Required information[The following information applies to the questions displayed below.]Suresh Company reports the following segment (department) income results for the year.SalesDepartment M$ 68,000Department N$ 38,000Department 0$ 65,000Department P$ 47,000Department T$ 33,000Total$ 251,000ExpensesAvoidable12,300UnavoidableTotal expensesIncome (loss)53,80066,10039,40015,60055,00023,9004,70028,60016,50036,40042,30013,300134,400123,80052,90055,600258,200$ 1,900$ (17,000)$ 36,400$ (5,900)$ (22,600)$ (7,200)b. Compute the total increase in income if the departments with sales less than avoidable costs, as identified in part a, are eliminated.Total increase in income$3,700

Name: Required information[The following information applies to the questio
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Required information[The following information applies to the questions displayed below.]Suresh Company reports the following segment (department) income results for the year.SalesDepartment M$ 68,000Department N$ 38,000Department 0$ 65,000Departmen

Avoidable costs are those costs of a department which can be avoided on the discontinuance of the…

Business

Accounting

Suresh Company reports the following segment (department) income results for the year. Sales Expenses Department M $ 68,000 Department N $ 38,000 Department 0 $ 65,000 Department P $ 47,000 Department T $ 33,000 Total $ 251,000 Avoidable Unavoidable Total expenses Income (loss) 12,300 53,800 66,100 39,400 15,600 55,000 23,900 4,700 28,600 16,500 36,400 42,300 134,400 13,300 123,800 52,900 55,600 258,200 $ 1,900 $ (17,000) $ 36,400 $ (5,900) $ (22,600) $ (7,200) b. Compute the total increase in income if the departments with sales less than avoidable costs, as identified in part a, are eliminated. Total increase in income $ 3,700

Suresh Company reports the following segment (department) income results for the year. Sales Expenses Department M $ 68,000 Department N $ 38,000 Department 0 $ 65,000 Department P $ 47,000 Department T $ 33,000 Total $ 251,000 Avoidable Unavoidable Total expenses Income (loss) 12,300 53,800 66,100 39,400 15,600 55,000 23,900 4,700 28,600 16,500 36,400 42,300 134,400 13,300 123,800 52,900 55,600 258,200 $ 1,900 $ (17,000) $ 36,400 $ (5,900) $ (22,600) $ (7,200) b. Compute the total increase in income if the departments with sales less than avoidable costs, as identified in part a, are eliminated. Total increase in income $ 3,700

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Orange Company provided the following data for the current year: Sales 20,000,000 Cost of goods sold 10,600,000 Operating expenses 7,600,000 December 31 balances Prepaid operating expenses 2,000,000 Accounts payable 2,700,000 Inventory 5,000,000 Accounts receivable 2,800,000 January 1 balances Prepaid operating expenses 1,400,000 Accounts payable 2,400,000 Inventory 4,200,000 Accounts receivable 2,750,000 Under the cash basis, what amount should be reported as purchases for the current year?A. 10,100,000B. 11,400,000C. 11,100,000D. 10,300,000
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous YearSales $4,000,000 $3,600,000Cost of goods sold 2,280,000 1,872,000Selling expenses 600,000 648,000Administrative expenses 520,000 360,000Income tax expense 240,000 216,000a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage.b. Comment on the significant changes disclosed by the comparative income statement.
Please do not give solution in image format thanku
16 )
A company reports the following amounts at the end of the year: Total sales revenue = $510,000; sales discounts = $18,000; sales returns = $35,000; sales allowances = $20,000. Compute net revenues. Net revenues
Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $541,800 $430,000 Cost of goods sold 458,800 370,000 Gross profit $83,000 $60,000 Selling expenses $24,360 $21,000 Administrative expenses 21,080 17,000 Total operating expenses $45,440 $38,000 Income before income tax $37,560 $22,000 Income tax expenses 15,000 8,800 Net income $22,560 $13,200 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year year (Decrease) (Decrease) Amount Amount Amount Percent Sales $541,800 $430,000 % Cost of goods sold 458,800 370,000 Gross profit $83,000 $60,000 % Selling expenses $24,360 $21,000 % Administrative expenses 21,080 17,000 % Total operating expenses…
Calculating the Times-Interest-Earned Ratio Beech Company provided the following income statement for last year: Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685 Operating income $4,140,050 Interest expense 470,015 Income before taxes $3,670,035 Income taxes 1,461,214 Net income $2,208,821 Required: Calculate the times-interest-earned ratio. Round the answer to one decimal place.times
The following is the year ended data for Tiger Company: Sales Revenue $58,000 Cost of Goods Manufactured 21,000 Beginning Finished Goods Inventory 1,100 Ending Finished Goods Inventory 2,200 Selling Expenses 15,000 Administrative Expenses 3,900 What is the gross profit? A. $22,100 B. $38,100 C. $19,200 D.
Calculating the Times-Interest-Earned Ratio Beech Company provided the following income statement for last year: Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685 Operating income $4,140,050 Interest expense 463,015 Income before taxes $3,677,035 Income taxes 1,461,214 Net income $2,215,821 Required: Calculate the times-interest-earned ratio. Round the answer to one decimal place.fill in the blank 1
Income statement data for Winthrop Company for two recent years ended December 31 are as follows: 1 Current Year Previous Year 2 Sales $1,596,000.00 $1,400,000.00 3 Cost of goods sold 1,316,700.00 1,197,000.00 4 Gross profit $279,300.00 $203,000.00 5 Selling expenses $76,950.00 $67,500.00 6 Administrative expenses 55,000.00 50,000.00 7 Total operating expenses $131,950.00 $117,500.00 8 Income before income tax $147,350.00 $85,500.00 9 Income tax expense 11,060.00 7,000.00 10 Net income $136,290.00 $78,500.00 A. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. Round percentages to one decimal place. B. What conclusions can be drawn from the horizontal analysis? Round the answers to one decimal place.
Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill’s data are expressed in dollars. The electronics industry averages are expressed in percentages. TannenhillCompany ElectronicsIndustryAverage Sales $800,000 100 % Cost of goods sold 512,000 70 Gross profit $288,000 30 % Selling expenses $176,000 17 % Administrative expenses 64,000 7 Total operating expenses $240,000 24 % Operating income $48,000 6 % Other revenue 16,000 2 $64,000 8 % Other expense 8,000 1 Income before income tax $56,000 7 % Income tax expense 24,000 5 Net income $32,000 2 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. Enter all amounts as positive numbers.