Required: 1. Prepare an income statement. Gorman Group Income Statement For the Year Ended October 31, 20Y3 Revenues: Service fees v $663,890 v Rent revenue v 7,010 Total revenues 670,900 V Expenses: Salaries expense v $ 475,950 Depreciation expense-equipment v 25,800 V Rent expense v 21,600 V Supplies expense v 15,310 V Utilities expense v 13,840 V Depreciation expense-buildings v 9,230 Repairs expense v 7,630 V Insurance expense v 4,180 Miscellaneous expense v 7,130 V Total expenses 580,670 V Net income $1,251,75 X

Required: 1. Prepare an income statement. Gorman Group Income Statement For the Year Ended October 31, 20Y3 Revenues: Service fees v $663,890 v Rent revenue v 7,010 Total revenues 670,900 V Expenses: Salaries expense v $ 475,950 Depreciation expense-equipment v 25,800 V Rent expense v 21,600 V Supplies expense v 15,310 V Utilities expense v 13,840 V Depreciation expense-buildings v 9,230 Repairs expense v 7,630 V Insurance expense v 4,180 Miscellaneous expense v 7,130 V Total expenses 580,670 V Net income $1,251,75 X

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Description: Required:1. Prepare an income statement.Gorman GroupIncome StatementFor the Year Ended October 31, 20Y3Revenues:Service fees v$663,890 vRent revenue v7,010Total revenues670,900 VExpenses:Salaries expense v$ 475,950Depreciation expense-equipment v25,

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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If the net profit 56 460 ID, other revenue and gains 4 360 ID, selling expenses 73 900 ID net purchases 120 000 ID Administrative expenses 70.000 ID. the gross profit are
Selling & administrative expenses 20,200 Loss on sale of plant assets 11,700 Gross profit 90,500 Interest expense 8,000 Income tax 10,000 Rent revenue 10,200 If this information was used to prepare an income statement, Income from Operations should be: Select one: a. 68,800 b. 70,300 c. 78,800 d. 110,700 e. 58,600
26 )
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FACTS / DATA / GIVEN: Тахраyer: Taxable period: • Receipts/earnings during the period: Resident citizen 2nd quarter Description Collections for services rendered in 2nd Amount P50,000 quarter Collections for services rendered in 1st 20,000 quarter Collections for services to be rendered in the 3rd quarter Uncollected billings in 1st quarter Uncollected billings in 2nd quarter 30,000 10,000 15,000 COMPUTE: Taxable income in the 2nd quarter using ACCRUAL basis A. 80,000 В. 95,000 ОС. 100,000 D. 115,000
Revenues: Zillinga Pte Ltd Income Statement Year Ended December 31, 2021 Sales revenue Dividend revenue 8,000 239,000 Cost of goods sold 102,000 Salary expense 48,000 Depreciation expense 28,000 13,000 Advertising expense Income tax expense Interest expense 11,000 3,000 205,000 Net income 34,000 Additional data follow: a. Collections from customers are $15,500 more than sales. b. Dividend revenue, interest expense, and income tax expense equal their cash amounts. c. Payments to suppliers are the sum of cost of goods sold plus advertising expense. d. Payments to employees are $1,000 more than salaries expense. e. Cash payment for the acquisition of plant assets is $102,000. f. Cash receipts from sale of land total $24,000. g. Cash receipts from issuance of common stock total $32,000. h. Payment of long-term notes payable is $17,000. i. Payment of dividends is $10,500. j. Cash balance at 31 December, 2020, was $25,000; at 31 December, 2021, it was $28,000. Required: a) Prepare Zillinga's…
Sandhill Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 60 cents per 16-ounce bottle to retailers. For the year 2022, management estimates the following revenues and costs. Sales Direct materials Direct labor Manufacturing overhead-variable Manufacturing overhead-fixed $1,800,000 420,000 400,000 Selling Selling expenses-fixed expenses-variable Administrative expenses-variable 420,000 Administrative expenses-fixed 110,000 $87,000 61,000 23,000 99,000
Click on the icons located on the top-right corners of the data tables below to copy their contents into a spreadsheet. Income Statement Balance Sheet Sales $202,590 Assets Cash and Equivalents Accounts Receivable Costs Except Depreciation $14,950 (99,910) $102,680 EBITDA 1,980 (5,940) $96,740 4,100 $21,030 Depreciation Inventories EBIT Total Current Assets Property, Plant, and Equipment Interest Expense (net) (490) 9,990 Pre-tax Income $96,250 Total Assets $31,020 (33,688) $62,562 Income Tax Liabilities and Equity. Accounts Payable Net Income $1,550 4,080 $5,630 Debt Total Liabilities Stockholders' Equity Total Liabilities and Equity 25,390 $31,020 For the next fiscal year, you forecast net income of $49,600 and ending assets of $508,300. Your firm's payout ratio is 10.6%. Your beginning stockholders' equity is $299,900, and your beginning total liabilities are $120,400. Your non-debt liabilities such as accounts payable are forecasted to increase by $10,400. Assume your beginning…
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