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In: Accounting
Income Statement For Year Ended December 31, 2018 Sales revenue $97,200 Expenses Cost of goods sold...
Income Statement
For Year Ended December 31, 2018
Sales revenue $97,200
Expenses
Cost of goods sold 42,000
Depreciation expense 12,000
Salaries expense 18,000
Rent expense 9,000
Insurance expense 3,800
Interest expense 3,600
Utilities expense 2,800
Net income $6,000
| LANSING COMPANY Selected Balance Sheet Accounts |
||||||
| At December 31 | 2018 | 2017 | ||||
| Accounts receivable | $ | 5,600 | $ | 5,800 | ||
| Inventory | 1,980 | 1,540 | ||||
| Accounts payable | 4,400 | 4,600 | ||||
| Salaries payable | 880 | 700 | ||||
| Utilities payable | 220 | 160 | ||||
| Prepaid insurance | 260 | 280 | ||||
| Prepaid rent | 220 | 180 | ||||
Prepare the cash flows from operating activities section only of the company’s 2018 statement of cash flows using the direct method.
Solutions
ekkarill92 answered 1 year agoRelated Solutions
Income Statement Year Ended July 31, 2018 Net Sales Revenue $28,000 Cost of Goods Sold 10,800...
Income Statement
Year Ended July 31, 2018
Net Sales Revenue
$28,000
Cost of Goods Sold
10,800
Gross Profit
17,200
Operating Expenses:
Selling Expenses
$690
Administrative Expenses
1,550
Total Operating Expenses
2,240
Operating Income
14,960
Other Income and (Expenses):
Interest Expense
?
Total Other Income and (Expenses)
?
Net Income before Income Tax Expense
?
Income Tax Expense
2,810
Net Income
$ ?
The income statement for
UtahUtah
Communications follows. Assume
UtahUtah
Communications signed a 3-month,
9 %9%,
$ 60 comma...
Income Statement For the Year Ended December 31, 2014 Revenue: Sales $ 792,845 Cost of Goods...
Income
Statement
For the Year Ended December
31, 2014
Revenue:
Sales
$ 792,845
Cost of Goods Sold
$ 275,000
Gross Profit
$ 517,845
Operating Expenses:
Depreciation Expense
$ 35,159
Insurance Expense
$ 82,000
Office Expense
$ 21,700
Advertising Expense
$ 8,400
Utilities Expense
$ 31,000
Wage Expense
$ 80,350
Bad Debt Expense
$ 25,000
Pension Expense
$ 40,000
Income from Operations:
$ 194,236
Other Revenue:
Rent Revenue
$ 12,000
Interest Revenue
$ 19,561
Other Expenses:
Unrealized Holding G/L
$ (8,000)...
Income statement for the year ended December 31, 2018 Revenues 1,328 Cost of goods sold 587...
Income statement for the year ended December 31, 2018
Revenues
1,328
Cost of goods sold
587
Rent expenses
152
Wages expenses
136
Insurance expenses
53
Other SG&A (includes depreciation expenses)
198
Interest expenses
30
Gain on sale of asset
(5)
1,151
Income before tax
177
Tax
62
Net income
115
Cash flow provided by operating activities (indirect method),
for the year ended December 31, 2018
Net income
115
Depreciation
32
Gain on sale of asset
(5)
142
Increases/decreases in Accounts...
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...
Income Statement For the Period Ended December 31, 2019 Sales $636,000 Cost of goods sold 240,000...
Income Statement
For the Period Ended December 31, 2019
Sales
$636,000
Cost of goods sold
240,000
Gross Profit
396,000
Office expenses
242,000
Depreciation Expense
9,000
Income from Operations
145,000
Interest expense
0
Income before income tax
145,000
Income tax expense
120,000
Net Income
$25,000
Comparative Balance Sheets
December 31, 20XX
2019
2018
Assets
Cash and cash equivalents
84,000
48,700
Accounts Receivable
53,600
50,000
Inventory
39,600
39,000
Prepaid expenses
5,500
15,000
Equipment
206,000
200,000
Accumulated Depreciation - Equipment
(126,700)
(117,700)
Total...
Income Statement for the year ended December 31, 2020 (millions of $) Revenue (sales) $773 Cost...
Income Statement for the year ended December 31, 2020
(millions of $)
Revenue (sales)
$773
Cost of goods sold
595
Selling, general, and administrative expenses*
130
Loss on disposal of plant**
6
Interest expense
12
Income tax expense
10
Net income
$ 20
*Includes depreciation expense of $30 million, insurance expense
of $8 million, bad debt expense of $6 million, and salaries expense
of $86 million.
** During 2020, the company purchased two pieces of equipment
costing a total...
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
$2,409,500
Your company is considering out-sourcing the sales and marketing
to an agency specializing in these types of sales....
Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $15,300; cost of goods sold, $6,200
Corporation for the year ended December 31, 2021 ($ in thousands): sales revenue, $15,300; cost of goods sold, $6,200; selling expenses, $1,300; general and administrative expenses, $800; interest revenue, $40; interest expense, $180. Income taxes have not yet been recorded. The company’s income tax rate is 25% on all items of income or loss. These revenue and expense items appear in the company’s income statement every year. The company’s controller, however, has asked for your help in determining the appropriate...
Income Statement For the Year Ended December 31, 2018 Sales $8,500,000 Manufacturing Expenses Variable $3,250,000 Fixed...
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. The
outsourcing would remove the commissions,...
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