Question 20 Income Statement for Bearcat Hathaway, 2022 Sales Less Cost of Goods Sold Gross Profit Less General & Administrative Expenses $1,438,438. Less Depreciation $2,656,922 Earnings Before Interest and Taxes $3,433,900 Less Interest Paid $924,283 Taxable Income (or Earnings Before $2,509,625 Taxes) Less Taxes (21 % Tax Rate) $527,021 Net Income $1,982,604 Dividends $312,519 If dividends paid are $312,519, calculate the addition to retained earnings. O $924,283 O $9,687,481 $10,000,000 $2,470,732 $7,529,268 O$1,058,321 O $7,704,877 O $1,670,085

Question 20 Income Statement for Bearcat Hathaway, 2022 Sales Less Cost of Goods Sold Gross Profit Less General & Administrative Expenses $1,438,438. Less Depreciation $2,656,922 Earnings Before Interest and Taxes $3,433,900 Less Interest Paid $924,283 Taxable Income (or Earnings Before $2,509,625 Taxes) Less Taxes (21 % Tax Rate) $527,021 Net Income $1,982,604 Dividends $312,519 If dividends paid are $312,519, calculate the addition to retained earnings. O $924,283 O $9,687,481 $10,000,000 $2,470,732 $7,529,268 O$1,058,321 O $7,704,877 O $1,670,085

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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d. Suppose that sales were $425,000 in 2020 rather than $412,500. What is the 2020 net income and retained earnings? e. Undo the changes from part d, and change the tax rate to 20%. What is the 2020 net income and retained earnings?
h13
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 2023 2022 Gross sales $ 19,000 $ 15,000 Sales returns and allowances 1,000 100 Net sales $ 18,000 $ 14,900 Cost of merchandise (goods) sold 12,000 9,000 Gross profit $ 6,000 $ 5,900 Operating expenses: Depreciation $ 700 $ 600 Selling and administrative 2,200 2,000 Research 550 500 Miscellaneous 360 300 Total operating expenses $ 3,810 $ 3,400 Income before interest and taxes $ 2,190 $ 2,500 Interest expense 560 500 Income before taxes $ 1,630 $ 2,000 Provision for taxes 640 800 Net income $ 990 $ 1,200 LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 2023 2022 Assets Current assets: Cash $ 12,000 $ 9,000 Accounts receivable 16,500 12,500 Merchandise inventory 8,500 14,000 Prepaid expenses 24,000 10,000 Total current assets $ 61,000 $ 45,500 Plant and equipment: Building (net) $ 14,500 $…
ss.2
EA# 9 Tax on Corporation: Problem Solving FnB Question 2 of 43 Fill in the blanks: For taxable year 2018, the company's sixth year of operations, the records of Mega Specialties, a domestic corporation, show the following: Gross sales P2.463,500 Sales returns & allowances 27,500 Sales discounts 42,750 Cost of goods manufactured and sold 1,313,600 586.040 operating expenses Answer the following: 1. Net sales is 2. Net income is 3. Minimum corporate income tax is NOTE: Answers are in numerical form, COMIVA PESO SIGN, and other characters are NOT REQUIRED. < Previous Shot on OnePlus Powered by Triple Camera
QUESTION 12 Annual data for ABC Corporation appear below, in millions of US dollars: 2016 2017 2018 2019 Sales Revenue 126.1 131.3 144.5 150.4 Cost of Goods Sold 45.3 50.8 54.6 55.3 Operating Income Ending Inventory 18.8 21.1 20.9 23.3 9.6 10.2 10.8 9.6 Ending Accounts Payable 10.2 8.8 9.5 10.2 Calculate ABC's inventory turnover ratio for 2017. Round your answer to 1 decimal place (xx.x).
17.3
Below are the Income Statement of ABC Company for two consecutive years. ABC Company Net Sales Cost of Goods Soldxs3 Year 1 P 5,000,000 880,000 Year 2 P 6,500,000 950,000
Sales Cost of goods sold Gross profit Operating expenses Income from operations Interest expense Income before income tax Income tax expense Net income (a) 2021 $1,595 900 695 524 171 80 Your answer is incorrect. 91 25 $66 2020 $1,387 $1,208 743 644 411 233 50 183 2019 46 596 612 402 210 40 170 43 $137 $127 Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2019 is the base year. (Round answers to 1 decimal place, e.g. 5.2%. Enter negative amounts using either a negative sign preceding the number e.g. -45.1% or parentheses e.g. (45.1) %.)
SUNLAND COMPANYIncome StatementsFor the Years Ended December 31 2022 2021 Net sales $2,178,400 $2,030,000 Cost of goods sold 1,207,000 1,187,080 Gross profit 971,400 842,920 Selling and administrative expenses 590,000 565,220 Income from operations 381,400 277,700 Other expenses and losses Interest expense 25,960 23,600 Income before income taxes 355,440 254,100 Income tax expense 106,632 76,230 Net income $ 248,808 $ 177,870 SUNLAND COMPANYBalance SheetsDecember 31 Assets 2022 2021 Current assets Cash $ 70,918 $ 75,756 Debt investments (short-term) 87,320 59,000 Accounts receivable 139,004 121,304 Inventory 148,680 136,290 Total current assets 445,922 392,350 Plant assets (net) 765,820 613,954 Total assets $1,211,742…
Question 17 of 20 View Policies Pretax financial income O $385600. O $155200. O $556000. O $756000. $2780000 3780000 - / 1 (5784000) $776000 !!! *** The estimated litigation expense of $3780000 will be deductible in 2025 when it is expected to be paid. Use of the depreciable assets will result in taxable amounts of $1928000 in each of the next 3 years. The income tax rate is 20% for all years. The deferred tax asset at the end of 2024 to be recognized is
Question 5 of 10 < View Policies Current Attempt in Progress Windsor Corporation had the following tax information. Year Taxable Income Tax Rate Taxes Paid 2023 $366,000 35 % $128,100 2024 396,500 30 118,950 2025 488,000 30 30 146,400 -/1 In 2026, Windsor suffered a net operating loss of $585,600, which it elected to carryback. The 2026 enacted tax rate is 29%. Prepare Windsor's entry to record the effect of the loss carryback. (List debit entry before credit entry. Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts.) Account Titles and Explanation Debit Credit

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