Deep Water Mining added $411 to retained earnings last year on sales of $24,646. The administrative...
Deep Water Mining added $411 to retained earnings last year on sales of $24,646. The administrative expenses were $4,370, depreciation was $812, dividends paid were $285, and the interest expense was $103. What was the cost of goods sold if the total tax rate was 23 percent?
Select one:
A. $14,815
B. $21,393
C. $24,385
D. $18,457
E. $20,225
Homework Answers
Answer is D. $18,457
Net income =Amount transferred to retained earnings = ($411+4285)=$685
Income Before tax=$696*100/(100-23)=$903.90
Gross Profit=903.90+$103+$812+$4370=$6188.91
Cost of Goods sold=Sales-Gross profit=$24646-$6188.91=$18,457
Add Answer to:
Deep Water Mining added $411 to retained earnings last year on
sales of $24,646. The administrative...
Retained Earnings Question You have been given the following information for PattyCake’s Athletic Wear Corp. for...
Retained Earnings Question You have been given the following information for PattyCake’s Athletic Wear Corp. for the year 2018: Net sales = $38,700,000. Cost of goods sold = $22,180,000. Other operating expenses = $6,000,000. Addition to retained earnings = $1,206,500. Dividends paid to preferred and common stockholders = $1,933,000. Interest expense = $1,830,000. The firm’s tax rate is 30 percent. In 2019: Net sales are expected to increase by $9.70 million. Cost of goods sold is expected to be 60...
Lemon Auto Wholesalers had sales of $1,180,000 last year, and cost of goods sold represented 73...
Lemon Auto Wholesalers had sales of $1,180,000 last year, and cost of goods sold represented 73 percent of sales. Selling and administrative expenses were 13 percent of sales. Depreciation expense was $12,000 and interest expense for the year was $13,000. The firm's tax rate is 30 percent a. Compute earnings after taxes Lemon Auto Wholesalers Income Statement
Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for...
Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($ in 000) Net sales $5,281,954 Costs and expenses Cost of products sold 4,765,505 Marketing, administrative, and other expenses 193, 147 Interest expense 17,143 Other, net 54,529 Total expenses before taxes 5,030, 324 Earnings before income taxes 251,630 Provision for income taxes (52,842) Net income 198,788 Retained earnings at 1/1/20x1...
On January 1, 2016, Kittson Company had a retained earnings balance of $218,600. It is subject...
On January 1, 2016, Kittson Company had a retained earnings balance of $218,600. It is subject to a 30% corporate income tax rate. During 2016, Kittson earned net income of $67,000, and the following events occurred: Oct. 1 Cash dividends of $3 per share on 4,000 shares of common stock were declared. Oct. 10 October 1 declaration of dividends was paid. Nov. 1 A small stock dividend was declared. The dividends consisted of 600 shares of $10 par common stock....
On January 1, 2019, Kittson Company had a retained earnings balance of $218,600. It is subject...
On January 1, 2019, Kittson Company had a retained earnings balance of $218,600. It is subject to a 30% corporate income tax rate. During 2019, Kittson earned net income of $67,000, and the following events occurred: 1. Cash dividends of $3 per share on 4,000 shares of common stock were declared and paid. 2. A small stock dividend was declared and issued. The dividend consisted of 600 shares of $10 par common stock. On the date of declaration, the market...
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest...
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest expense Sales Selling and administrative expense Taxes value: 20.00 points Lemon Auto Wholesalers had sales of $740,000 last year, and cost of goods sold represented 70 percent of sales. Selling and administrative expenses were 12 percent of sales. Depreciation expense was $18,000 and interest expense for the year was $11,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes. Lemon Auto...
Dividends to common stockholders Net income added to retained warnings Beginning retained earnings Ending retained earnings...
Dividends to common stockholders Net income added to retained warnings Beginning retained earnings Ending retained earnings 280 17,561 36, 1 $53,711 350 5,41 38,140 $16.15 Required: Compute the following financial data for this year Last Year $65,000 37.000 28,000 1. Accounts receivable turnover (Assume that all Sales are on account) (Round your answer to 2 decimal places.) 2. Average collection period. (Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places.) 3. Inventory...
