$118,800; Income tax expense was $11,400; cost of goods sold was $247,500.Required:a. Calculate operating Income for the period.Net salesCost of goods soldGross profitOperating expenses:Selling, general and administrative expensesResearch and development expensesOperating incomeb. Calculate net Income for the period.Operating incomeInterest expenseIncome before taxesIncome tax expenseNet income00

Income Statement BreakdownWe can use the provided information to calculate the missing values on the…

Answered: $118,800; Income tax expense was…

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Consider the following income statement: Sales Costs Depreciation Taxes Calculate the EBIT. EBIT $748,168 486,752 110,700 Net income 23% Calculate the net income.
Sales. Costs and expenses Cost of goods sold. Operating expenses. Interest expense... Income before income taxes. Income tax expense.. Net income.. Statement of Income For the Year Ended December 31, 2020 $1,140,000 $1,700,000 364,800 37,800 1,542,600 157,400 55,090 $ 102,310 GEORGE INDUSTRIES Statement of Financial Position December 31, 2020 Total assets. Total liabilities.. Total shareholders' equity... 2020 2019 $842,110 $717,800 329,600 279,600 512,510 438,200 Calculate the Net profit margin ratio (use up to 2 decimal places and do not use a % sign)
Below are the Income Statement of ABC Company for two consecutive years. ABC Company Net Sales Cost of Goods Soldxs3 Year 1 P 5,000,000 880,000 Year 2 P 6,500,000 950,000
Sales revenue - Cost of goods sold = Gross profit - General, sales, and administrative expenses - Depreciation = Net operating income - Income tax = Net income 1 2 31.000 31.000 18.600 18.600 12.400 12.400 1.360 1.360 1.700 1.700 9.340 9.340 3.269 3.269 6.071 6.071 9 31.000 18.600 12.400 1.360 1.700 9.340 3.269 6.071 10 31.000 18.600 12.400 1.360 1.700 9.340 3.269 6.071
Oo.76. Subject :- Account
In a common-sized income statement, 100% is the a. net cost of goods sold b. gross profit c. sales d. net income
Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost ofthe goods sold is $4,698,000. a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement always report a operating income? Explain.
how did they get the Income Before Tax? Proforma Income Statement 1/31/21 Total Revenue $ 28,959,000.00 Cost of Goods $ 15,299,000.00 Gross Profit $ 11,535,000.00 Operating Expenses $ 7,609,000.00 Total Operating Expenses $ 7,609,000.00 Operating Income or Loss $ 3,926,000.00 Interest Expense $ 434,000.00 Income Before Tax $ 3,644,000.00 Income Tax Expense $ 963,000.00 Income from Continuing Operations $ 2,681,000.00 Net Income $ 2,681,000.00
Use the following to calculate the general and administrative expenses. Expenses and losses: Cost of goods sold$203, 371 Selling expense57, 431 General and administrative expense Interest expense15, 222 Total expenses and losses$284,000

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