Share
Explore BrainMass

Income Statement

Income Statement and Cash Flow Statement

1. Calculate Earned Revenues Big Blue University has a fiscal year that ends on June 30. 2009 Summer Session of the university runs seven weeks from June 9 through July 28. Total tuition paid by students for the summer session amount to $1.4 million. a. How much revenue should be reflected in fiscal year ended June 30, 200

Segmented Income Statement

Wingate Company, a wholesale distributor of videotapes, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement, which follows: Sales . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $1,000,000 Variable expenses . . . . . . . . . . . . . . . . .

Suppose the corporate income tax were eliminated and corporate income allocated to shareholders on a pro rata basis according to their proportion of outstanding stock. How would such a change in tax policy affect the excess burden and incidence of the tax, assuming that all forms of investment income are included in a comprehensive income tax base?

Suppose the corporate income tax were eliminated and corporate income allocated to shareholders on a pro rata basis according to their proportion of outstanding stock. How would such a change in tax policy affect the excess burden and incidence of the tax, assuming that all forms of investment income are included in a comprehens

Balance & income statement into a statement of cash flows

Accounting problem converting a balance statement and income statement into a statement of cash flows to answer questions. Charlie Wi Corporation's balance sheet and income statement appear below: Comparative Balance Sheet Beginning Balance Ending Balance Assets: Cash and cash equivalents $39.00 $31.00 Accounts re

Preparing general journal entries and income statements

Activity Activity Estimated Expected Cost Pool Measure OH Cost Activity Machining Machine-hours $180,000 1,000 Purchase orders Number of orders 90,000 600 Parts management Number of parts types 60,000 300 Testing Number of tests 150,000 250 General factory Direct labor-hours 280,000 20,000

Transactions or Events Affecting Computer Specialists Inc.

Please see the attached files. Problem 10.1A Fifteen transactions or events affecting Computer Specialists, Inc., are as follows: a. Made a year-end adjusting entry to accrue interest on a note payable. b. A liability classified for several years as long-term becomes due within the next 12 months. c. Recorded the regu

Pro-forma income statement & financial ratios analysis

Pro-forma income statement & financial ratios Calcor Company has been a wholesale distributor of automobile parts for domestic automakers for 20 years. Calcor has suffered through the recent slump in the domestic auto industry, and its performance has not rebounded to the levels of the industry as a whole. Calcor's singl

Projected Income Statement for the Pac Rim Division

Can you help me get started on this assignment? A proposed expansion in a company's Pac Rim division (see attached for more details) will increase average operating assets in the region to $12 million in FY11 from $11 million in FY10. Operating expenses, all in sales and marketing, also increase in the region by $475K in FY1

Contribution Margin: Formating an Income Statement

Shown below is an income statement in the traditional format for a firm with a sales volume of 20,000 units. Revenues $160,000 Cost of goods sold ($16,000 + $3.20/unit) 80,000 Gross profit $80,000 Operating expenses: Selling ($4,500 + $1.40/unit) 32,500 Administration ($7,500 + $1.00/unit) 27,500 Operatin

Break Even, Forecast Contribution & Margin Income Statement

22-6A - This year Cairo Company sold 35,000 units of its only product for $16 per unit. Manufacturing and selling the product required $120,000 of fixed manufacturing costs and $180,000 of fixed selling and administrative costs. Its per unit variable costs follow. Material......................................................

Evaluate the elements of a typical income statement and explain which is most likely to present challenges and why. 2. Compare and contrast the use of income statements and balance sheets. 3. Explain the relationship between a statement of cash flow and working capital. 4. Recommend a one change that would make income statements, balance sheets or statement of cash flows more useful.

