The following information was taken from the records of H. Potter Corporation for the month ended December 31, 2016. Advertising expense $39,200 Income tax expense $28,000 Accounts payable $24,800 Dividends paid $28,250 Retained earnings (Jan. 1, 2016) $114,820 Consulting fees revenue $200,000 $22,500 $34,700 Rent expense Supplies expense Given the above information, net income for the year is a. $75,600 b. $88,560 c. $70,620 d. $34,120
Q: General accounting
A: Step 1:First calculate the cost using markup percentage on sales: Markup percentage on sale = Markup…
Q: What are the total product costs for the company UNDER VARIABLE COSTING?
A: To calculate the total product costs under variable costing, we consider only the variable costs…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of Variable Overhead Efficiency VarianceVariable Overhead Efficiency Variance…
Q: Hello tutor please provide correct answer financial Accounting
A: Step 1: Introduction to accounts receivableAccounts receivable refers to the customers who have…
Q: How many units were received and started by the department during May on these general accounting…
A: Step 1: Define Units StartedThe units started during a period refer to the total units introduced…
Q: Calculate the sustainable growth rate ?? General accounting
A: The sustainable growth rate (SGR) represents the rate at which a company can grow its sales, assets,…
Q: Hi expert please give me answer general accounting
A: Detailed explanation:Given :Fixed Asset Cost $ 15800Residual Value $ 300Useful Life 5 yearsAcquired…
Q: Not use chart gpt provide correct answer general Accounting
A: Solution to the Maintenance Margin Call Price CalculationWe are solving for the price at which the…
Q: General Accounting Question please answer
A: Explanation: In the given case, we are required to calculate the total return for Hamilton Growth…
Q: The debits to Work in Process-Assembly Department for April, together with data concerning…
A: Step 1: Define Key InformationBeginning Work in Process (WIP):Conversion costs: $5,600Units in…
Q: Please solve this question general accounting
A: Step 1: Define Variable ExpensesVariable expenses changes with the change in production activity in…
Q: Not use ai solution given correct answer general accounting question
A: Step 1: Define High-Low MethodHigh-Low Method is one of the methods used in separating a mixed cost…
Q: Calculate the average unit cost.
A: To calculate the average unit cost, we use the weighted average cost method, which combines the cost…
Q: problem solution wanted . Account questions.
A: Step 1: Calculation of Cost of Goods Sold (COGS)Gross Profit = Sales × Gross Profit rateGross Profit…
Q: Diana and Ryan Workman were married on January 1 of last year. Ryan has an eight-year-old son,…
A: 1) First, let's calculate their joint total gross income:a. Diana's Base Salary: $98,000b. Interest…
Q: Cross Collectibles currently fills mail orders from all over the U.S. and receipts come in to…
A: Explanation of Accounts Receivable (A/R): Accounts receivable refers to the outstanding balances…
Q: I need this question answer general accounting
A: Step 1: Given Value for Calculation Future Value = fv = $150,000Time = t = 10Interest Rate = r = 12%…
Q: Please provide this question solution general accounting
A: Step 1: Definition of TermsCredit Terms (2/10, n/30): A 2% discount is offered if the payment is…
Q: Please provide answer this accounting question
A: Step 1: Define RatiosAsset Turnover Ratio: Measures how efficiently a company uses its assets to…
Q: What is the degree of opereting leverage?
A: Step 1: Meaning of Degree of Operating LeverageDegree of Operating Leverage shows the operating…
Q: general account
A: The correct answer is:C. Depreciation Expense for $20,000 and credit Accumulated Depreciation for…
Q: Provide solution this accounting question please answer do fast
A: Step 1: Define Overhead AllocationOverhead allocation is the process of distributing indirect costs…
Q: Financial Account Subject
A: The correct answer is:D) economies of scope Explanation:Economies of Scope:This occurs when a firm…
Q: Need help with this general accounting question
A: Step 1: Define Depreciation ExpenseDepreciation Expense is the portion of the cost of a tangible…
Q: A company gross profit margin increase solution general accounting question
A: Step 1: Definition of Gross ProfitGross Profit: The difference between revenue and the cost of goods…
Q: Correct answer
A: Explanation of Inventory Turnover:Inventory turnover measures how efficiently a company manages its…
Q: If you give me correct answer I will give you helpful rate on these financial accounting question
A: Present Value = Future Value/(1+Interest Rate)^No. of years Where,Future Value = $150,000Interest…
Q: Calculate the days sales in receivables?
