Lal Industries, prides itself as being the "world's leading marketer of U.S. branded non-athletic footwear." The following data (in millions) were reported for the second quarter of 2019: $ 1,696 39 21 Salaries and Wages Expense 537 Cost of Goods Sold 1,047 Interest Expense 21 Net Sales Income Tax Expense Dividends 1. Prepare a multistep income statement.
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![Lal Industries, prides itself as being the "world's
leading marketer of U.S. branded non-athletic
footwear." The following data (in millions) were
reported for the second quarter of 2019:
$ 1,696
39
21
Salaries and Wages Expense 537
Cost of Goods Sold
1,047
Interest Expense
21
Net Sales
Income Tax Expense
Dividends
1. Prepare a multistep income statement.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fb521d515-d75a-4006-97b8-adf43c86fab9%2Fa8314a11-2f35-4f1e-9f82-cc782c5cf1c9%2Fmcyfnil_processed.jpeg&w=3840&q=75)
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- 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…Rockland Shoe Company, prides itself as being the "world's leading marketer of U.S. branded non- athletic footwear." The following data (in millions) were reported for the second quarter of 2019: Net Sales Income Tax Expense Dividends Salaries and Wages Expense Cost of Goods Sold Interest Expense E6-18 (Algo) Part 1 1. Prepare a multistep income statement. (Enter your answers in millions (i.e., 10,000,000 should be entered as 10).) Rockland Shoe Company Income Statement (in millions) $ 1,304 26 24 418 788 42 1 xThe preliminary 2018 income statement of Alexian Systems, Inc., is presented below:ALEXIAN SYSTEMS, INC.Income StatementFor the Year Ended December 31, 2018($ in millions, except earnings per share)Revenues and gains:Net sales $ 425Interest 3Other income 126Total revenues and gains 554Expenses:Cost of goods sold 270Selling and administrative 154Income taxes 52Total expenses 476Net Income $ 78Earnings per share $3.90Additional Information:1. Selling and administrative expenses include $26 million in restructuring costs.2. Included in other income is $120 million in income from a discontinued operation. This consists of $90 million in operating income and a $30 million gain on disposal. The remaining $6 million is from the gain onsale of investments.3. Cost of goods sold was increased by $5 million to correct an error in the calculation of 2017’s ending inventory. The amount is material.Required:For each of the three additional facts listed in the additional information, discuss the…
- Rousseau Corporation has the following Statement of Income for the year ended May 31, 2020: Sales... $1,675,200 Cost of goods sold.. 887,600 Gross margin... 787,600 Selling & administrative expense.. 241,200 Interest expense. 65,000 Income before income taxes. 481,400 192,500 $288,900 Income taxes.. Net income.... Calculate the interest-coverage ratio for Rousseau Corporation for May31, 2020 (place answer at up to 2 decimal places in the space below). 신You have the following information about Al- Farah Company: 2020: Net Sales 11,396.9, Gross profit 6,205.0 Selling expenses 3,920.8, Administrative expenses 69.2, interest expenses 136.0, income tax 727.6 2019: Net Sales 10,584.2, Cost of Goods Sold 4,747.2, Selling expenses? Administrative expenses 90.3, Income from operation 2122.1, interest expenses 119.7, and income tax 675.3 Required: prepare an income statement and conduct a horizontal analysis Sol: A worksheet for the compared income statement For the period ending 12/31/2020 2020 2019 Variances % Net Sales Cost of Goods Sold Gross profit Operating Expenses:- uan Selling expenses Administrative expenses Total Operating Expenses Income from operation Other expenses and losses:- Interest expenses Income before income tax Income tax Net incomeThe summarized revenues and expenses information for Canadian Travel Inc. for the year 2018 states:1cost of goods sold CAD180,000, sales revenue CAD400,000, other (non-operating) revenues and gainsCAD30,000, sales general and administration expenses of CAD100,000. Net interest income is (+)CAD10,000 and the