The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Locomotive Corporate Division Division Total Cost of goods sold $ 45,300 $31,000 Direct operating 27,700 23,000 expenses Sales 90,600 66,700 Interest expense $2,500 General overhead 18,700 4,500 Income tax The gross profit for the Rails Division is: a. $17,600 b. $62,900 c. $45,300 d. $90,600
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- i want to this question answer General accountingUse this information for Train Corporation to answer the question that follow.The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: RailsDivision LocomotiveDivision CorporateTotal Cost of goods sold $ 47,200 $30,720 Direct operating expenses 27,200 20,040 Sales 108,000 78,000 Interest expense $ 2,040 General overhead 18,160 Income tax 4,700 The net income for Train Corporation isanswer ? Financial Accounting question
- Expenses: b. Calculate the company's net income for 2019. $ $ 0 0 0The Weymire Corporation provides you with the following information for the year ended 123120: Sales revenue 450,000 Cost of goods sold 120,000 Gross margin 330,000 Depreciation expense Pension expense Other expense Interest expense 72,750 28,500 38,250 4,500 Gain on the sale of equipme (3,000) Income tax expense 97,500 238,500 Net Income 91.500 12/31/19 |12/31/20 54,000 Cash 24,000 Accounts Receivable 75,000 70,500 Inventory 124,500 126,000 Equipment 127,500 123,000 (9,000) 342.000 Accumulated Depreciation (10,500) 363.000 Total Accounts Payable 54,000 69,000 Income Taxes Payable 99,000 72,000 Interest Payable 3,000 1,500 Notes Payable, long term Accrued Pension Liability 45,000 6,000 3,000 Deferred Tax Liability 21,000 27,000 Common Stock, no par 105,000 120,000 Retained Earnings 9.000 70,500 Total 342.000 363.000 Additional information: Equipment costing $73,500 was sold. New equipment was purchased, and $15,000 of common stock was issued in partial payment for the new equipment.…The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…
- The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…The following information appeared in the annual financial statements of Hitashi Projects Limited:Statement of Comprehensive Income for the year ended 31 December 2019RRevenue 1 250 000Direct costs (786 000)Gross profit 464 000Operating expenses (124 000)Operating profit 340 000Interest expense (15 000)Profit before tax 325 000Income tax (97 500)Profit after tax 227 500Statement of Financial Position as at 31 December 2019Assets RNon-current assets 314 000Current assets 386 000Total assets 700 000Equity and liabilitiesShareholders’ equity 350 000Non-current liabilities 205 000Current liabilities 145 000Total equity and liabilities 700 000Note• Current assets (R386 000) include accounts receivable of R160 000, inventories of R80000 and cash of R146 000.• Inventories as at 31 December 2018 amounted to R130 000.• Current liabilities comprise accounts payable only.• All direct costs and revenues are on credit.Required:Calculate the following ratios using the information provided above.…The comparative statements of Bonita Company are presented here. Net sales Bonita Company Income Statements For the Years Ended December 31 Cost of goods sold Gross profit Selling and administrative expenses Income from operations Other expenses and losses Interest expense Income before income taxes Income tax expense Net income 2022 $1,811,500 1,008,900 802,600 518,600 284,000 17,800 266,200 80,152 $ 186,048 2021 $1,752,200 982,000 770,200 472,800 297,400 13,800 283,600 76,400 $207,200
- Dela Rosa Company Company The income statement for the year ended December 31, 2020, for Dela Rosa Company Comnany contains the following condensed information. Dela Rosa Company Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes Income tax expense Net income P6,583,000 P2,810,000 2,086,000 880,000 24.000 5,800.000 783,000 353,000 P430,000 The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on Dela Rosa's comparative balance sheets at December 31, Dela Rosa Company Company Comparative Balance Sheets Cash Accounts receivable Inventory Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid…Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2024 2023 $ 4,500,000 2,880,000 $ 3,600,000 2,020,000 820,000 695,000 380,000 322,000 152,000 142,000 204,000 204,000 56,000 On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $56,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 1/1/2024-9/30/2024 Sales revenue Cost of goods sold Administrative expense Selling expense Operating income before taxes $ 420,000 (300,000) (52,000) (22,000) $ 46,000 2023 $520,000 (332,000) (42,000) (22,000) $ 124,000 In addition to the account…Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense $365,000 $215,000 66,000 16,600 25,000 322,600 $ 42,400 Total expenses Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 $ 6,600 13,600 9,600 5,600 8,600 22,400 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable Required: Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)
