie M Corporation for fiscal years 2045 and 2046 (all figures are in £ million), Income Statement Balance Sheet Sales Cost of goods sold Gross margin Wage & salaries expense Depreciation expense Earnings before interest and tax Interest expenses Taxes Net income Dividends Change in shareholder's equity Assets: Cash & equivalents Receivables Inventories Current Assets Property, plant & equipment Accumulated depreciation Net property, plant & equip Total Assets 2045 400.00 -200.00 200.00 -50.00 -25.00 125.00 -25.00 -60.00 40.00 -16.00 24.00 2045 2046 480.00 -240.00 240.00 -60.00 -25.00 155.00 -20.00 -70.00 65.00 -26.00 39.00 2046 Liabilities: 30.00 36.00 Payables 60.00 Short-term debt 50.00 50.00 60.00 Long-term debt 130.00 156.00 Total…
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In the following problem I am asked to compute Net Income. I am having a difficult time . Net Income is computed after Income Tax Expense. I am not sure of which amount the 20% tax rate is supposed to be taken from Presented below are selected ledger accounts of Waterway Corporation as of December 31, 2020. Cash $58,000Administrative expenses 116,000Selling expenses 92,800Net sales 626,400Cost of goods sold 243,600Cash dividends declared (2020) 23,200Cash dividends paid (2020) 17,400Discontinued operations (loss before income taxes) 46,400Depreciation expense, not recorded in 2019 34,800Retained earnings, December 31, 2019 104,400Effective tax rate 20% Compute Net Income for 2020
[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets 2020 2021 $548,688 $ 420,340 330,310 263,974 218,378 156,366 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income December 31 2021 $ 62,574 % 0 % $ 41,881 $ 55,985 1,200 3,920 114,438 103,962 61,920 $177,012 $ 147,043 $ 121,825 $ 25,844 65,000 8,125…
Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill’s data are expressed in dollars. The electronics industry averages are expressed in percentages. TannenhillCompany ElectronicsIndustryAverage Sales $2,740,000 100 % Cost of goods sold 1,753,600 69 Gross profit $986,400 31 % Selling expenses $602,800 18 % Administrative expenses 219,200 7 Total operating expenses $822,000 25 % Operating income $164,400 6 % Other revenue 54,800 2 $219,200 8 % Other expense 27,400 1 Income before income tax $191,800 7 % Income tax expense 82,200 5 Net income $109,600 2 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive…
The following information is available for Tamarisk Corp. for the year ended December 31, 2022. Other revenues and gains $23,800 Other expenses and losses 4,000 Cost of goods sold 292,000 Sales discounts 4,600 Sales revenue 760,000 Operating expenses 221,000 Sales returns and allowances 10,800 Prepare a multiple-step income statement for Tamarisk Corp. The company has a tax rate of 25%.

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