P5-3. Multiple-Step, Single-Step, and Condensed Statements of Net Income. Right Angle ManufacturingCompany provided the following information for the year ended December 31 for the current year.Right Angle Manufacturing CompanyTrial Balance (Partial)For the Year Ended December 31AccountDebitCreditCommon Stock-Beginning Balance$ 75,000Retained Earnings-Beginning Balance95,000Accumulated Other Comprehensive Income-Beginning Balance$3,400Dividends500Sales230,000Dividend Income200Interest Income680Gain on Disposal of Plant Assets1,000Unrealized Gain on Trading Securities$4,000Cost of Goods Sold$75,000 Right Angle Manufacturing CompanyTrial Balance (Partial)For the Year Ended December 31AccountDebitCreditSelling Expenses1,450Advertising Expense3,400Office Supplies Expense1,250Sales Salaries Expense145Office Salaries Expense1,890Accounting and Legal Fees-Administrative575Systems Consulting Fees-General670Depreciation Expense-General2,350Amortization Expense-General3,000Interest Expense890Loss on Asset Impairment900Loss on Discontinued Operations-Before Tax250Unrealized Loss on Available-for-Sale Bonds780Required »a. Prepare a single-step income statement for the current year. The tax rate is 40%.b. Prepare a multiple-step income statement for the current year.c. Prepare a condensed, multiple-step income statement for the current year and include all supportingschedules.

Income statement is a part of financial statements of a firm which is prepared after an accounting…

Answered: Multiple-Step, Single-Step, and…

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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Create a comparative financial statement from the following:
Portions of the financial statements for Parnell Company are provided below. PARNELL COMPANY Income Statement For the Year Ended December 31, 2021 ($ in thousands) Revenues and gains: Sales $ 750 Gain on sale of building 11 $ 761 Expenses and loss: Cost of goods sold $ 275 Salaries 115 Insurance 35 Depreciation 118 Interest expense 45 Loss on sale of equipment 13 601 Income before tax 160 Income tax expense 80 Net income $ 80 PARNELL COMPANY Selected Accounts from Comparative Balance Sheets December 31, 2021 and 2020 ($ in thousands) Year 2021 2020 Change Cash $ 129 $ 105 $ 24 Accounts receivable 319 221 98 Inventory 326 420 (94 ) Prepaid insurance 71 83 (12 ) Accounts payable 205 122 83 Salaries payable 112 98 14…
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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
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The income statement of Pratt Inc. reports net sales of $3,749.9 million for the current year. The balance sheet reports accounts receivable, net of $413.6 million at December 31 of the current year and $442.2 million at December 31 of the previous year. The days sales outstanding in the current year are: Select one: a. 40 days b. 42 days c. 9 days d. None of these are correct. e. 8 days
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…
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Selected Data (thousands) derived from the income statement and balance sheet of National BeverageCorporation for a recent year are as follows:Income statement data:Net Income 49,311Gain on disposal of property 1,188Depreciation 11,580Other items involving noncash expenses 1,383Balance Sheet data:Increase in accounts receivable 1,746Decrease in inventory 990Increase in prepaid expenses 605Decrease in accounts payable 710Decrease in accrued and other current liabilities 995Prepare the Cash Flows from Operating Activities Section of the Statement of Cash Flowsusing the indirect method for National Beverage Corp.
The following infornation relates to Hodge Unlimited for the past two years. Account Net sales (all credit) Cost of goods sold Gross profit Income from operations Interest expense Net income Cash Accounts receivable, net Inventory Prepaid expenses Total current assets Total long - term assets Total current liabilities Total long- term liabilities Common stock, no par, 2,500 shares, market value $96 per share Retained earnings The current ratio for the current year is closest to Current year $219,000 S125,000 $94,000 $32,000 $2,000 S25,000 $75,000 $26.000 $65,000 $2,000 $168,000 $162,750 $110,000 $22,000 $40,000 $158,750 Prior year $180,000 $110,000 $70,000 $30,000 $7,000 $18.000 S17,000 $35,000 $60,000 $1,000 $113,000 $187,751 S90,000 $78,000 $40,000 $92,751 A. 1.53. B. 2.24. C. 1.29. D. 1.51.
Balance sheets and income statements for Costco Wholesale Corporation follow. Costco Wholesale Corporation Consolidated Statements of Earnings For Fiscal Years Ended ($ millions) September 2, 2018 Total revenue $141,576 Operating expenses Merchandise costs 123,152 Selling, general and administrative 13,876 Preopening expenses 68 Operating Income 4,480 Other income (expense) Interest expense 159 Interest income and other, net (121) Income before income taxes 4,442 Provision for income taxes 1,263 Net income including noncontrolling interests 3,179 Net income attributable to noncontrolling interests (45) Net income attributable to Costco $3,134 Costco Wholesale Corporation Consolidated Balance Sheets ($ millions, except par value and share data) September 2, 2018 September 3, 2017 Current assets Cash and cash equivalents $6,055 $4,546 Short-term investments 1,204 1,233 Receivables, net 1,669 1,432 Merchandise…

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