The following data were taken from the records of Browntree Corporation at the end of the fiscal year ending December 31, 2020: Sales revenue s97.700 Cost of goods sold Gross profit S36, 160 Wages expense $11.600 Selling and administrative expenses Income before income tax $13,500 Income tax rate 30% Number of common shares outstanding 5,000 Prepare a multi-step statement of income for the company and calculate the earnings per share. (Hint: You will need to calculate the missing amounts to complete the statement of income.) (Round earnings per share to 2 decimal places, e.g. 52.75.)

The following data were taken from the records of Browntree Corporation at the end of the fiscal year ending December 31, 2020: Sales revenue s97.700 Cost of goods sold Gross profit S36, 160 Wages expense $11.600 Selling and administrative expenses Income before income tax $13,500 Income tax rate 30% Number of common shares outstanding 5,000 Prepare a multi-step statement of income for the company and calculate the earnings per share. (Hint: You will need to calculate the missing amounts to complete the statement of income.) (Round earnings per share to 2 decimal places, e.g. 52.75.)

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

Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…
Here is the income statement for Splish Brothers Inc. SPLISH BROTHERS INC.Income StatementFor the Year Ended December 31, 2022 Net sales $442,900 Cost of goods sold 258,800 Gross profit 184,100 Expenses (including $16,100 interest and $21,600 income taxes) 74,700 Net income $ 109,400 Additional information: 1. Common stock outstanding January 1, 2022, was 22,500 shares, and 35,800 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average.) 2. The market price of Splish Brothers stock was $15 on December 31, 2022. 3. Cash dividends of $23,600 were declared and paid. Compute the following measures for 2022. (Round earnings per share to 2 decimal places, e.g. 1.83 and all answers to 1 decimal places, e.g. 1.8 or 2.5%) (a) Earnings per share $enter Earnings per share in dollars rounded to 2 decimal places (b) Price-earnings ratio enter a number for Price-earnings ratio in times…
Here is the income statement for Sheridan, Inc. Sheridan, Inc. Income Statement For the Year Ended December 31, 2022 Net sales $434,000 Cost of goods sold 222,000 Gross profit 212,000 Expenses (including $10,000 interest and $20,500 income taxes) 87,000 Net income $125,000 Additional information: 1. Common stock outstanding January 1, 2022, was 58,500 shares, and 62,500 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average.) 2. The market price of Sheridan stock was $10 on December 31, 2022 3. Cash dividends of $27,300 were declared and paid. Compute the following measures for 2022. (Round Earnings per share to 2 decimal places, e.g. 1.65, and all other answers to 1 decimal place, e.g. 6.8 or 6.8%.) (a) Earnings per share $ (b) Price-earnings ratio (c) Payout ratio Fu (d) Times interest earned times % times
Two income statements for Cornea Company follow: Cornea Company Income Statements For the Years Ended December 31 20Y9 20Y8 Fees earned $1,570,000 $1,280,000 Expenses (832,100) (768,000) Net income $737,900 $512,000 Required: a. Prepare a vertical analysis of Cornea Company’s income statements. If required, round your percentage to the nearest whole number.
1. Please complete a full income statement from the data
Financial statements for Askew Industries for 2024 are shown below (in thousands): 2024 Income statement Net sales Cost of goods sold Gross profit Operating expenses Interest expense Income tax expense Net income Assets Cash $ 9,400 (6,400) 3,000 (2,200) (240) (224) $ 336 Bonds payable Common stock Retained earnings Comparative Balance Sheets. Accounts receivable Inventory Property, plant, and equipment (net) Liabilities and Shareholders' Equity Current liabilities December 31 2024 $ 640 640 840 2,400 $ 4,520 $ 1,340 1,600 640 940 $ 4,520 2023 $ 540 440 640 2,500 $4,120 $ 1,090 1,600 640 790 $ 4,220 Required: Calculate the following ratios for 2024 Note: Consider 365 days a year. Do not round intermediate calculations and round your final answers to 2 decimal places.
