The following information relates to Blake Auto Supply. Net Sales Revenue$196,000Cost of Goods Sold150,000Interest Revenue11,000Operating Expenses42,500 Calculate the net income of Blake Auto Supply. A.$220,000 B.$56,500 C.$14,500 D.$3500

Net Income is the amount of net profit earned from business

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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K The following information relates to Fantastic Clothing, Inc. Net Sales Revenue Cost of Goods Sold Interest Expense Operating Expenses Calculate the net income. OA. $260,700 OB. $265,000 O C. $315,700 OD. $320,000 $550,000 230,000 4,300 55,000
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Given the following information, compute operating income - Cost of Goods Sold $2,000 Extraordinary Item -170 Income Taxes 350 Interest Expense 200 Operating Expenses 1,500 Sales 5,500
Financial information is presented below: Operating Expenses $ 92, 800 Sales Returns and Allowances 18,000 Sales Discounts 12,000 Sales Revenue 350,000 Cost of Goods Sold 176,000 The amount of net sales on the income statement would be Select one: a. $ 338,000. b. $332,000. c. $350,000. d. $320,000.
Financial information is presented below: Operating Expenses $56000 Sales Revenue Cost of Goods Sold Gross profit would be $48000. $238000. $182000. $104000. 238000 134000
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Sandhill Company bottles and distributes B-Lite, a diet soft drink. The beverage is sold for 60 cents per 16-ounce bottle to retailers. For the year 2022, management estimates the following revenues and costs. Sales Direct materials Direct labor Manufacturing overhead-variable Manufacturing overhead-fixed $1,800,000 420,000 400,000 Selling Selling expenses-fixed expenses-variable Administrative expenses-variable 420,000 Administrative expenses-fixed 110,000 $87,000 61,000 23,000 99,000
Jeter Rosado Net Sales Revenue $10,000 $25,000 Cost of Goods Sold 6,110 18,000 Other Expenses 3,300 5,675 Net Income $590 $1,325 Requirement 1. Prepare common-size income statements. (Round your answers to one decimal place, X.X%.) Jeter Versus Rosado Common-Size Income Statement (Partial) Year Ended December 31 Jeter Rosado Net Sales Revenue % % Cost of Goods Sold Other Expenses Net Income % %
Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 98,000 129,000 Cost of goods sold 64,600 enter a dollar amount Gross profit enter a dollar amount 56,760 Operating expenses 20,400 enter a dollar amount Net income enter a dollar amount 21,930 Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 75.5%.) Crane Company Sheridan Company Profit margin enter profit margin in percentages rounded to 1 decimal place % enter profit margin in percentages rounded to 1 decimal place % Gross profit rate enter gross profit rate in percentages rounded to 1 decimal place % enter gross profit rate in percentages rounded to 1 decimal place %
The following information relates to Sports Bikes, Inc. Net Sales Revenue $212,000 Cost of Goods Sold 160,000 Interest Revenue 10,000 Operating Expenses 42,500 Calculate the operating income. A. $240,000 B. $9,500 C. $69,500 D. $19500
The following data was taken from the Metropolitan University, Inc. Income Statement: Cost of good solds $30,000 Purchases returns and allowances 1,500 Sales returns and allowances 3,750 Gross profit 25,000 Selling expenses 9,000 Net income 10,750 Transportation-in 1,250 Purchases 35,000 Ending inventory 8,790 REQUIRE Compute (ignore taxes): a. Sales b. Bengining inventory c. General and administrative expenses

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Net Sales Revenue	$196,000
Cost of Goods Sold	150,000
Interest Revenue	11,000
Operating Expenses	42,500

The following information relates to Blake Auto Supply. Net Sales Revenue $196,000 Cost of Goods Sold 150,000 Interest Revenue 11,000 Operating Expenses 42,500 Calculate the net