Use the appropriate information from the data provided below: Cost of goods sold General and administrative expenses Net cash provided by financing activities Dividends paid Income tax expense Other selling expenses Net sales Advertising expense Accounts payable Required: Calculate operating income for the year ended December 31, 2023. $ 234,000 96,000 138,000 32,000 22,000 52,000 556,000 78,000 66,000
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- The following select account data is taken from the records of Carnival Express for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.You have been provided with Leonard Corporation's partial Statement of Financial Position and the Statement of Comprehensive Income for the year ended December 31, 2021. Leonard Corporation Partial Statement of Financial Position For the Year Ended December 31, 2021 Accounts receivable -net Prepaid expenses Inventory Property, Plant & Equipment Accumulated Depreciation Accounts payable Income taxes payable Deferred revenue 2021 Sales....... Cost of goods sold.. Gross Margin. Selling, general and admin Depreciation expense $440,000 482,000 45,000 31,000 825,000 810,000 2,475,000 2,105,000 2020 (866,000) (823,000) 184,000 197,000 38,000 35,000 47,000 42,000 Leonard Corporation Statement of Comprehensive Income For the Year Ended December 31, 2021 Interest expense..... Gain on sale of PPE Net income before taxes Income Tax Expense Net income and comprehensive income... $3,560,000 1,950,000 1,610,000 (595,000) (320,000) (115,300) 55,400 635,100 95,300 .$539,800 Additional information:…LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Accounts receivable Merchandise inventory Prepaid expenses Total current assets Total assets Assets Plant and equipment: Building (net) Land Total plant and equipment Current liabilities: Accounts payable Salaries payable Total current liabilities Long-term liabilities: Mortgage note payable Total liabilities Common stock Retained earnings Liabilities Asset turnover ratio LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity 2023 $ 21,200 800 2023 $ 20,400 11,450 $ 8,950 2022 $…
- Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 $ 474, 200 285,468 2819 $363, 276 228,864 188, 732 134,412 67,336 50, 132 42,678 31, 968 119,014 82, 198 78, 718 52,312 14,642 19,724 $ 64,976 $ 41,588 S Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 100.00 % 2019 100.00 % Assets Current assets Long-term investments Plant assets,…LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Plant and equipment: Building (net) Land Accounts receivable. Merchandise inventory. Prepaid expenses Total current assets Total assets Assets Total plant and equipment Liabilities Current liabilities: Accounts payable Salaries payable Total current liabilities Common stock Retained earnings LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Long-term liabilities: Mortgage note payable Total liabilities. Stockholders' Equity Total stockholders' equity Total liabilities and stockholders' equity Average day's collection ratio $ 20,200 1,000 $19,200 11,700 $7,500…Use the appropriate information from the data provided below to calculate operating income for the year ended December 31, 2020. Cost of goods sold General and administrative expenses Net cash provided by financing activities Dividends paid Income tax expense Other selling expenses Net sales Advertising expense Accounts payable $ 234,000 96,000 138,000 32,000 22,000 52,000 556,000 78,000 66,000
- Sales. Costs and expenses Cost of goods sold. Operating expenses. Interest expense... Income before income taxes. Income tax expense.. Net income.. Statement of Income For the Year Ended December 31, 2020 $1,140,000 $1,700,000 364,800 37,800 1,542,600 157,400 55,090 $ 102,310 GEORGE INDUSTRIES Statement of Financial Position December 31, 2020 Total assets. Total liabilities.. Total shareholders' equity... 2020 2019 $842,110 $717,800 329,600 279,600 512,510 438,200 Calculate the Net profit margin ratio (use up to 2 decimal places and do not use a % sign)The following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…Homework i os Me LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2022 and 2023 Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income Current assets: Cash Plant and equipment: Building (net) Land Accounts receivable Merchandise inventory. Prepaid expenses Total current assets Total assets Total plant and equipment Assets Current liabilities: Accounts payable Salaries payable Total current liabilities Common stock Retained earnings Liabilities Long-term liabilities: Mortgage note payable Total liabilities. LOGIC COMPANY Comparative Balance Sheet December 31, 2022 and 2023 Stockholders' Equity Asset turnover ratio, Total stockholders' equity Total liabilities and stockholders' equity 2023 $ 19,600 1,000 2023 $ 18,600…
- Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets KORBIN COMPANY Comparative Balance Sheets Liabilities and Equity Current liabilities. 2021 2020 2019 $ 483,981 $ 370,769 $ 257,300 291,357 234,326 164,672 192,624 136,443 92,628 68,725 51,166 43,558 32,628 112,283 83,794 80,341 52,649 14,943 10,793 $ 65,398 $ 41,856 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Common stock Other paid-in capital Retained earnings Total liabilities and equity December 31 2021 S % $ 57,843 0 KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021…Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement ($ in thousands) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets. Total assets 2020 $ 6,170 4,440 380 $1,350 $ 130 38 $ 1,312 276 $ 1,036 2021 $ 235 1,070 910 2,100 1,745 $ 2,945 $ 3,245 3,780 3,560 $ 6,725 $ 6,805 Total liabilities & equity Bayside, Incorporated 2020 and 2021 Balance Sheets ($ in thousands) Accounts payable Long-term debt Common stock Retained earnings How many dollars of sales were generated from every dollar of fixed assets during 2021? 2020 $ 1,635 850 3,320 920 $ 6,725 2021 $1,665 650 3,320 1,170 $ 6,805Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31. 2020 $ 487,179 $ 373,219 2021 293,282 236,621 193,897 69,179 43,846 113,025 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 84,347 80,872 52,251 15,042 10,711 $ 65,830 $ 41,540 KORBIN COMPANY Comparative Balance Sheets December 31 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings Total liabilities and equity 136,598 51,504 32,843 2021 2020 2019 $ 259,000 165,760 93,240 34,188 21,497 55,685 37,555 7,624 $ 29,931 $ 64,678 116,492 0 $ 43,289 900 106,308 $ 181,170 $ 150,497 $ 26,451 66,000 8,250 80,469 $ 22,424 66,000 8,250 53,823 $ 181,170 $ 150,497 2019 $ 57,867 4,860 61,960 $ 124,687 $ 21,820 48,000 5,333 49,534 $ 124,687