General accounting The following financial information was summarized from the accounting records of TrainCorporation for the current year ended December 31:Rails Division Locomotive Division Corporate TotalCost of goods sold$45,300$31,000Direct operating expenses 27,70023,000Sales90,60066,700Interest expense$2,500General overhead18,700Income tax4,500The gross profit for the Rails Division is:a. $17,600b. $62,900c. $45,300d. $90,600

Step 1: Introduction to income statementIncome statement is referred to as the financial statement…

Answered: The following financial information was…

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

The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Locomotive Division Cost of goods sold Direct operating expenses Sales Interest expense General overhead. Income tax Rails Division $ 47,200 27,200 108,000 The income from operations for the Rails Division is O $21,150 Ob. $33,600 O $8,700 O d. $60,800 $30,720 20,040 78,000 Corporate Total $2,040 18,160 4,700
The following financial information was su....financial accounting question
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 $46,700 $29,300 Direct operating expenses 26,400 20,400 Sales 98,200 69,700 Interest expense $2,200 General overhead 19,900 Income tax 4,500 The net income for Train Corporation is a.$73,800 b.$91,900 c.$18,500
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 $47,000 $32,000 Direct operating expenses 27,500 21,000 Sales 98,300 65,300 Interest expense $2,900 General overhead 18,400 Income tax 4,400 The net income for Train Corporation is Oa. $10,400 Ob. $36,100 Oc. $84,600 Od. $75,500
The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Division Locomotive Division Corporate Total Cost of goods sold $45,200 $30,600 Direct operating expenses 27,000 22,300 Sales 95,800 69,400 Interest expense $2,000 General overhead 18,800 Income tax 4,500 The gross profit for the Locomotive Division is
akeAssignmentSessionL... Use 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: Rails Locomotive Согрorate Division Division Total Cost of goods sold $47,700 $30,400 Direct operating expenses 26,500 22,400 Sales 91,200 66,400 Interest expense $2,200 General overhead 19,000 Income tax 4,300 The income from operations for the Rails Division is Oa. $17,000 Ob. $91,200 Oc. $64,700 Od. $43,500 ( Previous Next
A condensed income statement for the Commercial Division of Maxell Manufacturing Inc. for the year ended December 31, 20Y9, is as follows: 1 Sales $3,850,000.00 2 Cost of goods sold 2,420,000.00 3 Gross profit $1,430,000.00 4 Operating expenses 1,045,000.00 5 Income from operations $385,000.00 6 Invested assets $2,750,000.00 Assume that the Commercial Division received no charges from service departments. The president of Maxell Manufacturing has indicated that the division’s return on a $2,750,000 investment must be increased to at least 18.00% by the end of the next year if operations are to continue. The division manager is considering the following three proposals: Proposal 1: Transfer equipment with a book value of $313,000 to other divisions at no gain or loss and lease similar equipment. The annual lease payments would exceed the amount of depreciation expense on the old equipment by $108,000. This increase in…
Use 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: Rails Locomotive Corporate Division Division Total Cost of goods sold $45,300 $28,700 Direct operating expenses 26,600 21,200 Sales 95,400 67,600 Interest expense $2,500 General overhead 18,500 Income tax 4,300 The net income for Train Corporation is Oa. $15,900 Ob. $89,000 Oc. $41,200 Od. $72,600 Previous Next 7:33 PM CP 12/13/2020
Use 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 is
Income Statement Format The following information from Buchanan Company’s current operations is available: Administrative expenses $73,000 Cost of goods sold 470,000 Sales revenue 772,000 Selling expenses 87,000 Interest expense 10,000 Loss from operations of discontinued segment 60,000 Gain on disposal of discontinued segment 40,000 Income taxes: Amount applicable to ordinary operations 40,000 Reduction applicable to loss from operations of discontinued segment 14,000 Amount applicable to gain on disposal of discontinued segment 8,000 Requireda. Prepare a multiple-step income statement. (Disregard earnings per share.)b. Prepare a single-step income statement. (Disregard earnings per share.)Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. BUCHANAN COMPANYMultiple-Step Income StatementFor Year Ended Sales Revenue Answer Answer Answer Answer Answer Selling Expenses Answer…
Income Statement Format The following information from Buchanan Company’s current operations is available: Administrative expenses $73,000 Cost of goods sold 470,000 Sales revenue 772,000 Selling expenses 87,000 Interest expense 10,000 Loss from operations of discontinued segment 60,000 Gain on disposal of discontinued segment 40,000 Income taxes: Amount applicable to ordinary operations 40,000 Reduction applicable to loss from operations of discontinued segment 14,000 Amount applicable to gain on disposal of discontinued segment 8,000 Requireda. Prepare a multiple-step income statement. (Disregard earnings per share.)b. Prepare a single-step income statement. (Disregard earnings per share.)Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. BUCHANAN COMPANYMultiple-Step Income StatementFor Year Ended Sales Revenue Selling Expenses Administrative Expenses Operating Income…
Seaforce Manufacturing Inc. Income Statement Year Ended December 31, 20X5 Sale $ 340,000 Cost of goods sold $ 250,100 Gross Profit $ 89,900 Operating Expenses $ 55,000 Loss on Sale of equipment $ 2,500 $ 57,500 Profit from Operations $ 32,400 Other expenses Interest Expense $ 3,500 Profit before Income Tax $ 28,900 Income Tax Expense $ 12,000 Profit $ 16,900 Additional Information: Operating expenses include depreciation expense of $10,000 Accounts Payable related to the purchase of inventory Equipment that cost $12,500 was sold at a loss of $2,500 New equipment was purchased during the year for $8,500 Dividends declared and paid in 20X5 totaled $3,000 Common shares were sold for $12,000 cash Interest payable in 20X5 was $800 greater than interest payable in 20X4 The company uses IFRS and do not treat dividends as part of operations Seaforce Manufacturing Inc. comparative balance sheet at December 31 20X5…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS