Prepare income statement when sales units are 100? Sales (8,400 units)Variable expensesTotal$ 260,400159,600Per Unit$ 31.0019.00Contribution margin100,800$ 12.00Fixed expenses55,300Net operating income$ 45,500

Formula: Net income = Revenues - Expenses.

Answered: Total $ 260,400 159,600 Per Unit $…

Total $ 260,400 159,600 Per Unit $ 31.00 19.00 Sales (8,400 units) Variable expenses Contribution margin Fixed expenses Net operating income 100,800 $ 12.00 55,300 $ 45,500

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: How many sections income statement is divided??

A: An income statement charts a company's revenue, costs, and profitability through time. It is also…

Q: Which items are usually assigned a 100% value on (a) a common-size balance sheet and (b) a…

A: Balance sheet: This financial statement reports a company’s resources (assets) and claims of…

Q: 1. Prepare Income Statement 2. Prepare schedule for net sales

A: Income statement is a component of financial reports which shows the operational results of a…

Q: The net profit margin ratio is calculated by dividing net sales by net income.

A: INTRODUCTION: The net profit margin calculates how much net income is earned as a percentage of…

Q: QI: Use the following multi-step income statement of Ancho Company to prepare a single-step version.…

A: Income statement can be prepared by using two method which are, (1) Single step income statement…

Q: The ff data were made available from a single entry set of books of PETRA Trading owned by Petra…

A: In a single entry system to compute the gross sales and net incomes the following work is needed to…

Q: Determine the gross profit from sales for the period.

A: Revenue: It refers to the earnings of an organization form business operations for a particular…

Q: ) What was Bellcamp's total sales, cost of goods sold, gross profit, and gross profit margin for…

A: Many Companies have different division , products, regions have Sales and then when its consolidated…

Q: Before you look at the profit which is the last number on the income statement which number would be…

A: An income statement, also known as a profit and loss statement or P&L statement, is a financial…

Q: How would I go about finding the previous reported sales, when I have the current sales and the…

A: Given: Current Sales Percentage increase in Sales

Q: When using vertical analysis, we express income statement accounts as a percentage of a. Net income.…

A: Vertical analysis is the method of financial statement analysis, and it is useful in evaluating a…

Q: hohw do you make an income statement

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: Compare Martinez and Rosado by converting their income statements to common size. Rosado Net…

A: Lets understand the basics.There are two type of analysis are made which are,(1) Verticle…

Q: The gross profit margin percentage (rounded) was?

A: Gross profit margin is the difference between Sales Revenue and Cost of Goods sold. Cost of goods…

Q: The gross profit margin percentage (rounded) was?

A: Gross profit margin = Sales - All direct costs related to manufacturing

Q: of the following is a technique for reviewing relationships on an income statement by assigning net…

A: Solution: Technique for reviewing relationships on an income statement by assigning net sales as…

Q: What are the net sales from the following income statement? Income Statement Sales $12,900 Returns…

A: Introduction: Sales are any operating incomes earned by a company thru the business activities, such…

Q: Income statements for Campbell Company for Year 3 and Year 4 follow: CAMPBELL COMPANY Income…

A: Financial statement analysis seems to be a critical business discipline that allows businesses to…

Q: Hall Cosmetics Corporation company has the following costs associated with its production and sales.…

A: Absorption costing is used to ascertain the cost per unit. In absorption costing, only production…

Q: Explain percent of sales method.

A: Accounts receivable: Accounts receivable refers to the amounts to be received within a short period…

Q: Superior Company provided the following data for the year ended December 31 (all raw materials are…

A: Cost of goos sold (COGS) refers to the carrying value of goods sold during a particular period of…

Q: single-step income statement fe

A: Income statement is one of financial statement showing the financial performance of income and…

Q: With the information provided in the image: Prepare a multi-step income statement. Calculate the…

A: Calculate multi-step income statement of Longo & Company:

Q: Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months…

A: Sales discount is the discount which has been given by the corporation to the customers which has…

Q: I need to prepare a compartive income statement for 2 yrs in vertical form. HOw do i calculate the…

A: Vertical analysis: The comparison of an item of a financial statement against the total amount of…

Q: ) Describe the multiple-step income statement for a retailer?

A: Definition: An income statement that divides total revenue and costs into operational and…

Q: Refer to the information for Sundahl Company on the previous page.Required:1. Prepare a common-size…

A: A common size balance sheet allows for the relative percentage of each expense as a % of sales…

Q: Please calculate the operating income then calculate the per unit amounts in the chart.

