AnnotatiOPodracer Productions provides the following incomestatement for the year ended December 31, 2015:Sales$1,530,600Cost of goods sold.Gross margin895,400$ 635,200General expenses255,400Depreciation expenseSalaries expense23,500114,300$ 242,000Operating incomeInterest revenue17,250(12,500)Interest expenseLoss on sale of equipment(9,500)Income before income taxes$ 237,250Income tax expense85,500Net income151,750In addition, Podracer provides the following balancesheet information:Dec. 31, 2015Dec. 31, 2014$225,4002,250Accounts receivable.$250,400Interest receivable2,10074,30017,60039,500InventoryPrepaid general expenses.Accounts payable..Accrued general expenses.Interest payable.Income taxes payableSalaries payable.59,55014,00046,30021,75019,5001,1009,75090011,5009,8505,400 ll Lycamohi"In addition, Podracer provides the following balancesheet information:Dec. 31, 2015Dec. 31, 2014$225,4002,250Accounts receivable.$250400Interest receivable2,100InventoryPrepaid general expenses.Accounts payable..Accrued general expenses74,30017,60039,50059,55014,00046,30019,50021,750Interest payable.Income taxes payableSalaries payable9001,10011,5009,7509,8505,400Instructions:Using the simultaneous analysis matrix illustrated inthe text, prepare the Operating Activities section of thestatement of cash flows using1. the direct method and2. the indirect method.

The cash flow statement is prepared to record the cash flow from various activities during the…

Answered: dracer Productions provides 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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If a company has sales revenue of $631000, net sales of $500000, and cost of goods sold of $385000, the gross profit rate is 77%. 61%. 39%. 23%.
The following information is available for Sandy Company: Gross Profit ......................... $283,500 Sales returns ...........................70,000 Net Sales ............................. 700,000 Net income ............................ 105,000 Sandy's Cost of Goods Sold is: $ 990,500 $ 416,500 $ 245,000 $ 409,500
The gross profit margin excludes all costs except the cost of goods sold. If Miller Company recorded Net Sales of $17,260 for the month of March 2021, and cost of goods sold of $11,042, what is the company’s gross profit margin for the month of March. 37.4% 36% 39.2% 38.6%
a company has net sales of 814100 and cost of goods sold of 588100 its net income is 32410 the company’s gross margin and operating expenses respectively
Selected nominal account balances of Seneca Products Corporation as of December 31, 2010 were as follows: Direct Labor……………………………………………..$362,000 Direct Materials Purchases……………………………… 479,000 Manufacturing (factory) Overhead……………………… 145,000 Inventory Balances were as follows: January 1 December 31 Work In Process $12,100 $11,900 Direct Materials 27,800 26,200 prepare in proper form the SCHEDULE OF COST OF GOODS MANUFACTURED for the year ending December 31, 20CY
The income statement of Metallic Item Inc., is as follows: Metallic Item Income Statement For the Month Ended April 30, 2014 Revenue Service Revenue............................................................................ $9,500 Expenses Salaries and Wages Expense......................................................... $4,200 Depreciation Expense..................................................................... 350 Utilities Expense............................................................................. 400 Rent Expense................................................................................. 600 Supplies Expense........................................................................... 1,050 Total Expenses........................................................................…
The income statement for Rhino Company for the current year ended June 30 is as follows: 1 Sales $450,000.00 2 Cost of merchandise sold 151,700.00 3 Gross profit $298,300.00 4 Operating expenses: 5 Depreciation expense $37,780.00 6 Other operating expenses 115,450.00 7 Total operating expenses 153,230.00 8 Income before income tax $145,070.00 9 Income tax expense 39,310.00 10 Net income $105,760.00 The balances of selected accounts at the beginning and the end of the current year are as follows: End Beginning of Year of Year Accounts receivable (net) $36,230 $31,850 Inventories 93,760 81,240 Prepaid expenses 14,670 15,660 Accounts payable (merchandise creditors) 67,950 63,470 Accrued expenses payable (operating expenses) 19,130 20,560 Income tax payable 4,390 4,390 Prepare the Cash Flows from Operating…
Calculate the gross and net profits (in $) and the two profit margins (as %s) for the given company. (Round profit margins to the nearest tenth of a percent.) Company Net Sales Cost ofGoods Sold GrossProfit OperatingExpenses Net Profit Gross ProfitMargin (%) Net ProfitMargin (%) an optometry store $327,735 $201,655 $ $83,921 $ % %
am. 05.
Crane Manufacturing Ltd's sales for the year ended December 31, 2022 are $1.24 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Variable Fixed $416,000 $234.000 34,320 46,800 72,800 Administrative expenses 36,320 Prepare a detailed CVP income statement for the year ended December 31, 2022. Crane Manufacturing Ltd. CVP Income Statement
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