Parker Enterprises had the following financial data: Sales Sales Discounts $900,000 $14,500 Sales Returns and Allowances $20,300 Cost of Goods Sold (COGS) Operating Expenses What is the net income? a. $135,000 b. $170,000 c. $145,000 d. $800,500 $420,000 $310,200

Parker Enterprises had the following financial data: Sales Sales Discounts $900,000 $14,500 Sales Returns and Allowances $20,300 Cost of Goods Sold (COGS) Operating Expenses What is the net income? a. $135,000 b. $170,000 c. $145,000 d. $800,500 $420,000 $310,200

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: What was his capital gains yield?

A: The capital gains yield is calculated using the formula: Capital Gains Yield=Purchase PriceSelling…

Q: What are the budgeted purchases for the first quarter?

A: Step 1: Definition of Budgeted Purchases Budgeted Purchases represents the amount of inventory that…

Q: Duo Corporation is evaluating a project with the following cash flows: Year 0 1 2 3 Cash Flow -$…

A: Step 1: Given DataCash Flows:Year 0: -30,000 (Initial Investment)Year 1: 12,200Year 2: 14,900Year 3:…

Q: Give me Answer

A: Concept of Cost of Goods Sold (COGS)Cost of Goods Sold (COGS) represents the direct cost of…

Q: hi expert please help me

A: Net Income for the period = Total Revenues - Total Expenses…

Q: Answer

A: Income earned = Additional sales * Margin Income earned = $560,000*8% Income earned = $44,800

Q: Solve this Accounting problem

A: Calculation of the current Earnings per Share (EPS):Current EPS = Net Income / Number of Shares…

Q: What is the gross profit for this financial accounting question?

A: Step 1: Gross Profit can be calculated by subtracting the cost of goods sold from the net sales.…

Q: can you please solve this

Q: Need help with this financial accounting question please answer

A: Step 1: Define Alternate Valuation DateThe alternate valuation date is an election available to…

Q: I don't need ai answer general accounting question

A: Step 1: Formula Return on equity = After-tax income/Stockholders' equity Step 2: Return on equity…

Q: Subject. General accounting

A: Step 1: Formula Return on equity = After-tax income/Stockholders' equity Step 2: Return on equity…

Q: What is the project's expected rate of return on these financial accounting question?

A: Calculation:Formula: Expected Return=Rf+β(Rm−Rf)Substituting the values in the formula:Expected…

Q: The contribution margin for November

A: Step 1: Formula Contribution margin = Sales - Variable expensesContribution margin = Sales - Cost of…

Q: What was the cost of the inventory on this financial accounting question?

A: Step 1: Define Inventory CostInventory cost includes all expenses necessary to bring the inventory…

Q: Calculate the depreciation expense for the first year

A: Explanation of Straight-Line Depreciation Method: This is a depreciation method that allocates an…

Q: choose best answer plz

A: We can solve this step by step using the Return on Equity (ROE) formula: ROE =Net Income / Common…

Q: Can you please give me correct answer this financial accounting question?

A: Step 1: Define Required Return on a New ProjectThe Required Return on a New Project is the expected…

Q: Hello tutor please help me answer

A: Given:Operating earnings = $280,000Original price = $150,000Selling price = $180,000 A) Capital…

Q: What is the actual total direct materials cost?

A: Given Data:Standard Direct Materials Cost = $225,000Favorable Price Variance = $6,500 (since it's…

Q: Need help with this question solution general accounting

A: Step 1:a. The capital gain realized is calculated as follows: Capital gain = Selling price -…

Q: cost of one unit of product

A: Step 1: Definition of Standard CostThe standard cost represents the estimated cost per unit of a…

Q: What is the basic earning power?

A: To calculate the Basic Earning Power (BEP), we use the formula: BEP=EBIT / Total AssetsWhere:EBIT…

Q: How much should martha record as an expense for June

A: Step 1: Calculation of cost per vaseStep 2: Calculation of expenses to be recorded for JuneAs per…

Q: What is the required rate of return on these financial accounting question?

