For Crane Company, the following information is available: Cost of goods sold 1 $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.

For Crane Company, the following information is available: Cost of goods sold 1 $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.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

See similar textbooks

Similar questions

For Crane Company, the following information is available: Cost of goods sold $381000 Dividend revenue 16000 Income tax expense 36300 Operating expenses 138500 Sales revenue 594000 In Crane's single-step income statement, gross profit a. should not be reported. b. should be reported at $213000. c. should be reported at $54200. d. should be reported at $229000.
Jackson, Inc. has the following information is available: Cost of goods sold Dividend revenue Income tax expense Operating expenses Sales $148500 3750 3000 79500 255000 In Jackson's multiple-step income statement, gross profit O will not be reported. O will be reported at $24000. O will be reported at $27000. O will be reported at $106500.
Calculate the missing amounts. Sales Cost of goods sold Gross profit Operating expenses Income from operations Other income Other expenses Income before income tax Income tax expense Net income eTextbook and Medial $ Oriole Ltd. $89,200 58,872 19,500 700 0 2,608 Cullumber Ltée $101,400 40,053 18,200 0 1,900 $12,675
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…
The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC 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 JNC 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: Loan 85 25…
how did they get the Income Before Tax? Proforma Income Statement 1/31/21 Total Revenue $ 28,959,000.00 Cost of Goods $ 15,299,000.00 Gross Profit $ 11,535,000.00 Operating Expenses $ 7,609,000.00 Total Operating Expenses $ 7,609,000.00 Operating Income or Loss $ 3,926,000.00 Interest Expense $ 434,000.00 Income Before Tax $ 3,644,000.00 Income Tax Expense $ 963,000.00 Income from Continuing Operations $ 2,681,000.00 Net Income $ 2,681,000.00
Cheetahs Limited's Statement of Comprehensive Income for the year ended 31 December 2021 and the Statement of Financial Position as at 31 December 2021 and 2020 are as follows: Statement of Comprehenslve Income R milon (m) Revenue 723 Less Cost of sales (453) Gross proft 270 Less Distribution costs 71 Administrative expenses 30 (101) 169 Rental Income 27 Operating proft Less Interest payable 196 (26) Profit on ordinary activitles before taxation 170 Less Tax on profit on ordinary activitles (36) Profit on ordinary activitles after taxation 134 Retained profit brought forward trom last year 123 257 Less Dividend pald on ordinary shares (60) Retained profit carried forward 197
Given: The Company showed Cost of Goods Sold amounting to P440,000 and its gross profit rate is 45%. The total expenses was P238,600. Required: What is the net profit or net loss of the company. Select the correct resnonse
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
You have been provided with Leonard Corporation's partial Statement of Financial Position and the Statement of Comprehensive Income for the year ended December 31, 2021. Leonard Corporation Partial Statement of Financial Position For the Year Ended December 31, 2021 Accounts receivable -net Prepaid expenses Inventory Property, Plant & Equipment Accumulated Depreciation Accounts payable Income taxes payable Deferred revenue 2021 Sales....... Cost of goods sold.. Gross Margin. Selling, general and admin Depreciation expense $440,000 482,000 45,000 31,000 825,000 810,000 2,475,000 2,105,000 2020 (866,000) (823,000) 184,000 197,000 38,000 35,000 47,000 42,000 Leonard Corporation Statement of Comprehensive Income For the Year Ended December 31, 2021 Interest expense..... Gain on sale of PPE Net income before taxes Income Tax Expense Net income and comprehensive income... $3,560,000 1,950,000 1,610,000 (595,000) (320,000) (115,300) 55,400 635,100 95,300 .$539,800 Additional information:…
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?
Presented below is income statement data for Short & Company as of year-end 2019: Income Tax Expense $5,400 Cost of Goods Sold 14,300 Other Expenses 500 Net Revenue 62,950 Operating Expenses 27,000 RequiredPrepare a multi-step income statement for 2019. Note: Do not use negative signs with your answers. SHORT & COMPANYIncome Statement2019 AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Gross Profit on Sales Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Operating Income Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Income before Income Taxes Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses…