The following information is available from the accounting records of Manahan Co. for the year ended December31, 2019:Net cash provided by financing activitiesDividends paidLoss from discontinued operations, net of tax savings of $70,000Income tax expenseOther selling expenses$168,00027,000155,00039,00020,000966,00067,000186,000552,000214,000Net salesAdvertising expenseAccounts receivableCost of goods soldGeneral and administrative expensesRequired:a. Calculate the operating income for Manahan Co. for the year ended December2019.MANAHAN CO.Operating Income StatementFor the year ended December 31, 2019Net sales$966,000Cost of goods sold552,000Gross profit$414,000Expenses:Operating income$414,000b. Calculate the company's net income for 2019.

Operating income is the income generated by the company as a result of the ordinary course of…

Required: a. Calculate the operating income for Manahan Co. for the year ended December 31, 2019. MANAHAN cO. Operating Income Statement For the year ended December 31, 2019 Net sales $ 966,000 Cost of goods sold Gross profit 552,000 $ 414,000 Expenses: Operating income $ 414,000 b. Calculate the company's net income for 2019.

Required: a. Calculate the operating income for Manahan Co. for the year ended December 31, 2019. MANAHAN cO. Operating Income Statement For the year ended December 31, 2019 Net sales $ 966,000 Cost of goods sold Gross profit 552,000 $ 414,000 Expenses: Operating income $ 414,000 b. Calculate the company's net income for 2019.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The following information is available from the accounting records of Spenser Co. for the year ended…

A: Loss from discontinuing operations is to be taken is = $17600 Net of tax savings of $5500 is…

Q: The income statement of Vince Gill Company is shown below. Vince Gill CompanyIncome StatementFor…

A: Change in inventory = Ending inventory - Beginning inventory…

Q: Income Statement and Accounts for Merchandiser For the fiscal year, sales were $6,580,000 and the…

A: a Compute the gross profit: Sales $6,580,000 Less: Cost of Goods sold $3,816,000 Gross…

Q: ing the current year, erchandise is sold for $900,000. The cost of the goods sold is $522,000. What…

A: Gross profit is very important for companies because it shows profit earned by company during the…

Q: Big Corporation reported the following income statement and balance sheet for the past two years:…

A: Lets understand the basics. Return on total assets is a ratio which shows how much earning before…

Q: ingle step income statement Summary operating data for custom wore and company during nthe year…

A: Given, Sales revenue = $746,400 Rent revenue = $117,600 In single-step income statement, sales…

Q: Targee Inc. has the following income statement (in mulons). Targee, INC. Income Statement For the…

A: The answer is as fallows

Q: Compute the following ratios for 2022. (Round earnings per share, current ratio and asset turnover…

A: a)Earning Per Shares = Net Income/ Average Number Of Shares Outstanding= $209700/58000= $…

Q: please step by step solution.

A: AnswersSolutionGuidethe formula for the current ratio is: current assets / current liabilitieshence,…

Q: Assume Cooper Company has the following reported amounts: Sales revenue $7,533 Sales returns and…

A: Answer) Calculation of Income from Operations Income from Operations = Net Sales – Cost of Goods…

Q: Prepare an income statement for Hansen Realty for the year ended December 31, 2023.

A: Working note 1 - Calculation of Net sales Net sales= Sales-Sales return- Sales discount…

Q: What are the net sales from the following income statement? Income Statement Sales $12,900 Returns…

A: Introduction: Sales are any operating incomes earned by a company thru the business activities, such…

Q: Assume that Whispering Winds Company has cost of goods purchased of $478,300, beginning inventory of…

A: Gross profit = Net sales - Cost of goods sold where, Cost of goods sold = beginning inventory + cost…

Q: Calculate the asset turnover ratio. Note: Enter your response as a decimal rounded to 2 places.…

A: Solution:- Asset turnover ratio measures that how much is the net sales of the company to its total…

Q: During the current year, merchandise is sold for $665,000. The cost of the merchandise sold is…

A: Gross Profit=Total Sales - Cost of Goods Sold Gross profit percentage=Gross profit / Sales

