TOPIC: INTERIM FINANCIAL REPORTINGCompute for the net income/(loss) for the second and third quarter of 2021. Sales2,400,0001,780,000)620,00090,000280,000990,000PCost of salesGross profitInterest incomeGain on sale of machineryTotal incomeSelling and distribution expensesGeneral and administrative expensesCasualty lossP230,000150,00075,000455,000)535,00075.000)460,000138,000)Net income before interest and taxFinance costsNet income before taxIncome tax expenseNet income after taxP.322,000The following information were taken from the records of COOKIES during the year:a. Sales during the year were made as follows: 1* quarter, 30%; 2d quarter, 20%; 3rd quarter,25%; 4th quarter, 25%. For interim purposes, a gross profit of 40% can be justified.b. Variable operating expenses are allocated on the same proportion as sales, while fixedoperating expenses are allocated based on the passage of time. Of the total operatingexpenses, P220,000 are variable.c. A machine with a carrying value of P585,000 was sold on April 1 for P865,000, resultingin a gain of P280,000.d. On September 1, a flood destroyed certain inventory items located in one of COOKIESwarehouses.e. Interest income pertains to an investment in bonds of another company that was purchasedon January 1. It was earned evenly during the year.f. Finance costs pertains to interest incurred on its long-term notes payable. It was incurredevenly during the year.g. Income tax rate of 30% was applied on all interim periods.

Net income or loss for the period can be calculated by reducing all the expenses from the total…

Answered: TOPIC: INTERIM FINANCIAL REPORTING…

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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Consider the following income statement: Sales Costs Depreciation Taxes Calculate the EBIT. EBIT $748,168 486,752 110,700 Net income 23% Calculate the net income.
What is the gross profit for the year if the net revenue from by-product is treated as additional sales revenue? b. P1,230,000 c. P1,218,000 d. P1,118,000 a. P1,200,000 What is the net income for the year if the net revenue from by-product is treated as deduction from the cost of goods sold? d. P118,000 b. P230,000 a. P200,000 c. P218,000
Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…
Below are the Income Statement of ABC Company for two consecutive years. ABC Company Net Sales Cost of Goods Soldxs3 Year 1 P 5,000,000 880,000 Year 2 P 6,500,000 950,000
Please answer very fast then i ll upvote Calculate EBIT. Revenue 1,061,751.0 Cost of sales 690,135.0 Selling, general and administration 53,087.0 Other income 11,796.0 Operating income 330,325.0 Interest expense 19,874.0 Profit before tax 310,451.0 Tax expense 46,500.0 Net income 263,951.0 The footnotes mention the following: Cost of sales includes inventory write off costs 39,677.0 Cost of sales includes distribution costs 120,458.0 SG&A includes corporate restructuring expenses 15,570.0 Responses 385,572.0 275,078.0 330,325.0 506,030.0
If the net sales 1250 000 ID., selling expenses 250 000 ID., Administrative expenses 250 000 ID., the cost of goods sold 1o00 000 ID., the cost of purchases 750 000 ID., the income tax 45 * -:000 ID., the gross profit are 250 000 ID. O 1500 000 ID. ) 1000 000 ID. O no one
Net sales CGS Operating expenses Determine the Gross profit and net profit 336500 132200 109000
Consider the following income statement: $ 529,192 344,288 78,300 23% Sales Costs Depreciation Taxes Calculate the EBIT. EBIT
What is the net income for the year if the net revenue from by-product is treated as deduction from the cost of goods sold? Group of answer choices d. P118,000 b. P230,000 a. P200,000 c. P218,000
Operating data for Blue Spruce Corp. are presented below. Sales revenue Cost of goods sold Selling expenses Administrative expenses Income tax expense Net income 2022 $822,500 528,300 124,000 74,700 38,700 56,800 2021 $643,500 414,600 79,000 53,000 27,900 69,000 Prepare a schedule showing a vertical analysis for 2022 and 2021. (Round percentages to 1 decimal place, e.g. 12.1%.)
Problem 2: Sander Company presents the following information below: Sales P970,000 Cost of Goods Sold Gross profit Total Operating Expenses Taxable income from business Less: Personal Deduction Less: Additional Deduction 387,000 272600 50,000 50,000 Net Taxable Income TaskRequirements : Compute the gross profit, taxable income from business and tax due for Sander Company.
Sunland Limited reported the following selected information for the year ended March 31, 2024: Advertising expense $5,000 Income tax payable $5,200 Cash dividends-common 4,000 Interest expense 5, 100 Depreciation expense 3, 000 Loss on discontinued operations 18,000 Fees earned 66,000 Rent revenue 30, 000 Gain on disposal of equipment 1, 100 Retained earnings, April 1, 2023 15,000 Holding loss on equity investments 3,000 Telephone expense 8,000 The company's income tax rate is 30%. The company reports gains and losses on its equity investments as other comprehensive income. Prepare a multi-step income statement and a separate statement of comprehensive income for Sunland Limited.$ Profit/ (Loss) for the Year $

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TOPIC: INTERIM FINANCIAL REPORTING Compute for the net income/(loss) for the second and third quarter of 2021.