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Income Statement

Income statements for Art Staff, Cookie Lane, Deep Creek, Gap Co

1. Art Staff sells paintings either for cash or notes receivable that earn interest. The business uses the direct write-off method to account for bad debts. Lisa Orr, the owner, has prepared Art's financial statements. The most recent comparative income statements for 2003 and 2004 are as follows: 2004 2003 Total Revenue $

Thomas Magnum Income Statement

See the attachment below. Thomas Magnum began operations as a private investigator on January 1, 2010. The trial balance columns of the work sheet for Thomas Magnum, P.I. at March 31 are as follows: Thomas Magnum, P.I. Worksheet For the Quarter Ended March 31, 2010

Common size income statement analysis.

Please see attached file for full problem and template. Select two stocks in an industry of your choice and perform a common size income statement analysis over a two-year period. Discuss which firm is more cost-effective. Discuss the relative year-to-year changes in gross profit margin, operating profit m

Preparing a Variable Costing Income Statement for Rafael Corp

During 2005 Rafael Corp. produced 40,000 units and sold 30,000 units for $12 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufacturing overhead was $80,000 ($2 per unit). Variable selling and administrative costs were $1 per unit sold, and fixed selling and administrative expenses were $10,000. Prep

Traditional and Variable Costing Income Statements

See the attached file. Roofing tile is a major product of Tops Corporation. Operating Data: sold 88,400 cases of tile Variable cost of goods sold $$848,640 Variable selling expenses were $152,048 Fixed Administrative expenses were $96,450 Selling price were $18 per case There were no partially completed jobs in

A Revised Income Statement - The Contribution Margin Approach

The E-Company manufactures trendy, high-quality moderately priced watches that it sells on the Internet. As the company's senior financial analyst, you are asked to analyze the overall profitability for the current year. The CFO has heard that there are two different approaches for preparing income statements. You are asked to

Prepare an income & retained earnings statements

Can you please attach final product to it. I am a visual learner; this will help me understand the process on how to create it. ------------ These financial statement items are for Snyder Corporation at year-end, July 31, 2007. Salaries payable: $ 2,080 Salaries expense: 51,700 Utilities expense: 22,600 Equipmen

Single step income statement and retained earnings statement

P4-2 (Single-step Income, Retained Earnings, Periodic Inventory) Presented on page 158 is the trial balance of Mary J. Blige Corporation at December 31, 2007. MARY J. BLIGE CORPORATION TRIAL BALANCE YEAR ENDED DECEMBER 31, 2007 Debits Credits Purchase Discounts $ 10,000 Cash $ 205,100 Accounts Receivable

Basic Segmented Income Statement for Caltec, Inc.

Basic Segmented Income Statement [LO1] Caltec, Inc., produces and sells recordable CD and DVD packs. Revenue and cost information relating to the products follow: Product CD DVD Selling price per pack $ 8.00 $ 25.00 Variable expenses per pack $ 3.20 $ 17.50 Traceable fixed expenses per year $ 138,000 $ 45,000 ___

The Income Statement and the Statement of Cash Flows

Attached it problem. Conversion issues word may throw off alignment but all information is provided. E9.6 Calculate Gross Profit, cost of goods sold, and selling price MBI, Inc. had sales of $141.6 million for fiscal year 2009. The companies gross profit ratio for that year was 31.6%. A.) Calculate the gross profit and

Watson Corporation

During 2005 Watson Corporation produced 60,000 units and sold 50,000 for $10 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufacturing overhead was $120,000 ($2 per unit). Variable selling and administrative costs were $1 per unit sold, and fixed selling and administrative costs were $30,000. Prepare an

Income Statement for Maltbee's Lawn Service

Doug Maltbee formed a lawn service business as a summer job. To start the business on May 1, he deposited $1,000 in a new bank account in the name of the proprietorship. The $1,000 consisted of a $600 loan from his father and $400 of his own money. Doug rented lawn equipment, purchased supplies, and hired fellow students to mow

