On December 31, 2007, The Rift Music Store reported net income of $1,200 and the following account balances. Cash $1,425 Accounts Receivable 2,300 Prepaid insurance 1,200 Equipment and furnishings 3,200 Less: Accumulated depreciation (500) Accounts payable 1,300 W
Pro-Forma Income Statement Gamma Manufacturing, Inc., is a manufacturer of electric pencil sharpeners. The following is information regarding Gamma Manufacturing for the fiscal year-end, May 31, 2009: Beginning finished goods inventory . . . . . . $ 51,000 Ending finished goods inventory . . . . . . . . .48,000 Interest ex
Dallas Market Construction Clients Landscaping clients Sales $600,000 100% $400.000 100% $200,000 100% Variable expenses 360,000 60% 260,000
See attachment . Total Company Percentage Houston Dallas Sales $750,000 100% $150,000 100% $600,000 100% Variable expenses 405,000 54 45,000 30% 360,000 60% Contribution margin 345,
Income statement adjustments and statment of cash flows. Minimum cash balance $14,000 BECKER PRODUCTS Comparative Balance Sheet December 31, Year 2, and Year 1 Year 2 Year 1 Assets Current assets: Cash $3,000 $22,000 Accounts receivable 120,000 82,000 Inventory 108,000 85,000 Prepai
Hermann Industries is forecasting the following income statement: Sales $8,000,000 Operating costs excluding depreciation and amortization 4,400,000 EBITDA $3,600,000 Depreciation and amortization 800,000 EBIT $2,800,000 Interest 600,000 EBT $2,200,000 Taxes (40%) 880,000 Net inc
How do income statements & balance sheets help management make sound decisions? What is the bottom line?
Please answer the following questions in detail: How do the income statement and the balance sheet help management make sound decisions? How can you find out, at any time, whether your firm can pay its bills as they become due? If your firm's expenses equal or exceed its revenues, what actions might you or your manager
Marioco, in Brazil, is organized into two divisions. The company's contribution format segmented income statement (in terms of the Brazilian currency Real) for last month is given below: Divisions Total company Cloth Leather Sales R3, 500,000 R2, 000,000 R1,500,000 Variable expenses 1,721,000
Vabant PV of the Netherlands is a wholesale distributor of wine, in which it's sold throughout the European Community. The company profits are declining, which is causing a concern. To help understand the condition of the company, the managing director of the company has requested that the monthly income statement be segmented b
Conor Company has decided to use the contribution approach to the income statement internally for planning purposes.The company has analyzed its expenses and developed the following cost formulas: Cost Cost Formula Cost of goods sold $ 25 per unit sold Advertising exp
1. Sales: Quarter 1, 40,000 bags; Quarter 2, 55,000 bags. Selling Price is $60 per bag. 2. Direct materials: each bag of Basic II requires 6 pounds of Crup at a cost of $3 per pound and 10 pounds of Dert at $1.50 per pound. 3. Desired inventory levels: Type of inventory January 1 April 1 July 1 Basic II (bags) 10,000 15,
Can you help me get started with this assignment? Cellular Technologies manufactures capacitors for cellular base stations and other communication applications. The company's March 2009 flexible budget income statements show output levels of 7,500, 9,000, and 11,000 units. The static budget was based on expected sales of 9,00
P3-3A Mark Mader created a corporation providing legal services, Mark Mader Inc., on July 1, 2007. On July 31 the balance sheet showed: Cash $4,000; Accounts Receivable $2,500; Supplies $500; Office Equipment $5,000; Accounts Payable $4,200; Common Stock $6,200; and Retained Earnings $1,600. During August the following tr
The post-closing trial balance of the Kazak Import Company at March 31 is as follows. Debit Credit Cash $ 321,000 Accounts Receivable 201,000 Inventory 504,000 Building and Equipment 1,560,000 Accumulated Depreciation $ 240,000 Accounts Payable 246,000 Salaries Payable 45,000 Common Stock 1,410,000 Retain
See the graphic in the attached file. EXERCISE 5-6 Cost Behavior; Contribution Format Income Statement Parker Company manufactures and sells a single product. A partially completed schedule of the company's total and per unit costs over a relevant range of 60,000 to 100,000 units produced and sold each year is given below
Clark has a controlling interest in Rogers' outstanding stock. At the current year-end, the following information has been accumulated for these two companies. Operating Income Dividends Paid Clark $500,000 $90,000 (in
