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?
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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 $…
Question 1.4 Explain why depreciation is added to the operating profits
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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).
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Exercise 13-4 Computing and interpreting common-size percents P2 Compute common-size percents for the following comparative income statements (round percents to one decimal). Using the common-size percents, which item is most responsible for the decline in net income? GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Yr Prior Yr Sales $740,000 $625,000 Cost of goods sold 560,300 290,800 Gross profit Operating expenses Net income 179,700 128,200 $ 51,500 334,200 218,500 $115,700
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