**Preparing an Income Statement****Big Mountain Realty Inc.****Income Statement***For the Month Ending June 30, 20Y9*---**Revenues:**- **Sales Commissions**: $ [Input Field]**Expenses:**- [Input Field] $ [Input Field]- [Input Field] $ [Input Field]- [Input Field] $ [Input Field]- [Input Field] $ [Input Field]**Total Expenses:** $ [Input Field]**Net Income:** $ [Input Field]---### Graphs and DiagramsThe image displays a structured template for completing an income statement. It includes labeled sections for revenues and expenses, with corresponding input fields to fill in the financial data. The layout is designed to ensure clarity and facilitate accurate financial reporting by summarizing the revenues and expenses over a specified period to calculate net income. **Income Statement Overview**After its first month of operations, the following amounts were taken from the accounting records of Big Mountain Realty Inc. as of June 30, 20Y9:- **Assets and Liabilities:** - Cash: $116,600 - Common stock: $55,000 - Notes payable: $77,000 - Land: $92,400- **Revenues and Expenses:** - Dividends: $22,000 - Interest expense: $4,400 - Miscellaneous expense: $6,600 - Rent expense: $11,000 - Retained earnings: $0 - Salaries expense: $165,000 - Sales commissions: $319,000 (Revenue) - Utilities expense: $33,000**Income Statement Preparation for the Month Ending June 30, 20Y9:****Big Mountain Realty Inc.****Income Statement**_For the Month Ending June 30, 20Y9_- **Revenues:** - Sales commissions: ______- **Expenses:** - ______ - ______ - ______ - ______ - ______

Name: **Preparing an Income Statement****Big Mountain Realty Inc.****Income
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: **Preparing an Income Statement****Big Mountain Realty Inc.****Income Statement***For the Month Ending June 30, 20Y9*---**Revenues:**- **Sales Commissions**: $ [Input Field]**Expenses:**- [Input Field] $ [Input Field]- [Input Field] $ [Input Field]-

Income statement means where the netprofit or loss is determined and calculated for a company.

Business

Accounting

Income Statement After its first month of operations, the following amounts were taken from the accounting records of Big Mountain Realty Inc. as of June 30, 20Y9. Cash $116,600 Notes payable $77,000 Common stock 55,000 Rent expense 11,000 Dividends 22,000 Retained earnings Interest expense 4,400 Salaries expense 165,000 Land 92,400 Sales commissions 319,000 Miscellaneous expense 6,600 Utilities expense 33,000 Prepare an income statement for the month ending June 30, 20Y9. Big Mountain Realty Inc. Income Statement For the Month Ending lune 3 0 20Y9

Income Statement After its first month of operations, the following amounts were taken from the accounting records of Big Mountain Realty Inc. as of June 30, 20Y9. Cash $116,600 Notes payable $77,000 Common stock 55,000 Rent expense 11,000 Dividends 22,000 Retained earnings Interest expense 4,400 Salaries expense 165,000 Land 92,400 Sales commissions 319,000 Miscellaneous expense 6,600 Utilities expense 33,000 Prepare an income statement for the month ending June 30, 20Y9. Big Mountain Realty Inc. Income Statement For the Month Ending lune 3 0 20Y9

