Question
In: Finance
Precision Systems had sales of $980,000, cost of goods of $670,000, selling and administrative expense of...
Precision Systems had sales of $980,000, cost of goods of
$670,000, selling and administrative expense of $62,000, and
operating profit of $138,000.
Prepare an income statement for Precision Systems.
Solutions
Expert Solution
| Sales | 980000 |
| Cost of Goods Sold | 670000 |
| Gross Profit | 310000 |
| Selling, general and administrative expenses | 62000 |
| Operating expenses | 110000 |
| Earnings before interest and tax EBIT | 138000 |
| Interest expense | |
| Earnings before income tax EBT | |
| Income tax expense | |
| Net income |
jeff jeffy answered 2 years agoRelated Solutions
Raines Umbrella Corp. had sales of $608,674. Cost of goods sold, administrative and selling expenses, and...
Raines Umbrella Corp. had sales of $608,674. Cost of goods sold,
administrative and selling expenses, and depreciation expenses were
$547,602, $89,764, and $80,449, respectively. In addition, the
company had an interest expense of $85,353 and a tax rate of 31
percent. (Ignore any tax loss carryback or carryforward provisions.
This means that if the company does not have any taxable income,
they do not pay any tax.) Suppose Raines Umbrella Corp. paid out
$52,441 in cash dividends. If spending on...
During 2009, Raines Umbrella Corp. had sales of $740,000. Cost of goods sold, administrative and selling...
During 2009, Raines Umbrella Corp. had sales of $740,000. Cost
of goods sold, administrative and selling expenses, and
depreciation expenses were $574,000, $89,000, and $128,000,
respectively. In addition, the company had an interest expense of
$100,000 and a tax rate of 30 percent. (Ignore any tax loss
carryback or carryforward provisions.) Assume Raines Umbrella Corp.
paid out $19,000 in cash dividends. If spending on net fixed assets
and net working capital was zero, and if no new stock was issued...
During 2015, Rainbow Umbrella Corp. had sales of $800,000. Cost of goods sold, administrative and selling...
During 2015, Rainbow Umbrella Corp. had sales of $800,000. Cost
of goods sold, administrative and selling expenses, and
depreciation expenses were $580,000, $90,000, and $150,000,
respectively. In addition, the company had an interest expense of
$89,000 and a tax rate of 35 percent. (Ignore any tax loss
carryback or carryforward provisions.)
Suppose the company paid out $53,000 in cash dividends. If
spending on net fixed assets and net working capital was zero, and
if no new stock was issued...
During 2019, Rainbow Umbrella Corp. had sales of $740,000. Cost of goods sold, administrative and selling...
During 2019, Rainbow Umbrella Corp. had sales of $740,000. Cost
of goods sold, administrative and selling expenses, and
depreciation expenses were $540,000, $85,000, and $100,000,
respectively. In addition, the company had an interest expense of
$54,000 and a tax rate of 21 percent. (Assume that interest is
fully deductible.) Suppose the company paid out $66,000 in cash
dividends. If spending on net fixed assets and net working capital
was zero, and if no new stock was issued during the year,...
During 2018, Raines Umbrella Corp. had sales of $745,000. Cost of goods sold, administrative and selling...
During 2018, Raines Umbrella Corp. had sales of $745,000. Cost
of goods sold, administrative and selling expenses, and
depreciation expenses were $578,000, $87,000, and $134,000,
respectively. In addition, the company had an interest expense of
$102,000 and a tax rate of 35 percent. (Ignore any tax loss
carryback or carryforward provisions.) Assume Raines Umbrella Corp.
paid out $24,000 in cash dividends. If spending on net fixed assets
and net working capital was zero, and if no new stock was issued...
During 2018, Raines Umbrella Corp. had sales of $739,000. Cost of goods sold, administrative and selling...
During 2018, Raines
Umbrella Corp. had sales of $739,000. Cost of goods sold,
administrative and selling expenses, and depreciation expenses were
$454,000, $99,000, and $144,500, respectively. In addition, the
company had an interest expense of $72,200 and a tax rate of 24
percent. (Ignore any tax loss carryforward provisions and assume
interest expense is fully tax deductible.)
a.
What is the
company’s net income/loss for 2018? (Do not round
intermediate calculations. Enter your answer as a positive
value.)
b....
During 2019, Rainbow Umbrella Corp. had sales of $740,000. Cost of goods sold, administrative and selling...
During 2019, Rainbow Umbrella Corp. had sales of $740,000. Cost
of goods sold, administrative and selling expenses, and
depreciation expenses were $540,000, $85,000, and $100,000,
respectively. In addition, the company had an interest expense of
$54,000 and a tax rate of 21 percent. (Assume that interest is
fully deductible.) Suppose the company paid out $66,000 in cash
dividends. If spending on net fixed assets and net working capital
was zero, and if no new stock was issued during the year,...
During 2014, Raines Umbrella Corp. had sales of $666924. Cost of goods sold, administrative and selling...
During 2014, Raines Umbrella Corp. had sales of $666924. Cost of
goods sold, administrative and selling expenses, and depreciation
expenses were $478699, $91112, and $84397, respectively. In
addition, the company had an interest expense of $91184 and a tax
rate of 35 percent. (Ignore any tax loss carryback or carryforward
provisions. This means that if the company does not have any
taxable income, they do not pay any tax.) Suppose Raines Umbrella
Corp. paid out $51718 in cash dividends. If...
During 2018, Raines Umbrella Corp. had sales of $718,000. Cost of goods sold, administrative and selling...
During 2018, Raines Umbrella Corp. had sales of $718,000. Cost
of goods sold, administrative and selling expenses, and
depreciation expenses were $447,000, $95,500, and $141,000,
respectively. In addition, the company had an interest expense of
$70,800 and a tax rate of 22 percent. (Ignore any tax loss
carryforward provisions and assume interest expense is fully tax
deductible.)
a.
What is the company’s net income/loss for 2018? (Do not
round intermediate calculations. Enter your answer as a positive
value.)
b....
During 2018, Raines Umbrella Corp. had sales of $766,000. Cost of goods sold, administrative and selling...
During 2018, Raines Umbrella Corp. had sales of $766,000. Cost
of goods sold, administrative and selling expenses, and
depreciation expenses were $463,000, $103,500, and $149,000,
respectively. In addition, the company had an interest expense of
$74,000 and a tax rate of 23 percent. (Ignore any tax loss
carryforward provisions and assume interest expense is fully tax
deductible.)
a.
What is the company’s net income/loss for 2018? (Do not
round intermediate calculations. Enter your answer as a positive
value.)
b....
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- You have invested 30 percent of your portfolio in Jacob, Inc., 40 percent is Bella Co.,...
- Parallel Arrays This question is in MindTap Cengage Summary In this lab, you use what you...
- 5. You have invested 30 percent of your portfolio in Jacob, Inc., 40 percent is Bella...
- JAVA Write a test program that prompts the user to enter a series of integers and...
- (2) Cite an example on how organizations like Google, Facebook, Youtube etc collect data for image...
- The legal landscape is perpetually changing. Psychologists must remain abreast of these changes to avoid potentially...
- We are evaluating a project that costs $1.68 million, has a six-year life, and has no...
ADVERTISEMENT