In its income statement for the year ended December 31, 2022, Pharoah Company reported the following condensed data. Operating expenses Cost of goods sold Interest expense (a) (b) Prepare a single-step income statement. Revenues $776,000 1,236,000 72,000 Net Sales Interest revenue Loss on disposal of plant assets Net sales Pharoah Company Income Statement For the Year Ended December 31, 2022 4) $ 29,000 17,000 2,218,000 49

In its income statement for the year ended December 31, 2022, Crane Company reported the following condensed data. Salaries and wages expenses   $381,300   Loss on disposal of plant assets   $ 68,470 Cost of goods sold   809,340   Sales revenue   1,812,200 Interest expense   58,220   Income tax expense   20,500 Interest revenue   53,300   Sales discounts   131,200 Depreciation expense   254,200   Utilities expense   90,200 Prepare a multiple-step income statement. (List other revenues before other expenses.)

In its income statement for the year ended December 31, 2022, Blue Company reported the following condensed data. Operating expenses $760,210 Interest revenue $31,740 Cost of goods sold Interest expense 1,301,200 Loss on disposal of plant assets 15,430 72,400 Net sales 2,413,300 (a) Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) BLUE COMPANY Income Statement For the Year Ended December 31, 2022

Retail Corporation reported the following Income Statement for the past two years: Retail Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020       2021   2020         Amount   Amount     Sales    $  30,100,100    $  26,210,200     Cost of goods sold      22,425,500        18,950,800     Gross profit          7,674,600          7,259,400     Selling expenses        1,525,500          1,480,600     Administrative expenses        1,425,300          1,325,000     Total operating expenses        2,950,800          2,805,600     Income from operations        4,723,800          4,453,800     Interest Expense            190,500              210,600     Other income                62,500                55,500     Income before income tax        4,595,800          4,298,700     Income tax expense        1,608,500          1,312,400     Net income    $    2,987,300    $    2,986,300                 a. What was Retail…

Here are comparative financial statement data for Bramble Company and Debra Company, two competitors. All data are as of December 31, 2022, and December 31, 2021.     Bramble Company   Debra Company     2022   2021   2022   2021 Net sales   $1,896,000       $561,000     Cost of goods sold   1,020,048       297,330     Operating expenses   257,856       79,662     Interest expense   7,584       3,927     Income tax expense   54,984       6,171     Current assets   322,500   $310,000   83,500   $78,000 Plant assets (net)   520,800   500,300   139,800   123,000 Current liabilities   64,200   75,600   34,400   29,600 Long-term liabilities   108,400   90,400   28,400   26,000 Common stock, $10 par   498,000   498,000   122,500   122,500 Retained earnings   172,700   146,300   38,000   22,900   Compute the 2022 return on assets and the return on common stockholders’ equity ratios for both companies. (Round answers to 1 decimal…

Here are comparative financial statement data for Bramble Company and Debra Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. Net sales Cost of goods sold Operating expenses Interest expense Income tax expense Current assets Plant assets (net) Current liabilities Bramble Company 2022 $1,896,000 1.020,048 257,856 Return on assets 7,584 54,984 322,500 520,800 O 64,200 Plant assets (net) Current liabilities Long-term liabilities Common stock, $10 par Retained earnings 2021 Return on common stockholders' equity 520,800 64,200 Debra Company $561,000 297,330 79,662 3,927 6,171 $310,000 83,500 $78,000 500,300 139,800 123,000 75,600 29,600 108,400 498,000 172,700 2022 34,400 500,300 2021 498,000 146,300 Bramble Company 75,600 90,400 67.2 % % 139,800 34,400 28,400 122,500 Compute the 2022 return on assets and the return on common stockholders' equity ratios for both companies. (Round answers to 1 decimal place, eg. 12.1%) 38,000 123,000 Debra Company 29,600…

[The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 Sales. Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments. Plant assets, net Total assets Liabilities and Equity Current liabilities KORBIN COMPANY Comparative Balance Sheets 2020 2021 $548,688 $ 420,340 330,310 263,974 218,378 156,366 77,914 58,007 49,382 36,990 127,296 94,997 91,082 61,369 16,941 12,581 $ 74,141 $ 48,788 Common stock Other paid-in capital Retained earnings Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income December 31 2021 $ 62,574 % 0 % $ 41,881 $ 55,985 1,200 3,920 114,438 103,962 61,920 $177,012 $ 147,043 $ 121,825 $ 25,844 65,000 8,125…

In its income statement for the year ended December 31, 2022, Splish Brothers Inc. reported the following condensed data. Prepare a multiple step income statement , and then calculate the profit margin and gross profit rate. Salaries and wages expenses   $576,600   Loss on disposal of plant assets   $103,540 Cost of goods sold   1,223,880   Sales revenue   2,740,400 Interest expense   89,460   Income tax expense   31,000 Interest revenue   80,600   Sales discounts   198,400 Depreciation expense   384,400   Utilities expense   136,400

NASH'S LTD. Statement of Income For the year ended June 30, 2024 Sales revenue Cost of goods sold Gross profit Expenses Wages expense Depreciation expense Rent expense Income tax expense Operation income Gain on sale of equipment Net income Additional information: 1. $63,000 18,500 16,000 15,500 $400,000 210,000 190,000 113,000 77,000 5,000 $82,000 The following information is for Nash Ltd. for the year ended June 30, 2024. Assets Current assets: Cash NASH'S LTD. Statement of Financial Position As at June 30 Accounts receivable Inventory Total current assets Equipment Accumulated depreciation, equipment Land Liabilities and shareholders' equity Current liabilities Accounts payable Dividends payable Total current liabilities Bank loan payable Common shares Retained earnings 2024 $63,000 94,800 82,500 240,300 153,000 (33,500) 163,000 $522,800 $45,000 15,000 60,000 114,500 163,000 185,300 2023 $43,000 63,000 98,500 204,500 113,000 (29,000) 200,000 $488,500 $70,000 5,000 75,000 163,000…

View Policies Current Attempt in Progress Assume Sunland Company has the following reported amounts: Sales revenue $1,000,000, Sales returns and allowances $29,000, Cost of goods sold $649.599, and Operating expenses $215,600. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit S (c) Compute income from operations.