Answered: Misty Company reported the following…

Misty Company reported the following before-tax items during the current year: Sales revenue Selling and administrative expenses Restructuring charges Loss on discontinued operations $1,150 590 20 60

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

Net Income and OCF During the year, BelykPaving Co. had sales of $2,600,000.Cost of goods sold.administrative and sellingexpenses,and depreciationexpense were $1,535,000，$465,000，and $520.000respectively. In addition,the company had an interesexpense of $245,000 and a tax rate of 35 percent. (lgnoreany tax loss carryback or carryforward provisions.忽略税收)a. What is the company's net income?b. What is its operating cash flow?c.Explain your results in parts (a) and (b).
Nu Company reported the following pretax data for its FIRST year of operations: Net Sales $2,800 Cost of goods available for sale 2,500 Operating expenses 880 Effective tax rate 40% Ending inventory: if FIFO is elected 1,060 if LIFO is elected 820 What is Nu Company’s net income if it elects FIFO? What is Nu Company’s net income if it elects LIFO?
The Tarboro Corporation data for the current year and prior year is as follows: Current year $75,600 $59,400 $51,200 Account Current assets A/R Mdse. Inventory Current liabilities $76,500 $31,000 $47,460 $31,240 $607,700 $469,700 $138,000 $49,080 $88,920 $20,520 $68,400 Long-term liabilities. Common stock (5,000 shares) Retained earnings Net sales revenue COGS Gross Profit Selling/General expenses Net income before taxes Income tax expense Net Income What would a horizontal analysis report with respect to long-term liabilities? OA. Long-term liabilities increased by $28,500. B. Long-term liabilities decreased by $16,500. OC. Long-term liabilities decreased by 27.5%. D. Long-term liabilities increased by 91.94%. Prior year $60,000 $44,000 $40,000 $60,000 $2,500 $42,000 $17,000 $515,000 $385,000 $130,000 $52,000 $78,000 $18,000 $60,000
Suresh Company reports the following segment (department) income results for the year. Department N Department 0 Department P $36,000 $ 57,000 $ 43,000 Sales Expenses Avoidable. Unavoidable Total expenses Income (loss) Department M $ 64,000 otal increase in income 10,300 52,200 62,500 $1,500 37,000 13,200 50,200 $ (14,200) $ 30,000 22,700 4,300 27,000 $ 30,000 14,500 30,000 44,500 $ (1,500) Department T $ 29,000 38,700 10,500 49,200 $ (20,200) Total $ 229,000 123,200 110,200 Compute the total increase in income if the departments with sales less than avoidable costs, as identified in part a, are eliminated 233,400 $ (4,400)
Daly company's activities for the year included the following: Gross Sales Sales Discounts Cost of Good Sold Adjustment for a prior year error - understatement of depreciation expense Sales Returns and Allowance Loss on sale of plant asset Gain on discontinued operation (not adjusted for taxes) Unrealized gain on available for sale debt securities Unearned Revenue Selling and Administrative expense $616,910 $896,300 Daly company has a 30% income tax rate. What is the company's net income for the year? $624,110 $2,674,200 $90,000 1,164,300 $625,310 60,000 48,000 15,000 12,000 9,000 5,400 475,600
Ditto Corp.'s income statements accounts at 12/31, adjusted for all items except bonus and income taxes is given below. DR CR SALES $1,300,000 (CR) COST OF GOODS SOLD $700,000 (DR) OPERATING EXPENSES SALARIES $200,000 (DR) DEPRECIATION $50,000 (DR) OFFICE EXP $60,000 (DR) MISC. EXP $40,000 (DR) Income before bonus and tax is $250,000. The income tax rate is 40%. The bonus is equal to 10% of income before bonus and tax, after bonus but before tax, before bonus but after tax, and after both bonus and tax. Make the entries required at 12/31 to adjust salary expense and to record income tax expense.
For 20Y2, Macklin Inc. reported a significant decrease in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement: Macklin Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 20Υ2 20Y1 Sales $483,672 $408,000 Cost of goods sold (358,800) (260,000) Gross profit $124,872 $148,000 Selling expenses $(50,150) $(34,000) Administrative expenses (29,520) (22,000) Total operating expenses $(79,670) $(56,000) Operating income $45,202 $92,000 Other revenue 2,166 1,700 Income before income tax expense $47,368 $93,700 Income tax expense (13,300) (28,100) Net income $34,068 $65,600 Required:
In its income statement for the year ended December 31, 2022, Pharoah Company reported the following condensed data. Operating expenses Cost of goods sold Interest expense (a) (b) Prepare a single-step income statement. Revenues $776,000 1,236,000 72,000 Net Sales Interest revenue Loss on disposal of plant assets Net sales Pharoah Company Income Statement For the Year Ended December 31, 2022 69 $ 29,000 17,000 2,218,000 KNUT
The following information is available for Tamarisk Corp. for the year ended December 31, 2022. Other revenues and gains $23,800 Other expenses and losses 4,000 Cost of goods sold 292,000 Sales discounts 4,600 Sales revenue 760,000 Operating expenses 221,000 Sales returns and allowances 10,800 Prepare a multiple-step income statement for Tamarisk Corp. The company has a tax rate of 25%.
The company recorded a net loss of P175,000 for the year just ended. Total operating expenses was P3,792,000, cost of sales was P1,822,300 and sales discount was P89,890. How much is the gross sales that the company generated during the year?
The income statement for Rhino Company for the current year ended June 30 is as follows: 1 Sales $450,000.00 2 Cost of merchandise sold 151,700.00 3 Gross profit $298,300.00 4 Operating expenses: 5 Depreciation expense $37,780.00 6 Other operating expenses 115,450.00 7 Total operating expenses 153,230.00 8 Income before income tax $145,070.00 9 Income tax expense 39,310.00 10 Net income $105,760.00 The balances of selected accounts at the beginning and the end of the current year are as follows: End Beginning of Year of Year Accounts receivable (net) $36,230 $31,850 Inventories 93,760 81,240 Prepaid expenses 14,670 15,660 Accounts payable (merchandise creditors) 67,950 63,470 Accrued expenses payable (operating expenses) 19,130 20,560 Income tax payable 4,390 4,390 Prepare the Cash Flows from Operating…
For 20Y2, Macklin Inc. reported a significant decrease in net income. At the end of the year, John Mayer, the president, is presented with the following condensed comparative income statement: Macklin Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y1 20Y2 20Y1 Sales $652,230 $560,000 Cost of goods sold (469,000) (350,000) Gross profit $183,230 $210,000 Selling expenses $(66,980) $(47,000) Administrative expenses (39,180) (30,000) Total operating expenses $(106,160) $(77,000) Operating income $77,070 $133,000 Other revenue 3,046 2,400 Income before income tax expense $80,116 $135,400 Income tax expense (22,400) (40,600) Net income $57,716 $94,800 Required: 1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Use the minus sign to indicate a decrease in the "Increase/(Decrease)" columns. If required, round percentages…