A: Step 1: Define The Days' Sales In Receivables.The days' sales in accounts receivable ratio (also…
Q: Beginning of year assets 24000 & liabilities 18,000
A: Explanation of Owner's Equity:Owner's equity represents the owner's net investment in a business,…
Q: Sydney Group reports a net income of $50,000 for 2019. At the beginning of 2019, Sydney Group had…
A: To calculate the Return on Assets (ROA), we use the following formula:ROA=Net Income/Average Total…
Q: I need this question answer general Accounting
A: Step 1: Define DividendA dividend refers to the amount of profit that is distributed to equity and…
Q: How should a consignee record goods hold on consignment? A. The goods should be included in the…
A: Understanding ConsignmentDefinition:Consignment is an arrangement where the consignor (the owner of…
Q: Financial Account
A: Given DataDepreciation (Book): $50,000 per yearDepreciation (Tax):Year 1: $62,000Year 2: $50,000Year…
Q: Cheyenne Company follows the practice of pricing its inventory at LCNRV, on an individual-item…
A: To determine the inventory value of Cheyenne Company under the Lower of Cost or Net Realizable Value…
Q: Kindly help me with this accounting questions
A: Detailed explanation:Formula : Cash to Cash Cycle Time = Days in Inventory + Days in Accounts…
Q: Hi expert please give me answer general accounting question
A: Step 1: Definition of Sustainable Growth Rate (SGR)The sustainable growth rate (SGR) is the maximum…
Q: What is the total period cost for the month under variable costing?
A: Step 1: Understand Period Costs Under Variable CostingUnder variable costing, period costs…
Q: I need this question answer general Accounting
A: Step 1: Define InventoryInventory is an asset that is frequently converted into sales. It leads to…
Q: Answer? ? Financial accounting
A: Given:Future Value (FV) = 4,300Annual interest rate (r) = 4% or 0.04Number of years (n) = 3Present…
Q: Consider the following information and solve for the unknown interest rate on these financial…
A: The question pertains to future value, present value and the interest rate.Future value (FV) is the…
Q: General Account:- Hank owns a gym called Ultimate Fitness. During the past year, Hank sold his…
A: Step 1: Calculate the Adjusted Basis of the BuildingThe adjusted basis of the property is the…
Q: General accounting
A: Explanation of Fixed Costs: Fixed costs are expenses that remain constant regardless of the level of…
Q: Please provide answer the financial accounting question
A: Step 1: Define Holding Period ReturnThe holding period return is a criterion used to determine the…
Q: Need help with this accounting questions
A: Step 1: Definition of Units Transferred to Finished GoodsUnits transferred to finished goods…
Q: 10 marks Question
A: Explanation of Common Stock:Common stock represents basic ownership shares in a corporation that…
Q: Determine the amount of the ending inventory by applying the lower-of-cost-or-net realizable value…
A: To calculate the ending inventory value under the lower-of-cost-or-net realizable value (LCNRV)…
Q: What is the gross profit margin?
A: Step 1: Define Gross Profit MarginGross profit margin is an important financial ratio that compares…
Q: Quick answer general accounting question
A: Detailed explanation:Given :Standard direct material cost $ 300,000Direct Materials Price Variance $…
Q: OLX Enterprises purchased a machine for $325,000 on October 1, 2010. The estimated service life is…
A: Explanation of Depreciable Amount:Depreciable amount is the total cost that will be allocated as…
Q: A department uses the weighted average method of process costing. All direct materials are added at…
A:
Given the abov information, net income for the year is ???
