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Income Statement

Prepare Income Statements

A) Prepare new income statements for the firms assuming each sells one unit less (i.e. each firm sells 9 units) b) Briefly - in 150 words or less - describe the effect of cost structure on profitability, including recommendations for each company given the current economic environment, as you understand it. Income statemen

ACC403: A Revised Income Statement and The Contribution Margin Approach

Identify any activity in Enterprise Rent-A-Car organization where you can apply breakeven analysis. Define: A unit of measurement for the activity Revenue per unit for the activity Variable costs for the activity Fixed costs for the period in the activity If you cannot identify specific actual amounts, ma

Prepare an Income Statement: Tom Cruise, Inc.

Tom Cruise, Inc. reported income from continuing operations before taxes during 2008 of $980,000 Additional transactions occurring in 2008 but not considered in the $980,000 are as follows: 1. The corporation experienced an uninsured flood loss (extraordinary) in the amount of $90,000 during the year. The tax rate on this item

Contribution Format versus Traditional Income Statement

Marwick's Pianos, Inc., purchases pianos from a large manufacturer and sells them at the retail level. The pianos cost, on the average, $2,450 each from the manufacturer. Marwick's Pianos, Inc., sells the pianos to its customers at an average price of $3,125 each. The selling and administrative costs that the company incurs in a

Jackson Company Contribution Income Statement: compute variable manuf CGS

Jackson Company had the following data (in thousands) for a given period. Assume there are no inventories. Direct labor $170 Direct materials 210 Variable indirect manufacturing 110 Contribution margin 200 Fixed selling and administrative expenses 100 Operating income 10 Sales 990 Compute the (a) variable manufacturi

Considering Income Statements for Three Companies

See the attached file for clarity. Income statements for three companies are provided below: Company A Company B Company C Sales (10 units) $600 (A) $600 (B) $600 (C) Less variable costs 400 (A) 250 (B) 0 (C) Less fixed costs 100 (A) 250 (B) 500 (C) Net income $100 (A) $100 (B) $100 (C) T

Inventory effect to net income; lack of importance of the income statement

1. At a recent company meeting, an employee remarks: 'We were working so hard to get the income for our bonus this year. Then they got that entire raw material inventory in and even paid for it. We don't need it yet. Why didn't they wait until January?' Will the raw material inventory affect this year's income? Does it matter wh

Income statement cash flow

The following is partial trail balance for the Green corporation as of Dec Account Title Debit Credit sales revenue 1,300,000 interest revenue 30,000 Gain

Prepare and Income statement and compute earnings per share

You were recently hired as the assistant treasurer for Victor, Inc. Yesterday, the treasurer was injured in a bicycle accident and is now hospitalized, unconscious. Your boss, Mr. Fernandes, just informed you that the financial statements are due today. Searching through the treasurer's desk, you find the following notes: a.

Proforma Income Statement

Assumptions for status quo pro forma. â?¢ Sales growth 1.5% â?¢ Use %-of-Sales for COGS, GA&S Expense, Depreciation, and short-term assets and liabilities. â?¢ Dividends will be the same dollar amount as 2009. â?¢ Tax rate is 32% â?¢ $500,000 of long-term debt will be repaid during 2010 â?¢ Short-term debt

Accounting answers

* Please look at the attachment. * Please describe how to solve the answers. Adriana Lopez expects second quarter 2010 sales of her enew line of computer furniture to be the same as the first quarter's sales (reported below) without any changes in strategy. Monthly sales averaged 40 desk units (sales price of $1,250) and 20

Accounting 21-3B: Collosal Entermainment Department Income Statements

Please see the file attached. Collosal Enteretainment began operations in January 2009 with two operating (selling) departments and one service (office) department. Its departmental income statements attached. The company plans to open a third department in January 2010 that will sell compact discs. Management predicts tha

Jack and Susan Roberts: Income statement for production and sale of potatoes

Please see the attached file. Jack and Susan Roberts own a farm that produces potatoes. Based on a review of the Income Statement shown in attachment, Jack remarked that they should have fed the No.3 potatoes to the pigs; then they would have avoided the loss from the sale of the those potatoes. Prepare an income statement

