Homework Answers
| 30. | |
| Cost of goods sold = Net sales - Gross profit = 992000 - 369200 | 622800 |
| 31. | |
| Operating income = Gross profit - Operating expense = 369200 - 295200 | 74000 |
| 32. | |
| Gross profit = Net sales - COGS = 758300 - 444300 | 314000 |
| 33. | |
| Operating income = Gross profit - Operating expense = 314000 - 176500 | 137500 |
| 34. | |
| Net sales = COGS + Gross profit = 365000 + 298000 | 663000 |
| 35. | |
| Operating expense = Gross profit - Operating income = 298000 - 88700 | 209300 |
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Use the following to answer questions 30 - 35 Find the missing amounts: Case 3 Case...
Use the following to answer questions 30 - 35 Find the missing amounts: Case 3 Case...
Use the following to answer questions 30 - 35 Find the missing amounts: Case 3 Case 1 $992,000 Net Sales COGS Gross profit Operating expense Operating income Case 2 $758,300 444,300 ? 176,500 365,000 298,000 369,200 295,200 88,700 30.$__ For case 1, determine cost of goods sold For case 1, determine operating income (include "if needed) For case 2, determine gross profit For case 2, determine operating income (include "_" if needed) 34. $ For case 3, determine net sales...
Page 4 of 5 - ZOOM + Use the following to answer questions 30-35 Find the...
Page 4 of 5 - ZOOM + Use the following to answer questions 30-35 Find the missing amounts: Case 3 Case 1 $992,000 Case 2 $758,300 444,300 Net Sales COGS Gross profit Operating expense Operating income 365,000 298,000 369,200 295,200 176,500 88,700 _For case 1, determine cost of goods sold For case 1, determine operating income include " if needed) For case 2, determine gross profit _For case 2, determine operating income (include "-"if needed) For case 3, determine net...
Please show work! thank you Use the following to answer questions 22-29 GHT Corporation reports the...
Please show work! thank you
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense _Determine net income _ _% Calculate gross profit ratio...
Use the following to answer questions 30-35 Find the missing amounts: Case 1 5992.000 300 COGS...
Use the following to answer questions 30-35 Find the missing amounts: Case 1 5992.000 300 COGS Gross profit Operating expense 369200 295200 For case 1, determine cost of goods sold for case 1, determine operating income include needed Forcase determine gross profit for case 2 determine operating income include it needed For case determine net sales For case 3, determine operating expense 36 Invertory records for DAcorded the following Date Apr 1 Ar Transaction Beginning inventory chase of Units se...
Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in...
Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement Sales $807,000 Advertising expense $100,000 Net sales 789,500 Salaries expense income tax expense 27,900 Cost of goods sold Sales returns 17,500 Utilities expense Gain on sale of equipment 6,000 Average shares outstanding 145,000 411,300 6,200 50,000 29. $. Determine gross profit: Determine operating expenses: _Determine Income before income taxes (IBT): 30.$_ Determine net income: 31. -- _%. Calculate...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales 23. $ Determine gross profit Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense 27. $ _Determine net income 28.__% Calculate gross profit ratio (round to...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales Determine gross profit _Determine operating expenses _Determine Income before income taxes (IBT) $ _Determine Income tax expense _Determine net income 28._ % Calculate gross profit ratio (round to one decimal...
Please answer Supply the missing dollar amounts for the current year income statement of NexTech Company...
Please answer
Supply the missing dollar amounts for the current year income statement of NexTech Company for each of the following independent cases. (Input all amounts as positive values.) Case D Case E Case A $ 920 Case B $ 810 320 Case C $ 590 Sales revenue Cost of goods sold 540 350 Gross margin 465 410 140 95 380 230 Selling expense Administrative expense 140 T 100 120 110 Pretax income 205 200 170 Income tax expense 40...
s42take Use the following to answer questions 23-30 PJ Corp. reported the following income statement results:...
s42take Use the following to answer questions 23-30 PJ Corp. reported the following income statement results: $987.400 7,400 378,280 Sales Sales returns & allowances Gross profit Operating expense Gain on sale of equipment Net income 264,500 30,000 99.960 Question 16 2 B
USE THE FOLLOWING DATA TO ANSWER QUESTIONS 35-40 Annual Income Statements 2013 Sales 500,000 COGS ????...