corporate income tax rate is 26,50%: Prepare the Income (i.e. Pro t & Loss) Statement of Holiday Inc., showing Gross Pro t, OperatingPro t, Other gains/(losses), Earnings before Interest and Tax (EBIT), Pro t before Tax and NetIncome i.e. Net Pro t. Point out and explain which of all these revenue and expense items may imply/include non-cashtransactions or accounting records. If the ending balance in Retained Earnings on Canadian Travel Inc.s 31. Dec 2017 balance sheetwas $1,000,000 and a cash dividend of $10,000 was paid in 2018, using the above information showthe balance sheet entries of Retained Earnings as of 31. Dec 2018.In addition to the above, assume that Canadian…
- Danby, Inc. provides the following data from its income statement for 2018: Net Sales $540,000 Cost of Goods Sold (190,000) Gross Profit $350,000 Calculate the gross profit percentage. (Round your answer to two decimal places.)MENA Corp., registered with BIR in 2019, has the following data for the year 2021: Gross Sales 1,000,000 PWD & SC Discounts given 100,000 Returns and allowance 150,000 Cost of Goods Sold 300,000 Salaries to personnel 250,000 Q2: How much is the gross income? Answer: Pls include solution. Thanks.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…
- Below are Samarahan Jaya Berhad’s income statement, statement of retained earnings and balance sheet for 2019 and 2020. Samarahan Jaya Berhad Comparative Income Statement For the Years Ended December 31, 2019 and 2020 2020 (RM) 2019 (RM) Sales 5,125,000 3,257.600 Sales returns and allowances 125,000 57,600 Net sales 5,000,000 3,200,000 Cost of goods sold 3,400,000 2,080,000 Gross Profit 1,600,000 1,120,00 Selling expenses 650,000 464,000 Administrative expenses 325,000 224,000 Total operating expenses 975,000 688,000 Income from operations 625,000 432,000 Other income 25,000 19,200 650,000 451,200 Interest expense 105,000 64,000 Income before tax 545,000 387,200 Income tax expense 300,000 176,000 Net income 245,000 211,200 Samarahan Jaya Berhad Comparative Retained Earnings Statement For the Years Ended December 31, 2019 and 2020…uarez Department Store has derived the following data from the store’s operations in the year ended December 31, 2019. Net Sales $10,000Net Income ? Current Liabilities 2,000Selling Expenses 1,000Long term liabilities 1,600Total Assets 6,800Stockholders’ equity ?Gross Profit ?Cost of Goods Sold 7,000Current Assets 4,000Income tax expense and other non-operating items 220Operating income ?General and administrative expenses 980Plant and equipment 2,600Other assets ?Using the given data, prepare for Juarez Department store a: Classified balance sheet at December 31, 2019. Classified income statement for the year ended December 31, 2019. Show supporting computations used in determining the missing amounts. How does Income tax expense differs from normal operating expenses such as advertising and salaries? How do you present income tax expense in a classified income statement? An income statement is a summary of revenues and expenses and gains and losses, ending with net income for a…For this question, calculate all values to 2 decimal places of £M (e.g. £123.45M) unless otherwise specified, and all ratios to 2 decimal places of percentage (e.g. 9.87%). You are given the following income statements and balance sheets for Freddie M Corporation for fiscal years 2045 and 2046 (all figures are in £ million), Income Statement Balance Sheet Sales Cost of goods sold Gross margin Wage & salaries expense Depreciation expense Earnings before interest and tax Interest expenses Taxes Net income Dividends Change in shareholder's equity Assets: Cash & equivalents Receivables Inventories Current Assets Property, plant & equipment Accumulated depreciation Net property, plant & equip Total Assets 2045 400.00 -200.00 200.00 -50.00 -25.00 125.00 -25.00 -60.00 40.00 -16.00 24.00 2045 2046 480.00 -240.00 240.00 -60.00 -25.00 155.00 -20.00 -70.00 65.00 -26.00 39.00 2046 Liabilities: 30.00 36.00 Payables 60.00 Short-term debt 50.00 50.00 60.00 Long-term debt 130.00 156.00 Total…
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