Homework Answers
| Particulars | Amount | |
| Sales | 10,00,000 | |
| Less | COGS | 300000 |
| Gross Profit | 7,00,000 | |
| Less | Rent Expense | 5000 |
| Operating Profit | 6,95,000 | |
| Add | Interest Revenue | 1000 |
| Less | Restructuring Expense | 12000 |
| Less | Loss from wildfires | 1000 |
| Less | Salary Expense | 20000 |
| Less | Depreciation Expense | 30000 |
| Net Income | 6,33,000 | |
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4. The following information is provided for PG&E, a utility company that operates in California. For...
17 lustration 1 From the following information, calculate cash flow from operating activ using direct method....
17 lustration 1 From the following information, calculate cash flow from operating activ using direct method. Profilt and Loss Account for the year ended on March 31, 2006 Expenses/Losses Revenues/Gains Amount 3.) Amount RS.) 2,20,000 Cost of Goods Sold Gross Profit 1,20,000 Sales 1,00,000 2,20,000 2,20,000 1,00,000 Salary Insurance Premium Depreciation Income Tax Net Profit 30,000 Gross Profit 8,000 20,000 10,000 32,000 1,00,000 1,00,000 Additional Information: April 01, 2005 (Rs.) March 31, 2006 (Rs.) Debtors Bills Receivables Creditors Stock Salaries...
Question 3 1.43 pts The following is a single-step income statement for the James Bonds Company:...
Question 3 1.43 pts The following is a single-step income statement for the James Bonds Company: James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 Interest Income 20,000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Total Expenses 129.000 Net Income $191.000 If the income statement were prepared in a multiple-step format, gross profit would be: Income Statement For the Year Ended...
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement...
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $660,000 Interest revenue 39,000 Gain on sale of investments 86,000 Total revenues and gains 785,000 Expenses and losses: Cost of goods sold $360,000 Selling expense 66,000 Administrative expense 86,000 Interest expense 23,000 Restructuring costs Income tax expense 47,000 Total expenses and losses 644,000 Net Income $141,000 Earnings per share 62,000 Required: Prenare...
With the below financial information for a company for fiscal year 2016, create a budget for...
With the below financial information for a company for fiscal year 2016, create a budget for fiscal year 2017 assuming a growth rate of 5%/annum. Revenues $100,000 Cost of Goods Sold 12,000 Gross Profit 88,000 Sales & General Expenses 3,000 Salaries Expense 2,000 Interest Expense 1,000 Research & Development Expense 5,000 Operating Income 77,000 Taxes (20%) 15,400 Net Income $ 61,600
Castaway Co. Balance Sheet Assets: 20X1 100,000 20X2 100,000 Cash 48,000 30,000 Accounts Receivable Inventory Prepaid...
Castaway Co. Balance Sheet Assets: 20X1 100,000 20X2 100,000 Cash 48,000 30,000 Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Dep BV of Equipment Land 65,000 6,000 125,000 25,000 100,000 50,000 369,000 $ 50,000 12,000 300,000 35,000 265,000 20,000 477,000 $ Total Assets Liabilities: Accounts Payable 40,000 45,000 Insurance Payable O 250,000 5,000 200,000 Notes Payable Total Liabilities 290,000 250,000 OE: Stock 69,000 200,000 Retained Earnings 10,000 27,000 Total OE 79,000 227,000 Total Liabilities + OE 369,000 477,000 Castaway Co. Income...
Question 81: The following information was reported on the income statement of Cannondale in one of...
Question 81: The following information was reported on the income statement of Cannondale in one of its early years of operation. Sales revenues, $450,000; Cost of goods sold, $200,000; Selling, general, and administrative, $150,000; Interest expense, $30,000. Cannondale’s gross profit and operating income would be: Gross profit Operating income A. $250,000 $70,000 B. $250,000 $100,000 C. $100,000 $70,000 D. $300,000 $70,000
Exercise 4-5 (Algo) Income statement presentation (L04-1, 4-5) The following incorrect income statement was prepared by...
Exercise 4-5 (Algo) Income statement presentation (L04-1, 4-5) The following incorrect income statement was prepared by the accountant of the Axel Corporation: $650,000 38,000 85,000 773,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $355,000 Selling expense 65,000 Administrative expense 85,000 Interest expense 22,000 Restructuring costs 61,000 Income tax expense 46,250 Total expenses and...
SECTION 2 (15 points) Answer the following questions by filling in the blanks in the spaces provided below. Axel and Big Tiny both operate businesses in Colorado. Axel operates a poker club in Va...
SECTION 2 (15 points) Answer the following questions by filling in the blanks in the spaces provided below. Axel and Big Tiny both operate businesses in Colorado. Axel operates a poker club in Vail. Gambling is illegal in Colorado. Big Tiny operates a medical marijuana facility in Colorado Springs, which is a legal business for state purposes only. Both businesses have gross revenues of $500,000. The businesses incur the following expenses Big Tiny Axel $200,000 20,000 $200,000 20,000 25,000 Employee...
