SalesCost of goods soldGross profitSelling expensesAdministrative expensesTotal operating expensesOperating incomeOther revenue and expense:Other revenueOther expenseIncome before income taxIncome tax expenseNet incomeSorensonElectronicsCompany$780,000(436,800)$343,200$(210,600)(78,000)$(288,600)$54,60015,600(7,800)$62,400(23,400)$39,000ElectronicsIndustryAverage100 %(60)40 %(17) %(17)(34) %6%4(3)7%(5)2% percentages to one decimal place.SalesCost of Goods SoldGross profitSelling ExpensesAdministrative ExpensesTotal operating expensesOperating incomeOther revenue and expense:Other revenueOther expenseIncome before income taxIncome tax expenseSorenson Electronics CompanyCommon-Sized Income StatementNet incomeSorenson Electronics Sorenson Electronics Electronics IndustryCompany Amount Company PercentAverage$780,000100 %(436,800)$343,200$(210,600)(78,000)$(288,600)$54,60015,600(7,800)$62,400(23,400)$39,00056%44✓ %27 %10 ✓ %37 ✓ %7 ✓ %4 X %3 X %7 X %5 X %5 ✓ %100%(60)%40%(17)%(17)%(34)%6%4%(3)%7%(5)%2%=

In common size income statement each line item in income statement is shown as percentage of value…

Answered: Other revenue and expense: Other…

Other revenue and expense: Other revenue Other expense Income before income tax Income tax expense Net income 15,600 (7,800) $62,400 (23,400) $39,000 X % 3 X % 4 7 X % 5 X % 5 % 4% (3)% 7% (5)% 2%

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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Wynn Farms reported a net operating loss of $225,000 for financial reporting and tax purposes in 2021. The enacted tax rate is 25%. Taxable income, tax rates, and income taxes paid in Wynn's first four years of operation were as follows: Income Taxable Income 2017$ 73,000 2018 83,000 2019 145,000 2020 Таx Таxes Paid $21,900 24,900 58,000 18,000 Rates 30% 30 40 40,000 45 Required: 1. NOL carrybacks are not allowed for most companies, except for property and casualty insurance companies as well as some farm-related businesses. Assume Wynn is one of those businesses. Complete the table given below and prepare the journal entry to recognize the income tax benefit of the net operating loss. 2. Show the lower portion of the 2021 income statement that reports the income tax benefit of the net operating loss. X Answer is not complete. Complete this question by entering your answers in the tabs below. Required Required Required 1 GJ 1 2 NOL carrybacks are not allowed for most companies, except…
Question 4: Us the information below to answer the following questions AR, Net of allowance for uncollectable accounts of 16 and 17 Partial Income statement Revenue COGS Gross Profit SG&A Expense Bad Debt Expense Pre Tax Income Other information Write offs were $9 and $14 in years 1 and 2, respectively There was a recovery of $2 in year 2 Year 1 140 Year 1 1,120 680 440 (350) (12) 78 Year 2 168 Year 2 1,480 720 760 (375) (13) 372 Question 4, Part 1: What entries did the firm make to the allowance for uncollectable accounts in year 1?
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Status Single DATA TABLE Total Tax Payments $ 8,342 Taxable Income $ 55,060.00 20,000 30,000 Total Tax $ 7,972 40,000 Refund Amount Amount Owed Create a one-way data table that will show the Total Tax (cell C7) for the three values of Taxable Income shown in cells F5 to F7. Answer these questions about the process of creating the data table. Before creating the table, what formulas must be put into the cells around the table? What must be entered in cell F4 before selecting Data Table from What-If Analysis?
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COTB MC Qu. 16-76 (Algo) Assume a company provided the... Assume a company provided the following information: Net operating income Net income before tax Net income Gross margin The times interest earned ratio is closest to: $ 184,000 $ 170,000 $ 119,000 $ 680,000
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