Understanding the income statement) If the Reid Company earned $500,000 in net income, spent $100,000 in cost of goods sold, had $55,000 of general and administrative expenses, $45,000 in interest expense, $30,000 in depreciation expenses, and $50,000 in taxes, what was the company's sales revenue? 3-2. (Computing earnings per share) If Raines Company earned $280,000 in net income, and paid cash dividends of $40,000, what are Raines's earnings per share if it has 80,000 shares outstanding? 3-3. (Preparing an income statement) Prepare an income statement and a common-sized income statement from the following information. Sales $525,000 Cost of goods sold 200,000 General and administrative expenses 62,000 Depreciation expenses 8,000 Interest expense 12,000 Income taxes 97,200

Understanding the income statement) If the Reid Company earned $500,000 in net income, spent $100,000 in cost of goods sold, had $55,000 of general and administrative expenses, $45,000 in interest expense, $30,000 in depreciation expenses, and $50,000 in taxes, what was the company's sales revenue? 3-2. (Computing earnings per share) If Raines Company earned $280,000 in net income, and paid cash dividends of $40,000, what are Raines's earnings per share if it has 80,000 shares outstanding? 3-3. (Preparing an income statement) Prepare an income statement and a common-sized income statement from the following information. Sales $525,000 Cost of goods sold 200,000 General and administrative expenses 62,000 Depreciation expenses 8,000 Interest expense 12,000 Income taxes 97,200

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Help me with this question
Net sales of Thomas Company is $180,600, cost of goods sold is $144,400, selling expenses are $15,200, general expenses are $22,600, and interest expense is $1,500. Which of the following is the net income (loss) of Thomas Company? a.$3,100 b.$36,200 c.$(3,100) d.$13,600 e.$(1,600)
Moby Dick Corporation has sales of $4,920,229; income tax of $574,192; the selling, general and administrative expenses of $265,391; depreciation of $374,888; cost of goods sold of $2,777,705; and interest expense of $195,023. Calculate the amount of the firm’s after-tax cash flow from operations?
Garden Pro Corporation has sales of $4,374,312; income tax of $562,963; the selling, general and administrative expenses of $291,061; depreciation of $399,602; cost of goods sold of $2,863,521; and interest expense of $105,428. Calculate the firm's net income?
The most recent financial statements for Martin, Inc., are shown here: Income Statement $18,000 -10,800 $7,200 -1,512 Sales Costs Taxable income Taxes (21%) Net income $5,688 Balance Sheet $40,000 33,800 Assets $73,800 Debt Equity Total $73,800 Total $73,800 Assets and costs are proportional to sales. Debt and equity are not. A dividend of $985 was paid, and Martin wishes to maintain a constant payout ratio. Next year's sales are projected to be $22,320. What is the external financing needed? (Do not round intermediate calculations. Round your answer to 2 decimal places.)
Listed below is the income statement for Tom and Sue Travels, Incorporated. TOM AND SUE TRAVELS, INCORPORATED Income Statement for Year End (in millions of dollars) Net sales. Less: Cost of goods sold Gross profits Less: Other operating expenses Earnings before interest, taxes, depreciation, and amortization (EBITDA) Less: Depreciation Earnings before interest and taxes (EBIT) Less: Interest Earnings before taxes (EBT) Less: Taxes Net income The CEO of Tom and Sue's wants the company to earn a net income of $3.200 million. Cot of goods sold is expected to be 60 percent of net sales, depreciation and other operating expenses are not expected to change, interest expense is expected to increase to $1.306 million, and the firm's tax rate will be 21 percent. Calculate the net sales needed to produce net income of $3.200 million. Note: Enter your answer in millions of dollars rounded to 3 decimal places. (i.e., Enter 5,500,000 as 5.500.) Net sales $19.600 9.000 $ 10.600 4.150 $6.450 3.800 $…
Calculate the profit margin (net income / sales) for the firm below. Sales 1700 COGS $1,200 Depreciation $800 Interest $500 Net Income 900 Total Assets $5,000
Want Answer
Question: During the year, the Senbet Discount Tire Company had gross sales of $1.08 million. The firm's cost of goods sold and selling expenses were $527,000 and $217,000, respectively. The firm also had notes payable of $820,000. These notes carried an interest rate of 5 percent. Depreciation was $132,000. The firm's tax rate was 40 percent. What was the firm's net income?