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In: Finance
Prepare an income statement for Virginia Slim Wear. Take your calculations all the way to computing...
Prepare an income statement for Virginia Slim Wear. Take your calculations all the way to computing earnings per share. (Round EPS answer to 2 decimal places.) Sales $ 1,250,000 Shares outstanding 107,000 Cost of goods sold 780,000 Interest expense 32,000 Selling and administrative expense 45,000 Depreciation expense 22,000 Preferred stock dividends 82,000 Taxes 106,000
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| Income Statement | |
| Sales | 1,250,000 |
| Less: Cost of goods sold | 780,000 |
| Gross Margin | 470,000 |
| Depreciation expense | 22,000 |
| Selling and Admin expenses | 45,000 |
| EBIT | 403,000 |
| Less: Interest | 32,000 |
| Earnings before taxes | 371,000 |
| Less: Taxes | 106,000 |
| Net Income | 265,000 |
| Preferred Dividend | 82,000 |
| Earnings available for Common Shareholders | 183,000 |
| Shares outstanding | 107,000 |
| EPS | 1.71 |
jeff jeffy answered 1 year agoRelated Solutions
Prepare an income statement for Virginia Slim Wear. Take your calculations all the way to computing...
Prepare an income statement for Virginia Slim Wear. Take your
calculations all the way to computing earnings per share.
(Round EPS answer to 2 decimal places.)
Sales
$
1,360,000
Shares
outstanding
104,000
Cost of goods
sold
700,000
Interest
expense
34,000
Selling and
administrative expense
49,000
Depreciation
expense
23,000
Preferred stock
dividends
86,000
Taxes
100,000
Prepare an income statement for Franklin Kite Co. Take your calculations all the way to computing...
Prepare an income statement for Franklin Kite Co. Take your
calculations all the way to computing earnings per share.
(Round EPS answer to 2 decimal places.)
Sales
$
1,400,000
Shares outstanding
185,000
Cost of goods sold
550,000
Interest expense
22,000
Selling and administrative expense
45,000
Depreciation expense
34,000
Preferred stock dividends
89,000
Taxes
113,000
2. To prepare the income statement all necessary numbers can be found in the income statement...
2. To prepare the income statement all necessary numbers can be
found in the income statement columns of the work sheet, including
the profit or loss.
* True False
4. Internal documents prepared by accountants when organizing
the information presented in formal reports to internal and
external decision makers are called: *
Adjusting papers
Statement papers
Working papers
Closing papers
Business papers
4. Prepare a multiple-step income statement on the proper worksheet. Your Income Statement should be in...
4. Prepare a multiple-step income statement on the proper
worksheet. Your Income Statement should be in good form (proper
titles, etc., use examples from your book) and well formatted. Do
your best designating between selling and administrative expenses.
You should use formulas in all cells, not constant numbers. (That
means, your income statement should be linked to the adjusted
numbers on your worksheet.)
5. Prepare a Comprehensive Income Statement on the proper
worksheet. Accounting Creations uses the Second Income Statement...
Prepare a statement of cash flows using the indirect method (Please show all calculations) ***Theres no...
Prepare a statement of cash flows using the indirect method
(Please show all calculations) ***Theres no dividend info included
in question****
2017
2016
Assets:
Cash
200,000
80,000
Accounts receivable, net
87,000
65,000
Inventory
55,000
50,000
Prepaid expenses
12,000
20,000
Property, plant & equipment
700,000
500,000
Accumulated depreciation
(100,000)
(60,000)
Total Assets
954,000
655,000
Liabilities & Equity
Accounts payable
37,000
25,000
Accrued liabilities
26,000
20,000
Taxes payable
15,000
5,000
Long-term Notes Payable
110,000
50,000
Common stock
100,000
100,000
Additional paid in...
Please take the following transactions and complete the following: Prepare the Balance Sheet, Income Statement and...
Please take the following transactions and complete the
following:
Prepare the Balance Sheet, Income Statement and Statement of
Cash Flows as of and for the period ending December 31, 2019.
The following are the transactions for DML, Inc. who opened
their manufacturing facility on October 1, 2018.
A) Sold $25,000 of Common Stock to a number of different
investors on October 1, 2019.
B) Purchased a 1-year General Liability Insurance Policy on
October 2, for $1,500.
C) Paid a total...
Prepare a statement of cash flow using the DIRECT METHOD. (please show all calculations) 2017 2016...
Prepare a statement of cash flow using the DIRECT METHOD.
(please show all calculations)
2017
2016
Assets:
Cash
140,000
60,000
Accounts receivable, net
87,000
65,000
Inventory
55,000
50,000
Prepaid expenses
12,000
20,000
Investments
70,000
20,000
Property, plant & equipment
660,000
500,000
Accumulated depreciation
(100,000)
(60,000)
Patents
16,000
20,000
Total Assets
940,000
675,000
Liabilities & Equity
Accounts payable
40,000
45,000
Accrued liabilities
15,000
20,000
Taxes payable
10,000
5,000
Long-term Notes Payable
100,000
50,000
Common stock
100,000
100,000
Additional paid in capital...
Prepare a Statement of cash flows using the direct method (please show all calculations) 2017 2016...
Prepare a Statement of cash flows using the direct method
(please show all calculations)
2017
2016
Assets:
Cash
200,000
80,000
Accounts receivable, net
87,000
65,000
Inventory
55,000
50,000
Prepaid expenses
12,000
20,000
Property, plant & equipment
700,000
500,000
Accumulated depreciation
(100,000)
(60,000)
Total Assets
954,000
655,000
Liabilities & Equity
Accounts payable
37,000
25,000
Accrued liabilities
26,000
20,000
Taxes payable
15,000
5,000
Long-term Notes Payable
110,000
50,000
Common stock
100,000
100,000
Additional paid in capital
285,000
260,000
Retained earnings
381,000
195,000...
Prepare a statement of cash flows using the indirect method. (please show all work/ calculations) 2017...
Prepare a statement of cash flows using the indirect method.
(please show all work/ calculations)
2017
2016
Assets:
Cash
200,000
70,000
Accounts receivable, net
87,000
65,000
Inventory
55,000
60,000
Property, plant & equipment
700,000
600,000
Accumulated depreciation
(100,000)
(60,000)
Total Assets
942,000
735,000
Liabilities & Equity
Accounts payable
45,000
40,000
Accrued liabilities
46,000
40,000
Common stock
460,000
460,000
Retained earnings
391,000
195,000
942,000
735,000
Sales
1,200,000
Cost of goods sold
650,000
Gross profit
550,000
Operating expenses
180,000
Pre-tax income
370,000...
Prepare a statement of cash flows using the indirect method (please show all calculations) 2017 2016...
Prepare a statement of cash flows using the indirect method
(please show all calculations)
2017
2016
Assets:
Cash
200,000
80,000
Accounts receivable, net
87,000
65,000
Inventory
55,000
50,000
Prepaid expenses
12,000
20,000
Property, plant & equipment
700,000
500,000
Accumulated depreciation
(100,000)
(60,000)
Total Assets
954,000
655,000
Liabilities & Equity
Accounts payable
37,000
25,000
Accrued liabilities
26,000
20,000
Taxes payable
15,000
5,000
Long-term Notes Payable
110,000
50,000
Common stock
100,000
100,000
Additional paid in capital
285,000
260,000
Retained earnings
381,000
195,000...
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