Statement of Net Income, Retained Earnings and Balance Sheet

Prepare an income statement, balance sheet, and statement of changes in owner's equity; analyze results. The following information was obtained from the records of Shae, Inc. Merchandise inventory 264,000 Notes payable (long term) 300,000 Sales

Income Statement for Year Ended

Given the following information, prepare an income statement for year ended December 31. ($000) Stockholder's equity 500 Accounts payable 150 Cost of goods sold 55 Accumulated depreciation 500 General & administrative expenses 12 Taxes 40% Preferred stock dividends 5 Interest expense 5

Income Statements and Market Value

I need assistance solving the following problems related to the income statement and market value. 1. Mike's Machine Shop has an EBITDA of $512,725.20, EBIT of $362,450.20, and cash flow of $348,461.25. What is the firm's net income after taxes? 2. Larry's Landscaping reported the following information to its' stockholders

Income statement for Pearson Brothers

Pearson brothers recently reported an EBITDA of $7.5 million and net income of $1.8 million. It had $2.0 million of interest expense, and its corporate tax rate was 40%. What was its charge for depreciation and amortization.

Prepare journal entires and income statement

BIP Corp paid 195,000 for a 30% interest in Crown Corp on 12-31-2006, when Crown's equity consisted of $500,000 capital stock and $200,000 retained earning. The price paid by BIP reflected the fact that Crown's inventory (FIFO) was overvalued by $50,000. The overvalued inventory items were sold in 2007. During 2006 Crown pa

Income Statement Performance Report

My Toys Manufacturing projected 2009 sales of 10,000 units at $12.00 per unit. Actual sales for the year were 14,000 units at $12.50 per unit. Actual variable expenses, budgeted at $5.00 per unit, amounted to $4.80 per unit. Actual fixes expenses, budgeted at $60,000, totaled $62,500. Prepare My Toy's income statement perform

Income Statement and Retained Earnings Statement

The following information relates to Linda Standley Co. for the year 2008. Retained earnings, January 1, 2008 $48,000 Dividends during 2008 6,000 Service revenue 62,500 Salaries expense 30,000 Advertising expense $1,800 Rent expense

Preparing a multiple step income statement

E4-5 multiple step and extraordinary items) the following balances were taken from the books of parnevik corp on December 31 2010 Interest revenue 86000 cash 51,000 sales 1,280,000 accounts receivable 150,000 prepaid insurance 20,000 sales returns and allowances 150,000 allowance for doubtful accou

Contribution Format Income Statement & CM Ratio

I need help with the following exercises. Please make sure that the exercise number and subject is included in the excel spreadsheet. Thank you very much. Exercise 6-1 Preparing a Contribution Format Income Statement Wheeler Corporation's most recent income statement follows: Total Per Unit Sales (8,000

Cash basis and accrual basis income statement

Wonderful Widget Company had the following transactions in June: 1. Sold Widgets to customers for $50,000; received $22,000 in cash and the rest on account. The cost of the Widgets was $27,000. 1. Purchased $40,000 of new Widget inventory; paid $7,000 in cash and owed the rest on account.

Pro forma income statements assuming new assets are purchased

The 2004 I/S and other information for Mallard Corp., which is about to purchase a new machine at a cost of $450 and a new computer system at a cost of $330, appears next. Sales $1,000 COGS 700t Gross profit 300 Operating expenses 100 Income b/ taxes 200 Income taxes 80 Net income $120 Additional information: - Two ne

Good Form Income Statement for Fiscal Year: Example Problem

Below are account balances for a corporation as of its fiscal year ended April 30, 20xx. Prepare a corporate income statement in good form in Microsoft Excel format, assuming 5,000 shares of common stock were outstanding during the year. Administrative Expenses $16,000 Cost of Goods Sold

Preparing a multi-level income statement: Example problem

I need explanation on how to prepare a multi-step income statement and prepare closing entries for the year. Selling expenses 18,700 Furniture 37,000 Sales returns and allowances 2,900 Salary payable 500 Acre Capital 27,400 Sales Revenue 113,900 Accounts Payable 13,400 Inventory 43,500 Cash 35,700 Note Payable 21,000