The following ratios have been computed for Pina Colada Company for 2022. Profit margin ratio 20 % Current ratio 2.5 :1 Times interest earned 12 times Debt to assets ratio 24 % Accounts receivable turnover 5 times Use the above ratios and information from the Pina Colada Company financial statements to fill in the missing information on the financial statements.The 2022 financial statements for Pina Colada Company with missing information follows: (Include calculations) PINA COLADA COMPANYComparative Balance SheetDecember 31, 2022 2021 Assets Cash $ 26,500 $ 37,100 Debt Investments 15,900 15,900 Accounts receivable (net) 53,000 Inventory 53,000 Property, plant, and equipment (net) 212,000 169,600 Total assets Liabilities and stockholders' equity Accounts payable $ 15,900 $ 26,500 Short-term notes payable 37,100 31,800 Bonds payable Enter…
Here is the income statement for Myers, Inc. MYERS, INC.Income StatementFor the Year Ended December 31, 2022 Net sales $400,000 Cost of goods sold 230,000 Gross profit 170,000 Expenses (including $16,000 interest and $24,000 income taxes) 98,000 Net income $ 72,000 Additional information: 1. Common stock outstanding January 1, 2022, was 32,000 shares, and 40,000 shares were outstanding at December 31, 2022. (Use a simple average for weighted-average.) 2. The market price of Myers stock was $14 on December 31, 2022. 3. Cash dividends of $21,000 were declared and paid. Compute the following measures for 2022. (Round earnings per share to 2 decimal places, e.g. 1.83 and all answers to 1 decimal places, e.g. 1.8 or 2.5%) (a) Earnings per share (b) Price-earnings ratio times (c) Payout ratio % (d) Times interest earned
Illumination Corporation operates one central plant that has two divisions, the Flashlight Division and the Night Light Division. The following data apply to the coming budget year Budgeted costs of operating the plant for 2,000 to 3,000 hours: Fixed operating costs per year Variable operating costs Budgeted long-run usage per year Flashlight Division Night Light Division Practical capacity $500,000 OA. $500,000 B. $625.000 OC. $600,000 D. $650,000 $500 per hour 2,000 hours 1,000 hours 4,000 hours Assume that practical capacity is used to calculate the allocation rates Actual usage for the year by the Flashlight Division was 1,500 hours and by the Night Light Division was 800 hours If a dual-rate cost-allocation method is used, what amount of operating costs will be budgeted for the Night Light Division?
The following selected accounts from the Novak Corp.’s general ledger are presented below for the year ended December 31, 2022: Advertising expense $ 66,000 Interest revenue $ 43,000 Common stock 261,000 Inventory 78,000 Cost of goods sold 1,096,000 Rent revenue 24,000 Depreciation expense 136,000 Retained earnings 546,000 Dividends 161,000 Salaries and wages expense 685,000 Freight-out 36,000 Sales discounts 9,700 Income tax expense 81,000 Sales returns and allowances 54,000 Insurance expense 15,000 Sales revenue 2,410,000 Interest expense 80,000 Prepare a multiple-step income statement. The following selected accounts from the Novak Corp.’s general ledger are presented below for the year ended December 31, 2022: Advertising expense $ 66,000 Interest revenue $ 43,000 Common stock 261,000 Inventory 78,000 Cost of goods sold 1,096,000…
A company reported the following data for the year ending 2018: Description Amount Sales $400,000 Sales discount $16,000 Sales returns and allowances $13,000 Cost of goods sold $117,000 Operating expense $153,000 Income tax expense $23,750 There are 25,000 shares outstanding throughout the year. What is the earnings per share? $2.08 per share $4.04 per share $3.09 per share $3.01 per share
The following information is available for Cane Mill River Company for the year 2024: Cost of goods sold $60,000 Dividend revenue 2,500 Income tax expense 6,000 Operating expenses 23,000 Sales revenue 100,000 Cane Mill River's multi-step income statement will report gross profit of Select one: $40,000. $42,500. $0 because this is not a subtotal reported on a multi-step income statement. $13,500.