Q: The income statement of Sweet Company is shown below. Sales revenue Cost of goods sold Beginning…

A: Net income is reconciled with the cash flow from operating activities by adjustment depreciation and…

Q: 2. Complete the below table to calculate income statement data in common-size percents. (Round to 2…

A: The income statement is the most important part of the financial statement because this statement…

Q: The income statement for Sutherland Inc., appears below. Net sales Cost of goods sold Gross profit…

A: Vertical analysis is a financial analysis technique used to evaluate the relative proportions of…

Q: The income statement of Headland Company is shown below. HEADLAND COMPANY INCOME STATEMENT FOR THE…

A: The statement of cash flows can be prepared using two methods, i.e. Direct Method and Indirect…

Q: Income statements for Munoz Company for 2018 and 2019 follow: MUNOZ COMPANY Income Statements…

A: The financial statement analysis can be done in two different ways. One of which is comparing the…

Q: Excerpts from Hulkster Company's December 31, 2024 and 2023, financial statements are presented…

A: Return on assets can be calculated by dividing net income by average total assets. It indicates the…

Q: Calculate the current ratio. (Do NOT enter your answer as a percentage (i.e., do not move the…

A: Introduction: Current ratio is one of the liquidity ratios which is used as a metric in measuring…

Question

The following information is available from the accounting records of Manahan Co. for the year ended December
31, 2019:
Net cash provided by financing activities
Dividends paid
Loss from discontinued operations, net of tax savings of $70,000
Income tax expense
Other selling expenses
$168,000
27,000
155,000
39,000
20,000
966,000
67,000
186,000
552,000
214,000
Net sales
Advertising expense
Accounts receivable
Cost of goods sold
General and administrative expenses
Required:
a. Calculate the operating income for Manahan Co. for the year ended December
2019.
MANAHAN CO.
Operating Income Statement
For the year ended December 31, 2019
Net sales
$
966,000
Cost of goods sold
552,000
Gross profit
$
414,000
Expenses:
Operating income
$
414,000
b. Calculate the company's net income for 2019.

