SOP Corporation furnished you with the following information: Net income after taxes P18,000 Income Tax 12,000 Interest Expense 80,000 Net Sales 620,000 Cost of Goods Sold 460,000 Operating Expenses 50,000 What is the times interest earned?
Q: An annual income statement from Quest Realty, Inc. is shown below: Revenues Revenue from sales of…
A:
Q: The Sunflower Corporation reported the following information from their financial statements:…
A: Dollar amount of taxes the firm had to pay to the taxation office is the amount that is applicable…
Q: Abacus Co. reported net income of P2,100,000 for 2020 . It incurred operating expenses other than…
A: The gross profit is the excess of net sales over the cost of goods sold. Operating profit can be…
Q: The Amer Company has the following characteristics: Sales 1,000 Total assets 1,000 Total debt/Total…
A: The return on equity (ROE) expresses the ability of the company of generating returns from the…
Q: The Johnson's Company had net income(after tax) = 500,000 USD, Johnson's Company's income statement…
A: Times Interest Earned is the ratio that depicts how many times the organization can cover its…
Q: BT21 Co. reported profit after tax of ₱420,000. BT21’s income tax rate is 30%. Operating expenses…
A: Profit After Tax 420,000 Add: Income Tax ($420000 * 30 / 70) 180,000…
Q: Company XYZ, Inc. reported a total sales revenue of P15,000,000 of which 20% pertains to the cost of…
A: Interest Coverage Ratio (ICR) is defined as the debt and profitability ratio used to determine how…
Q: Bryon Inc recently reported $6million of net income. Its EBIT was $13.2 million, and its tax rate…
A: The mathematical equation of the concept used is:
Q: Suppose Ningbo Steel has sales revenue of $11,000 sales revenue, cost of goods sold off $5000,…
A: Given information : sales revenue = $11,000 cost of goods sold = $5000 operating expenses = $1000…
Q: Carrefour Company's gross profit is OMR 550,000. The other balances are: Insurance OMR 70,000, Rent…
A: Net income before interest and tax = Gross profit + rent received - (insurance + salaries and wages…
Q: The Weymire Corporation provides you with the following information for the year ended 12/3120:…
A: Cash Flow A/c
Q: 2. Sohar Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the…
A: Income tax is a liability of every individual toupee to the government based on their taxable…
Q: ABCD Corp celebrated its 10th yr anniversary this yr. It provided you with the following…
A: Income tax is a direct tax charged by the central or state government authority on the total income…
Q: Compute for the following Cost of Sales Gross Profit from Sales
A: As per our protocol we provide solution to the one question only but as you have asked multiple…
Q: During the year, the Senbet Discount Tire Company had gross sales of $1.23 million. The company’s…
A: The cash flow that is generated by a company from its primary business operation is term as the…
Q: The following information was taken from the financial statements of Sunland Company: 2021…
A: Net income is the the difference between sales revenue and all the expenses.
Q: Fragile Express Delivery Company’s earnings before interest and taxes (EBIT) was $725 million.…
A: NOPAT or net operating profit after taxes is calculated as EBIT less taxes on EBIT
Q: The following information is given to you relating to the operations of PrincehallCorporation: The…
A: Income tax expense is calculated on the earnings before income after interest The operating expense…
Q: Your firm has the following income statement items: sales of $50,250,000; income tax of $1,744,000;…
A: Income before tax means net income of the business after considering all operating and non operating…
Q: Given below are the Statements of Financial Position and the Statement of Profit or Loss for BA107…
A:
Q: You are given the following information for Bowie Pizza Co. Sales = $64,000; Costs = $30,700,…
A: Given the following information: Sales: $64,000 Costs: $30,700 Addition to retained earnings:…
Q: Diamond, Inc. had the following Income Statement at the end of the year. Compute Diamond's federal…
A: Gross profit. = $ 69000 Less salaries = $31000 Less rent. = $ 2000 Less business meal With clients.…
Q: Selected accounts are listed below. How much is the firm's operating income? accrued payroll $2,000…
A: Operating income is one of the measure of profitability of the business. This is calculated by…
Q: Use the following information for Jones Inc. FY 2018 Revenue…
A: The net profits of a corporation are the net residual incomes of the corporation after all the cash…
Q: Carrefour Company's gross profit is OMR 550,000. The other balances are: Insurance OMR 70,000, Rent…
A: Net profit of the company means gross profit with all other income and deducting all expense of the…
