Income statement Year ended Dec. 31, Year 2 Revenues Total sales revenues S 1,560,000 Expenses Cost of goods sold 668,000 Wages expense Supplies expense Rent expense Depreciation expense Insurance expense Utilities expense Interest expense Total expenses 186,000 46,000 120,000 20,000 100,000 165,000 84,000 1,389,000 $ 171,000 Net income
Q: Income statement data for Winthrop Company for two recent years ended December 31 are as follows:…
A: Formula: Increase / decrease = ( Current year - previous year ) Previous year to be deducted from…
Q: Income Statement UCF Blcycle Vending Machine Company For Period Ending December 31, 20xx 1,000,000…
A: Cash flow from investing activities shows the cash payments and receipts for the investing…
Q: Income statement data for Winthrop Company for two recent years ended December 31 are as follows:…
A: Comparative income statement is prepared is to find any increase / decrease in the revenue or…
Q: Comment on the performance of Threads Limited from the viewpoint of a business considering supplying…
A: Comments on the performance of Threads Limited from the viewpoint of a business considering…
Q: Income statement data for Winthrop Company for two recent years ended December 31 are as follows:…
A: Horizontal analysis of financial statements: In horizontal analysis of financial statement, the…
Q: Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago…
A: Inventory Turnover Ratio: The pace at which inventory stock is sold, or utilized, and replaced is…
Q: The following information is available for UST Company: Sales…
A: Solution:- preparation of a multiple-step income statement of "UST" company for the year ended…
Q: Lansing Company's current-year income statement and selected balance sheet data at December 31 of…
A: Cash flow from operating activities is a part of cash flow statement that states the net cash flow…
Q: Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below:…
A: Formula: Average collection period = 365 days / Accounts receivable turnover
Q: Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets…
A: Answer) Calculation of Accounts Receivable Turnover Accounts Receivable Turnover = Average Accounts…
Q: Multiple-Step and Single-Step Income Statements The following items were derived from Gold Company's…
A: Financial statement : Financial information is a written record of an organization and individual…
Q: Simon Company’s year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago…
A: Ratio analysis is a method of measuring the financial position of the organization with different…
Q: B. Last year, Nikkola Company had net sales of P2,299,500, and cost of goods sold of P1,755,000.…
A: Lets understand the basics. Account receivable turnover ratio indicates how efficiently company is…
Q: come statement data for Winthrop Company for two recent years ended December 31 are as follows:…
A: Answer: Current year Previous Year Increase/ Decrease Increase/ Decrease % Sales $…
Q: Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets…
A: The profit margin ratio is one of the profitability ratios that is used to measure what percentage…
Q: (1-a) Compute days' sales uncollected. (1-b) For each ratio, determine if it improved or worsened in…
A: Days sales uncollected: Days sales uncollected refers to the days which the company takes to collect…
Q: The income statement for Forklift Electrical Ltd for two years are shown below: Forklift…
A: Solution : 1.(d)
Q: Revenue and expense data for Young Technologies Inc. are as follows: Year 2 Year 1 Sales $500,000…
A: Vertical analysis: The comparison of an item of a financial statement against the total amount of…
Q: The income statement for Forklift Electrical Ltd for two years are shown below: Forklift Electrical…
A: Operating income is the net amount of earnings that a business entity is able to make for a…
Q: Excerpts from Candle Corporation's most recent balance sheet (In thousands of dollars) appear below:…
A: Ratio Analysis - The ratio is the technique used by the prospective investor or an individual or…
Q: Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets…
A: Average accounts receivable = (Beginning accounts receivable + ending accounts receivable)/2 Average…
Q: Consolidated Income Statements For the years ended January 31 (all amounts in thousands) Year 3 Year…
A: Gross profit is one of the operational performance indicators. Higher the GP % better is the…
Q: Excerpts from Candle Corporation's most recent balance sheet (in thousands of dollars) appear below:…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: Company E Income Statement For the Year ended December 31, 20Y1 Sales $5,254,000 Cost of merchandise…
A: Net other expenses and income means other expenses less other income
Q: BARRY'S SUPERSTORE BARRY'S SUPERSTORE Comparative Year-End Income Statements Comparative Year-End…
A: The Current Ratio means Total Current assets of the Company divided by the total Current…
Q: The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows:…
A: Under the direct method of Cash flows, direct cash receipts and payments are calculated and…
Q: A company’s current-year income statement and selected balance sheet data at December 31 of the…
A: Cash flow statement: It is a statement which reports the cash inflows and outflows of a business…
Q: The income statement for Forklift Electrical Ltd for two years are shown below: Forklift…
A: Income statement of a firm presents the revenue income and expenses related to the reported period.…
Q: Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets…
A: Answer) Calculation of Days’ Sales in Inventory Days’ Sales in Inventory = Average Inventory/ Net…
Q: Income tax expense has not yet been recorded. The income tax rate is 40%. Determine the following:…
A: Operating profit refers to the amount of profit earned by a business through its operations.…
Q: The income statement for Forklift Electrical Ltd for two years are shown below: Forklift Electrical…
A: "Since you have asked multiple sub part question we will solve the first three sub part question for…
Q: Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets…
A: The question is based on the concept of Accounting Ratios.