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Given the Financial Statements of Tabuan Jaya Berhad Berhad for the year 2019 and 2020. Income Statement for the year ended 31 December 2020 RM (mil.) RM (mil.) Sales 100 Less cost of goods sold Opening inventory 15 Purchases 104 Goods available for sales 119 Closing inventory 46 (73) Gross profit 27 Less other expenses General expenses 8 Depreciation 8 Property taxes 4 Interest expenses 3 23 Net income 4 Retained earnings, Dec 31. 2019 7 Total 11 Dividend (1) Retained earnings, Dec 31, 2020 10 Balance Sheet as at December 31, 2019 and 2020 RM (mil.) RM (mil.) RM (mil.) 2020 2019 Increase/ Decrease Assets Cash 1 20 (19) Accounts receivable 20 5 15 Inventory 46 15 31 Prepaid general expenses 4 2 2…
Answer ALL the questions in this section. QUESTION 1 Read the information below and answer the following questions INFORMATION The following statement of comprehensive income for the financial year ended 31 December 2021 and the statement of financial position as at 31 December 2021 have been provided by Midas Enterprises: Statement of comprehensive income for the year ended 31 December 2021 1 Sales Cost of sales Gross profit Variable selling and administrative expenses Fixed selling and administrative expenses Net profit R 10 000 000 (5 750 000) 4 250 000 (1 500 000) (500 000) 2 250 000 Statement of financial position as at 31 December 2021 ASSETS Non-current assets Property, plant and equipment Current assets Inventories Accounts receivable Cash EQUITY AND LIABILITIES Equity Current liabilities Accounts payable R 800 000 800 000 3 400 000 1 600 000 600 000 1 200 000 4 200 000 3 760 000 440 000 440 000 4 200 000 Additional information: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. The sales budget…
Required information [The following information applies to the questions displayed below] The following information pertains to the inventory of Parvin Company for Year 3: Jan. 1 Beginning inventory Apr, 1 Oct. 1 Purchased Purchased 400 units # $17 2,900 units # $22 1,200 units # $23 During Year 3, Parvin sold 3,825 units of inventory at $43 per unit and incurred $18,30% of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $148,700, inventory of $6,800, common stock of $131,000, and retained earnings of $24,500.
Retail Corporation reported the following Income Statement for the past two years: Retail Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $ 30,100,100 $ 26,210,200 Cost of goods sold 22,425,500 18,950,800 Gross profit 7,674,600 7,259,400 Selling expenses 1,525,500 1,480,600 Administrative expenses 1,425,300 1,325,000 Total operating expenses 2,950,800 2,805,600 Income from operations 4,723,800 4,453,800 Interest Expense 190,500 210,600 Other income 62,500 55,500 Income before income tax 4,595,800 4,298,700 Income tax expense 1,608,500 1,312,400 Net income $ 2,987,300 $ 2,986,300 a. What was Retail…
Excerpts from the annual report of XYZ Corporation follow: 2019 $675,138 $241,154 $64,150 $93,650 $25,100 2020 Cost of goods sold Inventory Net income $754,661 $219,686 $31,185 $68,685 $26,900 Retained earnings LIFO reserve Tax rate 20% 20% If XYZ used FIFO, its net income for fiscal 2020 would be O a. $34,165 O b. $30,375 O c. $32,625 d. $36,545
Income statements for year ending 31 December 2019 Gees Baking Co. ltd 9west com. $’000 $’000 Net revenue 35,119 30,990 Cost of goods sold 12,693 11,088 Gross profit 22,426 19,902 Selling & administrative expenses 13,158 11,358 Other operating expenses 819 313 Operating income 8,449 8,231 Interest income 833 355 Other income…
Determining gross profit During the current year, merchandise is sold for $ 11, 750,000. The cost ofthe Roods sold is $7,050,000. . A. What is the amount of the gross profit?. B. Compute the gross profit percentage (gross profit divided bysales).. C. Will the income statement always report a net income? Explain.
Agro Co.’s income statement for the year ended 31 March 2019 and statements of financial position at 31 March 2019 and 2018 were as follows: Agro Co.: Income Statement for the year ended 31 March 2019 £'000 Sales 3495 Cost of Sales (2182) Gross profit 1313 Other income: interest received 33 Distribution costs (187) Administrative expenses (309) Interest costs (75) Profit before tax 775 Income tax expense (157) Profit for the year 618 Agro Co.: Statements of Financial Position as at 31 March 2019 and 2018 2019 2018 £'000 £'000 Non-current assets Property, plant and equipment (PPE) 1700 1615 Intangible assets 425 375 Investments 0 95 Current assets Inventory 150 102 Trade receivables 1010 315 Short-term investments 75 0 Cash at Bank 452 1 Total Assets 3812 2503 Current liabilities Trade payables 289 119 Bank overdraft 143 98 Taxation 312 285 744 502 Non-current liabilities Long-term loans 170 50 Total Net Assets 2898 1951 Equity Share capital (£1 ordinary shares) 1950 1550 Share premium…
View Policies Current Attempt in Progress Assume Sunland Company has the following reported amounts: Sales revenue $1,000,000, Sales returns and allowances $29,000, Cost of goods sold $649.599, and Operating expenses $215,600. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit S (c) Compute income from operations.
Portions of the financial statements for Peach Computer are provided below. PEACH COMPUTER Income Statement For the year ended December 31, 2024 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses Net income Cash Accounts receivable Inventory Prepaid rent Accounts payable Income tax payable $1,100,000 610,000 55,000 45,000 PEACH COMPUTER Selected Balance Sheet Data December 31 2024 $107,000 45,500 80,000 3,500 50,000 5,500 2023 $87,500 51,500 57,500 6,000 39,500 12,500 $1,925,000 1,810,000 $115,000 Increase (I) or Decrease (D) $19,500 (I) (D) 6,000 22,500 (I 2,500 (D) 10,500 (I) 7,000 (D)
Use the information above to calculate cash flows from operating activities using the indirect method. Note: Amounts to be deducted should be indicated by a minus sign. Cash flows from operating activities Net income Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities $ 42,000 S 42.000 42.000
What is the Net Income After Tax?