Q: Santos Company had a 40 percent tax rate. Given the following pre-tax 21) amounts, what would be the…
A: Income tax is charged on the net income of the business. The net income is the Excess of revenue…
Q: Sales revenue- P500,000 · Cost of Goods Sold- P350,000 · Operating Expenses- P55,000…
A: Answer Comprehensive income =$117000 Correct answer option A)117000 Comprehensive income is the sum…
Q: The following information was taken from the financial statements of Sunland Company: 2021…
A: In order to determine the net sales, the net income as a percentage of net sales is required to be…
Q: Venus corp has the following income statement for the year 2020 Gross sales Sales return Sales…
A: Solution: Net income before tax = P25,000 Interest expense = P30,000 Earnings before interest and…
Q: The following information is given to you relating to the operations of PrincehallCorporation: The…
A: Formulas: Gross margin = Net sales - Cost of sales Income from operations = Gross margin - Total…
Q: Amjad Trading LLC:Gross Sales are RO 82,000, Sales Returns RO 2,000, Cost of goods sold is RO…
A: Introduction: Single step income statement: Deduction of all expenses from revenues derives the net…
Q: Citrine Company reported the following on its income statement: Income before income taxes…
A: Times interest earned ratio is a coverage ratio which measures the ability of a corporation's…
Q: Consider the following data from the financial statements of Stevenson Company, which has a tax rate…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: Oakdale Fashions, Inc.’s, 2021 income statement is reported below. Oakdale Fashions, Inc.,…
A: The corporate tax rate is the tax to be paid by the corporations on their earnings. The corporate…
Q: A company sells $180,000 (sales price) of goods and collects sales tax of 8%. What current liability…
A: Solution:- A) Sales tax payable of $14,400 is the correct answer Explanation:- What Is Sales Tax…
Q: Carrefour Company's gross profit is OMR 550,000. The other balances are: Insurance OMR 70,000, Rent…
A: Net Income before Interest and Tax = Gross Profit - Other Operating Expenses + Other Income
Q: Al Mawarid Construction Equipment LLC has provided following Income Statement for the year ending…
A: The gross profit ratio can be calculated as gross profit divided by total sales The operating…
Q: he Johnson's Company had net income(after tax) = 500,000 USD, Johnson's Company's income statement…
A: Times Interest Earned:- It is a ratio that helps in calculating the debt-paying capacity of a…
Q: Grand Company reported the following on its income statement: Income before income taxes$ ,000…
A: Lets understand the basics. Times interest earned ratio indicates the companies ability to pay…
Q: The income statement for Northeast Co. is shown below. How much is net operating profit after taxes…
A: The net income of the company refers to the excess of revenues of the company over the costs that…
Q: The following are extracted from the financial statements of Shawn Co., for 2019, 2018, and 2017.…
A: Ratio Analysis: Ratio analysis is a system of analysis or comparison of the ratio of the company…
Q: 2. Sohar Company had a 40 percent tax rate. Given the following pre-tax amounts, what would be the…
A: The Revenue and expenses of company are given Required What would be the income tax expense…
Q: Oakdale Fashions, Inc.’s, 2021 income statement is reported below. (Use corporate tax rate of 21…
A: Calculate the tax liability for 2021:The tax liability for 2021 is $34,839.
Q: GHIST Co. reported a net income of P2,100,000 for 2020. It incurred operating expenses other than…
A: Relationship between Operating Expense and Gross Profit Cost of sales = Net sales - Gross profit We…
Q: Little Books Inc. recently reported $3 million of net income. Its EBIT was $6 million, and its tax…
A: Calculation of Interest Expense:The interest expense is $1,000,000.Excel Spreadsheet:
Q: Wayman Corporation reports the following amounts in its December 31, 2024, income statement. Sales…
A: Total revenue and expenditures are divided into operational and non-operating categories on a…
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
- Net income after taxes Income Tax Interest Expense Net Sales Cost of Goods Sold Operating Expenses What is the times interest earned? P18,000 12,000 80,000 620,000 460,000 50,000A Non-VAT business reported the following:Sales P2,500,000Cost of Sales P1,000,000Purchases, inclusive of VAT P560,000How much is the amount of business tax payable?Given the following information :sales R10 000 000,calculated gross profit R7 000 000 ,operating expenses R3 200 000,Interest income R60 000,Interest expense R250 000 and income tax 28% of profit before tax . Net profit after tax is ?
