The following information relates to R & B Inc. Sales Revenue $250,000 Cost of Goods Sold (COGS) $170,000 Interest Revenue Operating Expenses Sales Discounts $9,000 $45,000 $18,000 Sales Returns & Allowances $7,000 What is the net income of R & B Inc.?

The following information relates to R & B Inc. Sales Revenue $250,000 Cost of Goods Sold (COGS) $170,000 Interest Revenue Operating Expenses Sales Discounts $9,000 $45,000 $18,000 Sales Returns & Allowances $7,000 What is the net income of R & B Inc.?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: provide correct answer general accounting

A: O'Reilly Beverage CompanyStatement of Comprehensive Income For the Year Ended…

Q: What must have been the total sales?

A: Explanation of Break-even Point in Sales: Break-even point in sales represents the dollar amount of…

Q: Calculate the amount of cash paid to employees... General accounting

A: Step 1: Definition of Cash Paid for SalariesCash paid for salaries represents the actual amount of…

Q: What is the machine's book value at the end of 2024 on this financial accounting question?

A: Step 1: Definition of Straight-Line DepreciationStraight-Line Depreciation is a method of allocating…

Q: Need help this question general accounting

A: Step 1: Definition of Earning Per ShareEarnings per share show the amount of profit earned by each…

Q: Average costing system?

A: Step 1: Definition of Process Costing and Weighted Average MethodThe process costing system is used…

Q: Correct Answer

A: Concept of Variable Cost per UnitThe variable cost per unit represents the cost associated with…

Q: The cost of goods sold adjusted to a cash basis would be?

A: Explanation of Cost of Goods Sold (COGS): Cost of goods sold represents the direct costs…

Q: help me to solve this questions managerial accounting

A: Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents…

Q: Compute the net income

A: Step 1: First, calculate the Operating Income by subtracting the operating expenses from the Gross…

Q: Do fast answer of this accounting questions

A: Step 1: Definition of High-Low MethodThe high-low method is a technique used to separate fixed and…

Q: Answer

A: Given:Revenues = $12 billionGross Profit Margin = 60%SG&A Expenses = $3 billionStep 1: Calculate…

Q: What is the opereting cash flow. Provide answer

A: Here's the breakdown:Given:Net Income = $329Sales = $1,340Costs = $740Depreciation = $130Tax Rate =…

Q: Jackson Inspiration

A: Step 1: Calculation of Cost of Goods SoldCost of Goods Sold = Beginning Merchandise Inventory +…

Q: net income for the year?

A: Step 1: Definition of Net IncomeNet income represents the total earnings of a company after…

Q: Bramwell Industries produces joint products C and D from Material X in a single operation. 500…

A: Explanation of Joint Cost:Joint cost refers to the total cost incurred in a production process that…

Q: None

A: Step 1: Definition of Degree of Operating Leverage (DOL)Degree of Operating Leverage (DOL) measures…

Q: What is the average collection period for accounts receivable in days of this financial accounting…

A: Step 1: Define Average Collection PeriodThe Average Collection Period measures the average number of…

Q: What is the equity at the end of the year? General accounting

A: The accounting equation states that:Assets = Liabilities + Equity Hence,Equity = Assets -…

Q: Need Ans general Accounting question

A: Step 1: Define Days Sales UncollectedThe Days Sales Uncollected metric measures how many days, on…

Q: General Accounting 24

A: Concept of Return on Equity (ROE)Return on Equity (ROE) is a financial ratio that measures a…

Q: Kitty Manufacturing has the following data: Beginning Finished Goods Inventory = $10,200 Raw…

A: Explanation of Beginning Finished Goods Inventory:Beginning Finished Goods Inventory refers to the…

Q: One year ago, you purchased 500 shares of Summit Tech Corp. stock at a price of $10.50 per share.…

A: Let's break down the problem step by step.Step 1: Calculate the Initial InvestmentNumber of shares…

Q: hi expert please help me

A: Step 1: Definition of Cash Collected from CustomersCash collected from customers represents the…

Q: What is the return on equity of this financial accounting question?

A: Step 1: Definition of Return on Equity (ROE)Return on Equity (ROE) measures a company's…

Q: General Accounting

A: Step 1:First, calculate the standard variable overhead: Standard variable overhead = Actual…

Q: Don't use ai given answer accounting questions

A: Step 1: Definition of Variance AnalysisVariance analysis is the process of comparing budgeted costs…

Q: ans

A: Step 1:The straight-line method is the easiest method to calculate the depreciation expense. It is…

Q: What is the predetermined overhead allocation rate?