USE THE FOLLOWING DATA TO ANSWER QUESTIONS 35-40 Annual Income Statements 2013 Sales 500,000 COGS ???? Gross profit 380,000 Oper. exp 225,000 Depreciation 15,000 Operating profit 140,000 Interest exp. 5,000 EBT 135,000 Taxes 50,000 Net Income 85,000 2014 560,000 149,350 410,650 250,100 15,000 145,550 5,000 140,550 56,000 84,550 2014 Cash Accounts rec Inventories Current Assets Net fixed assets Total Assets Annual Balance Sheets 2013 450,000 275,000 280.000 1,005,000 1.125.000 2,130,000 478,500 250,000 325,000 1,053,500 ??? 2,293,500 Notes payable Accounts payable...
Use the following to answer questions 30 - 35 Find the missing amounts: Case 3 Case 1 $992,000 Net Sales COGS Gross profit Operating expense Operating income Case 2 $758,300 444,300 ? 176,500 365,000 298,000 369,200 295,200 88,700 30.$__ For case 1, determine cost of goods sold For case 1, determine operating income (include "if needed) For case 2, determine gross profit For case 2, determine operating income (include "_" if needed) 34. $ For case 3, determine net sales...
Page 4 of 5 - ZOOM + Use the following to answer questions 30-35 Find the missing amounts: Case 3 Case 1 $992,000 Case 2 $758,300 444,300 Net Sales COGS Gross profit Operating expense Operating income 365,000 298,000 369,200 295,200 176,500 88,700 _For case 1, determine cost of goods sold For case 1, determine operating income include " if needed) For case 2, determine gross profit _For case 2, determine operating income (include "-"if needed) For case 3, determine net...
Please show work! thank you
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales _Determine gross profit _Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense _Determine net income _ _% Calculate gross profit ratio...
Use the following to answer questions 30-35 Find the missing amounts: Case 1 5992.000 300 COGS Gross profit Operating expense 369200 295200 For case 1, determine cost of goods sold for case 1, determine operating income include needed Forcase determine gross profit for case 2 determine operating income include it needed For case determine net sales For case 3, determine operating expense 36 Invertory records for DAcorded the following Date Apr 1 Ar Transaction Beginning inventory chase of Units se...
Use the following to answer questions 27 - 34 Miracle Corporation reports the following amounts in its December 31, 20XF income statement Sales $807,000 Advertising expense $100,000 Net sales 789,500 Salaries expense income tax expense 27,900 Cost of goods sold Sales returns 17,500 Utilities expense Gain on sale of equipment 6,000 Average shares outstanding 145,000 411,300 6,200 50,000 29. $. Determine gross profit: Determine operating expenses: _Determine Income before income taxes (IBT): 30.$_ Determine net income: 31. -- _%. Calculate...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales 23. $ Determine gross profit Determine operating expenses Determine Income before income taxes (IBT) Determine Income tax expense 27. $ _Determine net income 28.__% Calculate gross profit ratio (round to...
Use the following to answer questions 22-29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold Sales discounts Salaries expense Interest expense $425,000 12,000 285,000 3,000 Net sales Advertising expense Utilities expense Effective income tax rate $875,000 95,000 7,500 20% Determine Sales Determine gross profit _Determine operating expenses _Determine Income before income taxes (IBT) $ _Determine Income tax expense _Determine net income 28._ % Calculate gross profit ratio (round to one decimal...
Please answer
Supply the missing dollar amounts for the current year income statement of NexTech Company for each of the following independent cases. (Input all amounts as positive values.) Case D Case E Case A $ 920 Case B $ 810 320 Case C $ 590 Sales revenue Cost of goods sold 540 350 Gross margin 465 410 140 95 380 230 Selling expense Administrative expense 140 T 100 120 110 Pretax income 205 200 170 Income tax expense 40...
s42take Use the following to answer questions 23-30 PJ Corp. reported the following income statement results: $987.400 7,400 378,280 Sales Sales returns & allowances Gross profit Operating expense Gain on sale of equipment Net income 264,500 30,000 99.960 Question 16 2 B
USE THE FOLLOWING DATA TO ANSWER QUESTIONS 35-40 Annual Income Statements 2013 Sales 500,000 COGS ???? Gross profit 380,000 Oper. exp 225,000 Depreciation 15,000 Operating profit 140,000 Interest exp. 5,000 EBT 135,000 Taxes 50,000 Net Income 85,000 2014 560,000 149,350 410,650 250,100 15,000 145,550 5,000 140,550 56,000 84,550 2014 Cash Accounts rec Inventories Current Assets Net fixed assets Total Assets Annual Balance Sheets 2013 450,000 275,000 280.000 1,005,000 1.125.000 2,130,000 478,500 250,000 325,000 1,053,500 ??? 2,293,500 Notes payable Accounts payable...
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