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
Calculate ratios that could be used to measure inventories and receivables levels during last year and this year.
The managing director of Sparkrite Ltd , a trading business, has just received summary sets of financial statements for last year and this year. Sparkrite Ltd Income statements for years ended 30 September last year and this year Last Year This Year £000 £000 £000
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
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
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
The ledgers of Mid City Galleries Inc. contain the following balances as of December 31, 2006. Advertising expense $ 123,000 Commissions expense on art sales 1,200,000 Depreciation expense (administrative) 98,000 Dividend revenue 50,000 Insurance expense 600,000 Interest expense 98,000 Inventory, January 1 1,650,000 Inv
Given the following information, prepare, in good form, an income statement for the Dental Drilling Company.
Given the following information, prepare, in good form, an income statement for the Dental Drilling Company. Selling and administrative expense $ 60,000 Depreciation expense 70,000 Sales 470,000 Interest expense 40,000 Cost of goods sold 140,000 Taxes 45,000
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
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
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
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?
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
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. 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
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 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
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
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
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
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
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
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
Tritz Company bottles and distributes Livit, a diet soft drink. The beverage is sold for 50 cents per 16-ounce bottle to retailers, who charge customers 75 cents per bottle. For the year 2005, management estimates the following revenues and costs. Net sales $1,800,000 Selling expenses-variable $70,000 Direct materials 430
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
SUPER DOT COM, INC. Income Statements (in 000's, except EPS) 2003 2004 2005 Net
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
(See attached file for full problem description)
(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.
>> (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 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