For each company, calculate the missing income statement amount.CompanyLennonHarrisonMcCartneyStarrSales Cost of GoodsRevenueSold$ 18,00020,00013,00016,00011,0009,0006,000GrossProfit$ 8,000 $OperatingExpenses4,00010,000Net Income3,500 $6,0006,5004,5003,0001,500

INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Answered: For each company, calculate the missing…

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter12: Fainancial Statement Analysis

Section: Chapter Questions

Problem 87PSB

See similar textbooks

Similar questions

The comparative statements of Osborne Company are presented here: [{HtmlTableOSBORNE COMPANYIncome StatementsFor the Years Ended December 312014 2013Net sales $1,895,999 $1,755,959Cost of goods sold 1,063,999 1,011,459Gross profit 832,000 744,500Selling and administrative expenses 505,459 484,459Income from operations 326,541 260,041Other expenses and losses Interest expense 23,583 21,583Income before income taxes 302,958 238,458Income tax expense 93,583 74,583Net income $209,375 $163,875\\OSBORNE COMPANYBalance SheetsDecember 31Assets 2014 2013Current assets Cash $60,100 $64,200Debt investments (short-term) 74,000 50,000Accounts receivable 123,259 108,259Inventory 127,583 117,083Total current assets 384,942 339,542Plant assets (net) 663,905 535,205Total assets $1,048,847 $874,747Liabilities and Stockholders' Equity Current liabilities Accounts payable $165,459 $150,859Income taxes payable 45,083 43,583Total current liabilities 210,542 194,442Bonds payable 234,905 214,905Total…
The following information relates to Wal-Mart Corporation for the past accounting period: Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2 80,000 .20 .40 .20 .20 S3 45,000 .60 .35 .05 P1 78,000 P2 99,000 P3 45,000 __________1. What amount will be allocated by S1 to S2 under direct method? __________2. What amount will be allocated by S2 to P2 under direct method? __________3. How much is the total overhead costs in P3 after the allocation under direct method? __________4. Under the step method which department will allocate its direct cost first? __________5. Under the step method which department will allocate its direct cost last? __________6. Using the algebraic method, how much is the total costs to be allocated by S1 to all departments? __________7. Using algebraic method, how much is the cost to be allocated by S3 to S2? __________8. What is the total cost to be allocated by the…
The following information relates to Wal-Mart Corporation for the past accounting period Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2 80,000 .20 .40 .20 .20 S3 45,000 .60 .35 .05 P1 78,000 P2 99,000 P3 45,000 ____28. Using the algebraic method, how much is the total costs to be allocated by S1 to all departments? __________29. Using algebraic method, how much is the cost to be allocated by S3 to S2? __________30. What is the total cost to be allocated by the…
XYZ company provided the following information: Sales Accounts payable Selling expenses Administrative expenses Ofher revenues Cost of goods scid Cash Other expenss $30,000 3,000 4,000 5,500 10,000 13,500 12,000 7,000 Required: Calcuiate the folowing (SHOW YOUR CALCULATIONS) Grons proft 1Net incomel ioss
The following information relates to Wal-Mart Corporation for the past accounting period Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2 80,000 .20 .40 .20 .20 S3 45,000 .60 .35 .05 P1 78,000 P2 99,000 P3 45,000 __________29. Using algebraic method, how much is the cost to be allocated by S3 to S2? __________30. What is the total cost to be allocated by the servicing departments to producing departments?
The following information relates to Wal-Mart Corporation for the past accounting period Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2 80,000 .20 .40 .20 .20 S3 45,000 .60 .35 .05 P1 78,000 P2 99,000 P3 45,000 __________25. How much is the total overhead costs in P3 after the allocation under direct method?
The following information relates to Wal-Mart Corporation for the past accounting period Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 .10 .30 .25 .20 .15 S2 80,000 .20 .40 .20 .20 S3 45,000 .60 .35 .05 P1 78,000 P2 99,000 P3 45,000 __________24. What amount will be allocated by S2 to P2 under direct method?
E. The following information relates to Wal-Mart Corporation for the past accounting period Cost Direct Center Cost Proportion of Services used by: S1 S2 S3 P1 P2 P3 S1 P120,000 80,000 .10 .30 25 .20 .15 S2 .20 40 .20 .20 S3 45,000 78,000 99,000 45,000 .60 .35 .05 P1 P2 P3 23. What amount will be allocated by S1 to S2 under direct method? 24. What amount will be allocated by S2 to P2 under direct method? 25. How much is the total overhead costs in P3 after the allocation under direct method? 26. Under the step method which department will allocate its direct cost first? 27. Under the step method which department will allocate its direct cost last? 28. Using the algebraic method, how much is the total costs to be allocated by S1 to all departments? 29. Using algebraic method, how much is the cost to be allocated by S3 to S2? 30. What is the total cost to be allocated by the servicing departments to producing departments?
A company reported the following: Cost of Goods Sold General, Selling, and Administrative Expenses Income Tax Expense Inventory Net Income Sales Revenue Sales Discounts Sales Returns & Allowances What is the amount of gross profit? Multiple Choice $108,360 $98,950 $121,000 $203, 200 53,120 3,920 16,500 26,080 292,000 3,040 2,640
Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %
Financial information is presented below: Operating Expenses $56000 Sales Revenue Cost of Goods Sold Gross profit would be $48000. $238000. $182000. $104000. 238000 134000
Express the total costs, net profit (NP) in money and as a percentage in the table below. Sales Food Costs Labor Costs Overheads Total Costs Net Profit Net Profit percent $140.55 $40.99 $50.50 $23.34 $175.98 $55.45 $61.25 $34.00 $268.94 $81.38 $90.45 $74.88 $555.65 $120.00 $155.98 $111.54 $1010.80 $300.70 $240.54 $230.78

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

For each company, calculate the missing income statement amount. Sales Revenue Cost of Goods Sold Company Lennon Harrison McCartney Starr $ 18,000 20,000 13,000 16,000 11,000 9,000 6,000 Gross Profit $ 8,000 $ Operating Expenses 4,000 10,000 Net Income 3,500 $ 6,000 6,500 4,500 3,000 1,500