The following financial information was summarized from the accounting records of Train Corporation for the current year ended December 31: Rails Division Locomotive Division Corporate Total Cost of goods sold $45,300 $31,000 Direct operating expenses 27,700 23,000 Sales 90,600 66,700 Interest expense $2,500 General overhead 18,700 Income tax 4,500 The gross profit for the Rails Division is: a. $17,600 b. $62,900 c. $45,300 d. $90,600

Income Statement Format The following information from Buchanan Company’s current operations is available:  Administrative expenses $73,000 Cost of goods sold 470,000 Sales revenue 772,000 Selling expenses 87,000 Interest expense 10,000 Loss from operations of discontinued segment 60,000 Gain on disposal of discontinued segment 40,000 Income taxes:   Amount applicable to ordinary operations 40,000 Reduction applicable to loss from operations of discontinued segment 14,000 Amount applicable to gain on disposal of discontinued segment 8,000 Requireda. Prepare a multiple-step income statement. (Disregard earnings per share.)b. Prepare a single-step income statement. (Disregard earnings per share.)Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. BUCHANAN COMPANYMultiple-Step Income StatementFor Year Ended Sales Revenue   Answer   Answer   Answer   Answer   Answer   Selling Expenses Answer…

Income Statement Format The following information from Buchanan Company’s current operations is available:  Administrative expenses $73,000 Cost of goods sold 470,000 Sales revenue 772,000 Selling expenses 87,000 Interest expense 10,000 Loss from operations of discontinued segment 60,000 Gain on disposal of discontinued segment 40,000 Income taxes:   Amount applicable to ordinary operations 40,000 Reduction applicable to loss from operations of discontinued segment 14,000 Amount applicable to gain on disposal of discontinued segment 8,000 Requireda. Prepare a multiple-step income statement. (Disregard earnings per share.)b. Prepare a single-step income statement. (Disregard earnings per share.)Note: Do not enter any answers as negative numbers unless it's indicated with an asterisk *. BUCHANAN COMPANYMultiple-Step Income StatementFor Year Ended Sales Revenue                 Selling Expenses     Administrative Expenses     Operating Income…

Seaforce Manufacturing Inc. Income Statement Year Ended December 31, 20X5 Sale     $ 340,000 Cost of goods sold     $ 250,100 Gross Profit     $ 89,900 Operating Expenses $ 55,000     Loss on Sale of equipment $ 2,500 $ 57,500 Profit from Operations     $ 32,400 Other expenses         Interest Expense     $ 3,500 Profit before Income Tax     $ 28,900 Income Tax Expense     $ 12,000 Profit     $ 16,900   Additional Information: Operating expenses include depreciation expense of $10,000 Accounts Payable related to the purchase of inventory Equipment that cost $12,500 was sold at a loss of $2,500 New equipment was purchased during the year for $8,500 Dividends declared and paid in 20X5 totaled $3,000 Common shares were sold for $12,000 cash Interest payable in 20X5 was $800 greater than interest payable in 20X4 The company uses IFRS and do not treat dividends as part of operations Seaforce Manufacturing Inc. comparative balance sheet at December 31 20X5…

The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300            $1,753,100    Cost of goods sold1,008,900            983,000    Gross profit804,400            770,100    Selling and administrative expenses516,800            477,800    Income from operations287,600            292,300    Other expenses and losses   Interest expense18,900            14,800    Income before income taxes268,700            277,500    Income tax expense78,224            77,700    Net income$ 190,476            $ 199,800     Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets    Cash$60,200            $64,500        Debt investments (short-term)70,600            49,200        Accounts receivable (net)117,800            102,700        Inventory123,600            114,700          Total current assets372,200            331,100    Plant assets (net)602,200            517,900    Total…

The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300            $1,753,100    Cost of goods sold1,008,900            983,000    Gross profit804,400            770,100    Selling and administrative expenses516,800            477,800    Income from operations287,600            292,300    Other expenses and losses   Interest expense18,900            14,800    Income before income taxes268,700            277,500    Income tax expense78,224            77,700    Net income$ 190,476            $ 199,800     Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets    Cash$60,200            $64,500        Debt investments (short-term)70,600            49,200        Accounts receivable (net)117,800            102,700        Inventory123,600            114,700          Total current assets372,200            331,100    Plant assets (net)602,200            517,900    Total…

Dundee Co. reported the following for the current year: net sales of $80,000; cost of goods sold of $60,000; beginning balance of total assets of $115,000; and ending balance of total assets of $85,000. Compute total asset turnover. Round to one decimal.

Grandy productions reported the following items for the current year sales 15,250,000; cost of goods 8750,000; depreciation expense 335,000; taxes925,000 administrative expenses; 275,000 interest, expenses; 97,500 and marketing expenses 385,000. What is grandes operating income?

K George Company had the following data for the current year. What is the income from continuing operations for the year? Net Sales $169,000 16,000 Discontinued Operations Gain (after tax) Cost of Goods Sold Income Tax rate 82,000 40% 14,000 Operating Expenses Other Income and (Expenses): Gain on Sale of Equipment Loss on Disposal of Equipment A. $73,000 OB. $45,000 OC. $60,000 OD. $75,000 8,000 (6,000) 27.

Corycorn Corp. and its divisions (each is an operating segment) are engaged solely in manufacturing operations. The following data (consistent with prior years' data) pertain to the operations conducted for the yaer ended December 31, year 1: (Industry Operating Segment)          Total revenue        Operating profit          Identifiable assets at 12/31/Y1                   A                                      P10,000,000          P1,750,000                P20,000,000                   B                                         8,000,000              1,400,000                  17,500,000                   C                                         6,000,000               1,200,000                  12,500,000                   D                                         3,000,000                 550,000                     7,500,000                   E                                          4,250,000                 675,000                     7,000,000                   F…