Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2016, year-end trial balance contained the following income statement items: Account Title Debits Credits Sales revenue 12,500,000 50,000 Interest revenue 100,000 6,200,000 620,000 1,520,000 40,000 1,200,000 900,000 Loss on sale of investments Cost of goods sold Selling expenses General and administrative expenses Interest expense Research and development expense Income tax expense Required: Calculate the company's operating income for the year.
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- Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) YEAR END YEAR END YEAR END YEAR END 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1 Addition to Retained EarningsThe summarized revenues and expenses information for Canadian Travel Inc. for the year 2018 states:1cost of goods sold CAD180,000, sales revenue CAD400,000, other (non-operating) revenues and gainsCAD30,000, sales general and administration expenses of CAD100,000. Net interest income is (+)CAD10,000 and the corporate income tax rate is 26,50%: Prepare the Income (i.e. Pro t & Loss) Statement of Holiday Inc., showing Gross Pro t, OperatingPro t, Other gains/(losses), Earnings before Interest and Tax (EBIT), Pro t before Tax and NetIncome i.e. Net Pro t. Point out and explain which of all these revenue and expense items may imply/include non-cashtransactions or accounting records. If the ending balance in Retained Earnings on Canadian Travel Inc.s 31. Dec 2017 balance sheetwas $1,000,000 and a cash dividend of $10,000 was paid in 2018, using the above information showthe balance sheet entries of Retained Earnings as of 31. Dec 2018.In addition to the above, assume that Canadian…Given the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2016 (in million). What is the right amount? Income Statement ($ Million) YEAR END YEAR END YEAR END YEAR END 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost Sales -679.1 -659 -681.3 -667 Gross Operating Income Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Earnings Before Interest and Taxes Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Pre Tax Income Income Taxes -56.8 -64.2 -67.5 -72.6 Net Income Dividends -38.3 -38.7 -39.8 -40.1
- Pandora Corporation operates several factories in the Midwest that manufacture consumer electronics. The December 31, 2021, year-end trial balance contained the following income statement items: Account Title Debits CreditsSales revenue $ 12,500,000Interest revenue 50,000Loss on sale of investments $ 100,000Cost of goods sold 6,200,000Selling expense 620,000General and administrative expense 1,520,000Interest expense 40,000Research and development expense 1,200,000Income tax expense 900,000 Required:Calculate…Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous YearSales $4,000,000 $3,600,000Cost of goods sold 2,280,000 1,872,000Selling expenses 600,000 648,000Administrative expenses 520,000 360,000Income tax expense 240,000 216,000a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round to the nearest whole percentage.b. Comment on the significant changes disclosed by the comparative income statement.In the income statement below, ABC Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) Year End 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost of Sales (679.10) (659.00) (681.30) (667.00) Gross Operating Income Selling & Administration (339.70) (348.60) (351.20) (373.30) Depreciation (47.50) (52.00) (55.90) (75.20) Other Income/Expenses 11.80 7.60 7.00 8.20 Earnings Before Interest and Taxes Interest Income 1.30 1.40 1.70 2.00 Interest Expense (16.20) (15.10) (20.50) (23.70) Pre Tax Income Income Taxes (56.80) (64.20) (67.50) (72.60) Net Income Dividends (38.30) (38.70) (39.80) (40.10) Addition to Retained Earnings Group of answer choices 121.8 108.7 132.7 132.8 No choice given
- Statements The following data relate to Masuerte Corporation for the year ended December 31, 2018. Assume an income tax rate of 30%. 9. Sales Purchases Purchase Returns and Allowances Sales Returns and Allowances Sales Salaries and Commissions Office Salaries Advertising Utilities Taxes and Licenses' Delivery Expense Depreciation Expense - Store Equipment Depreciation Expense - Office Equipment Insurance Expense Repairs and Maintenance Uncollectible Accounts Expense Miscellaneous Selling Expenses Miscellaneous Administrative Expenses Interest Expense Gain on Sale of Equipment Additional information: P3,348,000 2,150,000 70,000 95,000 185,000 202,000 78,000 56,000 44,000 35,000 30,000 36,000 12,000 14,000 23,000 16,000 5,000 46,000 30,000 Inventories from the beginning of the year to the end of the year increased by P80,000. a. Required: (a) Show computations for the following: (1) Cost of goods sold (2) Gross profit (3) Total selling expenses (4) Total administrative expenses (5)…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…Use the following information from Eiffel Company’s financial statements. 2018 IncomeStatement BalanceSheets Sales $309,000 Cost of Goods Sold (145,000) Operating Expenses, other than Depreciation Expense (27,000) Depreciation expense (16,000) Gain on Sale of Plant Assets 16,000 Net Income $137,000 Dec. 31,2018 Accounts Receivable $45,300 Inventory 1,600 Accounts Payable 22,500 Accured Liabilities 900 Dec. 31, 2017 Accounts Receivable $22,250 Inventory 1,800 Accounts Payable 22,250 Accured Liabilities 1,150 Prepare the operating activities section of the statement of cash flows (indirect method) for the year 2018. Use the minus sign to indicate cash outflows, a decrease in cash or cash payments. Eiffel Company Statement of Cash Flows (Indirect Method) For the Year Ended December 31, 2018 Operating…
- Do the calculations in excel, attach excel screenshots and explain the steps and formulas used for solving the problem. Following are the particulars availableGiven the income statement below, Mega Trade Inc. wants to find the resulting net income for the year 2018 (in million). What is the right amount? Income Statement ($ Million) Year End 2015 2016 2017 2018 Sales 1,234.90 1,251.70 1,300.40 1,334.40 Cost of Sales -679.1 -659 -681.3 -667 Selling & Administration -339.7 -348.6 -351.2 -373.3 Depreciation -47.5 -52 -55.9 -75.2 Other Income/Expenses 11.8 7.6 7 8.2 Interest Income 1.3 1.4 1.7 2 Interest Expense -16.2 -15.1 -20.5 -23.7 Income Taxes -56.8 -64.2 -67.5 -72.6 Dividends -38.3 -38.7 -39.8 -40.1 CHOICES: A. 108.7B. 132.7C. No choice givenD. 132.8E. 121.8Brick & StoneIncome Statement for the year ended 31 December 2016Notes $ $Sales 2,500,000Cost of Sales 1 1,100,000 Gross Profit 1,400,000ExpensesSalaries & Wages 2 760,000Employer NIS Contribution 2,400 Rent and Rates 3 240,000Insurance 50,000Maintenance 120,000Depreciation 4 55,000Loss on Disposal of Vehicle 5 10,000Telephone 6 35,000Electricity 7 54,000Utilities 70,000Entertainment 8 100,000Donations 9 85,000Provision for Bad Debts 10 80,000Fines and Penalties 11 15,000Drawings 105,000 1,781,400 Net Profit/ (Loss) (381,400)Brick & StoneNotes to the Income Statement1. The Cost of Sales includes goods valuing $250,000 that were purchased for Mr. Stone’s personal use.2. Salaries and Wages include $25,000 per month, and $20,000 per month, paid to Mr. Stone and Mr. Brick respectively.3. $65,000 of the rent relates to the private dwelling of Mr. Brick’s wife.4. As at the 31 December 2021, the business recorded the following assets in its books:Assets Cost Reducing Balance…
