Income Statement Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $13,600; cost of goods sold, $8,300; operating expenses, $3,200; and income tax expense, $630. Assume shareholders owned 500 shares of Goldfinger's common stock during the year. Prepare Goldfinger's income statement for the current year. GOLDFINGER CORPORATION Income Statement For the Year Ended December 31, Current Year Sales revenue $

Income Statement Goldfinger Corporation had account balances at the end of the current year as follows: sales revenue, $13,600; cost of goods sold, $8,300; operating expenses, $3,200; and income tax expense, $630. Assume shareholders owned 500 shares of Goldfinger's common stock during the year. Prepare Goldfinger's income statement for the current year. GOLDFINGER CORPORATION Income Statement For the Year Ended December 31, Current Year Sales revenue $

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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Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year Sales $660,000 $500,000 Cost of merchandise sold 554,700 430,000 Gross profit $105,300 $70,000 Selling expenses $31,720 $26,000 Administrative expenses 28,600 22,000 Total operating expenses $60,320 $48,000 Income before income tax expense $44,980 $22,000 Income tax expenses 18,000 8,800 Net income $26,980 $13,200
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Computing Earnings per Share The income statement, statement of retained earnings, and balance sheet for Jeanette Company are as follows: Jeanette 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 (40%)* (610,131) 7.4 Net income $915,197 11.0 * Includes both state and federal taxes. Jeanette CompanyStatement of Retained EarningsFor the Year Ended December 31, 20X2 Balance, beginning of period $1,979,155 Net income 915,197 Total $2,894,352 Preferred dividends (80,000) Dividends to common stockholders (201,887) Balance, end of period $2,612,465 Jeanette CompanyComparative Balance SheetsAt December 31,…
WD Corporation reports the following year-end balance sheet data. The company's debt-to-equity ratio equals: Cash $ 42,000 Current liabilities $ 77,000 Accounts receivable 57,000 Long-term liabilities 28,000 Inventory 62,000 Common stock 102,000 Equipment 147,000 Retained earnings 101,000 Total assets $ 308,000 Total liabilities and equity $ 308,000
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Calculation
Here are simplified financial statements of Phone Corporation from a recent year: INCOME STATEMENT(Figures in millions of dollars) Net sales 13,600 Cost of goods sold 4,310 Other expenses 4,162 Depreciation 2,668 Earnings before interest and taxes (EBIT) 2,460 Interest expense 710 Income before tax 1,750 Taxes (at 30%) 525 Net income 1,225 Dividends 906 BALANCE SHEET(Figures in millions of dollars) End of Year Start of Year Assets Cash and marketable securities 94 163 Receivables 2,632 2,590 Inventories 212 263 Other current assets 892 957 Total current assets 3,830 3,973 Net property, plant, and equipment 20,023 19,965 Other long-term assets 4,266 3,820 Total assets 28,119 27,758…
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