Jecember 31, 20Y2 and 20Y1 20Υ2 20Υ1 Sales... $10,000,000 $9,400,000 4,950,000 $4,450,000 $1,880,000 Cost of goods sold. Gross profit.. Selling expenses. Administrative expenses. Total operating expenses Income from operations Other revenue. 5,350,000 $ 4,650,000 $ 2,000,000 1,500,000 $ 3,500,000 $ 1,150,000 1,410,000 $3,290,000 $1,160,000 150,000 140,000 $ 1,300,000 $1,300,000 Other expense (interest) Income before income tax Income tax expense. 170,000 150,000 $ 1,130,000 $1,150,000 230,000 %$ 900,000 225,000 $ 925,000 Net income Stargel Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 20Y2 20Υ1 Assets Current assets: Cash $ 500,000 $ 400,000 1,000,000 Marketable securities. 1,010,000 Accounts receivable (net) 740,000 510,000 Inventories Prepaid expenses Total current assets.. 1,190,000 950,000 250,000 229,000 $3,089,000 $3,690,000 Long-term investments. Property, plant, and equipment (net) Total assets 2,350,000 2,300,000 3,740,000 3,366,000 $9,780,000 $8,755,000 Liabilities Current liabilities... Long-term liabilities: Mortgage note payable, 10%. Bonds payable, 10%... Total long-term liabilities otal liabilities $ 900,000 $ 880,000 $ 200,000 %24 1,500,000 1,500,000 $1,700,000 $1,500,000 $2,600,000 $2,380,000 Stockholders' Equity referred $0.90 stock, $10 par. ommon stock, $5 par etained earnings.... otal stockholders equity. otal liabilities and stockholders' equity. $ 500,000 $ 500,000 500,000 ... 500,000 6,180,000 5,375,000 $7,180,000 $6,375,000 $9,780,000 $8,755,000 artrust!

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Hardev

J Gross Sales Sales Return & Allowances Sales Discounts Cost of Merchandise Sold 33,000 O $87,000 O $46,000 100,000 Given the above values, determine Net Sales. O $67,000 10,000 O $54,000 3,000 Need help? Review these concept resources.

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Based on the table given below, Net Income Model Data 1 B Sales Cost of Goods Sold $10.000.000 6400.000 Administrative Expenses 500,000 Selling Expenses 5.900.000 Depreciation Expenses 250.000 10 Interest Expenses 20000 11 Taxes $620,000 12 13 Model 14 15 Kiss Profi 1,000,000 16 Operating Expenses 52.110.000 19 Net Operating Inome 1.450.000 arnings Before Tenes 1350.000 19 20 Net Income which of the following formulas would be used to calculate the net income value using only the information in the Model, and not in the Data section?. -B6-B15 -B15-B16-B17+B18 -B5-B17 -B18-B11

Financial information is presented below: Operating expenses   $ 33000 Sales revenue   211000 Cost of goods sold   129000 Gross profit would be   $178000. $ 82000. $ 33000. $ 49000.

Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.

00 Chapter 1 PROBLEM 1-19 Traditional and Contribution Format Income Statements L01-6 Todrick Company is a merchandiser that reported the following information based on 1,000 units sold: Sales..... Beginning merchandise inventory. Purchases..... 1. 2. 3. 4. 5. 6. Ending merchandise inventory Fixed selling expense...... Fixed administrative expense. Variable selling expense. Variable administrative expense Contribution margin. Net operating income $300,000 $20,000 $200,000 $7,000 ? $12,000 $15,000 ? $60,000 $18,000 Required: Prepare a contribution format income statement. Prepare a traditional format income statement. Calculate the selling price per unit. Calculate the variable cost per unit. Calculate the contribution margin per unit. Which income statement format (traditional format or contribution format) would be more useful to managers in estimating how net operating income will change in responses to changes in unit sales? Why?

K The following information relates to Fantastic Clothing, Inc. Net Sales Revenue Cost of Goods Sold Interest Expense Operating Expenses Calculate the net income. OA. $260,700 OB. $265,000 O C. $315,700 OD. $320,000 $550,000 230,000 4,300 55,000