Consider the information given in the table below. Calculate the net income. Item Amount Item Amount Revenue from Wages expense $180,000 $650,000 services Inventory (beginning) $25,000 Dividend income $8,000 Sales discounts $5,000 Cost of goods sold $290,000 Insurance Marketing $7,500 $45,000 expense expense Income tax Depreciation $32,500 $18,000 expense expense Inventory Finance charges $3,000 $20,000 (ending)
Q: financial accounting
A: Step 1: Definition of Gain in Futures TradingGain or loss in futures trading refers to the profit or…
Q: Income taxes payable is
A: Explanation of Income Taxes Payable:Income taxes payable represent the amount of taxes a company…
Q: Could you please explain how the answer of £50000 and £0.10 were obtained and why
A: 2. Dividend per ordinary shareRetained profits available: £62,000.Total ordinary shares after the…
Q: Get accurate answer of this financial accounting question
A: Step 1: Define Straight-Line DepreciationStraight-line depreciation is a method of allocating the…
Q: answer plz
A: Step 1: Definition of Maturity ValueIncluded on the balance sheet is current and long-term…
Q: provide correct answer subject account
A: Step 1: Definition of Activity-Based Overhead Rate (ABOR)The Activity-Based Overhead Rate (ABOR) is…
Q: Accounting question
A: Question 1Bright Orange, Inc. applies overhead using direct labor hours. The overhead rate is…
Q: Zephyr Electronics sells high-end
A: Concept of Contribution MarginThe contribution margin represents the amount remaining from sales…
Q: Taylor Manufacturing uses a predetermined factory
A: Step 1: Introduction to factory overheadFactory overheads are defined as indirect costs that are not…
Q: Accounts receivable:42, net sales:280
A: Explanation of Accounts Receivable: Accounts receivable represents the total amount of money owed to…
Q: Calculate the gross profit
A: Explanation of Gross Profit:Gross profit is the financial metric that represents the profit a…
Q: Provide correct answer general accounting question
A: Step 1: Define Variable Maintenance CostVariable maintenance costs are expenses that change in…
Q: sales must have amounted to ?
A: To solve this, we use the Contribution Margin Approach: Given:Break-even sales = $950,000Variable…
Q: what is the total cost of the job when it is completed in October?
A: Step 1: Definition of Job CostingJob costing is a cost accounting method used to determine the total…
Q: Need help with this question solution general accounting
A: Calculation of Direct Material Price VarianceDirect Material Price Variance = (Standard Cost of…
Q: I don't need ai answer general accounting question
A: Step 1:Gross profit is difference between net sales and cost of goods sold. Net sales is calculated…
Q: Keller Manufacturing has $80,000 in assets. They also have $40,000 in liabilities, $10,000 in…
A: To determine the revenue required for Keller Manufacturing's accounts to be in balance, we will use…
Q: What is the company's gross profit
A: Concept of Gross ProfitGross profit is the amount a company earns after deducting the direct costs…
Q: A B CORRECT ANSWER PLEAS
A: Step 1: Calculation of Gross ProfitGross profit is the difference between the revenue and the cost…
Q: What is the return on common stockholders equity?