1. Bloom Company management predicts that it will incur fixed costs of $160,000 and earn pretax income of $164,000 in the next period. Its expected contribution margin ratio is 25%. Use the information to compute the amounts of (1) total dollar sales and (2) total variable costs. 2. The following costs result from the produ
Please help with the following problem. In computing the non-controlling interest's share of consolidated net income, how should the subsidiary's income be adjusted from intercompany transfers? a) the subsidiary's reported income is adjusted for the impact of upstream transfers prior to computing the noncontrolling intere
The following numbers were extracted from a balance sheet (in millions) Operating assets 547 Financial assets 145 Total liabilities 322 From the liabilities $190 million were deemed to be financing liabilities. So i would like to learn how to reformulate a balance sheet that distinguishes items involved fro
Income Statement for Tiger Company: Calculate amounts for gross profit, income from operations, income tax, extraordinary items and net income.
Presented below is information related to Tiger Company Retained earnings 12/31/06 650,000 Sales 1,600,000 Selling and admin expenses 240,000 hurricane loss (pre-tax) on plant (extraordinary item) 250,000 cash dividends declared on common stock 33,600 Cost of goods sold
I have attached a word document explaining the problem. Thank you Schedule of Cost of goods manufactured: Income Statement; Cost Behavior The following selected account balances for the year ended Dec 31 are provided for Valenko Company: Advertising expense........................$215,000 Insurance, Factory equipment......
I have attached a description of the problem in the word document. Thank you. Schedule of Cost of goods manufactured: Income Statement; Cost Behavior. Excel problem Various cost and sales data for Medco inc., are given below for the just completed year: 1. Purchase of Raw materials $90,000 2. Raw Materials inventory,
1.The following is the December 31, 2006 balance sheet for the Epic Corporation. ASSETS LIABILITIES Cash $ 70,000 Accounts Payable $ 100,000 Accounts Receivable 150,000 Notes Payable 120,000 Inventory 280,000
Why is financial statement income different from taxable income?
Please help with the following problem. A company that makes cameras uses both variable and absorption costing. The following information pertains to the year just ended: Units produced 1,000 Units sold 750 Selling price per unit $375 Variable product costs per unit $100 Variable selling
Why is it important to consolidate financial statements? 2) When should financial statements be consolidated? Discuss the pros and cons of consolidating financial statements.
Please help me understand and make sure that I am on the right track in answering the following questions: 1) Why is it important to consolidate financial statements? 2) When should financial statements be consolidated? Discuss the pros and cons of consolidating financial statements. Include limitations. if any.
Countywide Cable Services, Inc. is organized with three segments: Metro, Suburban, and outlying. Data for these segments for the year just ended follow.
I need help with this problem Countywide Cable Services, Inc. is organized with three segments: Metro, Suburban, and outlying. Data for these segments for the year just ended follow. Metro Suburban Outlying Service revenue....... $1,000,000 $800,000 $400,000 Variable expenses....
Based on the table below how do I complete a balance sheet and income statements? The vice president asks you to create a financial income statement and balance sheet for TMI for the combined years of 2004 and 2005. Use this information to calculate the following ratios: net margin return on investment return on equity
L Company's accounting system listed the following information for the company's 2007 fiscal year (in millions). Average common shares outstanding 2.5 Cost of goods sold $173.2 Extraordinary gain 19.4 Gain on sale of securities 7.4 General and administrative expens
The RHS Co. reported the following items on its income statement for 2007. a. Net operating revenues, $956,000 b. Cost of goods sold, $312.000 c. Selling and administrative expenses, $245,000 d. Research and development expenses, $122,000 e. Net interest expense, $8500 f. Provision for income taxes, $85,920 g. Current yea