A: Total Per Unit Revenues $ 2,750,000 $ 11.00 Costs: Purchase cost of pencil packs $…

Q: 0 Required Information [The following information applies to the questions displayed below] Ramos…

A: Cost of goods sold = Cost of goods sold for cash + Cost of goods sold on account - goods returned…

Q: Ending Inventory at Cost 739,160 3,930,000 Goods Available for Sale at retail Sales Discount Net…

A: Answer) Calculation of Net Sales Net Sales = Gross Sales – Sales Discount Net Sales = 2,843,000 –…

Q: available for you: Ending Inventory at Cost Goods Available for Sale at retail

A: Calculation of Gross Sales Gross Sales = Goods available for sale at retail - Ending inventory at…

Q: ow do we find sales in statement of comprehensive income

A: The question provides the Comprehensive income statement for the financial period from 1st Jan 2019…

Q: Need detail explanation Q. Find the breakeven point and provide the income statement at break even.…

A: Breakeven point (sales dollars)=Total Fixed ExpensesContribution Margin Ratio

Q: How should you compute the number that appears as "cost of good sold" in a common-size income…

A: Lets understand the basics.There are two type of analysis are made.(1) Verticle analysis(2)…

Q: Concept introduction Gross profit ratio: Gross profit ratio calculated by dividng the gross profit…

A: Cost of goods sold means cost incurred on goods or cost of goods that are being offered for sale to…

Q: Prepare common size income statements Which company earns more net income? Which companies net…

A: Solution

Q: First step - you need to understand each individual components of the income statement (also called…

A: Income statement is the one which is prepared to depict the profitability of the company.

Q: What are the sales, beginning inventory, COGP, COGA, Ending inventory, COGS, and Gross Profit as…

A: Step 1 Sales are $45,600. It is obtained by adding the product of units sold on 13 January of 9…

Q: . Which of the following figures from a firm’s financial statements should be used as itsflow rate…

A: In the above question we have asked about inventory turns which is as below.

Question

Prepare income statement when sales units are 100?

Sales (8,400 units)
Variable expenses
Total
$ 260,400
159,600
Per Unit
$ 31.00
19.00
Contribution margin
100,800
$ 12.00
Fixed expenses
55,300
Net operating income
$ 45,500

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 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps with 1 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Compute the receivable turnover ratio Also compute the inventory turnover ratio
Question 51: In the vertical analysis of an income statement, what is the base (100%) figure? Answer: A. Total expenses B. Total revenues C. Total assets D. Net income
Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below (as a %). (Round to nearest tenth.) *Chart is attached with the information*
What is total net sales for this company? What is total gross profit for this company? What is total operating expenses for this company? What is net income for this company? What is the company's gross profit ratio, also called gross profit margin ratio? Just enter the digits without decimals or punctuation.
A component of operating efficiency and profitability, calculated by expressing net profit as a percent of net sales, is the: a.Price earnings ratio. b.Profit margin ratio. c.Sales turnover. d.Acid-test ratio.
In a common-sized income statement, 100% is the a. net cost of goods sold b. gross profit c. sales d. net income
Comparative Income Statement Use the following comparative income statement form to enter amounts you identify from the computations on the Liquidity and Solvency Measures part and on the Profitability Measures part. Compute any missing amounts and complete the horizontal analysis columns. Enter percentages as decimal amounts, rounded to one decimal place. When rounding, look only at the figure to the right of one decimal place. If 5, round up. For example, for 32.048% enter 32.0%. For 32.058% enter 32.1%. Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Operating income Other expense (interest) Income before income tax expense Income tax expense Net income Comparative Income Statement For the Years Ended December 31, 20Y6 and 20Y5 $ 20Y6 8,250,000 X (1,242,000) 20Y5 $7,287,000 (3,444,000) $3,843,000 $(1,457,600) (1,106,000) $(2,563,600) $1,279,400 (120,600) $1,158,800 (181,980) $976,820 $ $ $ Increase/(Decrease) Amount 823,000 X…
7. Consider the following: Code: A= Gross Profit to Net Sales Ratio B= Gross Profit to Cost of Goods Sold Ratio Which equation is correct? B = A a. 1 - A b. B = 1 + A A с. B = 1 - A A d. B = A 1 + A
True or False: Gross profit is equal to the gross profit margin multiplied by the net sales. Select one: O True O False 4
Hh1. calculate net sales, cost of goods sold and gross profit from sales
Calculate gross profit percentage and return on sales ratio
In a common size financial statement, which of the following is given a percentage of 100 percent? Total liabilities Net income Net Sales Cost of goods sold MA MacBook Pro 57 W P # LE