Q: Determining gross profit During the current year, merchandise is sold for $ 11, 750,000. The cost…
A: A. Gross profit = Sales - Cost of goods sold = $11,750,000 - $7,050,000 = $4,700,000
Q: (1) Debt and equity ratios. Debt Ratio Choose Numerator: Choose Denominator: Debt Ratio Total…
A: 1) Debt and Equity Ratio Debt ratio…
Q: Current Year Previous Year Amount Percentage Income Statement Sales Revenue 118,000 $ 53,600 64,400…
A: The horizontal analysis of financial statements is made to compare the data of current year to…
Q: LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $136, 200 Expenses…
A: Cash flow statement represents the cash inflow and cash outflow of the company.
Q: Income statement for the year ended 31 December Year before last Last year £000 £000…
A: Ratio analysis is one of the important analysis being made in management accounting. Current ratio…
Q: A Corporation reported the following on its annual income statement (in millions) Sales revenue…
A: Formula: Gross profit = Sales - cost of goods sold Deduction of cost of goods sold from sales value…
Q: Income statement for the year ended 31 December Year before last Last year £000 £000…
A: Since we answer up to 3 sub-parts, we'll answer the first 3. Please resubmit the question and…
Q: Determining gross profitDuring the current year, merchandise is sold for $ 11,750,000. The cost of…
A: Gross profit is the amount of money earned after deducting the cost of goods sold from the sales.
Q: Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets…
A: The common-size comparative balance sheet is prepared to compute the percentage of each and every…
Q: Tiger de and pald year. Comparative ina statements, prepared at December 31, reported the following…
A: Followings are the Formula, which we will use to calculate the Ratios : Gross Profit = Gross Profit…
Q: Income statement Year ended Dec. 31, Year 2 Revenues Total sales revenues S1,560,000 Expenses Cost…
A: The dividend is considered as a part of the distributable profit distributed by the company to its…
Q: Refer to the following selected financial information from Texas Electronics. Compute the company's…
A: Inventory sales days (DSI) is a financial ratio that reflects the average time a business takes to…
Q: GOMEZ CORPORATION Comparative Income Statements For Years Ended December 31 Current Year Prior Year…
A: Lets understand the basics. Common size income statement is a statement which shows the comparison…
Q: Income statement data for Winthrop Company for two recent years ended December 31 are as follows:…
A: Horizontal Analysis is the analysis of increase in the items of Income from the previous year. It…
Q: The income statement for Forklift Electrical Ltd for two years are shown below:…
A: Operating income refers to the income which is realized from core operations of business after…
Q: reported the following data. Administrative expenses 435,000 Cost of goods sold 1,289,000 Interest…
A: Single-step income statement refers to the straightforward form of statement which simplifies the…
What was the company’s net profit margin for Year 2? Show your work.
