The GAAP income statement for Wildhorse Company for the year ended December 31, 2022, shows sales $950,000, cost of goodssold $595,000, and operating expenses $165,000. Assuming all costs and expenses are 80% variable and 20% fixed, prepare a CVPincome statement through contribution margin.SalesVariable ExpensesContribution MarginFixed ExpensesNet Income /(Loss)LAPACE COMPANYCVP Income StatementtALA950000

The income statement tells about the profitability of the business for the current period. The…

Answered: The GAAP income statement for Wildhorse…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Crane Manufacturing Ltd's sales for the year ended December 31, 2022 are $1.24 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Variable Fixed $416,000 $234.000 34,320 46,800 72,800 Administrative expenses 36,320 Prepare a detailed CVP income statement for the year ended December 31, 2022. Crane Manufacturing Ltd. CVP Income Statement
A company has following details for this yearDetails Total sales($) Total cost($) Details Total sales($) Total cost($)Year ended 31/12/2018 35,78,998 25,89,709Year ended 31/12/2019 48,90,742 31,67,984 Calculate P/V ratio, Fixed cost, break even sales, Margin of safety 2018/2019, Variable cost 2018/2019and percent of fixed cost 2018/2019
Net Income Planning Selected operating data for Oakbrook Company in four independent situations are shown below. Fill in the blanks for each independent situation. Sales Variable expense Fixed expense Net income (loss) before tax Units sold Unit contribution margin Contribution margin ratio $ $ A $350,000 0 a. 0 b. $25,000 30,000 $5.20 $ B 0 C. $ $ $111,000 $62,000 $15,000 0 d. $7.00 C 0 e. 0 f. $ $53,200 $28,800 0.4 D $520,000 0 g. $178,000 $(22,000) 0 h.
The following income statement appears in the financial report of MERCADO Company for the year ending December 31, 2020: MERCADO Company Income Statement For the year ending December 31. 2020 Sales 72,485,000.00 Cost of goods sold Gross profit 39.866,750.00 32.618.250.00 Less: Operating expenses: Variable selling expenses: Salesmen's commissions 3,624,250.00 Communication expenses 1,812.125.00 Advertising and promotion 635.350.00 Representation expenses 215.385.00 Gas and oil - salesmen 1,285.000.00 Repairs and maintenance 1,150.000.00 3.722.110.00 Fixed selling expenses Salaries and wages 4,225,000.00 Franchises and royalties 524,150.00 Office supplies and materials 555.000.00 Depreciation 963 300.00 6.267,450.00 14.989,560.00 Fixed administrative expenses Salaries and wages 6.324,650.00 Employee benefits 316,490.00 Communications expenses 335,125.00 Office supplies and materials 275,150.00 Depreciation 325,500.00 104 250.00 7.681,165.00 9.947.525.00 Miscellaneous expenses Operating…
Blossom Company has the following information available for September 2022. Unit selling price of video game consoles Unit variable costs Total fixed costs Units sold $400 $320 $24,000 600
ASSESSMENT: Problem #1: On June 30, 2020, PSA Trading Co. has the following informatign: revenue from sales is Po8,760; sales return is P35,50o; cost of goods sold is P8.490: salaries cost P 14,600; rent is P8,090; light and water expenses are P7.550 and miscellaneous expenses are Po,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss Problem #2: AMA 6operative store had the following activities for year ended 2021: gross sales amounting to Po4,653, the cost of goods sold was P48,923, the operating expensés were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income slatemeni and find: a. Net Sales b. Gross Profit c. Net Profit Problem #3: AMA cooperative store had the following activities for year ended 2021: gross sales amounting to P94,653, the cost of goods sold was P48,923, the operating expenses were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales…
Prepare an income statement if your company’s gross sales isP300,000, with operating expenses of P100,000, and administrativecosts of P30,000. What is its gross income?
TASK THREЕ: Income Statement for the year ended 31 December 2020 Edward Frankie Company Company $ Sales 100,000 80,000 Less: Cost of goods sold 60,000 50,000 Gross Profit 40,000 30,000 Less: Expenses 36.000 18,000 Net Profit 4.000 12,000 1. Calculate the gross profit ratio, net profit ratio and expense to sales ratio for each of the company respectively. 2. Comment the profitability of the two companies.
Blossom Manufacturing Ltd.'s sales for the year ended December 31, 2022 are $1.00 million. The expenses for 2022 are as follows: Cost of goods sold Selling expenses Administrative expenses Variable $320,000 56,000 27,920 Fixed $180,000 26,400 36,000 Prepare a detailed CVP income statement for the year ended December 31, 2022. Blossom Manufacturing Ltd. CVP Income Statement $ $
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The portion of the functional income statements of Brief Company for 2021 and 2020 are presented below: 2021 2020 Sales P890,000 P800,000 Cost of goods sold 530,000 450,000 Gross margin 360,000 350,000 Assuming that effective January of 2021 the unit cost is higher by 6 percent, calculate the change in sales due to change in volume rounded to nearest thousands. Group of answer choices P85,000 Favorable P88,000 Favorable P88,000 Unfavorable P85,000 Unfavorable
a. Present a cost-profit-volume analysis that shows the effect of adding the $8,500 annual premium to the company's fixed costs by showing current and revised CVP Income Statements. Include a column to the right of each income statement where each line item is expressed as a percentage of sales (called a common size income statement). b. Visualize the changes to net income in a chart. c. Advise the company using your quantitative support and qualitative. reasoning as to whether the company should purchase the insurance. A-Float Pools Company Income Statement (Pools Maintenance Div.) For the Year Ended December 31, 2022 In Sales (2,000 clients) Cost of Services Gross profit Operating expenses Selling Administrative Net Income $165,000 $225,000 $1,100,000 627,000 $473,000 $390,000 $83.000

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