Pro Forma Income Statement

Technology Team manufactures laptops that sell for $2,200 each. Assume Technology Team does not maintain an inventory; all items produced are sold during the period. Thus, all production costs appear on the income statement. The company has fixed manufacturing overhead of $4,000,000 per year. The company's fixed selling and

Income Statement and Retained Earnings Statement

Nolan Corporation's capital structure consists of 20,000 shares of common stock. At December 31, 2003 an analysis of the accounts and discussions with company officials revealed the following information: Sales $1,200,000 Purchase discounts 18,000 Purchases 720,000 Earthquake loss (net of tax) (extraordinary item) 42,

Income Statement

The cash budget for Parker Process Meats, Inc. for the fourth quarter of 2004 is given below: Parker Process Meats, Inc. Cash Budget for the Three Months Ending December 31, 2004 Cash receipts Oct. Nov. Dec. Total collections $31,050 $ 4,050 $49,950 Cash disbursements: Purch

Doug Maltbee's lawn service business: prepare an income statement

Doug Maltbee formed a lawn service business as a summer job. To start the business on May 1, he deposited $1,000 in a new bank account in the name of the proprietorship. The $1,000 consisted of a $600 loan from his father and $400 of his own money. Doug rented lawn equipment, purchased supplies, and hired fellow students to mow

Analyze the income statement for United Colors of Benetton

The questions in this exercise are based on the Benetton Group, a company headquartered in Italy and known in the United States primarily for one of its brands of fashion apparel―United Colors of Benetton. To answer the questions, you will need to download the Benetton Group's 2004 Annual Report at www.benetton.com/investors.

Preparing an income statement - Coyote, Inc.

3.10. Prepare a multiple-step income statement for Coyote, Inc. from the following single-step statement. Then write a 200-300 word summary discussing the implications of profitability and net income of the company. Net sales $1,833,000 Interest income

Rift Music Store and Water Fun Store

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

Revised Income Statements & The Contribution Margin Approach

Accounting for Decision Making The Company to use is General Motors Time period use 2007-2008 By this time, you should have an organization selected and approved for your project. Identify any activity in your organization where you can apply break-even analysis. You must be able to define: A unit of measurement

A Simple Income Statement

The adjusted trial balance of Ninety-Six Inc. on December 31, 2008 includes the following accounts: Accumulated Depreciation, $6,000; Depreciation Expense, $2,000; Note Payable $7,500; Interest Expense $150; Utilities Expense, $300; Rent Expense, $500; Service Revenue, $19,600; Salaries Expense, $4,000; Supplies, $200; Suppl

Extraordinary Items, Income Statements, and Revenue Recognition

1. What are the requirements for extraordinary items? What are some examples of extraordinary items? 2. Which format of income statement is the most widely used? Why? 3. Why are there so many revenue recognition methods? Why is it so subjective? 4. Why do construction companies use the percentage of completion method

Pro-Forma Income Statement

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

Income statement

Vortex Inc. makes sound amplifiers. This is its income statement: Revenues (8,400 units)---------$504,000----100% Variable Expenses--------------(302,400)---60% Contribution Margin------------$201,600----40% Fixed Expenses-----------------(140,400) Operating Income---------------$61,200 New technology has been develope

Segmented income statement

Dallas Market Construction Clients Landscaping clients Sales $600,000 100% $400.000 100% $200,000 100% Variable expenses 360,000 60% 260,000

Segmented income statements

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,

Calculations with a Multiple-Step Income Statement

Below is a partial listing of the adjusted account balances of Roses Department Store at year-end on December 31, 2010. Accounts Receivable $ 18,000 Cost of Goods Sold 255,000 Selling Expenses (includes depreciation) 35,000 Interest Expense 2,000 Accumulated Depreciation?Building 10,000 Sales Discounts 32,000 Merchandi

Income statement

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