A: The Return on Common Stockholders' Equity (ROE), use the formula ROE=Average Common Stockholders'…
Q: Ans
A: Concept of Predetermined Overhead RateThe predetermined overhead rate is a calculated rate used to…
Q: Please need answer the financial accounting question
A: Step 1: a) As the materials costs are the responsibility of the purchasing manager, the Materials…
Q: What role does completeness verification serve in accounting cycles? (a) Ensures all transactions…
A: Explanation of Completeness Verification: Completeness verification ensures all economic events…
Q: General accounting question
A: Step 1: Define Break-even PointThe break-even point is the sales level at which total revenue equals…
Q: Provide Correct Answer of this Question General Accounting Solution
A: Step 1: Introduction to the Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the total…
Q: Do fast answer of this accounting questions
A: Step 1: Definition of Net IncomeNet income represents the company's earnings after accounting for…
Q: 6 marks
A: Ans:
Q: I need solution
A: The total revenue may be determined by adding the revenues from local, regional, and national…
Q: Step by step answer
A: Approach to solving the question: substitution method Detailed explanation: Examples: Key…
Q: Correct options is
A: The Equity Multiplier is calculated using the formula:Equity Multiplier = 1 / (1 - Debt Ratio)Given…
Q: Subject: financial accounting
A: Straight-line depreciation is a method where the asset loses the same amount of value each year over…
Q: Solve this financial accounting problem
A: Step 1: Define Projected Net IncomeProjected Net Income is the expected profit after all expenses,…
Q: None
A: To determine the market value per share, we use the Price-Earnings (P/E) Ratio formula:Market Value…
Q: i need correct option
A: Step 1: Definition of Standard Gross ProfitStandard Gross Profit represents the expected gross…
Q: What was the markup percentage? Accounting
A: Step 1: Definition of Markup PercentageMarkup Percentage is the percentage increase from the cost…
Q: General accounting question
A: Step 1: Definition of Gross Profit RateThe gross profit rate is the percentage of revenue that…
Q: Help
A: Provided Data:Cost of Goods Sold (COGS): $12,500Beginning Inventory: $22,000Ending Inventory:…
Q: I need correct option this question general accounting
A: Step 1: Definitions Predetermined overhead rate: A rate set in advance to allocate manufacturing…
Q: Accurate Answer
A: Explanation of Total Manufacturing Cost:Total manufacturing cost is the sum of all expenses incurred…
Q: budgeted indirect cost allocation rat fore this activity?
A: Step 1: Definition of Cost AllocationMost production companies today have different service…
Q: final answer.
A: Step 1: Calculate Times Interest Earned (TIE) RatioThe TIE ratio is calculated using the formula:TIE…
Q: Subject : Accounting
A: Debt-to-Equity Ratio= Total Debt / Total Equity = 780 / 920…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of Gross Profit Percentage and Return on Sales RatioGross Profit Percentage…
Q: Direct labor hours required
A: Explanation of Direct Labor Hours:Direct labor hours represent the total time required by workers to…
Q: what is the total net gain or loss on this transaction?
A: Given Data:Contract Size: $1,000,000Buy Price (Long Position Entry): 96.22Sell Price (Exit…
Q: I want to correct answer general accounting question
A: Calculation of Net SalesNet Sales = Sales - Sales returns and allowances - Sales discounts…
Q: Provide solution this financial accounting question
A: Explanation: We are provided with the following data:Retention ratio = 40% or 0.40Sustainable growth…
Q: final answer is accounting
A: Step 1: Definition of Warranty LiabilityWarranty liability represents the estimated cost a company…
Q: General accounting questions please help me
A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) is a financial ratio that…
Q: correct answer please
A: The Debt to Equity Ratio is calculated using the formula:Debt to Equity Ratio = Total Debt / Total…
i need this question answer General accounting


Step by step
Solved in 2 steps

- Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?Give answer with explanationUse the following information for Taco Swell, Incorporated, (assume the tax rate is 24 percent): 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 2020 $ 18,549 2,416 5,890 Cash flow from assets Cash flow to creditors Cash flow to stockholders 1,371 1,130 GA 8,696 11,528 1,714 29,180 72,861 6,293 20,492 2,179 For 2021, 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.) Answer is complete but not entirely correct. $ $ $ 2021 $ 18,888 2,524 6,771 1,198 1,345 9,367 13,602 1,681 35,329 77,730 6,760 21,902 2,354 -1,538.80 -4,804.00 7,250.00