Need help with the following questions with references. Need at least two paragraphs per question. 1. Evaluate the elements of a typical income statement and explain which is most likely to present challenges and why. 2. Compare and contrast the use of income statements and balance sheets. 3. Explain the relationship

Accrual Basis Net Income; Materiality, Cash Flow Statement

1. Molly's Auto Detailers maintains its records on the cash basis. During 2011, Molly's collected $72,000 from customers and paid $21,000 in expenses. Depreciation expense of $5,000 would have been recorded on the accrual basis. Over the course of the year, accounts receivable increased $4,000, prepaid expenses decreased $2,000,

In her preliminary review of the Income Statement printed from the company's computer accounting software, the controller of ACME Corp. notices an unexpected increase in the Supplies Expense. In order to determine what transactions comprised the balance of the Supplies Expense account, which of the following should the controller examine first? 1. The Check Register 2. The Accounts Payable Journal 3. The Trial Balance 4. The General Ledger

In her preliminary review of the Income Statement printed from the company's computer accounting software, the controller of ACME Corp. notices an unexpected increase in the Supplies Expense. In order to determine what transactions comprised the balance of the Supplies Expense account, which of the following should the controlle

Pro Forma Income Statement

Using Excel, create a three year Pro Forma income statement and determine break even point on the data attached. Based on the organization you have created a. Using Excel, create a three year Pro Forma income statement for your organization (or product/service). b. What will be your financial break-even point? Expected s

As of January 31, Hudson Corporation owes $600 to U-Rent-It for equipment used during January. If no adjustment is made for this item at January 31, how will Hudson's financial statements be affected? 1 Cash will be overstated at January 31. 2. Net income for January will be overstated. 3. Stockholders' equity will be understated. 4. The financial statements will be accurate since the $600 does not have to be paid yet.

As of January 31, Hudson Corporation owes $600 to U-Rent-It for equipment used during January. If no adjustment is made for this item at January 31, how will Hudson's financial statements be affected? 1 Cash will be overstated at January 31. 2. Net income for January will be overstated. 3. Stockholders' equity will be

Activity Based Cost In and Income Statement

Gomtek Auto Performance Parts Ltd. Domenic Cianflone, MBA, PhD, FCMA (see attached file) Gomtek Auto Performance Parts Ltd. is an importer of after-market auto parts, located in Toronto. Since its inception in 2001, the company has developed a reputation for sourcing rare performance parts (mainly exhaust systems) for luxu

Budgeted Income Statement

Julian Enterprises reports the year-end information from 2010 as follows: Sales (100,000 units) - $250,000 Less: cost of goods sold - $150,000 Gross profit - $100,000 Operating expenses (includes $10,000 of depreciation) - $60,000 Net income - $ 40,000 Julian is developing the 2011 budget. In 2011 the company would li

Cheat sheet for income statement

Basic Cheat Sheet for Understanding an Income Statement. Included formulas for Break Even Point, Revenue, Safety Margin, Leverage and sample income statement.

Contribution Margin & Income Statement

Below find production and sales information for Herrestad Company. Product information Beginning inventory 0 Units produced 10,000 Units sold 8,000 Selling price per unit $300 Variable costs per unit Direct material

Prepare an income statement in the contribution margin format

Shown below is an income statement in the traditional format for a firm with a sales volume of 20,000 units. Revenues $160,000 Cost of goods sold ($16,000 + $3.20/unit) 80,000 Gross profit $80,000 Operating expenses: Selling ($4,500 + $1.40/unit) 32,50

A Segmented Income Statement

Prepare a segmented income statement (showing the income for each product and the total) for the company. Use ABC to allocate all fixed costs to the two products. Background information Total Prod A Prod B Beginning inventory 0 Units produced 10,000 2,500 7,5

Success Manufacturing Income Statements

Success Manufacturing sold 540,000 units of its product for $72 per unit in 2011. Variable cost per unit is $54 and total fixed costs are $2,140,000. a. Prepare a) contribution margin income statement, and b) an income statement. b. If a new piece of machinery increases the fixed costs to $6,330,000 annually, but reduce

Bovine Company: Prepare a contribution income statement

See the attached file for proper format. Bovine Company, a wholesale distributor of DVDs, has been experiencing losses for some time, as shown by its most recent monthly contribution format income statement below: Sales $ 1,596,000 Variable expenses 578,500 ________________________________________ __

Colfax Dry Cleaners - Income Statement, Retained Earnings and Balance Sheet

Colfax Dry Cleaners is owned and operated by Maria Acosta. A building and equipment are currently being rented, pending expansion to new facilities. The actual work of dry cleaning is done by another company at wholesale rates. The assets, liabilities and capital stock of the business on November 1, 2010 are as follows: