Net income *? Assessment Proper:. Current Cost AccountingThe questions in this section are based on the following data:Problem 2: ABC Company was formed on January 1, 2020. The entity reported thefollowing financial statements pertaining to the first year of operations:Income StatementSalesCost of goods soldInventory - January 1PurchasesGoods available for saleInventory - December 31Gross profitOperating expensesExpenses excluding depreciationDepreciationIncome before income taxLess: Income tax expenseP5,000,000P1,000,0003.100.000P4,100,000( 900,000)3,200.000P1,800,000P 700,000100.000800.000P1,000,000350.000P 650.000Net IncomeStatement of Financial PositionAssetsCashAccounts receivableInventoryLandEquipment (Life - 10 years)Accumulated depreciationTotal assetsP 500,000600,000900,000800,000P1,000,000100.000900.000P3,700.000Liabilities and Shareholders' EquityAccounts payableNotes payableIncome tax payableP 500,000400,000350.000 P1,250,000Share capitalRetained EarningsNet IncomeP2,000,000P 650,000200,000)Dividends450.000 2.450.000Total liabilities and shareholders' equityP3,700.000Current cost information on December 31, 2020:Cost of goods sold at average current costInventoryLandEquipmentP3,500,0001,000,0001,500,0001,600,000Required: In a restated set of financial statements prepared in accordance with thecurrent cost accunting how much would anpear ae

Looking the bottom line of the income statement, net income = P650000

Answered: Net income *?

Business

Accounting

Net income *?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 8E: Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives...

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Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: The following; additional information is also available. The December 31, 2019, ending inventory is 14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskins cost of goods sold. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 multiple-step income statement. 4. Prepare a 2019 statement of comprehensive income.
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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:…
Problem 1: Viance Queen Company Required: Compute for the company’s profitability and operating efficiency ratios for 2019 Compute for the financial health ratios of the company for 2019 B.Operating Efficiency Days in Inventory AR Turnover Days in AR
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Single step income statement Summary operating data for custom wore and company during nthe year ended April 30, 2019, are as follows: cost of merchandise sold, $466,900; administrative expenses, $58,800; interest expense, $35,000; rent revenue, $117, 600; sales, $746,400; and selling expenses,$88,200 . Prepare a single - step income statement. Custom Wire and Company Income statement For the year ended April 30, 2019 Revenues: _______ $ ________ ________ Total revenues: $ Expenses: _________ $ ________ ________ ________ _______ Total Expenses _________ _________ $
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Required information [The following information applies to the questions displayed below] The following information pertains to the inventory of Parvin Company for Year 3: Jan. 1 Beginning inventory Apr, 1 Oct. 1 Purchased Purchased 400 units # $17 2,900 units # $22 1,200 units # $23 During Year 3, Parvin sold 3,825 units of inventory at $43 per unit and incurred $18,30% of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $148,700, inventory of $6,800, common stock of $131,000, and retained earnings of $24,500.