Required: Prepare a multiple-step income statement. WAYMAN CORPORATION Multiple-step Income Statement For the year ended December 31, 2018 Total operating expenses Operating income Wayman Corporation reports the following amounts in its December 31, 2018, income statement. $ 397,000 Income tax expense $ 51,000 Sales revenue Interest expense Salaries expense Utilities expense 21,000 Cost of goods sold 41,000 Advertising expense 51,000 131,000 31,000
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![Required:
Prepare a multiple-step income statement.
WAYMAN CORPORATION
Multiple-step Income Statement
For the year ended December 31, 2018
Total operating expenses
Operating income](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2026c0b0-7b1d-4913-b534-a9aba708cafe%2Fa78015b7-b4c2-46f4-941a-7b8b56ddd583%2Fba17jug.png&w=3840&q=75)
![Wayman Corporation reports the following amounts in its December 31, 2018, income statement.
$ 397,000 Income tax expense
$ 51,000
Sales revenue
Interest expense
Salaries expense
Utilities expense
21,000 Cost of goods sold
41,000 Advertising expense
51,000
131,000
31,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F2026c0b0-7b1d-4913-b534-a9aba708cafe%2Fa78015b7-b4c2-46f4-941a-7b8b56ddd583%2F0s2kton.png&w=3840&q=75)
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- Selected 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 $ 124,687Byers Company presents the following condensed income statement for 2019 and condensed December 31, 2019, balance sheet: Compute the following ratios for Byers ( round all computations to two decimals): ( 1) earnings per share, ( 2) gross profit margin, ( 3) operating profit margin, ( 4) net profit margin, ( 5) total asset turnover, ( 6) return on assets, (7) return on common equity, (8) receivables turnover (in days), and (9 ) interest coverage.Portions of the financial statements for Alliance Technologies are provided below. ALLIANCE TECHNOLOGIES Income Statement For the year ended December 31, 2021 Net sales Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense $365,000 $215,000 66,000 16,600 25,000 322,600 $ 42,400 Total expenses Net income ALLIANCE TECHNOLOGIES Selected Balance Sheet Data December 31, 2021, compared to December 31, 2020 $ 6,600 13,600 9,600 5,600 8,600 22,400 Decrease in accounts receivable Increase in inventory Decrease in prepaid rent Increase in salaries payable Decrease in accounts payable Increase in income tax payable Required: Prepare the operating activities section of the statement of cash flows for Alliance Technologies using the indirect method. (List cash outflows and any decrease in cash as negative amounts.)
- The preliminary 2024 income statement of Alexian Systems, Incorporated, is presented below: ALEXIAN SYSTEMS, INCORPORATED Income Statement For the Year Ended December 31, 2024 ($ in millions, except earnings per share) Revenues and gains: Sales revenue Interest revenue Other income Total revenues and gains Expenses: Cost of goods sold Selling and administrative expense Income tax expense Total expenses Net Income $ 517 13 130 660 250 218 48 516 $144 $ 14.40 Earnings per share Additional information: 1. Selling and administrative expense includes $35 million in restructuring costs. 2. Included in other income is $124 million in income from a discontinued operation. This consists of $90 million in operating income and a $34 million gain on disposal. The remaining $6 million is from the gain on sale of investments. 3. Cost of Goods Sold in 2024 includes an increase of $4 million to correct an understatement of Cost of Goods Sold in 2023. The amount is material. Required: Prepare a revised…Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 Sales $ 562,795 2019 $ 299,200 338,803 Cost of goods sold Gross profit 191,488 223,992 107,712 Selling expenses 79,917 39,494 Administrative expenses 50,652 24,834 Total expenses 130,569 64,328 Income before taxes 93,423 43,384 Income tax expense 17,377 8,807 Net income $ 76,046 $ 34,577 KORBIN COMPANY Comparative Balance Sheets December 31 2021 2020 Assets Current assets $ 38,127 $ 56,965 0 Long-term investments 700 97,740 Plant assets, net Total assets 107,436 $164,401 $ 136,567 Liabilities and Equity Current liabilities $ 20,348 Common stock 68,000 $ 24,003 68,000 8,500 63,898 Other paid-in capital 8,500 Retained earnings 39,719 Total liabilities and equity $164,401 $ 136,567 2020 $431,147 273,778 157,369 59,498 37,941 97,439 59,930 12,286 $ 47,644 2019 $ 50,967 4,550 57,629 $ 113,146 $ 19,801 50,000 5,556 37,789 $113,146 4Current Attempt in Progress Here are the comparative income statements of Oriole Corporation. ORIOLE CORPORATIONComparative Income StatementFor the Years Ended December 31 2022 2021 Net sales $632,300 $544,800 Cost of goods sold 456,600 415,500 Gross Profit 175,700 129,300 Operating expenses 74,100 44,500 Net income $ 101,600 $ 84,800 (a)Prepare a horizontal analysis of the income statement data for Oriole Corporation, using 2021 as a base. (If amount and percentage are a decrease show the numbers as negative, e.g. -55,000, -20% or (55,000), (20%). Round percentages to 1 decimal place, e.g. 12.1%.) ORIOLE CORPORATIONComparative Income Statementchoose the accounting period For the Years Ended December 31For the Month Ended December 31December 31 Increase or (Decrease) During 2022 2022 2021…
