income statement : sales: $50,250,000 operating expenses $10,115,00 cost of good sold $35,025,00 interest expense $750,000...

income statement :

sales: $50,250,000

operating expenses $10,115,00

cost of good sold $35,025,00

interest expense $750,000

income tax rate 34%

What is the amount of contributory income debt ?

Expert Solution

jeff jeffy answered 2 years ago

sales are1.53 million, cost of goods sold is 615000, depriciation, expense is 153,000, other operating expenses...

sales are1.53 million, cost of goods sold is 615000, depriciation, expense is 153,000, other operating expenses is $303,000 addition to retained earnings is 145,700,dividends per share is $1,tax rate is 30 percent,and number of shares of common stock outstanding is 93,000 Latonya's Flop Shops has no preferred stock outstanding. use above info to calculate the times interest earned ratio for Latonya's Flop Shops, inc (rd your ans to 2 decimal places

XYZ Company Income Statement Sales $140,000 Cost of Goods Sold 117,000 Gross Profit 23,000 Operating Expenses...

XYZ Company Income Statement Sales $140,000 Cost of Goods Sold 117,000 Gross Profit 23,000 Operating Expenses 12,830 EBIT 10,170 Taxes @39% 2168 Net income 3,392 Dividend 1,018 Addition to Retained Earnings $2,374 XYZ Company Balance Sheet Current Assets Cash $7,500 Accounts Receivable 12,100 Inventory 10,400 Prepaid Items 5,900 Other CA 4,300 Total Current Assets $40,200 Net Plant $ Equipment 82,300 Total Assets $122,500 XYZ Company Balance Sheet Current Liabilities Accounts Payable $7,200 Wages Payable 3,600 Notes payable 5,400 Taxes Payable...

income statement Sales 205,000 cost of goods sold -97,000 salaries expense -24,000 depreciation expense -16,000...

income statement Sales 205,000 cost of goods sold -97,000 salaries expense -24,000 depreciation expense -16,000 interest expense -2,400 loss on equipment disposal -2,500 net income 63,100 Statement of Retained Earnings Beginning Balance - Retained Earnings 6,000 Plus - Net Income 63,100 Less - Dividends (41,500) Ending Balance - Retained Earnings 27,600 Balance sheets 2018 2019 change Assets: Cash 13,000 64,600 51,600 Accounts Receivable 25,000 19,000 (6,000) Inventory 19,000 13,000 (6,000) prepaid expenses 0 0 0 Equipment 60,000 41,000 (19,000)...

2013 2014 Sales $2100 Cost of Goods Sold $1200 Other operating expenses $200 Depreciation Expense $225...

2013 2014 Sales $2100 Cost of Goods Sold $1200 Other operating expenses $200 Depreciation Expense $225 Interest Expense $175 Current Assets $1000 $1300 Total Fixed Assets $3500 $4000 Accumulated Depreciation $1250 This can be determined from the information given Current Liabilities $900 $975 Long-term Debt $1500 $1350 Common Stock $400 This can be determined from the information given A company has the financial data above for years 2013 and 2014. The average tax rate is 35% and the dividend payout...

Sales=35,420; Cost of good sold=25,260; Depreciation expense=6,000; Interest expense=2,715;Dividends paid=2,000. At the beginning of the year,...

Sales=35,420; Cost of good sold=25,260; Depreciation expense=6,000; Interest expense=2,715;Dividends paid=2,000. At the beginning of the year, net fixed assets were 19,950, current assets were 7,065, and current liabilities were 3,938. At the end of the year, net fixed assets were 24,500, current assets were 8,690, and current liabilities were 4,680. The tax rate was 22 percent. 1. What was the operating cash flow? 2. What was the net capital spending? 3. What was the cash flow from assets? 4. If...

Sales are $3.70 million, cost of goods sold is $550,000, depreciation expense is $140,000, other operating expenses is $290,000. addition to retained

Sales are $3.70 million, cost of goods sold is $550,000, depreciation expense is $140,000, other operating expenses is $290,000. addition to retained earnings is $1,766,625, dividends per share are $1, tax rate is 21 percent, and number of shares of common stock outstanding is 80,000. Lafonya's Flop Shops has no preferred stock outstanding.Use the above information to calculate the times interest earned ratio for LaTonya's Flop Shops, Inc. (Round your answer to 2 decimal places.)Interest earned ________ times

Income Statement For Year Ended December 31, 2018 Sales revenue $97,200 Expenses Cost of goods sold...

Income Statement For Year Ended December 31, 2018 Sales revenue $97,200 Expenses Cost of goods sold 42,000 Depreciation expense 12,000 Salaries expense 18,000 Rent expense 9,000 Insurance expense 3,800 Interest expense 3,600 Utilities expense 2,800 Net income $6,000 LANSING COMPANY Selected Balance Sheet Accounts At December 31 2018 2017 Accounts receivable $ 5,600 $ 5,800 Inventory 1,980 1,540 Accounts payable 4,400 4,600 Salaries payable 880 700 Utilities payable 220 160 Prepaid insurance 260 280 Prepaid rent 220 180 Prepare the...

Question: Based on the following transactions, complete this income statement: Sales: Operating Expense: Depreciation Expense: EBIT:...

Question: Based on the following transactions, complete this income statement: Sales: Operating Expense: Depreciation Expense: EBIT: Intresrest Expense: Pre-tax Income: Taxes: Net Income: Dividened: Paid to Retained Earning: 1. Earn $85,000 in sales revenue: $40,000 into Accounts Receivable and $45,000 in cash. 2. The sales require $50,000 worth of existing inventory. $20,000 of additional inventory is purchased on credit and applied to the Accounts Payable. 3. $30,000 is collected from Accounts Recievable. 4. $35,000 of the Accounts Payable is due...

Question 5 Revenue 1,200.0000 Cost of good sold 800.0000 Gross profit Total operating expense...

Question 5 Revenue 1,200.0000 Cost of good sold 800.0000 Gross profit Total operating expense 190.0000 Operating income Interest expense 15.0000 Earnings before tax Tax Net income TAX RATE 40% With tax rate of 40%, what must be Total operating expense so that Net income equal to 50? Question 6 Revenue 1,200.0000 Cost of good sold 800.0000 Gross profit Total operating expense 500.0000 Operating income Interest expense 15.0000 Earnings before tax Tax Net...

Calculate net sales: Cost of goods sold $74,500 Sales revenue $112,800 Operating expenses $23,600 Sales returns...

Calculate net sales: Cost of goods sold $74,500 Sales revenue $112,800 Operating expenses $23,600 Sales returns $4,600 Sales discounts $6,700 Inventory purchases $80,530

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