Step by step
Solved in 2 steps
- What is the situation that best describes the following amortization schedule? Payment # Amount Paid Interest Portion Principal Portion Principal Balance 12,000.00 1 3,132.39 210.00 2,922.39 9,077.61 2 3,132.39 158.86 2,973.53 6,104.08 3,132.39 106.82 3,025.57 3,078.51 4 3,132.38 53.87 3,078.51 0.00 Total 12,529.55 529.55 12,000.00 a. Reuben received a loan of $12,000 from a bank to purchase office supplies. He obtained the loan at an interest rate of 7% compounded quarterly for 1 year. Calculate the size of her end-of-quarter payments and construct an amortization schedule for his loan. b. Fabrizio received a loan of $12,000 from a bank to purchase office supplies. He obtained the loan at an interest rate of 70% compounded quarterly for 1 year. Calculate the size of her end-of-quarter payments and construct an amortization schedule for his loan. C. Reuben received a loan of $12,000 froma bank to purchase office supplies. He obtained the loan at an interest rate of 7% compounded every…What is the amount received by partially secured creditor? A. P40,000B. P60,000C. P70,000D. P65,000*see attached What is the total unearned interest income? a. 3,052,705b. 2,652,705c. 2,252,705d. 6,000,000
- Mark for Review Question 26 of 30 The ratio quantifies the degree of available liquid assets is Liquidity coverage ration Temporay assets to total assets O Temporary assets to volatile liabilities Veiatie liabilities to total assetsOA/D1 | Financial Accounting and Reporting| Fi Briefly explain the difference between Present value Annuity Due and Deferred Annuity [ explanation is required not the equation] vered of 2.00 stion A B I- 1.What amount of interest revenue should be recorded in 2021? *a. 490,000b. 480,000c. 438,000d. 391,800
- "Accrued interest income" would normally appear in the financial statement under *Current assetsNoncurrent assetsRevenueEquityWhat is the total unearned interest income? *a. 2,410,000b. 1,666,000c. 1,210,000d. 166,000Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Balance Sheets for 2020 & 2021.
- Use the below information to answer the following questions: 20202021Sales$11,573$12,936Depreciation 1661 1736Cost of goods sold 3979 4707Other Expenses 846 924Interest Expense 776 926Cash 6067 6466Accounts Receivables 8034 9427Short-term Notes Payable 1171 1147Long-term debt 20,320 24,696Net fixed assets 50,888 54,273Accounts Payable 4384 4644Tax rate 26% 34%Inventory 14,283 15,288Payout ratio 33% 30% A. Create the Income Statements for 2020 and 2021 (including dividends paid and retained earnings).*see attached What is the net rent income for the current year? *a. 275,000b. 290,000c. 350,000d. 365,000ests - X þver Reference Reference Present Value of Ordinary Annuity of $1 Present Value of $1 Periods Period 1 Period 2 Period 3 Period 4 Period 5 Period 6 Period 7 Period 8 Period 9 Period 10 0.905 0.820 | 0.744 0.676 0.614 | 0.558 0.508 Periods 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% 1% 2% 3% 4% 5% 6% 7% 8% 9% 10% 12% 14% 15% 16% 18% 20% us Period 1 Period 2 Period 3 Period 4 Period 5 0.935 0.952 0.943 0.935 1.859 1.833 1.808 0.926 0.917 0.909 0.893 0.877 0.870 1.783 1.759 1.736 2.577 2.531 2.487 0.990 0.990 0.980 0.971 0.962 | 0.952 0.980 0.961 0.943 0.925 0.907 0.971 0.942 0.915 0.889 0.864 0.961 0.924 0.888 0.855 0.823 0.951 0.906 0.863 0.822 0.784 0.943 0.917 0.909 0.893 | 0.877 0.842 0.826 0.797 0.769 0.772 0.751 0.712 0.675 0.658 | 0.641 0.708 0.683 0.636 | 0.592 0.572 0.552 0.516 0.482 0.650 0.621 0.567 0.980 0.971 0.962 0.862 0.847 0.833 0.926 0.862 0.847 0.833 1.566 | 1.528 2.174 2.106 3.717 3.630 3.546 3.465 3.387 3.312 3.240 3.170 3.037 2.914 2.855 2.798…