FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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The following selected accounts and amounts (in thousands) were taken from the December 31, 2021, financial
statements:
(assume dividends were declared and paid)
Selling, general and administrative expenses $819,091
Cost of goods sold
Dividends declared
Finance expenses
Finance income
Income tax expense
Inventories
Sales
4)
5)
1,404,446
6)
146,092
20,752
5,767
69,221
2,512,670
4) Prepare income statement for the period ending December 31. What is its Net Income?
5) What is its Net Income %?
6) Ignoring Finance Income and Finance expenses, what is its Gross Margin %?
395,646
Craft Carpentry's retained earnings were $18,000 at the beginning of the year. The company reported revenues of
$296,750, expenses of $278,500, and dividends declared of $15,000 during the year.
7) Calculate their retained earnings at the end of the year.
7)
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Transcribed Image Text:The following selected accounts and amounts (in thousands) were taken from the December 31, 2021, financial statements: (assume dividends were declared and paid) Selling, general and administrative expenses $819,091 Cost of goods sold Dividends declared Finance expenses Finance income Income tax expense Inventories Sales 4) 5) 1,404,446 6) 146,092 20,752 5,767 69,221 2,512,670 4) Prepare income statement for the period ending December 31. What is its Net Income? 5) What is its Net Income %? 6) Ignoring Finance Income and Finance expenses, what is its Gross Margin %? 395,646 Craft Carpentry's retained earnings were $18,000 at the beginning of the year. The company reported revenues of $296,750, expenses of $278,500, and dividends declared of $15,000 during the year. 7) Calculate their retained earnings at the end of the year. 7)
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