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Consider the following financial statement data for Hi-Tech Instruments: For the Year Ended December 31 (Thousands of Dollars, except Earnings per Share) Sales revenue $218,000 Cost of goods sold 133,000 Net income 16,300 Dividends 10,600 Earnings per share $4.15 HI-TECH INSTRUMENTS, INC. Balance Sheets (Thousands of Dollars) Current Year Prior Year Assets Cash $26,300 $26,000 Accounts receivable (net) 54,000 49,000 Inventory 47,500 51,700 Total Current Assets 127,800 126,700 Plant assets (net) 60,600 58,500 Other assets 23,600 21,800 Total Assets $212,000 $207,000 Liabilities and Stockholders’ Equity Notes payable—banks $14,000 $14,000 Accounts payable 30,500 26,700 Accrued liabilities 24,500 29,000 Total Current Liabilities 69,000 69,700 9% Bonds payable 48,000 48,000 Total Liabilities 117,000 117,700 Common stock 50,000 50,000 Retained earnings 45,000 39,300 Total Stockholders’ Equity 95,000 89,300…
Lydex Company’s financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 1,020,000 $ 1,260,000 Marketable securities 0 300,000 Accounts receivable, net 2,940,000 2,040,000 Inventory 3,660,000 2,100,000 Prepaid expenses 270,000 210,000 Total current assets 7,890,000 5,910,000 Plant and equipment, net 9,640,000 9,110,000 Total assets $ 17,530,000 $ 15,020,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,070,000 $ 3,100,000 Note payable, 10% 3,700,000 3,100,000 Total liabilities 7,770,000 6,200,000 Stockholders' equity: Common stock, $75 par value 7,500,000 7,500,000 Retained earnings 2,260,000 1,320,000 Total stockholders' equity 9,760,000 8,820,000 Total liabilities and stockholders' equity $ 17,530,000 $ 15,020,000 Lydex Company Comparative Income Statement and Reconciliation This…
Lydex Company’s financial statements for the last two years are as follows: Lydex Company Comparative Balance Sheet This Year Last Year Assets Current assets: Cash $ 1,020,000 $ 1,260,000 Marketable securities 0 300,000 Accounts receivable, net 2,940,000 2,040,000 Inventory 3,660,000 2,100,000 Prepaid expenses 270,000 210,000 Total current assets 7,890,000 5,910,000 Plant and equipment, net 9,640,000 9,110,000 Total assets $ 17,530,000 $ 15,020,000 Liabilities and Stockholders' Equity Liabilities: Current liabilities $ 4,070,000 $ 3,100,000 Note payable, 10% 3,700,000 3,100,000 Total liabilities 7,770,000 6,200,000 Stockholders' equity: Common stock, $75 par value 7,500,000 7,500,000 Retained earnings 2,260,000 1,320,000 Total stockholders' equity 9,760,000 8,820,000 Total liabilities and stockholders' equity $ 17,530,000 $ 15,020,000 Lydex Company Comparative Income Statement and Reconciliation This…
You are provided with the following information taken from Splish Brothers Inc.’s March 31, 2022, balance sheet. Cash $ 12,330 Accounts receivable 20,370 Inventory 36,900 Property, plant, and equipment, net of depreciation 120,500 Accounts payable 22,640 Common stock 153,800 Retained earnings 12,460 Additional information concerning Splish Brothers Inc. is as follows. 1. Gross profit is 26% of sales. 2. Actual and budgeted sales data: March (actual) $47,000 April (budgeted) 73,100 3. Sales are both cash and credit. Cash collections expected in April are: March $18,800 (40% of $47,000) April 43,860 (60% of $73,100) $62,660 4. Half of a month’s purchases are paid for in the month of purchase and half in the following month. Cash disbursements expected in April are: Purchases March $22,640…
Pribyl Corporation has provided the following financial data: Total assets Total stockholders' equity Income Statement For the Year Ended December 31, Year 2 $ Sales (all on account) Cost of goods sold Gross margin Operating expenses Net operating income Interest expense Net income before taxes Income taxes (36%) Net income a. Net profit margin percentage b. Gross margin percentage c. Return on total assets d. Return on equity % 1,285,000 727,000 558,000 510,846 Required: a. What is the company's net profit margin percentage for Year 2? b. What is the company's gross margin percentage for Year 2? c. What is the company's return on total assets for Year 2? d. What is the company's return on equity for Year 2? Note: Round your answers to 2 decimal places. % % 47,154 17,500 29,654 10.675 $ 18,979 $ 1.496.000 $ 1,033,000 $ 1,470,000 $ 1,020,000
The income statement for Sunland, Inc. is as follows:
Given below are the comparative balance sheets and an income statement for the excellent corporation. calculate the working capital at year end.
following are the financial statements of Perfect Ltd for last year and this year: Income Statement for the year ended 31 December Last Year (000) This Year (000) Turnover 15,000 25,600 Cost of sales (7,496) (11,618) Gross profit 7,504 13,982 Operating expenses (4,410) (6,174) Operating profit 3,094 7,808 Interest payable (432) (912) Profit before taxation 2,662 6,896 Taxation (420) (780) Profit for the year 2,242 6,116 Balance sheet as at 31 December Last Year (000) This Year (000) Non-current assets 6,500 14,200 Current assets Inventories 2,418 4,820 Trade receivables 1,614 2,744 Other receivables 268 402 Cash 56 8 4,356 7,974 Total assets 10,856 22,174 Equity Ordinary shares of Rs. 0.50 each 3,600 3,600 Capital reserves 1,904 1,904 Retained profit 1,370 3,496 6,874 9,000 Non- current liabilities Loan notes 1,500 5,330 Current…
Solomon Company's income statement information follows: Net sales Income before interest and taxes Net income after taxes Interest expense Stockholders' equity, December 31 (Year 1: $197,000) Common stock, December 31 The average number of shares outstanding was 7,700 for Year 3 and 7,000 for Year 2. Required Compute the following ratios for Solomon for Year 3 and Year 2. a. Number of times interest was earned. Note: Round your answer to 2 decimal places. a. Times interest earned b. Earnings per share c. Price-earnings ratio d. Return on average equity e. Net margin Year 3 b. Earnings per share based on the average number of shares outstanding. Note: Round your answer to 2 decimal places. c. Price-earnings ratio (market prices: Year 3, $64 per share; Year 2, $73 per share). Note: Round your answer to 2 decimal places. d. Return on average equity. Note: Round your percentage answer to 2 decimal places (for example, 0.2345 should be entered as 23.45). e. Net margin. Note: Round your…
A company reports the following income statement and balance sheet information for the current year: Net income $180,000 Interest expense 20,000 Average total assets 2,000,000 Determine the return on total assets.fill in the blank 1 %
Godo
Selected financial data for Wilmington Corporation is presented below. WILMINGTON CORPORATION Balance Sheet As of December 31 Year 7 Year 6 Current Assets Cash and cash equivalents $ 634,527 $ 335,597 Marketable securities 166,106 187,064 Accounts receivable (net) 284,226 318,010 Inventories 466,942 430,249 Prepaid expenses 60,906 28,060 Other current assets 83,053 85,029 Total Current Assets 1,695,760 1,384,009 Property, plant and equipment 1,384,217 625,421 Long-term investment 568,003 425,000 Total Assets $3,647,980 $2,434,430 Current Liabilities Short-term borrowings $ 306,376 $ 170,419 Current portion of long-term debt 155,000 168,000 Accounts payable 279,522 314,883 Accrued liabilities 301,024 183,681 Income taxes payable 107,509 196,802 Total Current Liabilities 1,149,431…