- Forecast an Income Statement Following is the income statement for Medtronic PLC. Consolidated Statement of Income ($ millions) For Fiscal Year Ended April 26, 2019 Net sales $27,807 Costs and expenses Cost of products sold 8,331 Research and development expense 2,330 Selling, general, and administrative expense 9,480 Amortization of intangible assets 1,605 Restructuring charges, net 198 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 5,439 Other nonoperating income, net (373) Interest expense 1,314 Income before income taxes 4,498 Income tax provision 547 Net income 3,951 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $3,932 Use the following assumptions to prepare a forecast of the company’s income statement for FY2020. Note: Complete the entire question in Excel using the following template: Excel Template. Format each answer to two decimal…[The following information applies to the questions displayed below.] 2021 2020 2019 Selected comparative financial statements of Korbin Company follow. Comparative Income Statements For Years Ended December 31 KORBIN COMPANY 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 Numerator: 2021 2020 2019 $ 548,688 $ 420,340 $ 291,700 330,310 263,974 186,688 218,378 156,366 Common stock Other paid-in capital Retained earnings Total liabilities and equity 1 1 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 1 1 1 December 31 2021 $ 62,574 0 Current Ratio $25,844 65,000 8,125 78,043 Required: 1. Complete the below table to calculate each year's current ratio. $ 41,881 1,200 103,962 $ 55,985 3,920 114,438…Forecast Income Statement and Balance Sheet Following are the income statement and balance sheet for Medtronic PLC. Note: Complete the entire question using the following Excel template: Excel Template. Then enter the answers into the provided spaces below with two decimal places. Medtronic PLC Consolidated Statement of Income $ millions, For Fiscal Year Ended April 26, 2019 Net sales $30,557 Costs and expenses Cost of products sold 9,155 Research and development expense 979 Selling, general, and administrative expense 10,418 Amortization of intangible assets 1,764 Restructuring charges, net 83 Certain litigation charges, net 166 Other operating expense, net 258 Operating profit 7,734 Other nonoperating income, net (157) Interest expense 1,444 Income before income taxes 6,447 Income tax provision 547 Net income 5,900 Net income loss attributable to noncontrolling interests (19) Net income attributable to Medtronic $5,881…
- Operating data for Sheridan Corporation are presented as follows. Net sales Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income Net sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income taxes Income tax expense $ 2027 Prepare a schedule showing a vertical analysis for 2027 and 2026. (Round percentages to 1 decimal place, e.g. 12.1%.) Net income $ $842,800 530,964 126,420 80,066 37,926 67,424 2026 Amount $645,500 413,120 77,460 50,349 25,820 78,751 2027 SHERIDAN CORPORATION Condensed Income Statements For the Years Ended December 31 Percent % % % % % % % % $ % $ Amount 2026 Percent Ih SUPPThe trial balance of Kroeger Incorporated included the following accounts as of December 31, 2024: Sales revenue Interest revenue Gain on sale of investments Gain on debt securities Loss on projected benefit obligation Cost of goods sold Selling expense Goodwill impairment loss Interest expense General and administrative expense Debits $ 160,000 6,100,000 600,000 500,000 30,000 500,000 Credits $ 8,200,000 60,000 120,000 140,000 The gain on debt securities represents the increase in the fair value of debt securities and is classified a component of other comprehensive income. Kroeger had 300,000 shares of stock outstanding throughout the year. Income tax expense has not yet been recorded. The effective tax rate is 25%. Required: Prepare a 2024 single, continuous statement of comprehensive income for Kroeger Incorporated. Use a multiple-step income statement format. Note: Round earnings per share answer to 3 decimal places.Two income statements for Cornea Company follow: Cornea Company Income Statements For Years Ended December 31 2018 2019 Fees earned .... $1,640,000 $1,300,000 Operating expenses. 715,000 869,200 $ 770,800 $ 585,000 Operating income.... a. Prepare a vertical analysis of Cornea Company's income statements. b. Does the vertical analysis indicate a favorable or an unfavorable trend?
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