Provide correct answer general accounting question Evening Story Corporation has:SalesIncome tax$4,936,730$367,221Selling, general and administrative expenses $215,232DepreciationCost of goods soldInterest expenseCalculate the amount of the firm's gross profit.$307,244$2,556,500$145,302

Step 1: Formula Gross profit = Sales - Cost of goods sold Step 2: Substitution Gross profit = Sales…

Answered: Evening Story Corporation has: Sales…

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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Evening Story Corporation has sales of $4,944,222; income tax of $571,164; selling, general, and administrative expenses of $282,528; depreciation of $306,623; cost of goods sold of $2,520,358; and interest expense of $188280. Calculate the amount of the firm's gross profit.
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Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000 $610,000 Cost of goods sold 434,620 347,700 Selling expenses 105,150 103,700 Administrative expenses 119,170 122,000 Income tax expense 21,030 12,200 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent $fill in the blank 6de34503cfdf061_2 fill in the blank 6de34503cfdf061_3% $fill in the blank 6de34503cfdf061_4 fill in the blank 6de34503cfdf061_5% fill in the blank 6de34503cfdf061_7 fill in the blank 6de34503cfdf061_8% fill in the blank 6de34503cfdf061_9 fill in the blank 6de34503cfdf061_10% Gross profit $fill in the blank…
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
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The following are the income statements for Ace and Diamond Companies. Diamond $ 76,000 49,000 45,600 21,000 30,400 9,500 12,500 $ 11,500 $ 17,900 What are the net income percentages for Ace and Diamond, respectively? Revenue Cost of goods sold Gross margin Operating expenses Net income Multiple Choice 6.09% and 4.25% 16.4% and 23.6% 1.83% and 1.70% 30% and 40% Ace $ 70,000
Calculating the Average Total Assets and the Return on Assets The income statement, statement of retained earnings, and balance sheet for Somerville Company are as follows. Also, assume a tax rate of 31%. Somerville CompanyIncome StatementFor the Year Ended December 31, 20X2 Amount Percent Net sales $8,281,989 100.0% Less: Cost of goods sold (5,383,293) 65.0 Gross margin $2,898,696 35.0 Less: Operating expenses (1,323,368) 16.0 Operating income $1,575,328 19.0 Less: Interest expense (50,000) 0.6 Income before taxes $1,525,328 18.4 Less: Income taxes (31%)* (472,852) 5.7 Net income $1,052,476 12.7 * Includes both state and federal taxes. Somerville CompanyStatement of Retained EarningsFor the Year Ended December 31, 20X2 Balance, beginning of period $1,979,155 Net income $1,052,476 Total $3,031,631 Preferred dividends (80,000) Dividends to common stockholders (201,887) Balance, end of period…
What is Preston industries Inc's gross profit? General accounting
Jester Corporation's most recent income statement appears below: Income Statement Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 300,000 170,000 130,000 50,000 80,000 20,000 60,000 18,000 $ 42,000 The beginning balance of total assets was $240,000 and the ending balance was $236,700. The return on total assets is closest to:
CABOT CORPORATION Income Statement For Current Year Ended December 31 Sales $ 448,600 297,150 151,450 98,600 5,000 47,850 19,276 $ 28,574 Cost of goods sold Gross profit Operating expenses Interest expense Profit before taxes Income tax expense Net profit Assets Cash Short-term investments Accounts receivable, net Merchandise inventory Prepaid expenses Property, plant and equipment, net Total assets Req 1 and 2 Req 3 Req 4 CABOT CORPORATION Balance Sheet December 31 Liabilities and Equity Req 5 8,000 Accounts payable 8,800 Accrued wages payable 32,400 Income taxes payable 2,750 Share capital 150,300 Retained earnings $ 238,400 Total liabilities and equity Complete this question by entering your answers in the tabs below. Compute the current ratio and acid-test ratio. 36,150 Long-term note payable, secured by mortgage on property, plant and equipment Required: Compute the following: (1) current ratio, (2) acid-test ratio, (3) days' sales uncollected, (4) inventory turnover, (5) days'…
TB MC Qu. 16-106 (Algo) Jester Corporation's most recent income statement... Jester Corporation's most recent income statement appears below: Income Statement Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income $ 230,000 105,000 125,000 37,000 88,000 19,000 69,000 20,700 $ 48,300 The beginning balance of total assets was $230,000 and the ending balance was $223,000. The return on total assets is closest Multiple Choice 30.5% O 27.2% O 38.9% 21.3%
Jester Corporation's most recent income statement appears below: Sales (all on account) Cost of goods sold Gross margin Selling and administrative expense Net operating income Interest expense Net income before taxes Income taxes (30%) Net income Multiple Choice O The beginning balance of total assets was $190,000 and the ending balance was $187,200. The return on total assets is closest to: O 23.9% Income Statement 22.3% 16.7% 31.8% $ 250,000 145,000 105,000 45,000 60,000 15,000 45,000 13,500 $ 31,500

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Evening Story Corporation has: Sales Income tax $4,936,730 $367,221 Selling, general and administrative expenses $215,232 Depreciation Cost of goods sold Interest expense Calculate the amount of the firm's gross profit. $307,244 $2,556,500 $145,302