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Income Statement

Creating Income statements and balance sheets

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

Preparing an Income Statement for L Company

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

Income Statement Expenses

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

Good Form Multiple Step Income Statement

See attached document Multiple-step income statement. Presented below is information related to Gregg Company. Retained earnings, December 31, 2005 $ 650,000 Sales

Multiple Choice Questions for Income Statements

1. Yellow Co.'s 2002 income statement reported $90,000 income before provisions for income taxes. To compute the provision for Federal income tax, the following 2002 data are provided: Rent received in advance 16,000 Income from municipal bonds 20,000 Depreciation deducted for tax in excess of book depreciation 10,000

S.H. Park Company: Income statement & costs of two machines over next three years

1. Role of Old Equipment Replacement On January 2, 2004, the S.H. Park Company installed a brand-new $87,000 special molding machine for producing a new product. The product and the machine have an expected life of three years. The machine's expected disposal value at the end of the three years is zero. On January 3, 2004,

Independant situation analysis

Fill in the appropriate blanks for each of the independent situations below. Company A Company B Company C Sales (a) $_______ $343,400 $540,000 Beg inventory 52,600 (d) _______ 110,000 Net purchases 190,300 255,600 (g) _______ Ending inventory 52

Absorption income and contribution margin income statement

Europa Publications, Inc. specializes in reference books that keep abreast of rapidly changing political and economic issues in Europe. The results of the company's operations during the prior year are given in the following table. All units produced during the year were sold. (Ignore income taxes.) Sales revenue..........

P7-4A Merline Company: preparation of a budgeted income statement

Preparation and analysis of budgeted income statement see pdf Question 3: (10 points) Problem 7-4A: Preparation and analysis of budgeted income statements L.O. C3, P2 Merline, a one-product mail-order firm, buys its product for $75 per unit and sells it for $150 per unit. The sales staff receives a 10% commission on the

Torasic Company: determine break even point and net income

The following information pertains to Torasic Company's budget income statement for the month of June 2006. Sale (1,200 units at $250) $ 300,000 Variable Cost $ 150,000 Contribution Margin $ 150,000 Fixed Cost $ 200,000 Net Loss ($50,000) Determine the compa

Analyze McDonald's Financial Statement: growth, income, sales, expenses

See attach file. Go to to find McDonalds' home page. Under the "Corporate" heading, select "Investors," and click on the most recent annual report (McDonalds may call it the "financial report"). Answer the following questions: 1. First open the balance sheet. Name two items on McDonalds' balance

Managerial Accting: Compare Anfers, Burton, Coley income statements

Questions are attached below 1) Income statements for three companies are provided below: a. Prepare new income statements for the firms assuming each sells one additional unit (i.e. each firm sells 11 units). b. Briefly describe the effect of cost structure on profitability. 2) William Samson Co. produces two product

Home Realty: Analyzing Revenues and Expenses, Completing an Income Statement

Home Realty Incorporated, has been operating for three years and is owned by three investors. J. Doe owns 60 percent of the total outstanding stock of 9,000 shares and is the managing executive in charge. On December 31, 2007, the following financial items for the entire year were determined: sales revenue earned and collected i

Question about Proforma Income Statement

At the end of last year, Roberts Inc. reported the following income statement (in millions of dollars): Sales - $3,000 Operating costs excluding depreciation 2,450 EBITDA $ 550 Depreciation 250 EBIT $300 Interest 125 EBT $175 Taxes (40%) 7


Practice problem Financial statement account identification. Mark each of the accounts listed in the following table as follows: a. In column (1), indicate in which statement - income statement (IS) or balance sheet (BS) - the account belongs. b. In column (2), indicate whether the account is a asset (A),

Able Co: Income statement, break even and CVP analysis

Last year, Able Co. sold all the goods it produced (it had no finished goods inventories), and sales revenue were 1,260,000. It recorded the following cost for the year: see attached file Manufacturing Selling and Admin Total Costs Costs Variabl

Billabong : which is more useful, net income or statement of cash flows

See attached annual reports containing financial statements for the year 2006 pertaining to: Billabong International Limited ( a. The Balance Sheet b. The Income Statement c. The Statement of Cash Flows Based on the genera

Multiple-step and Single-step Income Statement

(Multiple-step and Single-step) Two accountants for the firm of Elwes and Wright are arguing about the merits of presenting and income statement in a multiple-step versus a single-step format. The discussion involves the following 2007 information related to P. Bride Company ($000 omitted). Administrative expense Officer'

Single-step Income Statement

(Single-step Income Statement) The financial records of LeRoi Jones Inc, were destroyed by fire at the end of 2007. Fortunately the controller had kept certain statistical data related to the income statement as presented below. 1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year. 2.