Question
In: Accounting
Prepare the income Statement for Yazeed merchandising company for December 2018 that has the followings: Sales:...
Prepare the income Statement for Yazeed merchandising company for December 2018 that has the followings: Sales: 1,000,000 Sales discount: 20,000 Salaries expenses: 100,000 Advertising expenses: 100,000 Sales returns and allowances: 50,000 Insurance expenses: 10,000 Costs of Goods Sold: 450,000
Solutions
ekkarill92 answered 2 years agoRelated Solutions
Prepare an income statement for 2018.
The following account balances were taken from the 2018 adjusted trial balance of the Bowler Corporation:sales revenue, $325,000cost of goods sold, $168,000salaries expense, $45,000 rent expense, $20,000depreciation expense, $30,000and miscellaneous expense, $12,000Prepare an income statement for 2018.
the accountant's Company Income Statement For the Year Ended December 31, 2018 Sales &n
the accountant's Company
Income Statement
For the Year Ended December 31, 2018
Sales
$8,500,000
Manufacturing Expenses
Variable
$3,250,000
Fixed
overhead
640,000
3,890,000
Gross
Margin
$4,610,000
Selling and administrative expenses
Commissions
$580,000
Fixed marketing expenses
300,000
Fixed admin expenses
450,000
1,330,000
Net Operating
Income
$3,280,000
Fixed Interest
expenses
230,000
Income before
Taxes
$3,050,000
Income Taxes
(21%)
640,500
Net
Income
$2,409,500
Your company is considering out-sourcing the sales and marketing
to an agency specializing in these...
the accountant's Company Income Statement For the Year Ended December 31, 2018 Sales &n
the accountant's Company
Income Statement
For the Year Ended December 31, 2018
Sales
$8,500,000
Manufacturing Expenses
Variable
$3,250,000
Fixed
overhead
640,000
3,890,000
Gross
Margin
$4,610,000
Selling and administrative expenses
Commissions
$580,000
Fixed marketing
expenses 300,000
Fixed admin expenses
450,000
1,330,000
Net Operating
Income
$3,280,000
Fixed Interest
expenses
230,000
Income before
Taxes
$3,050,000
Income Taxes
(21%)
640,500
Net
Income
$2,409,500
1.Restate the income statement in a contribution margin
format.
2.Compute the break-even point in sales...
Income Statement For the Year Ended December 31, 2018 Sales &nb
Income Statement
For the Year Ended December 31, 2018
Sales
$8,500,000
Manufacturing Expenses
Variable
$3,250,000
Fixed
overhead
640,000
3,890,000
Gross
Margin
$4,610,000
Selling and administrative expenses
Commissions
$580,000
Fixed marketing expenses
300,000
Fixed admin expenses
450,000
1,330,000
Net Operating
Income
$3,280,000
Fixed Interest
expenses
230,000
Income before
Taxes
$3,050,000
Income Taxes
(21%)
640,500
Net
Income
$2,409,500
Your company is considering out-sourcing the sales and marketing
to an agency specializing in these types of sales....
Income Statement For the Year Ended December 31, 2018 Sales &nb
Income Statement
For the Year Ended December 31, 2018
Sales
$8,500,000
Manufacturing Expenses
Variable
$3,250,000
Fixed
overhead
640,000
3,890,000
Gross
Margin
$4,610,000
Selling and administrative expenses
Commissions
$580,000
Fixed marketing expenses
300,000
Fixed admin expenses
450,000
1,330,000
Net Operating
Income
$3,280,000
Fixed Interest
expenses
230,000
Income before
Taxes
$3,050,000
Income Taxes
(21%)
640,500
Net
Income
$2,409,500
Your company is considering out-sourcing the sales and marketing
to an agency specializing in these types of sales....
Using the Adjusted Trial Balance for merchandising company, perform the following tasks: Prepare an Income Statement...
Using the Adjusted Trial Balance for merchandising company,
perform the following tasks:
Prepare an Income Statement in multiple-step format with
subtotals for net sales, gross profit, income before taxes, and net
income. (20 points)
Calculate Gross Profit Margin. (5 points)
Tower Corporation
Adjusted Trial Balance
at 31 December 2019
Debit
Credit
Cash
7,590
Accounts Receivable
5,910
Merchandise Inventory
4,870
Prepaid Insurance
2,550
Equipment
...
Prepare an income statement for December 2020 and a classified statement of financial position at December...
Prepare an income statement for December 2020 and a
classified statement of financial position at December 31,
2020.
On December 1, 2020, Cambridge Printers had the account balances
shown below.
Debit
Credit
Cash
£ 4,650
Accumulated Depreciation – Equipment
£ 1,500
Accounts Receivable
3,900
Accounts Payable
3,000
Inventory
1,950 (3,000 x £0.65)
Owner’s Capital
27,000
Equipment
21,000
£ 31,500
£ 31,500
The following transactions occurred during December.
December 3: Purchased 4,000 units of inventory on account at a
cost of...
ABC Company’s income statement for the year ended December 31, 2018: Sales $600,000 Cost of goods...
ABC Company’s income statement for the year ended December 31,
2018:
Sales
$600,000
Cost of goods sold
($375,000)
Rent
($37,500)
Salaries
($37,500)
Interest
($7,500)
Depreciation
($22,500)
Gain on sale of assets
$7,500
Net income
$127,500
The balance sheets as of December 31, 2017 and 2018 were:
Description
2018
2017
Cash
$112,500
$24,000
Accounts Receivable
$45,000
$39,000
Inventory
$60,000
$57,000
Prepaid rent
$15,000
$18,000
Property, Plant & Equipment
$300,000
$285,000
Less: Accumulated Depreciation
($97,500)
($82,500)
Total Assets
$435,000
$340,500
Accounts Payable...
On December 31, 2018, Alan and Company prepared an income statement and balance sheet but failed...
On December 31, 2018, Alan and Company prepared an income
statement and balance sheet but failed to take into account four
adjusting journal entries. The income statement, prepared on this
incorrect basis, reported income before income tax of $31,000. The
balance sheet (before the effect of income taxes) reflected total
assets, $92,000; total liabilities, $41,000; and stockholders’
equity, $51,000. The data for the four adjusting journal entries
follow:
Effect of Amortization of $8,200 for the year on software was
not...
On the income statement of a merchandising company, interest income and interest expense are reported: Select...
On the income statement of a merchandising company, interest
income and interest expense are reported:
Select one:
A. As part of cost of goods sold
B. As separate items of other income and expense below the net
operating income or loss
C. By showing interest income as additional sales revenue and
interest expense as an operating expense
D. By offsetting interest income and interest expense and
showing the excess as an operating revenue or expense
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