A: Explanation of Predetermined Overhead Allocation Rate:The predetermined overhead allocation rate is…

Q: Job N5R was ordered by a customer on September 25. During the month of September, Jaycee Corporation…

A: Concept of Direct MaterialsDirect materials refer to the raw materials that are specifically used in…

Q: Please find the answer

A: To solve this problem, we need to understand the concept of operating leverage and how it relates to…

Q: none

A: Step 1: Definition of Types of Assets:Assets are classified based on three functions-…

Q: Need help with this accounting questions

A: OR Days Sales Outstanding = 365 days / Accounts Receivable Turnover20 = 365 / Accounts Receivable…

Q: correct answer

A: Step 1: Definition of Applied OverheadApplied overhead is the amount of manufacturing overhead…

Q: answer plz me

A: Step 1: Definition of Materials Purchase Price VarianceMaterials Purchase Price Variance measures…

Q: What is the cost of goods sold on the sale?

A: Explanation of Cost of Goods Sold (COGS):The Cost of Goods Sold (COGS) refers to the direct costs of…

Q: A computer consulting company uses job costing system and has a pre-determined overhead rate of $24…

A: Concept of Direct Labor CostThe direct labor cost is the expense incurred for wages paid to workers…

Q: What is the cost of goods manufacture for egale manufacturing?

A: Explanation of Cost of Goods Manufactured (COGM):The Cost of Goods Manufactured (COGM) represents…

Q: general accounting

A: Step 1:The unit cost under variable costing is calculated as follows: Production cost per unit =…

Q: Kitty Manufacturing has the following data: Beginning Finished Goods Inventory = $10,200 Raw…

A: Explanation of Cost of Goods Sold (COGS):Cost of Goods Sold (COGS) represents the direct costs…

Q: ??

A: Net Income = Profit Margin * SalesNet Income = 0.065 * $230,000Net Income = $14,950 Equity…

Q: hi expert please help me

A: Step 1: Definition of Predetermined Overhead RateThe predetermined overhead rate is used to allocate…

Q: Sam Enterprises has a return on equity of 14.8%. The debt-equity ratio is 52%, and the capital…

A: To find the profit margin, we will use the DuPont Identity, which expresses Return on Equity (ROE)…

Q: Question 4 Waterfront Inc. wishes to borrow on a short-term basis without reducing its current ratio…

A: Step 1: Determine the Current RatioCurrent Ratio = Current Assets / Current LiabilitiesCurrent Ratio…

Q: General Accounting 12

A: The Net Realizable Value (NRV) method is used to allocate joint costs based on the proportion of the…

Q: Need help with this accounting questions

A: Step 1: Definition of Profit MarginProfit margin is a financial metric that represents the…

Q: Price earnings ratio? General

A: Understanding Price/Earnings Ratio (P/E)The price/earnings ratio (P/E) is a valuation metric that…

Q: can you please solve this managerial accounting

A: Step 1: Definition of Business ExpansionBusiness expansion is the process of increasing the…

Q: What is the return on equity

A: To calculate the Return on Equity (ROE) for 2015, we need to follow a systematic approach. ROE is a…

Q: What would be the operation profit

A: Income Statement Sales 936,000 (24,000 * 39)Less:Variable cost(552,000) (24,000 * 23) Contribution…

Question

What is the net income?

The following information relates to R & B
Inc.
Sales Revenue
$250,000
Cost of Goods Sold (COGS) $170,000
Interest Revenue
Operating Expenses
Sales Discounts
$9,000
$45,000
$18,000
Sales Returns & Allowances $7,000
What is the net income of R & B Inc.?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase returns and allowances P7,000; Selling Expenses P40,000; General & Administrative expense P45,000; Interest income P5,000. What is the income from operations? P20,000 P55,000 P60,000 P190,000
The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000 $610,000 Cost of goods sold 434,620 347,700 Selling expenses 105,150 103,700 Administrative expenses 119,170 122,000 Income tax expense 21,030 12,200 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent $fill in the blank 6de34503cfdf061_2 fill in the blank 6de34503cfdf061_3% $fill in the blank 6de34503cfdf061_4 fill in the blank 6de34503cfdf061_5% fill in the blank 6de34503cfdf061_7 fill in the blank 6de34503cfdf061_8% fill in the blank 6de34503cfdf061_9 fill in the blank 6de34503cfdf061_10% Gross profit $fill in the blank…
Hamilton supplies shows the following balance.
Financial information is presented below: Operating expenses $ 50000; Sales returns and allowances 3000; Sales discounts 5000; Sales revenue 184000; Cost of goods sold 98000. Given the information, what would be the gross profit?
Need All answer
A company shows the following balances: Sales Revenue Cost of Goods Sold Sales Returns and Allowances Sales Discounts Operating Expenses What is the gross profit? $230,000 $440,000 $240,000 O $140,000 $1,000,000 $560,000 $180,000 $20,000 $100,000
Financial Account information is presented below: Operating expenses $ 50000; Sales returns and allowances 3000; Sales discounts 5000; Sales revenue 184000; Cost of goods sold 98000. Given the information, what would be the gross profit?
A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O O