Blossom Corporation reports the following information: sales $2,480,000; cost of goods sold $496,000; administrative expenses $148,800; selling expenses $99,200; dividend income $14,880; other expenses $12,400; and income tax expense $18,600. Assuming Penny uses a multiple-step statement of income, calculate the following: Gross Profit Income from Operations Income before Income Tax Net Income $ $ $ 1984000

Blossom Corporation reports the following information: sales $2,480,000; cost of goods sold $496,000; administrative expenses $148,800; selling expenses $99,200; dividend income $14,880; other expenses $12,400; and income tax expense $18,600. Assuming Penny uses a multiple-step statement of income, calculate the following: Gross Profit Income from Operations Income before Income Tax Net Income $ $ $ 1984000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Concord, Inc. has the following Income Statement (in millions): CONCORD, INC. Income Statement For the Year Ended December 31, 2026 Net Sales $145 Cost of Goods Sold 87 Gross Profit Operating Expenses Net Income 58 O 66.7% 40.0% 100.0% 60.0% 39 $19 Using vertical analysis, what percentage is assigned to gross profit?
Here are simplified financial statements for Watervan Corporation: INCOME STATEMENT (Figures in $ millions) Net sales $ 887.00 Cost of goods sold 747.00 Depreciation 37.00 Earnings before interest and taxes (EBIT) $ 103.00 Interest expense 18.00 Income before tax $ 85.00 Taxes 17.85 Net income $ 67.15 BALANCE SHEET (Figures in $ millions) End of Year Start of Year Assets Current assets $ 375 $ 324 Long-term assets 270 228 Total assets $ 645 $ 552 Liabilities and shareholders’ equity Current liabilities $ 200 $ 163 Long-term debt 114 127 Shareholders’ equity 331 262 Total liabilities and shareholders’ equity $ 645 $ 552 The company’s cost of capital is 8.5%. Required: What is the company’s return on capital? (Use start-of-year rather than average capital.) Note: Do not round intermediate calculations. Enter your answer as a percent rounded to 2 decimal places. P.S- Answer is not 26.48%
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income
Footfall Manufacturing Ltd. reports the following financial information at the end of the current year Net Sales $100,000 Debtor's turnover ratio (based on net sales) 2 Inventory turnover ratio 1.25 Fixed assets turnover ratio 0.8 Debt to assets ratio 0.6 Net profit margin Gross profit margin 5% 25% Return on investment 2% Use the given information to fill out the templates for income statement and balance sheet given below. Income Statement of FdfalOfanufacturing Ltd. for the year ending December 31, 20XX (in S) Sales 100,000 Cost of goods sold Gross profit Other expenses Earnings before tax Таx @ 50% Earnings after tax
Below is financial information ($ values are in millions) in a model. Net income during the year for this company would be: Revenues SG&A Expenses Interest Expense Select one: OA. $4.5 million OB. $3.6 million O C. $16.6 million OD. $0.9 million $67.30 $4.70 $8.10 Cost of Goods Sold Depreciation Tax Rate $43.20 $6.80 20%
Calculation
Below are Income Statement data for Baker Corporation: Operating expenses $124,000, Other expenses $12,000, Income taxes $29,000, Cost of goods sold $101,000, and the Net revenue $333,000. What is the company's return on sales? A. 69.67% B. 16.92% C. 32.43% D. 20.12%
The following information is available for Skysong Corp. for the year ended December 31, 2025. Other revenues and gains $21,600 Other expenses and losses 3,000 Cost of goods sold 281,000 Sales discounts 3,200 Sales revenue 746,000 Operating expenses 210,000 Sales returns and allowances 8,800 Prepare a multiple-step income statement for Skysong Corp. The company has a tax rate of 25%.
Consider the following income statement for the Heir Jordan Corporation: HEIR JORDAN CORPORATIONIncome Statement Sales $ 47,600 Costs 35,600 Taxable income $ 12,000 Taxes (25%) 3,000 Net income $ 9,000 Dividends $ 3,000 Addition to retained earnings 6,000 The balance sheet for the Heir Jordan Corporation follows. Based on this information and the income statement, supply the missing information using the percentage of sales approach. Assume that accounts payable vary with sales, whereas notes payable do not. (Leave no cells blank - be certain to enter "0" whenever the item is not a constant percentage of sales. Enter each answer as a percent rounded 2 decimal places, e.g., 32.16.) HEIR JORDAN CORPORATION Balance Sheet Percentage of Sales Percentage of Sales Assets…
XYZ Company reported the following information for the year: Net Sales $1,000,000, Cost of goods sold $500,000, Selling expenses $200,000, General and administrative expenses $100,000, and Interest expense $50,000. Calculate the company's Earnings Before Interest and Taxes (EBIT) and Net Income.
Crane Ltd. reported the following for the fiscal year 2021: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of land Profit before income tax Income tax expense Profit Additional information: 1. 2. CRANE LTD. Income Statement Year Ended September 30, 2021 3. 4. 5. 6. $ 109,000 34,000 (44,000) $583,000 338,000 245,000 99,000 146,000 36,500 $109,500 Accounts receivable decreased by $16,300 during the year. Inventory increased by $7,800 during the year. Prepaid expenses decreased by $5,800 during the year. Accounts payable to suppliers increased by $11,300 during the year. Accrued expenses payable increased by $5,300 during the year. Income tax payable decreased by $7,100 during the year.
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%.