QUESTION 6 1 A service-based company reports gross revenue of $125,000; sales discounts of $4,500; allowance for doubtful accounts of $6,000; pperating expenses of $89,600; and a loss on sale of PP&E of $2,000. What is the company's net income after taxes assuming a tax ate of 20%?
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- The company reports the following income statement results: Gross profit $500,000 Interest expense 15,000 Sales discounts 8,000 Net Sales Operating expense Effective tax rate $ $ $ 990,000 365,000 18% Calculate Sales. Calculate Income before Income tax (IBT). Calculate net income. % Calculate the gross profit margin (one decimal place) % Calculate the profit margin (two decimal places)What is companies net income? The following information is given to you relating to the operations of PrincehallCorporation: The income tax rate is 40%. Net sales $11,862 Cost of sales 8,321 Gross margin ? Selling, general, and administrative expenses $ 2,743 Depreciation, amortization, and asset write-offs 278 Total operating expenses: ? Income from operations : ? Interest expense 91 Interest and other income 11 Earnings before income taxes: ? Income taxes ? Net earnings: ? Determine the nest income of the company.The financial data of Mammoth corporation for the year ended 31st December,2020 is as followsParticulars Variable expense as percentage of sales 66.67Interest Expense ($) 200DOL 5DFL 3Income tax rate 0.35Requirement:a) Prepare income statement for company.
- Selected information from the annual financial statements of Delicata Industries is shown below. ($ in thousands) Revenue Operating income Net other income(expense) Net income 240,000 5,600 196,480 Average operating assets 4,200,000 Average operating liabilities 1,800,000 Current Financials $1,500,000 Delicata has an income tax rate of 20%. a. What is Delicata's net operating profit after taxes (NOPAT) for the year? $0 b. Calculate Delicata's net operating profit margin (NOPM) for the year. Result Numerator + Denominator = 0 + $ 0 = NOPM $ c. Calculate Delicata's return on net operating assets (RNOA) for the year. Numerator + Denominator = Result 0 + $ 0 = RNOA $ 96In the quarter ended 31 March 20X2, C had sales taxable outputs, net of sales tax, of $90,000 and taxable inputs, net of sales tax, of $72,000. If the rate of sales tax is 10%, how much sales tax is due? A $1,800 receivable B $2,000 receivable C $1,800 payable D $2,000 payableA company has the following income statement. What is its net operating profit after taxes (NOPAT)? Round it to a whole dollar. Sales $ 1,200 Costs 600 Depreciation 170 EBIT $ ? Interest expense 50 EBT $ ? Taxes (20%) ? Net income $ ?
- The following are the financial statement Kin Ltd. for the year ended 31 March 2020: Kin Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 Kin Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities:…17 You are given the following information for Troiano Pizza Company: sales = $78,500; costs $38,200; addition to retained earnings $6,950; dividends paid = $2,490; interest expense = $5,540; tax rate = 21 percent. Calculate the net income. Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Net income. Calculate the taxable income. Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Taxable income EBIT Calculate the EBIT. Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Calculate the depreciation expense. Note: Do not round intermediate calculations and round your answer to the nearest whole number, e.g., 32. Depreciation expenseFor the base case in this section, as a percentage of sales, COGS = 69 percent, SGA = 15 percent, R&D = 2.5 percent. Depreciation, Interest expense are fixed as stated. Tax Rate is 21 percent.
- Question 1:- Brodsky's Corporation had net sales of 2600000, Sales discounts 45000, cost of goods sold 1440000, Notes receivable 115000, A/R 15000, other expenses 100000, administrative expenses 206000, with drawls 47000, selling expenses 280000, and interest expense 29000, other revenues 500000 . Brodsky's tax rate is 30%. R/Prepare income statement for the year ended December 31, 2014.You have calculated the adjusted profit for the company to be $2,000,000. The tax rate is 25%. Estimated tax paid during the year is $750,000. Employment Tax Credit available (which is non-refundable) is $700,000. The tax refundable for this company is. a.$950,000 b.$200,000 c.$500,000 d.$250,0008 Cribbage Company had income before income tax of $164,000 last quarter and a 34% tax rate. Its net income should be reported as: A. $55,760. B. $108,240. C. $(55,760). D. $248,485. ANSWER