### Income Statement Information for Pina CompanyFor the year ended December 31, 2020, Pina Company provided condensed financial data as follows:- **Operating Expenses:** $768,410- **Cost of Goods Sold (COGS):** $1,338,000- **Interest Expense:** $72,070- **Interest Revenue:** $32,380- **Loss on Disposal of Plant Assets:** $18,030- **Net Sales:** $2,422,500- **Other Comprehensive Loss:** $8,100### Instructions for Preparing a Multiple-Step Income Statement- When preparing the income statement, ensure that other revenues are listed before other expenses.- Negative amounts should be entered with a negative sign or within parentheses.### Income Statement Template- **PINA COMPANY** - **Income Statement** 1. **Net Sales**: $2,422,500 2. **Cost of Goods Sold**: - Subtotal: $(Enter COGS) 3. **Gross Profit**: - Subtotal: $(Net Sales - COGS) 4. **Operating Expenses**: - Subtotal: $(Enter Operating Expenses) 5. **Operating Income**: - Subtotal: $(Gross Profit - Operating Expenses) 6. **Other Revenues and Gains**: - Enter details here such as interest revenue. 7. **Other Expenses and Losses**: - Enter details here such as interest expense and loss on disposal of plant assets. 8. **Income before Income Tax**: - Subtotal: $(Calculate accordingly) 9. **Income Tax Expense**: - Subtotal: $(Enter if applicable) 10. **Net Income**: - Final Total: $(Calculate final net income)This template is a guide to format a multiple-step income statement, ensuring revenues and gains are detailed before expenses and losses. Be sure to subtract expenses from revenues accurately to compute the net income. **Single-step Income Statement Preparation:**The first section is titled "PINA COMPANY Income Statement." This section provides a template for creating a single-step income statement. It includes dropdown menus and fields for entering financial data. Users are instructed to enter negative amounts using either a negative sign preceding the number (e.g., -45) or parentheses (e.g., (45)).**Comprehensive Income Statement Preparation:**The second section is titled "PINA COMPANY Comprehensive Income Statement." Similar to the single-step income statement, this section provides dropdown menus and fields for users to enter data. The same instructions apply for negative amounts. Both sections have tabs for selecting accounts, and there are fields to input necessary financial figures to complete the income statements. No specific graphs or diagrams are present in this interface. The focus is on data entry for financial statement preparation.

Income statement forms a part of financial statement of an entity and is prepared with a view to…

Inits income statement for the year ended December 31, 2020, Pina Company reported the following condensed data. Operating expenses $768,410 Interest revenue $32.380 Cost of goods sold 1338,000 Loss on disposal of plant assets 18,030 Interest expense 72.070 Net sales 2,422.500 Other comprehensive loss 8.100 Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number eg 45 or parentheseseg (45))

Inits income statement for the year ended December 31, 2020, Pina Company reported the following condensed data. Operating expenses $768,410 Interest revenue $32.380 Cost of goods sold 1338,000 Loss on disposal of plant assets 18,030 Interest expense 72.070 Net sales 2,422.500 Other comprehensive loss 8.100 Prepare a multiple-step income statement. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number eg 45 or parentheseseg (45))