Step by step
Solved in 2 steps
- Computing NOPAT, NOPM and RNOA Selected information from the financial statements of GoPro, Inc. is provided below: ($ thousands) Revenue Operating income Net interest expense and other nonoperating expense Net income Operating assets Operating liabilities 2014 $ 121,573 2013 $ 64,157 Assume a statutory tax rate of 35%. a. Compute GoPro's net operating profit after taxes (NOPAT) for 2014 and 2013. Round answers to the nearest whole number. 2014 2013 2014 2013 $1,392,450 $984,725 b. Compute GoPro's net operating profit margin (NOPM) for each year. Round answers to one decimal place. (Ex: 0.2345 = 23.5%) 8.7% 6.5 % 187,035 98,703 6,032 7,357 125,888 60,758 815,643 439,716 276,487 254,227 33.6% c. Compute GoPro's return on net operating assets (RNOA) for 2014. Round answers to one decimal place. (Ex: 0.2345 = 23.5%) 2014The 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…Please solve this question general accounting
- General accountingSelected balance sheet and income statement information for Home Depot follows. $ millions Jan. 31, 2016 Feb. 01, 2015 Operating assets $40,683 $38,573 Nonoperating assets 2,266 1,773 Total assets 42,949 40,346 Operating liabilities 15,043 13,552 Nonoperating liabilities 21,275 17,157 Total liabilities 36,318 30,709 Sales 89,234 Net operating profit before tax (NOPBT) 12,124 Nonoperting expense before tax 803 Tax expense 4,001 Net income 7,320 Round answers to two decimal places (ex: 0.12345 = 12.35%). a. Compute return on net operating assets (RNOA). Assume a statutory tax rate of 37%.Answer% b. Disaggregate RNOA into components of profitability and productivity and show that the product of the two components equals RNOA. Assume a statutory tax rate of 37%.NOPM Answer%NOAT AnswerThe following are the financial statement Quick Ltd. for the year ended 31st December 2020: Quick Ltd. Income statement For year ended 31st December 2020 $”000” 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) Profit before tax 150.00 Tax (70.00) Profit after tax 80.00 Quick Ltd. Statement of financial position as at 31 December 2020 2019 $”000” $”000d” 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 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
- financial statement below represents the performance of Yovela & Co in 2023. Yovela and Co Income statement for the year ended 31 December 2023 $ Sales revenue 187,000 Cost of goods sold (105,000) Gross profit 82,000 Interest income 1, 050 Selling, General & Administrative Exp. (49,300) Interest Expense (1,950) Profit before tax 31,800 Tax Exp. (8,427) Profit after tax 23, 373 Statement of financial position as at 31 December 2023 ASSETS $ $ Non- Current Assets Delivery van 44, 500 Current Assets Inventories 26,000 Trade receivables 21, 600 Cash at bank 20,855 Prepaid expenses (325) 68,455 Total Assets 112,955 EQUITY AND LIABILITIES Current Liabilities Trade payables 18,000 Tax payable 2,350 20, 350 Non- Current Liabilities Non- current debt 35, 650 Total Liabilities 56, 000 Equity 56, 955 Total equity and liabilities 112, 955 Required: As an analyst, you are required to prepare a condensed financial statement as part of your process of evaluating the business of Yovela $ Co. Useful…not use ai pleaseThe income statement of Blue Spruce Corporation is presented here. BLUE SPRUCE CORPORATIONIncome StatementYear Ended November 30, 2018 Sales $7,700,000 Cost of goods sold 4,550,000 Gross profit 3,150,000 Salaries expense 861,000 Operating expenses 213,000 Depreciation expense 89,000 Income before income tax 1,987,000 Income tax expense 247,000 Net income $1,740,000 Additional information: 1. Accounts receivable increased $390,000 during the year, and inventory decreased $530,000. 2. Prepaid expenses, which relate to administrative expenses, increased $110,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $420,000 during the year. 4. Accrued salaries payable decreased $140,000 during the year. 5. Income tax payable increased $80,000 during the year. (a)Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2018, for Blue Spruce…
- K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...How do I calculate the NOPAT FOR 2016 AND 2015 - TAX RATE IS 37%? Consolidated Statements of Income Fiscal year ended (in thousands) Dec. 29, 2016 Dec. 30, 2015 Revenues Circulation $880,543 $851,790 Advertising 580,732 638,709 Other 94,067 88,716 Total revenues 1,555,342 1,579,215 Production costs Wages and benefits 363,051 354,516 Raw materials 72,325 77,176 Other 192,728 186,120 Total production costs 628,104 617,812 Selling, general and administrative costs 721,083 713,837 Depreciation and amortization 61,723 61,597 Total operating costs 1,410,910 1,393,246 Restructuring charge 14,804 0 Multiemployer pension plan withdrawal expense 6,730 9,055 Pension settlement charges 21,294 40,329 Early termination charge 0 0 Operating profit 101,604 136,585 Loss from joint ventures -36,273 -783 Interest expense, net 34,805 39,050 Income from continuing operations before income taxes 30,526 96,752 Income tax…Please provide answer in text (Without image)