The following information is available for Clearwater Seafood for the year ended December 31, 2020. Required: Prepare a multiple-step income statement for Clearwater Seafood. Other revenues and gains Other expenses and losses Cost of goods sold $8,000 Sales revenue $462,000 3,000 Operating expenses 187,000 147,000 Sales discounts 20,000
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- At the fiscal year ended June 30, 2020, the following information is available for Shein Company: Cost of goods sold. . .$167,400 Sales returns and allowances... 4,000 Sales revenue. 243,200 Interest expense... 5,000 Operating expenses... 88,700 Shein's net income/(net loss) for the period is Select one: a. Net income of $21,900 O b. Net income of $11,900 O c. Net loss of $11,900 O d. Net loss of $21,900The income statement of Marin Company is shown below. MARIN COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020Sales revenue$7,430,000Cost of goods soldBeginning inventory$2,090,000Purchases4,770,000Goods available for sale6,860,000Ending inventory1,440,000Cost of goods sold5,420,000Gross profit2,010,000Operating expensesSelling expenses440,000Administrative expenses690,0001,130,000Net income$880,000 Additional information: 1. Accounts receivable decreased $350,000 during the year.2. Prepaid expenses increased $150,000 during the year.3. Accounts payable to suppliers of merchandise decreased $260,000 during the year.4. Accrued expenses payable decreased $130,000 during the year.5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2020, for Marin Company, using the indirect method. (Show amounts that decrease cash flow with either a - sign e.g. -15,000 or in…The income statement of Whitlock Company is presented here. WHITLOCK COMPANYIncome StatementFor the Year Ended November 30, 2020 Sales revenue $7,588,000 Cost of goods sold Beginning inventory $1,924,100 Purchases 4,303,700 Goods available for sale 6,227,800 Ending inventory 1,334,300 Total cost of goods sold 4,893,500 Gross profit 2,694,500 Operating expenses 1,077,400 Net income $1,617,100 Additional information: 1. Accounts receivable increased $208,800 during the year, and inventory decreased $589,800. 2. Prepaid expenses increased $167,900 during the year. 3. Accounts payable to suppliers of merchandise decreased $343,500 during the year. 4. Accrued expenses payable decreased $104,000 during the year. 5. Operating expenses include depreciation expense of $83,600. Prepare the operating activities section of the statement of cash flows…
- The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…The income statement of Whitlock Company is presented here. WHITLOCK COMPANYIncome StatementFor the Year Ended November 30, 2020 Sales revenue $7,431,800 Cost of goods sold Beginning inventory $1,880,900 Purchases 4,343,000 Goods available for sale 6,223,900 Ending inventory 1,490,000 Total cost of goods sold 4,733,900 Gross profit 2,697,900 Operating expenses 1,144,400 Net income $1,553,500 Additional information: 1. Accounts receivable increased $190,300 during the year, and inventory decreased $390,900. 2. Prepaid expenses increased $169,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $340,300 during the year. 4. Accrued expenses payable decreased $102,600 during the year. 5. Operating expenses include depreciation expense of $81,900. Prepare the operating activities section of the statement of cash…Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,242. Ending inventory was $1,594. Note: Input all amounts as positive values. Sales Sales returns and allowances Sales discount Purchases Purchase discounts Depreciation expense Salary expense Insurance expense Utilities expense Plumbing expense Rent expense HANSEN REALTY Income Statement For Year Ended December 31, 2023 Gross profit from sales Operating expenses: $ 34,300 1,086 1,146 10,212 Total operating expenses 534 109 4,900 2,300 204 244 174
- Blossom Company provides the following information for the month ended October 31, 2022: sales on credit $280,100, cash sales $100,100, sales discounts $5,100, and sales returns and allowances $10,100.Prepare the sales section of the income statement based on this information. BLOSSOM COMPANYIncome Statement (Partial)choose the accounting period For the Year Ended October 31, 2022For the Month Ended October 31, 2022October 31, 2022 select an opening section name DrawingsExpensesNet Income / (Loss)SalesTotal ExpensesTotal RevenuesNet SalesOwner's Capital, October 1Owner's Capital, October 31Cost of Goods SoldGross Profit select an item $enter a dollar amount select between addition and deduction AddLess: select an item $enter a dollar amount select an…Hoyt Company provides this information for the month of November, 2022: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. V: HOYT COMPANY Income Statement (Partial) $ 4The income statement of Stellar Company is shown below. STELLAR COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020Sales revenue$6,910,000Cost of goods soldBeginning inventory$1,920,000Purchases4,420,000Goods available for sale6,340,000Ending inventory1,590,000Cost of goods sold4,750,000Gross profit2,160,000Operating expensesSelling expenses450,000Administrative expenses710,0001,160,000Net income$1,000,000 Additional information: 1. Accounts receivable decreased $370,000 during the year.2. Prepaid expenses increased $170,000 during the year.3. Accounts payable to suppliers of merchandise decreased $280,000 during the year.4. Accrued expenses payable decreased $110,000 during the year.5. Administrative expenses include depreciation expense of $60,000. Prepare the operating activities section of the statement of cash flows using the direct method. STELLAR COMPANYStatement of Cash Flows (Partial)choose the accounting periodselect an opening section nameselect an item$enter a…
- Please provide answer as per possible fastThe income statement of Sweet Company is shown below. SWEET COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,960,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,380,000 Goods available for sale 6,290,000 Ending inventory 1,610,000 Cost of goods sold 4,680,000 Gross profit 2,280,000 Operating expenses Selling expenses 450,000 Administrative expenses 710,000 1,160,000 Net income $1,120,000 Additional information: 1. Accounts receivable decreased $380,000 during the year. 2. Prepaid expenses increased $190,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $290,000 during the year. 4. Accrued expenses payable decreased $90,000 during the year. 5. Administrative expenses include depreciation expense of $70,000. Prepare…Presented below is selected information for Ivanhoe Company for the month of March 2024. Cost of goods sold Delivery expense Insurance expense Salaries expense $218,299 8,117 6,500 57,500 Sales Rent expense Sales discounts Sales returns and allowances Prepare a multiple-step income statement. 29,700 7,700 13,300 440,000
