Question
In: Finance
What is the entry for the current year's taxes on a common-sized income statement?
Category Prior Year Current Year
Accounts payable ??? ???
Accounts receivable 320,715 397,400
Accruals 40,500 33,750
Additional paid in capital 500,000 541,650
Cash 17,500 47,500
Common Stock 94,000 105,000
COGS 328,500 430,741.00
Current portion long-term debt 33,750 35,000
Depreciation expense 54,000 54,943.00
Interest expense 40,500 41,875.00
Inventories 279,000 288,000
Long-term debt 339,876.00 398,606.00
Net fixed assets 946,535 999,000
Notes payable 148,500 162,000
Operating expenses (excl. depr.) 126,000 162,524.00
Retained earnings 306,000 342,000
Sales 639,000 845,964.00
Taxes 24,750 47,204.00
What is the entry for the current year's taxes on a common-sized income statement?
Solutions
Expert Solution
Taxes for current year = 47204
current year sales =845964
Entry for the current year's taxes on a common-sized income statement = Taxes/Sales
Entry for the current year's taxes on a common-sized income statement = 47204/845964 = 0.0558 =5.58%
Answer : 5.58%
jeff jeffy answered 2 years agoRelated Solutions
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