Chapter 4, Problem 16Q

Accounting  A company has the following financial information: net sales $500,000, cost of goods sold $300,000, operating expenses $100,000, and total assets $1,000,000. Calculate the gross profit margin, operating profit margin, and return on assets (ROA).

Kipay Co. had the following account balances: Sales - P120,000; Cost of goods sold - P60,000; Salary expense - P10,000; Depreciation expense - P20,000; Dividend revenue - P4,000; Utilities expense - P8,000; Rental revenue - P20,000; Interest expense - P12,000; Sales returns - P11,000; Advertising expense - P13,000. What amount would Kipay report as income before income tax?   A. 49,000 B. 30,000 C. 22,000 D. 10,000

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?

(e) CT firm had $6,300 cash at the beginning of the period. During the period, the firm collected $1,700 in receivables, paid $3,750 to supplier, had credit sales of $16,000, and incurred cash expenses of $3,300. What was the cash balance at the end of the period? I

Refer to the 10-K for Abercrombie & Fitch. Required: 1. What does the company report for the following accounts for the most current fiscal year: Enter your answer in thousands. a. Cash b. Short-term investments (or marketable securities) c. Accounts receivable d. Inventory e. Other current assets f. Accounts payable g. Other current liabilities h. Cash flow from operations A A AA A A 好 2. The company projects the following to occur in the next fiscal year: • Accounts payable will decrease by 25%. • Other current liabilities are expected to increase by 33%. • Cash flow from operations is expected to decrease by 32%. Assume all other items remain unchanged from the prior year. Provide the next year's forecasted balances for the following accounts and cash flow from operations.

5) Use the following information to calculate the company's accounting net income for the year. Sales on credit Sales (cash) Administrative Expenses Selling and marketing Expenses Interest Expenses Accounts Receivable (Beg. of Year) Accounts Receivable (End of Year) Accounts Payable (Beg. of Year) Accounts Payable (End of Year) Corporate Tax Rate $900,000 $900,000 $100,000 $800,000 $100,000 $50,000 $80,000 $50,000 $100,000 21%

When a company buys equipment for $161,000 and pays for one half in cash and the other one half is financed by a note payable, which of the following are the effects on the accounting equation? a. Total assets increase $161,000 b. Total liabilities increase $161,000 c. Total liabilities decrease $80,500 d. Total assets increase $80,500

Suppose your company sells services for $325 cash this month. Your company also pays $100 in salaries and wages, which includes $15 that was payable at the end of the previous month and $85 for salaries and wages of this month.   Calculate the amount that should be reported as net cash flow from operating activities. Calculate the amount that should be reported as net income. Show how the indirect method would convert net income (requirement 3) to net cash flow from operating activities (requirement 2).

Selected accounts are listed below. How much is the firm's operating income? accrued payroll     $2,000 sales              45,000 cost of goods sold    26,000 interwst expense         1,000 expenses ( other than interest)   8,000 answer: