In its income statement for the year ended December 31, 2017, Sandhill Co. reported the following condensed data. Salaries and wages expenses $953,250 Loss on disposal of plant assets $ 171,175 Cost of goods sold 2,023,350 Sales revenue 4,530,500 Interest expense 145,550 Income tax expense 51,250 Interest revenue 133,250 Sales discounts 328,000 Depreciation expense 635,500 Utilities expense 225,500 Prepare a multiple-step income statement. (List other revenues before other expenses.) SANDHILL CO.Income Statementchoose the accounting period For the Year Ended December 31, 2017December 31, 2017For the Month Ended December 31, 2017 Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter an income statement item $Enter a dollar amount Select between addition and deduction Add Less : Select an income statement item Enter a dollar amount Select a closing section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales $Enter a subtotal amount for this section Enter an account title Enter a dollar amount Select an account subtotal title DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter a subtotal amount for this section Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter an account title $Enter a dollar amount Enter an account title Enter a dollar amount Enter an account title Enter a dollar amount Select a closing section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter a total amount for this section Select an account subtotal title DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter a subtotal of the two previous sections Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter an account title Enter a dollar amount Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter an account title $Enter a dollar amount Enter an account title Enter a dollar amount Enter a total amount for this section Select an account title DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter a dollar amount Enter an account title Enter a dollar amount Select a closing section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales $Enter a total net income or loss amount Calculate the profit margin and gross profit rate. (Round answer to 1 decimal place, e.g. 15.2%.) Profit margin Enter profit margin in percentages rounded to one decimal place % Gross profit rate Enter gross profit rate in percentages rounded to one decimal place %

In its income statement for the year ended December 31, 2017, Sandhill Co. reported the following condensed data. Salaries and wages expenses $953,250 Loss on disposal of plant assets $ 171,175 Cost of goods sold 2,023,350 Sales revenue 4,530,500 Interest expense 145,550 Income tax expense 51,250 Interest revenue 133,250 Sales discounts 328,000 Depreciation expense 635,500 Utilities expense 225,500 Prepare a multiple-step income statement. (List other revenues before other expenses.) SANDHILL CO.Income Statementchoose the accounting period For the Year Ended December 31, 2017December 31, 2017For the Month Ended December 31, 2017 Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter an income statement item $Enter a dollar amount Select between addition and deduction Add Less : Select an income statement item Enter a dollar amount Select a closing section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales $Enter a subtotal amount for this section Enter an account title Enter a dollar amount Select an account subtotal title DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter a subtotal amount for this section Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter an account title $Enter a dollar amount Enter an account title Enter a dollar amount Enter an account title Enter a dollar amount Select a closing section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter a total amount for this section Select an account subtotal title DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter a subtotal of the two previous sections Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter an account title Enter a dollar amount Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter an account title $Enter a dollar amount Enter an account title Enter a dollar amount Enter a total amount for this section Select an account title DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales Enter a dollar amount Enter an account title Enter a dollar amount Select a closing section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales $Enter a total net income or loss amount Calculate the profit margin and gross profit rate. (Round answer to 1 decimal place, e.g. 15.2%.) Profit margin Enter profit margin in percentages rounded to one decimal place % Gross profit rate Enter gross profit rate in percentages rounded to one decimal place %

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

In its income statement for the year ended December 31, 2017, Sandhill Co. reported the following condensed data.

Salaries and wages expenses	$953,250	Loss on disposal of plant assets	$ 171,175
Cost of goods sold	2,023,350	Sales revenue	4,530,500
Interest expense	145,550	Income tax expense	51,250
Interest revenue	133,250	Sales discounts	328,000
Depreciation expense	635,500	Utilities expense	225,500

Prepare a multiple-step income statement. (List other revenues before other expenses.)

SANDHILL CO. Income Statement choose the accounting period For the Year Ended December 31, 2017December 31, 2017For the Month Ended December 31, 2017
Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
Enter an income statement item	$Enter a dollar amount
Select between addition and deduction Add Less : Select an income statement item	Enter a dollar amount
Select a closing section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales		$Enter a subtotal amount for this section
Enter an account title		Enter a dollar amount
Select an account subtotal title DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales		Enter a subtotal amount for this section
Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
Enter an account title	$Enter a dollar amount
Enter an account title	Enter a dollar amount
Enter an account title	Enter a dollar amount
Select a closing section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales		Enter a total amount for this section
Select an account subtotal title DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales		Enter a subtotal of the two previous sections
Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
Enter an account title		Enter a dollar amount
Select an opening section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales
Enter an account title	$Enter a dollar amount
Enter an account title	Enter a dollar amount
		Enter a total amount for this section
Select an account title DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales		Enter a dollar amount
Enter an account title		Enter a dollar amount
Select a closing section name DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, December 31Sales RevenuesTotal RevenuesSalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Revenues and GainsOther Expenses and LossesIncome From OperationsNet Sales		$Enter a total net income or loss amount

Calculate the profit margin and gross profit rate. (Round answer to 1 decimal place, e.g. 15.2%.)

Profit margin		Enter profit margin in percentages rounded to one decimal place	%
Gross profit rate		Enter gross profit rate in percentages rounded to one decimal place	%

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 3 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.