The following information can be found in Sanduc Merchandising Corporation's financial statement in 2019: cost of sales of 2,450,000; accumulated depreciation of 75,000; operating expenses of 1,050,000; corporate income tax of 32% sales of 4,800,000; 3-year bank loan of 1,000,000 that pays an interest rate of 8.5 per year. determine the net profit before tax of Sanduco

The following information can be found in Sanduc Merchandising Corporation's financial statement in 2019: cost of sales of 2,450,000; accumulated depreciation of 75,000; operating expenses of 1,050,000; corporate income tax of 32% sales of 4,800,000; 3-year bank loan of 1,000,000 that pays an interest rate of 8.5 per year. determine the net profit before tax of Sanduco

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 52E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
BCD Company had sales Revenue of $500,000 for the year 2019. Its cost of goods sold was $240,000, and its operating expenses were $50,000, and administrative expenses $ 25,000. Interest revenue for the year is $5,000 of which $2000 is unearned and interest expense was $12,000. BCD’s income tax rate is 25%. Required: Prepare a classified multiple-step income statement for the year for BCD Company.
The following information is available for Bramble Corporation for the year ended December 31, 2020: cost of goods sold $225,000, sales revenue $477,000, other revenues and gains $51,000, and operating expenses $73,000.Assuming a corporate tax rate of 25%, prepare an income statement for the company. $ $
Shenron, Inc. had pre-tax accounting income of P1,350,000 and a tax rate of 40% in 2020, its first year of operations. During 2020 the company had the following transactions: Received rent from Master, Co. for 2021 P48,000 Municipal bond income P60,000 Depreciation for tax purposes in excess of book depreciation P30,000 Installment sales revenue to be collected in 2021 P81,000 For 2020 what is the amount of income taxes payable for Shenron, Inc? a. P579,600 b. P452,400 c. P514,800 d. P490,800
Company is subject to an income tax rate of 30%. It has the provided the following data on December 31, 2021: Income Statement Items for 2021: Net sales P3,600,000 Cost of goods sold 1,100,000 Operating expenses including depreciation 840,000Depreciation expense 60,000Interest expense 100,000Income tax expense ? Other information for 2021: Payment of bank loan 300,000 Dividends paid to stockholders P250,000 Balance Sheet Items: December 31, 2021 December 31, 2020Cash and cash equivalents 2,000,000 P1,750,000Accounts receivable 670,000 410,000Inventory 430,000 220,000Supplies 18,000 12,000Accounts payable 520,000 380,000Accrued liabilities 72,000…
Use the following information for Ingersoll, Incorporated. Assume the tax rate is 23 percent. Sales Depreciation 2020 2021 $15,073 $15,036 1,731 1,806 Cost of goods sold 4,329 4,777 Other expenses 981 859 Interest 830 961 Cash 6,172 6,676 Accounts receivable 8,110 9,637 Short-term notes payable 1,240 1,217 Long-term debt 20,530 24,811 Net fixed assets 51,042 54,483 Accounts payable 4,496 4,854 Inventory 14,402 15,358 1,300 1,688 Dividends Prepare a balance sheet for this company for 2020 and 2021. (Do not round intermediate calculations.) INGERSOLL, INCORPORATED Balance Sheet as of December 31 Current assets Assets 2020 2021
Al Mawarid Construction Equipment LLC has provided following Income Statement for the year ending 31st Mar 2020: Particulars Amount Sales 180,000 Less: Cost of Goods Sold -90,000 Gross Profit 90,000 Less: Operating Expenses -55,000 Operating Profits (EBIT) 35,000 Less: Financial Charges -15,000 (Interest Paid) Profit Before Tax 20,000 Less: Taxes -3,000 Profit After Tax (Net Profit for the Year) 17,000 Calculate Gross Profit Ratio and Operating Profit Ratio from the above Income Statement.
Prey ltd accountant has estimated current tax of 50 000 based on the current profit. The income tax value of the non-current assets are 75 000 and the carrying amount of non-current assets as at 31 December 2020 is 90 000.Tax rate is 22%. Using the information given above,calculate the deferred tax for the year ended 31 December 2020
Use the following information for Ingersoll, Inc., (assume the tax rate is 21 percent): 2019 2020 Sales $ 11,573 $ 15,832 Depreciation 1,661 1,736 Cost of goods sold 3,979 4,707 Other expenses 946 824 Interest 776 926 Cash 6,067 6,466 Accounts receivable 8,034 9,427 Long-term debt 20,320 24,636 Net fixed assets 50,888 54,273 Accounts payable 5,555 5,791 Inventory 14,283 15,288 Dividends 1,411 1,618 For 2020, calculate the cash flow from assets, cash flow to creditors, and cash flow to stockholders.
The Records of Finance Sales Corporation showed the following data for the year 2021 as follows; Interest Income 150,000 Income tax expense Salesperson's commission Sales returns and allowances 828,000 300,000 195,000 Freight In Purchase Returns and Allowances Sales Salaries Depreciation-Delivery Truck 187,500 135,000 525,000 112,500 9,375,000 Sales Purchase discounts 90,000 Merchandise Inventory, December 31 4,350,000 Rent Income 225,000 Depreciation- Office Equipment 112,500 Dividend Income 150,000 Doubtful Accounts 112,500 90,000 Freight out Sales discounts 105,000 Purchases 5,475,000 Office Salaries 675,000 75,000 Loss on sale of Equipment Depreciation -Building Merchandise Inventory, January 1 Depreciation-store furniture 300,000 3,375,000 75,000 REQUIRED: PREPARE A STATEMENT OF COMPREHENSIVE INCOME IN A PRESCRIBED FORMAT FOR THE YEAR USING THE FOLLOWING METHODS: A) Nature of expense method with supporting notes with separate computation. B) Function of expense method with…
Use the following information for Ingersoll, Incorporated. Assume the tax rate is 21 percent. Sales Depreciation Cost of goods sold Other expenses Interest Cash Accounts receivable Short-term notes payable Long-term debt Net fixed assets Accounts payable Inventory Dividends Cash Accounts receivable Inventory Net fixed assets Current assets Prepare a balance sheet for this company for 2020 and 2021. (Do not round intermediate calculations.) Total assets Assets Current liabilities Liabilities & Equity 2020 2021 $7,616 $8,174 1,094 1,094 2,621 2,975 621 519 510 587 5,058 5,955 725 13,083 15,601 33,490 35,144 4,195 4,068 9,400 9,660 929 1,022 INGERSOLL, INCORPORATED Balance Sheet as of December 31 2020 Total liabilities & owners' equity 3,994 4,387 772 $ 3,994 $ 4,387 9,400 2021 5,058 5,955 9,660
Famous detergents 2019 income statement showed pretax accounting income of 1,500,000. To compute income tax liability, the following 2019 data are provided: Income from exempt municipal bonds 60,000 Depreciation deducted for tax purposes in excess of depreciation deducted for financial statement purposes 120,000. Estimated income tax payments made 300,000, corporate income tax rate 30%. What amount of current income tax liability should be included in December 31, 2019 balance sheet? What amount is a deferred tax asset or liability?Show the Income Statement presentation?