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In: Finance
Calculate net income based on the following information. Sales are $250, cost of goods sold is...
Calculate net income based on the following information. Sales are $250, cost of goods sold is $160, depreciation expense is $35, interest paid is $20, and the tax rate is 34%.
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Expert Solution
| Income Statement | |
| Particulars | Amount ($) |
| Sales | 250.00 |
| Less: Cost of goods sold | 160.00 |
| Gross Profit | 90.00 |
| Less: Depreciation Expenses | 35.00 |
| Earnings before interest & tax | 55.00 |
| Less: Interest Expenses | 20.00 |
| Earnings before tax | 35.00 |
| Less: Tax at 34% | 11.90 |
| Net Income | 23.10 |
jeff jeffy answered 21 hours agoRelated Solutions
Using the following information calculate (a) Net Sales, (b) Beginning inventory, (C) Cost of goods sold,...
Using the following information calculate (a) Net Sales, (b)
Beginning inventory, (C) Cost of goods sold, (d) gross margin, and
(e) Net Income (INCOME AFTER TAXES)
Sales salaries expense $7,000
Sales (gross) 90,000
Ending Inventory 16,000
Purchase returns and allowances 500
General and administrative expenses 8,000
Selling expenses 3.000
Sales discounts 1,200
Freight in 1,500
Freight out 2,500
Prepaid expenses 5,000
.Purchases(gross) 30,000
Cost of goods available for sale 63,000
Income taxes rate= 30%
Using the following information, calculate (a) Net sales, (b) Beginning inventory, (c) Cost of goods sold,...
Using the following information, calculate (a) Net sales, (b)
Beginning inventory, (c) Cost of goods sold, (d) Gross margin, and
(e) Net income (Income after taxes).
Sales salaries
expense
$ 7,000
Sales
(gross)
90,000
Ending
Inventory
16,000
Purchase returns and allowances
500
General and administrative
expenses
8,000
Selling
expenses
3,000
Sales
discounts
1,200
Freight
in
1,500
Freight
out
2,500...
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information...
Cost of Goods Sold, Profit margin, and Net Income for a
Manufacturing Company
The following information is available for Bandera Manufacturing
Company for the month ending January 31:
Cost of goods manufactured
$259,000
Selling expenses
86,520
Administrative expenses
45,740
Sales
551,070
Finished goods inventory, January 1
62,270
Finished goods inventory, January 31
56,760
For the month ended January 31, determine Bandera's (a) cost of
goods sold, (b) gross profit, and (c) net income.
(a)
Bandera Manufacturing Company
Cost of Goods...
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information...
Cost of Goods Sold, Profit margin, and Net Income for a
Manufacturing Company
The following information is available for Gonzalez
Manufacturing Company for the month ending July 31, 2016:
Cost of goods manufactured
$276,460
Selling expenses
92,350
Administrative expenses
48,820
Sales
588,220
Finished goods inventory, July 1
66,470
Finished goods inventory, July 31
60,590
For the month ended July 31, 2016, determine Gonzalez's (a) cost
of goods sold, (b) gross profit, and (c) net income.
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information...
Cost of Goods Sold, Profit margin, and Net Income for a
Manufacturing Company
The following information is available for Bandera Manufacturing
Company for the month ending January 31:
Cost of goods manufactured
$234,110
Selling expenses
78,200
Administrative expenses
41,340
Sales
498,110
Finished goods inventory, January 1
56,290
Finished goods inventory, January 31
51,310
a. For the month ended January 31, determine
Bandera Manufacturing’s cost of goods sold.
Bandera Manufacturing Company
Cost of Goods Sold
January 31
$
$
$
b....
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information...
Cost of Goods Sold, Profit margin, and Net Income for a
Manufacturing Company
The following information is available for Bandera Manufacturing
Company for the month ending January 31:
Cost of goods manufactured
$314,150
Selling expenses
104,940
Administrative expenses
55,480
Sales
668,410
Finished goods inventory, January 1
75,530
Finished goods inventory, January 31
68,850
For the month ended January 31, determine Bandera's (a) cost of
goods sold, (b) gross profit, and (c) net income.
(a)
Bandera Manufacturing Company
Cost of Goods...
Cost of Goods Sold, Profit margin, and Net Income for a Manufacturing Company The following information...
Cost of Goods Sold, Profit margin, and Net Income for a
Manufacturing Company
The following information is available for Gonzalez
Manufacturing Company for the month ending July 31, 2016:
Cost of goods manufactured
$254,840
Selling expenses
85,130
Administrative expenses
45,000
Sales
542,210
Finished goods inventory, July 1
61,270
Finished goods inventory, July 31
55,850
For the month ended July 31, 2016, determine Gonzalez's (a) cost
of goods sold, (b) gross profit, and (c) net income.
Labels & Amount descriptions
Finished...
Based on the following information, calculate the cost of goods sold and ending inventory using FIFO,...
Based on the following information, calculate the cost of goods
sold and ending inventory using FIFO, LIFO, and weighted average
assuming a perpetual inventory system is in place.
Beginning Balance - 90 units at $11
March 3 - Purchase 300 units for $15
April 4 - Sell 240 units for $28
June 30 - Purchase 250 units for $18
August 16 - Sell 180 units for $30
1- You have been given the following information: Net sales = $20,000,000 Cost of goods sold...
1-
You have been given the following information:
Net sales = $20,000,000
Cost of goods sold = $9,000,000
Addition to retained earnings = $3,600,000
Dividends paid to preferred and common stockholders = $600,000
2-
the firm’s 2009 income statement lists the following: EBT =
$6,000, Interest expense = $0, and Taxes = $3,000. The firm’s has
no preferred stock outstanding and 30,000 shares of common stock
outstanding. the 2009 earnings per share is
Please Solve As soon as
Solve quickly...
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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