Titan Home Appliances recorded the following financial information: Expense/Revenue Amount ($) Salaries Expense 120,000 Sales Revenue 600,000 Inventory (Beginning) 22,000 Interest Income 15,000 Sales Returns 5,000 Cost of Goods Sold 400,000 Utilities Expense 5,000 Rent Expense 18,000 Income Tax Expense 20,000 Interest Expense 2,500 Inventory (Ending) 19,000 Calculate the gross profit ratio.
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- The 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…how did they get the Income Before Tax? Proforma Income Statement 1/31/21 Total Revenue $ 28,959,000.00 Cost of Goods $ 15,299,000.00 Gross Profit $ 11,535,000.00 Operating Expenses $ 7,609,000.00 Total Operating Expenses $ 7,609,000.00 Operating Income or Loss $ 3,926,000.00 Interest Expense $ 434,000.00 Income Before Tax $ 3,644,000.00 Income Tax Expense $ 963,000.00 Income from Continuing Operations $ 2,681,000.00 Net Income $ 2,681,000.00Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.
- 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…The following data was generated as of December 31Accounts receivable, Jan 1 550,000.00Accounts receivable collected 875,000.00Cash Sales 350,000.00Inventory, January 1 450,000.00Inventory, December 31 275,000.00Purchases 950,000.00Gross Margin on Sales 375,000.00 a.) How much is the total sales?b.) How much is the cost of sales?c.) How much is the ending Receivable as of Dec 31?d.) How is the credit sales?For Year Ended December 31, 2023 Gross Sales Cost of sales Gross Profit Salaries & Wages Repairs & Maintenance Bad Debt expense Rent Expense GAAP/Book Book-Tax adj. Form 1120 Tax Return 45,000,000 (27,450,000) 17,550,000 (3,890,000) (765,000) (380,000) (1,350,000) 45,000,000 (27,450,000) 17,550,000 (3,890,000) (765,000) (380,000) (1,350,000) (252,850) (1,585,000) Payroll Tax Expense (252,850) Federal Income Tax Expense (1,585,000) Interest expense (48,000) (48,000) Charitable Contributions (1,550,000) (1,550,000) Depreciation expense Advertising expense Pension Expense Meals expense (2,000,000) (67,000) (310,000) (2,000,000) (67,000) (310,000) (35,000) (35,000) Total Expenses (12,232,850) (12,232,850) Long-term Capital Gain 389,000 389,000 Short-term Capital Loss (524,600) (524,600) Total Other Income/(Loss) (135,600) (135,600) Taxable Income/(Loss) 5,181,550 5,181,550 NOTES related to the book-tax differences: 1.) MACRS depreciation for 2023 is $1,655,000 2.) 3.) The allowance method…
- Revenue and expense data for Searle Technologies Co. are as follows: 20Y8 20Y7 Sales $900,000 $725,000 Cost of goods sold 558,000 435,000 Selling expenses 117,000 116,000 Administrative expenses 63,000 65,250 Income tax expense 76,500 58,000 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. Round to one decimal place. Searle 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 9441f0095009007_2 fill in the blank 9441f0095009007_3% $fill in the blank 9441f0095009007_4 fill in the blank 9441f0095009007_5% fill in the blank 9441f0095009007_7 fill in the blank 9441f0095009007_8% fill in the blank 9441f0095009007_9 fill in the blank 9441f0095009007_10% Gross profit $fill in the blank 9441f0095009007_11 fill in the blank…C. Paxton Company provided the following income statement for last year: P 87,021,000 (62,138,249) P 24,882,751 (19,371,601) P 5,511,150 (875,400) P 4,635,750 (1,854,300) P 2.781.450 Sales Cost of Goods Sold Gross Margin Operating Expenses Operating Income Interest Expense Income Before Taxes Income Taxes Net Income Required: Calculate the times interest earned ratio. (Round your answer to one decimal place.Compute the net income of this general accounting question