1. Create and Income Statement with schedules for BLAZING ENTERPRISES for the Year EndedDecember 31, 2019 given the following information. Write your answers for the following questions.- How much is the Net Operating Income/ Earnings Before Interest and Taxes (EBIT)?- How much is the Earnings Before Taxes (EBT)?- How much is the Net Income/Earnings After Tax?Sales1,500,000.007,000.00450,000.00Depreciation Expense Store EquipmentSalesmen Salaries and CommissionSSS Premium Expense SalesmenPhilhealth Premium Expense SalesmenHDMF Premium Expense SalesmenSSS Premium Expense Admin OfficePhilhealth Premium Expense Admin OfficeHDMF Premium Expense Admin OfficeFinished Goods Inventory BeginningInterest ExpenseBad Debts ExpenseDepreciation Office EquipmentRent Expense StoreLight, power, utilities expense StoreOffice and Officers SalaryCost of Goods ManufacturedFinished Goods Inventory EndRent Administrative OfficeOffice Supplies UsedLight, power, utilities expense Admin OfficeAdvertisingFreight Out1,350.00900.00450.001,200.00800.00400.0019,250.00200,000.0012,200.0012,000.007,500.001,875.00400,000.00276,118.0014,250.007,500.003,000.001,875.0015,000.0012,000.00

Earnings before interest and tax refer to the revenue after deducting all the expenses relating to…

Answered: Income Statement

Intermediate Financial Management (MindTap Course List)

13th Edition

ISBN:9781337395083

Author:Eugene F. Brigham, Phillip R. Daves

Publisher:Eugene F. Brigham, Phillip R. Daves

Chapter6: Accounting For Financial Management

Section: Chapter Questions

Problem 12P

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The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
Refer to RE5-1. Prepare a single-step income statement for Brandt Corporation for the current year.
The following data (in millions) are taken from the financial statements of Target Corporation: a. For Target Corporation, determine the amount of change in millions and the percent of change (round to one decimal place) from the prior year to the recent year for: 1. Revenue 2. Operating expenses 3. Operating income b. What conclusions can you draw from your analysis of the revenue and the total operating expenses?
During 2021, Jerry Inc. has the following account balances in Income Statement: Sales P 1,630,245, Cost of Sales P 646,788, Selling Expense P 235,500, Administrative Expense P 114,766, Other Expense P 57,146, Tax Expense P 200,400 and Other Revenue P 65,810. How much is the net income? a. P 414,454b. P 414,455c. P 441,455d. P 441,445
The following is a partial trial balance for the Green Star Corporation as of December 31, 2021: Account Title Sales revenue Debits Credits 2,050,000 48,000 68,000 Interest revenue Gain on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Income tax expense 870,000 250, 000 93,000 58,000 148,000 There were 150,000 shares of common stock outstanding throughout 2021. Required: 1. Prepare a single-step income statement for 2021, including EPS disclosures. 2. Prepare a multiple-step income statement for 2021, including EPS disclosures. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a multiple-step Income statement for 2021, including EPS disclosures. (Amounts to be deducted should be Indicated with a minus sign. Round EPS answer to 2 decimal places.) GREEN STAR CORPORATION Income Statement For the Year Ended December 31, 2021
X Company collected P12,350 in interest during 2019. X showed P1,850 in interest on its December 31, 2021 statement of financial position and P5,300 on December 31, 2020. How much is the Interest Revenue to be reported on X’s statement of comprehensive income in 2021?
(1). Following are forecasts of Target Corporation’s sales, net operating profit after tax (NOPAT), and net operating assets (NOA) as of February 2, 2019, which we label fiscal year 2018. Format each answer to two decimal places.
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 ...
Answer probably please .... Calculate the following ratios for Avartar Sdn. Bhd. for years ended 31 March 2019 and 31 March 2018: 1) Gross profit percentage; 2) Net profit percentage (using profit before tax); 3) Return on capital employed; 4) Return on owners' equity; 5) Assets turnover;
Mirabel Corporation's financial statements for 2020 follow: Sales...... Cost of goods sold. Gross profit.... Operating expenses. Income before taxes. Income taxes.. Net income.. MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 Cash. Receivables. Inventory...... MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Property, plant and equipment (net). Total assets. Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity. Calculate the current ratio (use up to two decimal places) $1,575,000 (976,500) 598,500 (236,250) 362,250 (144,900) $217,350 49,000 143,900 167,800 682,800 $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500
Ques. Assume that a firm has the following data for the year ended 12/31/2019: Sales: $300 Depreciation expense: $20 Interest expense: $40 Tax expense: $40 Net worth: $150 In addition, the company's net worth in 2018 was $150. Assume that in 2020, sales, cost of goods sold, and S, G, & A expenses remain the same, depreciation expense increases, interest expense increases, and tax expense decreases. Which of the following statements is true? 1. Gross margin will decrease. II. Operating margin will decrease. III. Net income will increase. IV. Return on beginning equity will increase. • I only • I and II only I, II and III only I, II, III, and IV
Question for income statement : BAYAN INVESTMENT CO. (K.S.C.P) a. List 2 expense accounts AND their amounts for 2020. b. What was the net profit/(loss) for 2020? What about 2019? c. Compared with 2019, has the net profit/(loss) increased or decreased?

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