A: Step 1: Define Required Rate of Return (Using CAPM Model)The Required Rate of Return represents the…

Q: Need help with this question solution general accounting

A: Step 1: Raw materials used Assuming that all raw materials are direct materialsRaw materials used =…

Q: What is net income

A: Step 1: Definition of Net IncomeNet income is the company's total earnings after deducting all…

Q: General accounting question

A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) measures a company's…

Q: Solve this financial accounting problem

A: Explanation of Capital Gains Yield:Capital gains yield measures the percentage increase in the value…

Q: What is the average cost per snowmobile

A: Step 1: Definition of Average Cost Per UnitThe average cost per unit is the total cost incurred for…

Q: 4 POINTS

A: Explanation of Par Value: Par value is the nominal or face value assigned to each share of stock…

Q: Accounting Question: Lexington Enterprises requires $750,000 in assets and will be 100% equity…

A: Concept of Return on Equity (ROE)Return on Equity (ROE) is a financial ratio that measures a…

Q: What is its gross income for the year of this general accounting question?

A: Step 1: Define Gross IncomeGross income, also known as gross profit, is the amount a business earns…

Q: Hi expert please give me answer general accounting question

A: Step 1: Definition of Profit Margin and Asset TurnoverProfit Margin: Profit margin is a financial…

Q: Recently, Abercrombie & Fitch has been implementing a turnaround strategy since its sales had…

A: Impact of the Inventory Write-Down on Abercrombie & Fitch's Current Ratio 1. Understanding the…

Q: provide correct answer general account

A: Step 1: Definition of Total AssetsThe total assets of a business or individual indicate all the…

Q: What is the tax liability that appears on the balance sheet for this year of this financial…

A: Step 1: Tax liability that appears on the balance sheet can be calculated as a percentage of taxable…

Q: The ending inventory under variable costing?

A: Explanation of Variable Costing:Variable costing is a cost accounting method in which only variable…

Q: Hello tutor answer of this accounting questions

A: Step 1: Definition of Relevant CostRelevant cost refers to costs that are directly impacted by a…

Q: What is the net opreting income

A: Step 1: Definition of Absorption Costing and Variable CostingAbsorption Costing includes all…

Q: What is net income under absorption costing?

A: Step 1: Definition of Fixed Manufacturing OverheadIn management accounting, the fixed manufacturing…

Q: What amount will hocco corporation recorded as the acquisition cost of the land?

A: Explanation of Land Acquisition Cost:Land acquisition cost refers to all the expenses incurred to…

Q: abc general accounting

A: Given:Direct Labor: $540,000Direct Materials: $223,000Factory Overhead: $148,000Calculations: 1.…

Q: What is the firm's return on assets of this financial accounting question?

A: Step 1: Definition of Return on Assets (ROA)Return on Assets (ROA) is a financial metric that…

Q: Financial accounting

A: Step 1: Define Rate of ReturnThe rate of return measures the percentage gain or loss on an…

Q: What is the firm's net profit margin?

A: To calculate the net profit margin, use the formula: Net Profit Margin =(Net Profit / Net Sales) ×…

Q: Problem related general Accounting

A: Concept of Net Operating IncomeNet Operating Income (NOI) represents the profit a business generates…

Q: Stock market that day? General accounting

A: Now, calculating the return:Return = (97.65/5,227.77) * 100=(0.01868) * 100= 1.87% Therefore, the…

Q: At what amount should brandon ltd.record patent Y?

A: Detailed explanation: Step 1: Understanding the Given InformationBrandon Ltd. acquires three patents…

Q: Provide answer please

A: Step 1: Definition of Recognized Gain or LossRecognized Gain or Loss is the difference between the…

Question

Net income?

Parker Enterprises had the following financial
data:
Sales
Sales Discounts
$900,000
$14,500
Sales Returns and Allowances $20,300
Cost of Goods Sold (COGS)
Operating Expenses
What is the net income?
a. $135,000
b. $170,000
c. $145,000
d. $800,500
$420,000
$310,200

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
Financial Accounting
Need answer the question please
Safety Company had $45,000 in gross sales, $1,200 in sales discounts, $10,000 in cost of goods sold, $5,500 in selling expenses, $600 in sales returns and allowances, and $7,200 in general expenses. What is Safety Company net sales? a.$35,000 b.$43,200 c.$20,500 d.$33,200
Using the financial information presented below: Operating Expenses $ 55,000 Sales Returns and Allowances 13,000 Sales Discount 6,000 Sales 160,000 Costs of Goods Sold 77,000 What would the amount of net sales on the income statement would be and what would the profit margin rate be?
The company's gross profit based on the following is sales $48,000, sales returns and allowances $6,000, operating expenses $6,200, beginning inventory $900, net purchases $9,100, ending inventory $2,300. A. $34,003 B. None of these C. $43,000 D. $34,000 E. $34,300
what is the company's gross profit?
What is Preston industries Inc's gross profit? General accounting
What is Preston industries Inc's gross profit?
What is net sales revenue?