Calculate the net income after corporate income tax is paid for Quarter 2 from the following income statement. Use a corporate income tax rate of 21%. Net Sales COGS Gross Profit Q1 (x1000) 110 (18) 92 Overhead (30) Pre-tax Income 62 Q2(x1000) 170 (32) 138 (50) 88 Net Income = $ [?] Multiply your result by 1000 before entering. For example: 1.23 (x1000) = $1,230. Enter

Calculate the net income after corporate income tax is paid for Quarter 2 from the following income statement. Use a corporate income tax rate of 21%. Net Sales COGS Gross Profit Q1 (x1000) 110 (18) 92 Overhead (30) Pre-tax Income 62 Q2(x1000) 170 (32) 138 (50) 88 Net Income = $ [?] Multiply your result by 1000 before entering. For example: 1.23 (x1000) = $1,230. Enter

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Use the following data from Burt Co., taken from the ledger after adjustment on December 31 the end of the fiscal year. Accounts Payable $97,200 Accounts Receivable 64,300 Accumulated Depreciation-Office Equipment 72,750 Accumulated Depreciation-Store Equipment 162,100 Administrative Expenses 56,500 Cash 53,000 Cost of Merchandise Sold 121,700 Interest Expense 12,000 Maeve Burt, Capital 81,750 Maeve Burt, Drawing 52,000 Merchandise Inventory 93,250 Note Payable (due in two years) 154,000 Office Equipment 149,750 Prepaid Insurance 6,500 Rent Revenue 17,500 Salaries Payable 28,700 Sales 365,500 Selling Expenses 41,500 Store Equipment 325,000 Supplies 4,000
The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
For which of the following sources of income would the entire amount be required to be included in a business’ gross income and taxed in the current year? a. Prepaid rent received by a cash-method company b. Life insurance proceedsc. State and local bond interest d. None of the above
Use the following information for Ingersoll, Inc. Assume the tax rate is 21 percent. 2019 $18,798 2,494 6,741 1,183 Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends 2018 $17,049 2,386 5,740 1,350 Cash flow from assets Cash flow to creditors Cash flow to stockholders 1,115 1,330 8,681 9,277 11,498 13,512 1,684 1,651 29,090 35,254 72,792 77,640 6,275 6,670 20,441 21,872 2,029 2,324 For 2019, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders. (A negative answer should be indicated by a minus sign. Do not round intermediate calculations and round your answers to 2 decimal places, e.g., 32.16.)
Below is a trial balance as of 12-31-2019 for Richmond Field Inc. Cash Accounts receivable Inventory Property, plant, and equipment Accumulated depreciation Accounts payable and accrued liabilities Income taxes payable Bonds payable Deferred income tax liability Common stock Additional paid-in capital Retained earnings, 1/1/18 Sales Sales returns and allowances Rental income Dividend income Cost of goods sold Salary expenses All other employee expenses Advertising expense Insurance expense Last name begins with Travel expenses All other expenses Loss on discontinued division Income tax rate is 20% and tax has not been included in trial balance. Dr. Problem 2 Prepare a balance sheet as of 12/31/19 for Richmond Field Inc A-F Trial Balance Cr. 1,775,000 2,695,000 2,085,000 8,566,000 Problem 1 Prepare a multiple step income statement for 2019 for Richmond Field. The tax rate is 20% 40,000 8,500,000 2,600,000 500,000 50,000 50,000 150,000 125,000 300,000 27,436,000 1,000,000 1,211,000…
Which of the following expenses is usually listed last on the income statement? a. Advertising expense b. Income tax expense c. Salaries and benefits expense d. Cost of sales
COD Corporation's accounting records include the following items, listed in no particular order, at December 31, 2025: View the data. The income tax rate for COD Corporation is 21%. Prepare COD Corporation's income statement for the year ended December 31, 2025. Omit earnings per share. Use the multi-step format. Prepare the income statement through the income before taxes, then complete the income statement through the net income. (Use parentheses or a minus sign to enter amounts for Other Expenses.) COD Corporation Income Statement Year Ended December 31, 2025 Data Income Before Income Taxes - Other Income and (Expenses) $ Net Sales Revenue Gain on Discontinued Operations (12,000) 167,800 2,400 Cost of Goods Sold 80,000 Operating Expenses 55,000 Print Done ☑
How are open encumbrances at year-end reported in the financial statements?
PTD adopts the calendar year as reporting period and publishes interim financial report for the quarter-ended June 30, 2021. Which among the following reports bears correct date/period?I. Statement of Financial Position as of June 30, 2021 and as at December 31, 2020II. Statement of Financial Position as of June 20, 2021 and as at June 30, 2020III. Statement of Comprehensive Income for quarter-ended June 30, 2021, and six months ended June 30, 2021 plus Statement of Comprehensive Income for the period-ended December 31, 2020 and six-months ended June 30, 2020IV. Statement of Changes in Equity for six months ended June 30, 2021 and period-ended December 31, 2020V. Statement of Cash Flows for the six months ended June 30, 2021 and six months ended June 30, 2020.
Refer to the 3.00% senior notes due May 2027. Calculate the interest expense on this note for fiscal year 2022.
Janice Wong has extracted the following information from her income statement and balance sheet for 2021 and 2020: 2021 2020 Profit After Tax $687,511 $665,763 Cash at Bank $109,805 $102,213 Mortgage payable this year $21,488 $31,995 Inventory $39,432 $42,929 Accounts payable $128,057 $121,309 Accounts receivable (trade debtors) $444,563 $393,798 Mortgage payable in 5 years time $516,150 $633,164 Owner's Equity $1,479,443 $1,096,378 Based on the information provided, calculate the Return on Equity for 2021.
Income from Continuing Operations

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