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Income Statement

Irregular Items on Income Statement

I'm trying to do an income statement with a lot of irregular items as transactions. I know where to some of them on the income statement but am having trouble figuring some out. Info. income from continuing operations before taxes is $790,000, in 2007 1st : Uninsured flood loss in the amount of $80,000 (this is an ext

Projected Income Statement for the year 2005 for BETSEN BOUTIQUE

You are given the following table of data for your client, Betsen Boutique. Set up a simple Income Statement, including common size columns. Next, use the Percent of Sales method to forecast results for 2005. Sales are projected to be $165,000 in 2005. (Note, not all info below is required for

Income Statements: Missing Numbers

In the following four tables, there appear income statements missing three numbers each. Determine these missing numbers (found in question marks "?"), show equations used and assume taxes are apart of "period expenses". Number 1: Sales - 2250 Cost of Goods Sold: Beginning Inventory: 300 Plus: Purchases: 975

Accounting Problem

A.G. Bell Communications Company has three regional divisions organized as profit centers. The Chief Executive Officer (CEO) evaluates divisional performance, using income from operations as a percent of revenues. The following quarterly income and expense accounts were provided from the trial balance as of December 31, 20

Financial Statements: Income Statement

Problem 1 The income statement in which the total of all expenses is deducted from the total of all revenues is termed: A. Multiple-step form B. Single-step form C. Account form D. Report form Problem 2 On a multiple-step income statement, the excess of net sales over the cost of merchandise sold is called: A. Ope

Accounting horizontal and vertical income statements

COOKIE & COFFEE CREATIONS INC. Balance Sheet October 31 Assets 2008 2007 Cash $ 34,324 $13,050 Accounts receivable 3,250 2,710 Inventory 7,897 7,450 Prepaid expenses 6,300 6,050 Equipment 96,500 75,500 Accumulated depreciation (25,200) (9,100) Total assets $123,071 $95,660 Liabilities and Stockholders' Equity Accou

Explanation of Absorption and Variable Costing Income Statement

Include in your answer these steps: 1-Calculate the absorption rate for the fixed costs. Note: This must be done before calculating the variable costing income statement. 2-Calculate the total absorption of fixed and variable costs. 3-Discuss how production affected the absorption of fixed costs for each year. 4-Di

Balance sheets / income statements

What do balance sheets and income statements communicate? What do statements of retained earnings communicate? What do statements of cash flows communicate? How do the primary financial statements work together? Why are they important to an organization?

Income Statement for Epics Corporation

The following is the December 31, 2003 balance sheet for the Epics Corporation. Assets Liabilities Cash $ 70,000 Accounts Payable $ 100,000 Accounts Receivable 150,000 Notes Payable 120,000 Inventory 280,000 Bonds Payable 300,000 Total Current Assets $ 500,000 Total Liabilities $ 520,000 Plant an

Constructing Income Statements

J&J Enterprises is formed on December 31, 2000. At that point it has one asset costing $2,487. The asset has a three-year life with no salvage value and is expected to generate cash flows of $1,000 on December 31, in the years 2001, 2002, and 2003. Actual results are the same as planned. Depreciation is the firm's only expense.

Analyze Managerial Accounting/Segmented Income Statement

Analyze Managerial Accounting/Segmented Income Statement. 3. Omstadt Company produces and sells only two products that are referred to as RIPS and PITS. Production is "for order" only, and no finished goods inventories are maintained; work in process inventories are negligible. The following data have been extracted rela

Absorption and variable costing income statements

During the first month of operations ended August 31, 2007, Miracle Kitchen Appliance Company manufactured 1,420 refrigerators, of which 1,360 were sold. Operating data for the month are summarized as follows: Sales 924,800 Manufacturing costs: Direct

Income Statement and Cash Flow Calculations

Income Statement and Cash Flow Calculations Need to complete problem 2-8 (only complete part one) and problem 2-9 of the exercise. See attached file for full problem description. Exercise 2-8 Prepare an income statement for the year ended December 31, 2006 (Assume that 7,500 shares of stock are outstanding.) Explain w

Statement of Business Income

Benjamin O'Henry has owned and operated O'Henry's Data Services since its beginning ten years ago. From all appearances, the business has prospered. In the past few years, you have become friends with O'Henry and his wife. Recently, O'Henry mentioned that he has lost his zest for the business and would consider selling it for th

Contribution Format with a reduction in price

I have 2 questions in this. The first one is regarding a price reduction and re-doing the contribution format, I understand how to do it with a price increase but the reduction is throwing me off. The second part is doing a formula to get the target profit, I got the first part of this but I'm not sure I used the correct for

Leverage and Income Statement

Blackwell Company is planning to expand production because of the increased volume of sales. The CFO estimates that the increased capacity will cost $2,000,000. The expansion can be financed either by bonds at an interest rate of 12% or by selling 40,000 shares of common stock at $50 per share. The current income statement (befo

Income Statements with Absorption and Variable Costing Methods

A single-product company prepares income statements using both absorption and variable costing methods. Manufacturing overhead cost applied per unit produced under absorption costing in year 2 was the same as in year 1. The year 2 variable costing statement reported a profit whereas the year 2 absorption costing statement report

Income statement question

Prepare a contribution margin format income statement-calculate break-even point. Presented here is the income statement for Pace. Co. for August: Sales $100,000.00 Cost of Goods Sold $54,000.00 Gross Profit $46,000.00 Operating Expenses $37,000.00 Operating Income $9,000.00 Base

Preparing a multi step income statement for a company.

Clarification in computing the company's net sales, gross profit, and net income for the year ended june 30th 2000. Key question, if the owner of the business is trying to make a gross profit of $90,000 and net income of $50,000. How could you determine if he achieved his goals. Just need a brief explanation. ACCOUNTING R

Variable cost

Use any numbers in this problem: Clifton Company, which has only one product, has provided the following data concerning its most recent month of operations: Selling price Units in beginning inventory Units produced Units sold Units in ending inventory Variable costs per unit: Direct materials Direct labo

Income Statements

SUPER DOT COM, INC. Income Statements (in 000's, except EPS) 2003 2004 2005 Net

Mike, an accounting professor at the University of Washington...

3. Mike, an accounting professor at the University of Washington supplements his income by selling cappuccino on campus to students and other faculty members when he is not teaching, doing research, creating curriculum, or attending committee meetings. He sells iced cappuccino in hot weather. Mike has $650 invested in his cap

Gross Profit on an Income Statement

(Installment-Sales Method and Cost Recovery) Kenny Harrison Corp., a capital goods manufacturing business that started on January 4, 2004, and operates on a calendar-year basis, uses the installment-sales method of profit recognition in accounting for all its sales. The following data were taken from the 2004 and 2005 records.

Income statement

>> (See attached EXCEL file for full problem description) << Lasar Technology, Inc., had sales of $500,000, cost of goods sold of $180,000, selling and administrative expense of $70,000, and operating profit of $90,000. What was the value of depreciation expense? Set this problem up as a partial income state

Gitler Department Store

Gitler Department Store is located near the Village shopping mall. At the end of the company's year on December 31, 2002, the following accounts appeared in two of its trial balances. Unadjusted Adjusted Unadjusted Adjusted

Pro forma balance sheets and income statements

I'm confused as to how to start this. The assignment is to assume that the company's sales have increased by 20%. We are to develop a set of pro forma financials (balance sheet and income statement) for the next fiscal year using the percent-of-sales method. Can you help me please? I'm using the ConocoPhillips data, please ig