Question

In: Accounting

PROBLEM II Using the following information from Char Company. Prepare an income statement through operating income...

PROBLEM II

Using the following information from Char Company. Prepare an income statement through operating income for the year.

Sales? $ 900,000

Finished goods inventory beginning? 45,000

Cost of goods manufactured? 585,000

Finished goods inventory ending? 60,000

Operating expenses? 275,000

Expert Solution

Cost of goods sold = Cost of goods manufactured + Opening stock of finished goods - Closing stock of finished goods

=585000+45000-60,000=570,000

CHAR CORPORATION

Income Statement

For the Year Ended December 31

Sales revenue $ 9,00,0

Less: Cost of goods sold $5,70,000

Gross profit 3,30,000

Less: Operating expenses: $2,75000

Net income $55,000

ekkarill92 answered 1 year ago

Prepare the worksheet, income statement, statement of owner's equity and balance sheet using the following information....

Prepare the worksheet, income statement, statement of owner's equity and balance sheet using the following information. Account Balances of Cross Lumber Account No. 110 Cash 1300 111 Accounts Receivable 1280 112 Merchandise Inventory 4300 113 Lumber Supplies 267 114 Prepaid Insurance 209 121 Lumber Equipment 3300 122 Acc. Dep. Lumber Equipment 530 220 Accounts Payable 1200 221 Wages Payable - 330 J. Cross, Capital 5761 331 J. Cross, Withdrawls 2700 332 Income Summary - 440 Sales 23200 441 Sales Returns...

Using the information presented below, prepare an income statement and the balance sheet from the adjusted...

Using the information presented below, prepare an income statement and the balance sheet from the adjusted trial balance of McTangy Spices. McTangy Spices. Adjusted Trial Balance December 31 Cash %bodyamp;nbsp; 3,050 Accounts receivable 400 Prepaid insurance 830 Office supplies 80 Office equipment 4,200 Accumulated depreciation–office equipment $ 1,100 Buildings 98,000 Accumulated depreciation–buildings 28,000 Land 115,000 Wages Payable 880 Property taxes payable 1,400 Interest payable 2,200 Unearned rent 460 Notes payable 150,000 McTangy Spices, Capital Stock 40,340 McTangy Spices, Dividends 21,000...

Required information Problem 6-6B Record transactions using a perpetual system, prepare a partial income statement, and...

Required information Problem 6-6B Record transactions using a perpetual system, prepare a partial income statement, and adjust for the lower of cost and net realizable value(LO6-2, 6-3, 6-4, 6-5, 6-6) [The following information applies to the questions displayed below.] At the beginning of November, Yoshi Inc.’s inventory consists of 64 units with a cost per unit of $96. The following transactions occur during the month of November. November 2 Purchase 80 units of inventory on account from Toad Inc. for...

Required information Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory...

Required information Problem 6-3B Record transactions and prepare a partial income statement using a perpetual inventory system (LO6-2, 6-5) [The following information applies to the questions displayed below.] At the beginning of June, Circuit Country has a balance in inventory of $2,700. The following transactions occur during the month of June. June 2 Purchase radios on account from Radio World for $2,400, terms 1/15, n/45. June 4 Pay cash for freight charges related to the June 2 purchase from Radio...

) Using the following information for Campbell Enterprises, prepare an annual: Multiple-step income statement &nbs

) Using the following information for Campbell Enterprises, prepare an annual: Multiple-step income statement Retained earnings statement Classified balance sheet (7 points) Campbell Enterprises, Inc. Adjusted Trial Balance December 31, 2016 Debit Credit Cash 4,000 Accounts Receivable 15,000 Inventory 30,000 Prepaid Insurance 4,000 Supplies 3,000 Long-term Investment in Stock 6,000 Land 20,000 Buildings 120,000 Accumulated Depreciation— Buildings 20,000 Patents 10,000 Accounts Payable 10,000 Unearned Revenue 2,000 Bonds Payable (due in 2023) 20,000 Common Stock 80,000...

2. a) Using the following information for Campbell Enterprises, prepare an annual: Multiple-step income statement...

2. a) Using the following information for Campbell Enterprises, prepare an annual: Multiple-step income statement Retained earnings statement Classified balance sheet (7 points) b) Using the above information, compute Campbell’s gross profit rate. Please show the details of your computation: (1 point) Gross profit rate ____________________________________________ Campbell Enterprises, Inc. Adjusted Trial Balance December 31, 2019 Debit Credit Cash 4,000 Accounts Receivable 15,000 Inventory 30,000 Prepaid Insurance 4,000 Supplies 3,000 Long-term Investment in Stock 6,000...

Problem II Multiple-step income statement--Perpetual Inventory --Presented below is information related to Katie Company for the...

Problem II Multiple-step income statement--Perpetual Inventory --Presented below is information related to Katie Company for the year 2015. Note that all the accounts may not be needed. All numbers are pretax. (20 Points) Administrative Expenses ………………………………………… 400,000 C/S Shares Issued 120,000 Unrealized loss on Available for Sale Securities……… 60,000 Treasury Shs 20,000 Interest Revenue ………………………………………………… 150,000 Shares Outstanding 100,000 Realized Loss on Sale of Delivery Equipment ……………… 150,000 Discontinued Operations………………..…………………..… 400,000 Sales …………………………………………………………… 4,650,000 Selling...

PRACTICE PROBLEM Utilizing the following information, prepare a multi-step income statement (with basic EPS) for Waterway...

PRACTICE PROBLEM Utilizing the following information, prepare a multi-step income statement (with basic EPS) for Waterway Company, a manufacturing company, for 2017. The company’s income tax rate is 30%. There were 500,000 shares of common stock outstanding all year. Dividends declared on preferred stock 84,100 Dividends declared on common stock 262,300 Gain on sale of investments 111,100 Discontinued operations: loss on disposal of the wholesale division (gross) 445,600 Discontinued operations: loss on operations of the wholesale division (gross) 96,080 Sales revenue 26,211,300 Cost of goods sold 16,244,400...

2. Use the following information to prepare, in good form, an income statement, a statement of...

2. Use the following information to prepare, in good form, an income statement, a statement of changes in equity, and a statement of financial position for Geelin Industries Ltd. for the month ended August 31, 2018: ...... Accounts payable.......................................................... $ 9,375 ...... Accounts receivable...................................................... 5,500 ...... Bank loan payable......................................................... 13,750 ...... Cash.............................................................................. 58,750 ...... Common shares............................................................ 94,375 ...... Dividends declared........................................................ 6,250 ...... Income tax expense...................................................... 17,375 ...... Insurance expense........................................................ 2,125 ...... Building.............................................................................

Given the following information, prepare a statement of cash flows. Cashflow from operating activities: Investment Activities...

Given the following information, prepare a statement of cash flows. Cashflow from operating activities: Investment Activities DATA Increase in accounts receivable 30 Increase in inventories 30 Operating Income 95 Interest Expense 30 Increase in accounts payable 25 Dividends 15 Increase in common stock 20 Increase in net fixed assets 23 Depreciation Expense 12 Income taxes 17 Beginning cash 20 Assume all amounts are in 000's