Upton Industries has revenues of $42,629, interest expense of $1,230, depreciation of $2,609, cost of goods...
Upton Industries has revenues of $42,629, interest expense of $1,230, depreciation of $2,609, cost of goods sold of $23,704, dividends paid of $1,200, and administrative expenses of $7,040. Assume the tax rate is 22 percent. What is the addition to retained earnings?
Presented below is information related to Farr Company. Retained earnings, December 31, 2014 Sales revenue Selling...
Presented below is information related to Farr Company. Retained earnings, December 31, 2014 Sales revenue Selling and administrative expenses Hurricane loss (pre-tax) on plant (extraordinary item) Cash dividends declared on common stock Cost of goods sold Gain resulting from computation error on depreciation charge in 2013 (pre-tax) Other revenue Other expenses $ 650,000 1,500,000 240,000 290,000 33,600 880,000 520,000 120,000 100,000 Instructions On the next page, prepare in good form a multiple-step income statement for the year 2015. Assume a...
During 2018, Raines Umbrella Corp. had sales of $705,000. Cost of goods sold, administrative and selling...
During 2018, Raines Umbrella Corp. had sales of $705,000. Cost of goods sold, administrative and selling expenses, and depreciation expenses were $445,000, $95,000, and $140,000, respectively. In addition, the company had an interest expense of $70,000 and a tax rate of 25 percent. (Ignore any tax loss carryforward provisions and assume interest expense is fully deductible.) Suppose Raines Umbrella Corp. paid out $102,000 in cash dividends. Is this possible? If spending on net fixed assets and net working capital was...
Lemon Auto Wholesalers had sales of $1,180,000 last year, and cost of goods sold represented 73 percent of sales. Selling and administrative expenses were 13 percent of sales. Depreciation expense was $12,000 and interest expense for the year was $13,000. The firm's tax rate is 30 percent a. Compute earnings after taxes Lemon Auto Wholesalers Income Statement
Presented below is a combined single-step income and retained earnings statement for Hardrock Mining Co. for 20X1. Statement of Income and Retained Earnings for the Year Ended December 31, 20X1 ($ in 000) Net sales $5,281,954 Costs and expenses Cost of products sold 4,765,505 Marketing, administrative, and other expenses 193, 147 Interest expense 17,143 Other, net 54,529 Total expenses before taxes 5,030, 324 Earnings before income taxes 251,630 Provision for income taxes (52,842) Net income 198,788 Retained earnings at 1/1/20x1...
Cost of goods sold Depreciation expense Earnings after taxes Earnings before taxes Earnings before taxes Interest expense Sales Selling and administrative expense Taxes value: 20.00 points Lemon Auto Wholesalers had sales of $740,000 last year, and cost of goods sold represented 70 percent of sales. Selling and administrative expenses were 12 percent of sales. Depreciation expense was $18,000 and interest expense for the year was $11,000. The firm's tax rate is 30 percent. a. Compute earnings after taxes. Lemon Auto...
Dividends to common stockholders Net income added to retained warnings Beginning retained earnings Ending retained earnings 280 17,561 36, 1 $53,711 350 5,41 38,140 $16.15 Required: Compute the following financial data for this year Last Year $65,000 37.000 28,000 1. Accounts receivable turnover (Assume that all Sales are on account) (Round your answer to 2 decimal places.) 2. Average collection period. (Use 365 days in a year. Round your intermediate calculations and final answer to 2 decimal places.) 3. Inventory...
Presented below is information related to Farr Company. Retained earnings, December 31, 2014 Sales revenue Selling and administrative expenses Hurricane loss (pre-tax) on plant (extraordinary item) Cash dividends declared on common stock Cost of goods sold Gain resulting from computation error on depreciation charge in 2013 (pre-tax) Other revenue Other expenses $ 650,000 1,500,000 240,000 290,000 33,600 880,000 520,000 120,000 100,000 Instructions On the next page, prepare in good form a multiple-step income statement for the year 2015. Assume a...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago