fill in the missing values for the income statement
below. Please provide an explanation for your solution
Homework Answers
| Tesla Inc. | |||||
| Income statement | |||||
| (in Millions) | Formula | Calculation | Sequence of calculation | ||
| Sales revenue | $110,000 | ||||
| Less: cost of goods sold | |||||
| Direct material | $43,795 | ||||
| Direct Labor | $25,525.50 | (73,700-43,795-4,379.5) | 4th | ||
| Manufacturing overhead | $4,379.50 | (Mfg. overhead = 10%*direct mat.) | 43,795*10% | 3rd | |
| Total cost of goods sold | $73,700 | (Sales-Gross profit) | (110,000-36,300) | 2nd | |
| Gross profit | $36,300 | (Sales revenue*Gross margin) | 110,000*33% | 1st | |
| Less: Operating expense | |||||
| Research and development | $6,820 | ||||
| General and Admin expense | $10,230 | (21,050-6,820-4,000) | 10th | ||
| Restructuring and other | $4,000 | ||||
| Total Overhead Expenses | $21,050 | (36,300-15,250) | 9th | ||
| Earnings before interest and taxes | $15,250 | (13,750+1500) | 8th | ||
| Interest expense | $1,500 | ||||
| Income before Income taxes | $13,750 | Net income/(1-tax rate) | (11,000/0.80) | 6th | |
| Income tax expenses | $2,750 | (13750-11,000) | 7th | ||
| Net INCOME | $11,000 | (Sales revenue*Net margin) | (110,000*10%) | 5th | |
Notes:
- Round of the manufacturing overhead cost and direct labor cost if you want. Rounding off criteria was not mentioned in the question.
- I've given the sequence of calculation which will help you to decide which step should be done first for getting answers.
- If you need any further help or explanation please let me know in the comment section. Please give your valuable feedback if you are satisfied.
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fill in the missing values for the income statement
below. Please provide an explanation for your...
Use Excel Fill in the missing values for the income statement below given the following information:...
Use Excel
Fill in the missing values for the income statement below given the following information: Gross margin is 33% Net Margin is 10% Manufacturing Overhead is 10% of Direct Materials Cost Tax rate is 20% 6a) $ 110,000 43,795 Tesla, Inc Income Statement (10-2) Six Months Ended June 30, 2019 (in millions) Sales revenue Less: Cost of goods sold Direct materials Direct labor Manufacturing overhead Total cost of goods sold Gross profit Less: Operating expenses Research and Development General...
This is financial income statement(traditional) Please show all steps formula and calculation on how to convert...
This is financial income statement(traditional) Please show all
steps formula and calculation on how to convert this income
statement into Contribution Income Statement( CVP analysis).
this is example. but i want to know the steps and calculation on
how to make contribution income statement based on financial income
statement. thank you!
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The statement of income for Dituri Manufacturing Inc. for the years 2018 to 2020 is presented...
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the following shows the Schedule of Direct Materials Used, Cost of Goods Manufactuered, Cost of Goods...
the following shows the Schedule of Direct Materials Used,
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Statement. Fill in the missing amounts for blanks 11 to 18
below.
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Application Problem 4-8A The statement of income for Dituri Manufacturing Inc. for the years 2018 to...
Application Problem 4-8A The statement of income for Dituri Manufacturing Inc. for the years 2018 to 2020 is presented below. Calculate the missing amounts on the statement of income. DITURI MANUFACTURING INC. Statement of Income (in thousands of dollars) 2020 2019 2018 Sales Revenue $1,362 $1,122 Cost of goods sold 951 Gross margin 701 450 Operating Expenses Store expenses 137 110 Administrative expenses 131 o 0 Depreciation expense 111 00 Operating income 147 Investment income Financing expenses Earnings before income...
The following shows the Schedule of Direct Materials Used, Cost of Goods Manufactured Cost of Goods...
The following shows the Schedule of Direct Materials Used, Cost of Goods Manufactured Cost of Goods Sold and Income Statement. Fill in the missing amounts for blanks 11 to 18 below. Beginning inventory, raw material. ..............11. ? Ending inventory, raw material .................. Purchase of raw material ...... 100,000 Direct material used. ... 70,000 Direct labour ......... ..................12. Manufacturing overhead ........ 250,000 Total manufacturing costs ........ 520,000 Beginning inventory, work in process.......... 35,000 Ending inventory, work in process .............. 13. Cost...
Use Excel
Fill in the missing values for the income statement below given the following information: Gross margin is 33% Net Margin is 10% Manufacturing Overhead is 10% of Direct Materials Cost Tax rate is 20% 6a) $ 110,000 43,795 Tesla, Inc Income Statement (10-2) Six Months Ended June 30, 2019 (in millions) Sales revenue Less: Cost of goods sold Direct materials Direct labor Manufacturing overhead Total cost of goods sold Gross profit Less: Operating expenses Research and Development General...
This is financial income statement(traditional) Please show all
steps formula and calculation on how to convert this income
statement into Contribution Income Statement( CVP analysis).
this is example. but i want to know the steps and calculation on
how to make contribution income statement based on financial income
statement. thank you!
Innovative Products, Inc. Income Statement For Year Ending December 31, 2012 $50,00,000 Sales Cost of Goods Sold Materials Labor Overhead 8,00,000 11,00,000 6,00,000 25,00,000 $25,00,000 Gross Margin Operating Expenses...
The following shows the Schedule of Direct Ma Goods Sold and Income Statement. F direct Materials Used. Cost of Goods Manufactured, Cost of missing amount for blankes 11 to 18 below. Beginning inventory, raw material. Ending inventory, raw material. Purchase of raw material. $ 90,000 100,000 Direct material used...... 70,000 Direct labour .....12. ? Manufacturing overhead . 250,000 Total manufacturing costs ......... 520,000 Beginning inventory, work in process.. 35,000 Ending inventory, work in process .............. 13. ? Cost of goods...
The statement of income for Dituri Manufacturing Inc. for the years 2018 to 2020 is presented below. Calculate the missing amounts on the statement of income. DITURI MANUFACTURING INC. Statement of Income (in thousands of dollars) 2020 2019 2018 Sales Revenue $1,375 $1,110 Cost of goods sold 945 Gross margin 687 445 Operating Expenses Store expenses 137 112 Administrative expenses 110 Depreciation expense Operating income 282 145 13 Investment income Financing expenses 18 Earnings before income taxes 269 143 Income...
Fill in the blanks please
Variable and Absorption Costing Summarized data for 2016 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (75,000 units) $4,500,000 Production costs (80,000 units) Direct material 1,320,000 Direct labor 1,080,000 Manufacturing overhead: Variable 816,000 Fixed 480,000 Operating expenses: Variable 252,000 Fixed 360,000 Depreciation on equipment 90.000 Real estate taxes 27,000 Personal property taxes (inventory & equipment) 43,200 Personnel department expenses 45,000 a. Prepare an income statement based on full absorption costing....
the following shows the Schedule of Direct Materials Used,
Cost of Goods Manufactuered, Cost of Goods Sold and Income
Statement. Fill in the missing amounts for blanks 11 to 18
below.
STUDENT NAME: QUESTION TWO Student ID The following shows the Schedule of Direct Materials Used, Cost of Goods M actured Cost of Goods Sold and Income Statement. Fill in the missing amounts for blankes 11 to 18 below ...Jl. Beginning inventory, raw material............ Ending investory, raw material... Purchase of...
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