- I need step by step instructions for the problem e) what is the average income tax rate?** I know you have to divide total tax expense by the net income before taxes.So,For E) the income tax expense is $13,134Net Income before tax??Average Tax rate: ??Revenue : (sales) $144000(service) $28700All the taxes :depreciation tax $10400Interest expense $2400Income Tax expense. $13,134Supplies expense. $12,700F) if $18,500 of dividends had been declared and paid during year, what was the January 1 2016 balance of retained earnings?Retained Earnings Dec 31st : $59000Dividens declared: ???Retained Earnings January 1st: ???Please solve and explain thoroughly.For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P3,900,000.00 P1,600,000.00 P2,400,000.00 P1,700,000.00Question 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.
- K McDaniel and Associates, Inc. reported the following amounts on its 2024 income statement: Year Ended December 31, 2024 Net income Income tax expense Interest expense $ 22,950 6,600 3,000 What was McDaniel's times-interest-earned ratio for 2024? OA. 7.65 OB. 10.85 OC. 9.85 OD. 8.65 point(s) possible ...You have the following income statement data: Sales Cost of goods sold (Depreciation not included) Depreciation $100 Interest expense $60 Tax rate 30% Calculate net income. Round your answer to 2 decimal points; example 234.12. Your Answer: $850 $499 AnswerVenus corp has the following income statement for the year 2020 Gross sales Sales return Sales Discount Net sales COS Salaries Depreciations expense Utilities Commissions Insurance expense Rent expense Interest expense Net income before tax Tax 25% Net income after tax Required: Compute for the time interest earned 2020 $4,750,000.00 P16,000.00 P7,000.00 $4,727,000.00 #2,299,000.00 $400,000.00 P90,000.00 P45,000.00 P50,000.00 P15,000.00 P30,000.00 $25,000.00
- Harlan Mining Co. has recently decided to go public and has hired you as an independent CPA. One statement that the enterprise is anxious to have prepared is a statement of cash flows. Financial statements for 2025 are provided below. Cash Accounts receivable Inventory Property, plant, and equipment Less accumulated depreciation Accounts payable Income taxes payable Bonds payable Common stock Retained earnings COMPARATIVE BALANCE SHEETS 12/31/25 Sales revenue $608000 (320000) $408000 360000 384000 288000 $1440000 $176000 352000 360000 216000 336000 $1440000 INCOME STATEMENT For the Year Ended December 31, 2025 12/31/24 $960000 (304000) $8400000 $192000 216000 480000 656000 $1544000 $96000 392000 600000 216000 240000 $1544000* ces Use the following information to answer this question. Windswept, Incorporated. 2022 Income Statement. (in millions) Net sales Cost of goods sold. Depreciation Earnings before interest and taxes. Interest paid Taxable income Taxes Net income Cash Accounts receivable Inventory Total Net fixed assets Total assets What is the quick ratio for 20227 $ 9,950 8,060 495 $ 1,395 116 $ 1,279 448 $ 831 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 $290 1,120 1,990 1,785 $3,400 $3,125 3,530 4,150 $ 6,930 $ 7,275 2022 $320 Accounts payable 1,020 Long-term debt Common stock. Retained earnings Total liabilities & equity 2021 $ 1,610 1,160 3,460 700 2022 $1,535 1,360 3,430 950 $ 6,930 $ 7,275If the net sales 1250 000 ID., selling expenses 250 000 ID., Administrative expenses 250 000 ID., the cost of goods sold 1o00 000 ID., the cost of purchases 750 000 ID., the income tax 45 * -:000 ID., the gross profit are 250 000 ID. O 1500 000 ID. ) 1000 000 ID. O no one