Global Corporation reported the following transactions for May: ⚫ Sales revenue: cash $60,000; on account $35,000 ⚫ Operating expenses: cash $10,000; on account $15,000 ⚫ Purchased office equipment for $20,000 on account • ⚫ Bought supplies for $8,000 cash ⚫ Paid dividends of $4,000 What is Global Corporation's net income for May? A. $70,000 B. $55,000 C. $40,000 D. $65,000

Global Corporation reported the following transactions for May: ⚫ Sales revenue: cash $60,000; on account $35,000 ⚫ Operating expenses: cash $10,000; on account $15,000 ⚫ Purchased office equipment for $20,000 on account • ⚫ Bought supplies for $8,000 cash ⚫ Paid dividends of $4,000 What is Global Corporation's net income for May? A. $70,000 B. $55,000 C. $40,000 D. $65,000

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 4SEA: FINANCIAL RATIOS Based on the financial statements for Jackson Enterprises (income statement,...

See similar textbooks

Similar questions

ABC Inc. has reported the following financial information for the year: . d. • Operating Expenses: $300,000 Interest Expense: $50,000 Tax Rate: 25% Calculate the company's Net Income and Earnings Per Share (EPS). . a. . b. Sales: $1,000,000 Cost of Goods Sold: $400,000 Gross Profit: $600,000 C Net Income: $250,000, EPS: $6.25 Net Income: $150,000, EPS: $3.75 Net Income: $100,000, EPS: $2.50 Net Income: $200,000, EPS: $5.00 5 Ultim
Cypress Corporation reported the following financial data: please answer the financial accounting question
General Accounting
Selected accounts are listed below. How much is the firm's operating income? accrued payroll $2,000 sales 45,000 cost of goods sold 26,000 interwst expense 1,000 expenses ( other than interest) 8,000 answer:
Assume a merchandising company had credit sales of $380,000, cost of goods sold of $187,000, and net income of $60,000. It provided the following excerpts from its balance sheet: This Year Last Year Current assets: Accounts receivable $ 40,000 $ 46,000 Inventory $ 53,000 $ 50,000 Prepaid expenses $ 13,000 $ 11,000 Current liabilities: Accounts payable $ 39,000 $ 44,000 Income taxes payable $ 13,000 $ 10,000 If the company purchases its merchandise inventory on account, then based solely on the information provided, the company’s cash paid for inventory purchases would be: Garrison 17e Rechecks 2020-10-02 Multiple Choice $189,000. $185,000. $195,000. $179,000.
Vai
Quartz Corporation had the following account balances: Sales, $875,000; Sales Returns and Allowances, $73,000; Cost of Goods Sold, $580,000; and Selling, General & Administrative Expenses, $120,000. How much was Quartz’s gross profit? $802,000 $222,000 $875,000 $248,000 $102,000
The general ledger of Hubert Corporation provides the following information: End of Year Beginning of Year Accounts Receivable $ 125,000 $ 94, 000 Inventory 280,000 210,000 Accounts Payable 130,000 65,000 The company's net sales for the year were $2,850,000 and cost of goods sold amounted to $1,650,000. Instructions Calculate the following: a) Cash receipts from customers. b) Cash payments to suppliers.
United importers report net income $50,000 and COGS of $300,000. If the company’s gross profit rate was 40%, net sales werea. $500,000b. $750,000c. $83,000d. $550,000
Need Ans? ? General Accounting
Financial Accounting
The balance sheet of ATLF, Inc. reports total assets of $1,950,000 and $2,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $150,000 and $1,000,000, respectively. What is ATLF's profit margin? Select one: a. 10% Ob. 8% O c. 7.5% O d. 15% e. 12%