- Use the following information for Taco Swell, Incorporated, (assume the tax rate is 24 percent): 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 2020 $18,549 Cash flow from assets Cash flow to creditors Cash flow to stockholders 2,416 5,890 1,371 1,130 8,696 11,528 1,714 29,180 72,861 6,293 20,492 2,179 2021 $18,888 2,524 6,771 1,198 1,345 9,367 13,602 1,681 35,329 77,730 6,760 21,902 2,354 For 2021, 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.)Please give me answer general accounting questionThe Weymire Corporation provides you with the following information for the year ended 12/3120: Sales revenue 450,000 |Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense 72,750 28,500 Other expense 38,250 Interest expense 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238.500 91.500 Net Income 12/31/19 12/31/20 Cash 24,000 54,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 Accumulated Depreciation (9.000) (10,500) Total 342.000 363.000 Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 45,000 6,000 Notes Payable, long term Accrued Pension Liability 3,000 Deferred Tax Liability Common Stock, no par 21,000 27,000 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363,000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment.…
- Squat XFit Inc. reported the following ($ in millions). Financial results Revenue 2020 122.1 EBITDA 60.9 Interest income 7.0 Tax rate 25.0% Interest rate on debt 5.0% Balances as of Net PP&E Intangible assets Debt 12/31/2019 12/31/2020 198.8 240.0 40.0 45.0 155.0 155.0 Purchases Assume purchases made at year end and thus did not generate D&A in 2020 2020 Capital expenditures 75 Purchases of intangible assets 20 Calculate net income for the year ending 12/31/2020 $8.5million O $9.1 million O $11.4 million ○ $14.3 millionUse the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Het sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts receivable Inventory Total Net fixed assets Total assets 2021 What is the equity multiplier for 20227 $11,100 8,050 430 $ 2,620 104 $2,516 881 $ 1,635 Windswept, 2921 and 2022 Balance Sheets. (in millions) 2022 $300 1,150 1,050 2,060 1,775 $ 3,510 $3,155 3,520 4,120 $7,030 $7,275 $ 330 porated Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2021 $1,870 1,090 3,400 670 2022 $1,932 1,373 3,050 920 $7,030 $7,275.Consider the following financial information and answer the questionsthat follow:Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000 Calculate change in NWC
- Consider the following financial information and answer the questionsthat follow:Sales : $250,000Costs : $134,000Depreciation : $10,200Operating expenses : $6,000Interest expenses : $20,700Taxes : $18,420Dividends : $10,600Addition to Retained Earnings : $50,080Long term debt repaid : $9,300New Equity issued : $8,470New fixed assets acquired : $15,000You are required to:i) Calculate the operating cash flow ii) Calculate the cash flow to creditors iii) Calculate the cash flow to shareholders iv) Calculate the cash flow from assets v) Calculate net capital spending vi) Calculate change in NWC PLEASE SHOW WORKINGYou are given the following information for Smashville, Incorporated. Cost of goods sold: Investment income: Net sales: Operating expense: Interest expense: Dividends: Tax rate: Current liabilities: Cash: $ 184,000 $ 1,600 $ 387,000 $ 88,000 $ 7,400 $ 6,000 21% $ 12,000 $ 21,000 Long-term debt: $ 32,000 $ 40,000 Other assets: Fixed assets: Other liabilities: Investments: Operating assets: $ 125,000 $ 5,000 $ 36,000 $ 64,000 During the year, Smashville, Incorporated, had 17,000 shares of stock outstanding and depreciation expense of $19,000. At the end of the year, Smashville stock sold for $42 per share. Calculate the price-book ratio, price-earnings ratio, and price-cash flow ratio. Note: Do not round intermediate calculations. Round your answers to 2 decimal places. Answer is not complete. Price-book ratio Price-earnings ratio Price-cash flow ratio 15.19Use the below information to answer the following question. Sales Cost of goods sold Depreciation Income Statement For the Year Taxable income Taxes Earnings before interest $4,500 and taxes Interest paid Net income Dividends $900 Balance Sheet End-of-Year Cash Accounts receivable Inventory Total current assets Net fixed assets Total assets Accounts payable Long-term debt Common stock ($1 par value) Retained earnings O O O O Total Liab. & Equity 33 percent 40 percent 50 percent $28,400 60 percent 21,200 2,700 67 percent 850 $3,650 1,400 $2,250 $550 2,450 4,700 $7,700 What was the retention ratio? 16,900 $24,600 $ 2,700 9,800 8,000 4,100 $24,600