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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…
Do not provide answer in image format
The following information is available for Blue Corp. for the year ended December 31, 2022: Other revenues and gains Other expenses and losses Cost of goods sold $11,100 14,000 164,000 Sales revenue Operating expenses Sales returns and allowances Prepare a multiple-step income statement for Blue Corp. (List other revenues before other expenses. Enter negative amounts using either a negative sign preceding the number eg. -45 or parentheses eg (45).) BLUECORP. Income Statement $616,000 197,000 40,000 $
Portions of the financial statements for Horizon Telecom are provided below. HORIZON TELECOM Income Statement For the Year Ended December 31, 2021 Revenues $619,000 Expenses: Cost of goods sold Operating expenses Depreciation expense Income tax expense Total expenses $366,000 119,000 33,000 50,500 568,500 $ 50,500 Net Income HORIZON TELECOM Selected Balance Sheet Data December 31, 2021 Increase in accounts receivable Increase in inventory Decrease in prepaid rent Increase in operating expenses payable Decrease in accounts payable Increase in income tax payable $ 4,500 12,300 9,200 5,200 7,500 20,300 Prepare the operating activities section of the statement of cash flows for Horizon Telecom using the indirect method. (Amounts to be deducted and negative values should be indicated by minus sign.) HORIZON TELECOM Statement of Cash Flows For the year ended December 31, 2021 Cash Flows from Operating Activities Adjustments to reconcile net income to net cash flows from operating activities:…
Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $ 130,200 Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense 53,000 17,500 29,000 10,100 4,900 4,700 3,900 Net income $ 7,100 LANSING COMPANY Selected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 6,700 $ 8,000 Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 3,080 5,500 2,090 6,800 1,100 810 440 270 370 500 440 290 Required: Prepare the operating activities section of the statement of cash flows using the indirect method for the current year. (Amounts to be deducted should be indicated with a minus sign.)
Don't give answer in image
Cochran corporation, Inc. has the following income statement: Cochran corporation, Inc. Income statement For the year ended December 31, 2021 net sales $240 Cost of goods sold $150 gross profit $90 Operating expenses $65 Net income $25 Using vertical analysis, what percentage is assigned to operating expenses? a. 27,1% b. 43.3% c. 72.2% d. 260.0%
Please do not give solution in image format
Here are comparative financial statement data for Sandhill Company and Wildhorse Company, two competitors. All data are as of December 31, 2022, and December 31, 2021. Sandhill Company Wildhorse Company 2022 2021 2022 2021 Net sales $1,872,000 $559,000 Cost of goods sold 1,100,736 297,388 Operating expenses 263,952 79,378 Interest expense 9,360 4,472 Income tax expense 54,288 6,149 Current assets 326,000 $314,500 83,500 $78,600 Plant assets (net) 519,600 497,900 141,000 125,100 Current liabilities 66,000 75,800 36,600 29,800 Long-term liabilities 107,800 91,600 30,400 25,600 Common stock, $10 par 498,000 498,000 122,500 122,500 Retained earnings 173,800 147,000 35,000 25,800 (a) Prepare a vertical analysis of the 2022 income statement data for Sandhill Company and Wildhorse Company. (Round percentages…
Required information [The following information applies to the questions displayed below.] Lansing Company's current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue Expenses Cost of goods sold Depreciation expense Salaries expense Rent expense Insurance expense Interest expense Utilities expense Net income $ 121,200 At December 31 Accounts receivable Inventory Accounts payable Salaries payable Utilities payable Prepaid insurance Prepaid rent 50,000 16,000 26,000 9,800 4,600 4,400 3,600 $ 6,800 LANSING COMPANY Selected Balance Sheet Accounts Current Year Prior Year $ 6,400 $ 7,400 2,780 1,940 5,200 6,200 1,040 380 340 380 780 240 440 260 Required: Prepare the operating activities section of the statement of cash flows using the direct method for the current year. (Amounts to be deducted should be indicated with a minus sign.)
Use the following information for the Problems below. Skip to question [The following information applies to the questions displayed below.]Lansing Company’s current-year income statement and selected balance sheet data at December 31 of the current and prior years follow. LANSING COMPANYIncome StatementFor Current Year Ended December 31 Sales revenue $ 127,200 Expenses Cost of goods sold 52,000 Depreciation expense 17,000 Salaries expense 28,000 Rent expense 10,000 Insurance expense 4,800 Interest expense 4,600 Utilities expense 3,800 Net income $ 7,000 LANSING COMPANYSelected Balance Sheet Accounts At December 31 Current Year Prior Year Accounts receivable $ 6,600 $ 7,800 Inventory 2,980 2,040 Accounts payable 5,400 6,600 Salaries payable 1,080 800 Utilities payable 420 260 Prepaid insurance 360 480 Prepaid rent…
Crane Ltd. reported the following for the fiscal year 2021: Sales Cost of goods sold Gross profit Operating expenses Depreciation expense Gain on sale of land Profit before income tax Income tax expense Profit Additional information: 1. 2. CRANE LTD. Income Statement Year Ended September 30, 2021 3. 4. 5. 6. $ 109,000 34,000 (44,000) $583,000 338,000 245,000 99,000 146,000 36,500 $109,500 Accounts receivable decreased by $16,300 during the year. Inventory increased by $7,800 during the year. Prepaid expenses decreased by $5,800 during the year. Accounts payable to suppliers increased by $11,300 during the year. Accrued expenses payable increased by $5,300 during the year. Income tax payable decreased by $7,100 during the year.