Using the income statements and changes in balance sheet accounts provided for Firms A and B,...
Using the income statements and changes in balance sheet
accounts provided for Firms A and B, you will need to provide the
following information:
(c) Summary analysis of the statements of cash flows for Firms A
and B (see Exhibit 4.6 on page 181 of your textbook):
1. Total inflows for Firm A
2. Total outflows for Firm A
3. Total inflows for Firm B
4. Total outflows for Firm B
Income statement for year ended December 31,2015
Firm A...
From the problem below, identify which ones are operating assets, operating liabilities, operating revenues and operating...
From the problem below, identify which ones are operating assets, operating liabilities, operating revenues and operating expenses. Income Statement 2018 2017 Sales Revenue $180,000 $165,000 Cost of Goods Sold 110,000 100,000 Gross Profit 70,000 65,000 Operating expenses 53,300 50,400 Interest expense 2,700 2,600 Income before income tax 14,000 12,000 Income tax expense 4,000 3,000 Net Income $10,000 $9,000 Balance Sheet 2018 2017 Cash $22,000 $16,000 Accounts Receivable (net) 19,000 17,000 Investments (short-term) 3,000 5,000 Inventory 34,000 30,000 Prepaid Expenses 2,000...
17 lustration 1 From the following information, calculate cash flow from operating activ using direct method. Profilt and Loss Account for the year ended on March 31, 2006 Expenses/Losses Revenues/Gains Amount 3.) Amount RS.) 2,20,000 Cost of Goods Sold Gross Profit 1,20,000 Sales 1,00,000 2,20,000 2,20,000 1,00,000 Salary Insurance Premium Depreciation Income Tax Net Profit 30,000 Gross Profit 8,000 20,000 10,000 32,000 1,00,000 1,00,000 Additional Information: April 01, 2005 (Rs.) March 31, 2006 (Rs.) Debtors Bills Receivables Creditors Stock Salaries...
Question 3 1.43 pts The following is a single-step income statement for the James Bonds Company: James Bonds Company Income Statement For the Year Ended December 31, 2016 Revenues: Sales $300,000 Interest Income 20,000 Total Revenues $320,000 Expenses: Cost of Goods Sold $60,000 Selling Expenses 25,000 General and Administrative Expenses 30,000 Interest Expense 14,000 Total Expenses 129.000 Net Income $191.000 If the income statement were prepared in a multiple-step format, gross profit would be: Income Statement For the Year Ended...
The following incorrect income statement was prepared by the accountant of t AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue $660,000 Interest revenue 39,000 Gain on sale of investments 86,000 Total revenues and gains 785,000 Expenses and losses: Cost of goods sold $360,000 Selling expense 66,000 Administrative expense 86,000 Interest expense 23,000 Restructuring costs Income tax expense 47,000 Total expenses and losses 644,000 Net Income $141,000 Earnings per share 62,000 Required: Prenare...
Castaway Co. Balance Sheet Assets: 20X1 100,000 20X2 100,000 Cash 48,000 30,000 Accounts Receivable Inventory Prepaid Rent Equipment Accumulated Dep BV of Equipment Land 65,000 6,000 125,000 25,000 100,000 50,000 369,000 $ 50,000 12,000 300,000 35,000 265,000 20,000 477,000 $ Total Assets Liabilities: Accounts Payable 40,000 45,000 Insurance Payable O 250,000 5,000 200,000 Notes Payable Total Liabilities 290,000 250,000 OE: Stock 69,000 200,000 Retained Earnings 10,000 27,000 Total OE 79,000 227,000 Total Liabilities + OE 369,000 477,000 Castaway Co. Income...
Exercise 4-5 (Algo) Income statement presentation (L04-1, 4-5) The following incorrect income statement was prepared by the accountant of the Axel Corporation: $650,000 38,000 85,000 773,000 AXEL CORPORATION Income Statement For the Year Ended December 31, 2021 Revenues and gains: Sales revenue Interest revenue Gain on sale of investments Total revenues and gains Expenses and losses: Cost of goods sold $355,000 Selling expense 65,000 Administrative expense 85,000 Interest expense 22,000 Restructuring costs 61,000 Income tax expense 46,250 Total expenses and...
SECTION 2 (15 points) Answer the following questions by filling in the blanks in the spaces provided below. Axel and Big Tiny both operate businesses in Colorado. Axel operates a poker club in Vail. Gambling is illegal in Colorado. Big Tiny operates a medical marijuana facility in Colorado Springs, which is a legal business for state purposes only. Both businesses have gross revenues of $500,000. The businesses incur the following expenses Big Tiny Axel $200,000 20,000 $200,000 20,000 25,000 Employee...
Using the income statements and changes in balance sheet
accounts provided for Firms A and B, you will need to provide the
following information:
(c) Summary analysis of the statements of cash flows for Firms A
and B (see Exhibit 4.6 on page 181 of your textbook):
1. Total inflows for Firm A
2. Total outflows for Firm A
3. Total inflows for Firm B
4. Total outflows for Firm B
Income statement for year ended December 31,2015
Firm A...
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