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- View Policies Current Attempt in Progress Presented below is information for Blue Spruce Corp. for the month of March 2020. Cost of goods sold Freight-out Insurance expense Salaries and wages expense (a) $231,460 6,860 5,900 58,280 Rent expense Sales discounts Sales returns and allowances Sales revenue $30,380 Blue Spruce Corp. Income Statement 7,680 13,120 393,970 Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a n e.g.-45 or parentheses e.g. (45).)1. What are the total Expenses under the single-step income statement? a. 389,816 b. $85,710 c. 856,589 d. $115,710 2. What is Net income? a. $ 85,710 b. $505,526 c. $972,299 d. $115,710 3. What is the other expenses? a. 18,500 b. 10,799 c. 16,198 d. 30,000VII. Direction: Compute and interpret. The following comparative financial statements are provided by Avatar Industries. You were asked to compute the different financial ratios and provide your interpretations with regards to profitability, efficiency, liquidity and solvency of the company. Use the Answer Sheet template below to input your answer and solution. AVATAR INDUSTRIES AVATAR INDUSTRIES Comparative Statement of Financial Position For the years 2019 and 2018 Comparative Income Statement For the years 2019 and 2018 2019 2018 2019 2018 ASSETS Current Assets: Sales P200,000 P210,000 Cash & Cash Equivalent P65,000 P70,000 Sales Returns and Allowances 40,000 25,000 Accounts Receivable 40,000 35,000 Net Sales 160,000 185,000 Marketable Secuities 40,000 35,000 Cost of Goods Sold 100,000 115,625 Inventory 100,000 80,000 Gross Profit 60,000 69,375 Total Current Assets 220,000 200,000 160,000 P445,000 P380,000 245,000 Operating Expenses: Fixed Assets Selling Expenses 22,000 25,000 Total…
- VII. Direction: Compute and interpret. The following comparative financial statements are provided by Avatar Industries. You were asked to compute the different financial ratios and provide your interpretations with regards to profitability, efficiency, liquidity and solvency of the company. Use the Answer Sheet template below to input your answer and solution. AVATAR INDUSTRIES AVATAR INDUSTRIES Comparative Statement of Financial Position For the years 2019 and 2018 Comparative Income Statement For the years 2019 and 2018 2019 2018 2019 2018 ASSETS Current Assets: Sales P200,000 P210,000 Cash & Cash Equivalent P65,000 P70,000 Sales Returns and Allowances 40,000 25,000 Accounts Receivable 40,000 35,000 Net Sales 160,000 185,000 Marketable Securities 40,000 35,000 Cost of Goods Sold 100,000 115,625 Inventory 100,000 80,000 Gross Profit 60,000 69,375 Total Current Assets 245,000 220,000 Operating Expenses: Fixed Assets 200,000 160,000 Selling Expenses 22,000 25,000 Total Assets P445,000…In its income statement for the year ended December 31, 2020, Pina Company reported the following condensed data. Operating expenses $768,.410 Interest revenue $32,380 Cost of goods sold 1,338,000 Loss on disposal of plant assets 18,030 Interest expense 72,070 Net sales 2,422,500 Other comprehensive loss 8,100 Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg. (45)) PINA COMPANY Income Statement %24 >View Policies Current Attempt in Progress Which of the following does not belong on a multi-step income statement? O Gross profit. O Net sales, Operating expenses. O Unearned revenue. Attempts: 0 of 1 used Submi Save for Later
- C. Issued shares of preferred stock at par value. (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space). firstname Initial # of shares issued A, P, I, E, V C, O, R, Y K, Q, M, F S, W, G, Z D, T, L, U N, B, J, X, H Par Value 50% of authorised shares $ 100.00 40% of authorised shares $ 110.00 30% of authorised shares $ 125.00 25% of authorised shares $ 145.00 20% of authorised shares $ 168.00 10% of authorised shares $ 192.00 D. Exchanged shares of class A common stock for Office Furniture and Equipment with an appraised value of and Motor Truck with an appraised value of $ (Please refer to table below and use only the info in line with your first name initial in the blank/underlined space). firstname Initial # of shares issued A, P, I, E, V C, O, R, Y K, Q, M, F S, W, G, Z D, T, L, U N, B, J, X, H Office Furniture Motor truck $ 4,000,000.00 $ 10,000,000.00 $ 4,000,000.00 $ 10,000,000.00 40% of authorised shares 50% of…For the year ended December 31, 2022, the job cost sheets of Carla Vista Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 4. 5. 6. 7. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials. $29,500 35,400 12,980 50,740 68,440 Direct Labor $28,320 42,480 21,240 56,640 64,900 Manufacturing Overhead Total Costs 25,488 $91,804 $33,984 50,976 128,856 59,708 67.968 175,348 77,880 211.220 Raw materials inventory totaled $17,700 on January 1. During the year, $165,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $102,660 and Job No. 7639 for $108,560. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $625,400. Manufacturing overhead incurred on account totaled $141,600. Incurred depreciation on factory machinery $9,440. Assigned indirect materials of $16,520 and indirect labor…View Policies Current Attempt in Progress Culver Limited reports the following information: sales $1,155,600; cost of goods sold $710,640; administrative expenses $172,800; selling expenses $118,800; other income $28,080; other expenses $37,800; and income tax expense $29,160. Assuming Culver uses a multiple-step statement of income. (a) Calculate gross profit. Gross profit 2$ eTextbook and Media Save for Later Attempts: 0 of 3 used Submit Answer (b) The parts of this question must be completed in order. This part will be available when you complete the part above. (c) The parts of this question must be completed in order. This part will be available when you complete the part above.
- Which of the following statements is correct? Mutiple Choice The term single step income statement is sometimes used to describe a classified income statement If a business is to earn a net income, the gross profit on sales must be greater than operating expenses Salaries of office employees would be grouped with the setting expenses in the Operating Expenses section of the income statement Sales less Operating Expenses equals Gross ProfitComplete this question by entering your answers in the tabs below. Analysis Analysis Bal Sheet Inc Stmt Prepare a vertical analysis of an income statements for Year 4 and Year 3. (Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45).) Revenues Sales (net) Other revenues Total revenues Expenses Cost of goods sold FANNING COMPANY Vertical Analysis of Income Statements Year 4 Selling, general, and administrative expense Interest expense Income tax expense Total expenses Net income Amount $ 231,900 9,300 241,200 118,800 54,200 6,800 22,800 202,600 $ 38,600 Percentage of Total Analysis Bal Sheet % % Year 3 Amount $ 211,200 6,400 217,600 102,100 49,100 6,000 21,800 179,000 $ Percentage of Total % % 38,600 Analysis Inc Stmt > Show less1. What is a Statement of Comprehensive Income? 2. Why are the accounts found under the SCI are called temporary accounts? 3. What are the two forms of SCI? Differentiate one from the other. 4. What is the difference between the SCI of a service entity from a merchandising entity? 5. What is the formula in computing Net Income (Loss) for Service Entities? 6. What is the formula in computing Net Sales? 7. What is the formula in computing Cost of Goods Sold?