Ortiz Co. had the following account balances: Sales revenue $ 440,000 Cost of goods sold 220,000 Salaries and wages expense 30,000 Depreciation expense 60,000 Dividend revenue 12,000 Utilities expense 24,000
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- Which of the following accounts would be reported under operating expenses on a multi-step income statement? A. sales B. advertising expense C. sales returns and allowances D. interest expenseThe following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)19) Montana Co. had the following account balances: Sales reveäue Cost of goods sold Salaries and wages expense Depreciation expense Dividend revenue Utilities expense Rent revenue Interest expense Sales returns and allowances Advertising expense S 180,000 90,000 15,000 30,000 6,000 12,000 30,000 18,000 16,500 19,500 What would Montana report as total expense in a single-step income statement? 20) Gross billings for merchandise sold by Gomez Company to its customers last year amounted to $12.720,000; sales returns and allowances were $370,000, sales discounts were S175.000, and freight-out was $140,000. Net sales last year for Gomez Company were?
- Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000 $610,000 Cost of goods sold 434,620 347,700 Selling expenses 105,150 103,700 Administrative expenses 119,170 122,000 Income tax expense 21,030 12,200 a. Prepare an income statement in comparative form, stating each item for both 20Y8 and 20Y7 as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as a positive number. Rogan Technologies Co. Comparative Income Statement For the Years Ended December 31, 20Y8 and 20Y7 20Y8 Amount 20Y8 Percent 20Y7 Amount 20Y7 Percent $fill in the blank 6de34503cfdf061_2 fill in the blank 6de34503cfdf061_3% $fill in the blank 6de34503cfdf061_4 fill in the blank 6de34503cfdf061_5% fill in the blank 6de34503cfdf061_7 fill in the blank 6de34503cfdf061_8% fill in the blank 6de34503cfdf061_9 fill in the blank 6de34503cfdf061_10% Gross profit $fill in the blank…Assume Carla Vista Company has the following reported amounts: Sales revenue $1,489,000, Sales returns and allowances $44,000. Cost of goods sold $955,145, and Operating expenses $321,200. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit $ (c) Compute income from operations. Income from operations $ (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rate %Presented below are certain account balances of Novak Products Co. Rent revenue $7,170 Sales discounts $8,240 Interest expense 13,450 Selling expenses 99,740 Beginning retained earnings 114,990 Sales revenue 401,100 Ending retained earnings 134,490 Income tax expense 26,796 Dividend revenue 71,710 Cost of goods sold 166,306 Sales returns and allowances 12,750 Administrative expenses 84,010 Allocation to noncontrolling interest 20,840 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Novak has allocation to noncontrolling interest of $20,840. (a) Total net revenue ($enter total net revenue in dollars) (b) Net income ($enter net income in dollars) (c) Income attributable to controlling stockholders ($enter income attributable to controlling stockholders in dollars)
- Consider the following income statement data from the Ross Company: Current Year Prior Year $962,500 $720,000 582,960 440,820 182,175 156,420 104,100 79,000 13,533 8,532 Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Prepare a comparative income statement, showing increases and decreases in dollars and in percentages. (Round percentages to one decimal.) Ross Company Comparative Income Statements Sales revenue Cost of goods sold Gross profit on sales Operating expenses Selling expenses Administrative expenses Total Income before income taxes Income tax expense Net income $ $ LA Current Year Prior Year (Decrease) $ $ Increase Percent Change $ LAPresented below are certain account balances of Splish Products Co. Rent revenue $6,810 Sales discounts $8,080 Interest expense 13,280 Selling expenses 99,900 Beginning retained earnings 114,710 Sales revenue 404,200 Ending retained earnings 134,920 Income tax expense 26,028 Dividend revenue 71,170 Cost of goods sold 200,378 Sales returns and allowances 12,960 Administrative expenses 79,380 Allocation to noncontrolling interest 20,680 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Splish has allocation to noncontrolling interest of $20,680. (a) Total net revenue $enter total net revenue in dollars (b) Net income $enter net income in dollars (c) Income attributable to controlling stockholders $enter income attributable to controlling stockholders in dollarsPresented below are certain account balances of Paczki Products Co. Rent revenue $ 6,500 Interest expense 12,700 Beginning retained earnings 114,400 Ending retained earnings 125,000 Dividend revenue 71,000 Sales returns and allowances 12,400 Allocation to noncontrolling interest 17,000 Sales discounts $ 7,800 Selling expenses 99,400 Sales revenue 390,000 Income tax expense 31,000 Cost of goods sold 184,400 Administrative expenses 82,500 Instructions From the foregoing, compute the following: (a) total net revenue, (b) net income, and (c) income attributable to controlling stockholders.
- Assume Marigold Company has the following reported amounts: Sales revenue $ 500,000, Sales returns and allowances $ 21,000, Cost of goods sold $ 325,000, and Operating expenses $ 75,000. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit $ (c) Compute income from operations. Income from operations (d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.2%.) Gross profit rateFor Crane Company, the following information is available: Cost of goods sold $386750 Dividend revenue Income tax expense Operating expenses Sales revenue 17300 35800 133500 595000 In Crane's single-step income statement, gross profit O should not be reported. O should be reported at $208250. O should be reported at $225550. O should be reported at $53100.Consider the following given information below: Total Income P1,321,000 Total Distribution Cost 268,900 Total Administrative Cost 250,200 Other Expenses 8,000 Interest Expense 9,000 Total Expenses 536,100 Income Tax Expense 235,500 What is the amount of income before tax to be reflected in the income statement?