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- Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. SalesCommon size Net sales Cost of sales Gross profit Selling, general and administrative expenses Other (income) expense, net Operating profit Interest expense, net. Income before income taxes Provision for income taxes Net income including interests Less: Net income attributable to interests Net income attributable to Dawning Company 2011 100.00 100.00 40.86 42.69 57.31 59.14 34.41 34.79 (0.05) 22.95 2010 0.31 22.64 7.38 15.26 0.38 22.04 2009 2008 2007 2006 7.18 14.86 100.00 100.00 41.23 41.20 58.77 58.80 0.72 1.93 22.42 23.59 34.46 34.84 35.70 3.61 20.35 0.75 0.50 23.08 19.60 100.00 100.00 40.41 41.08 59.59 58.92 7.44 6.31 15.64 13.29 4.04 19.84 1.25 18.59 35.21 5.49 18.22 Required: analyse and interpret the Common-Size Income statement on the company performance for the period 2006 to 2011 1.39 16.83 5.50 5.30 13.08 11.53 0.74 0.71 0.69 0.52 0.49 0.47 14.53 14.15 14.95 12.77 12.60 11.06INFO FOR QUESTION IN IMAGES Prepare an income statement for the year. Superior Company Income Statement [ ] [ ] [ ] [ ] [ ] Selling and administrative expenses: [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] Prepare a schedule of cost of goods sold. Superior Company Schedule of Cost of Goods Sold [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ]…
- Using the Multiple-step Income Statement, match each definition with the section of the Multiple- step Income Statement: Income from a company's principal operating [ Choose ] activity; determined by subtracting cost of goods sold and operating expenses from net [Choose] sales. The excess of net sales over the cost of goods sold. Multiple-step income statement Other expenses and losses Various revenues, expenses, gains, and losses Other revenues and gains that are unrelated to a company's main line Income from operations Operating expenses Nonoperating activities of operations. Expenses incurred in the process of earning [ Choose ] sales revenue. A nonoperating-activities section of the [ Choose ] income statement that shows expenses and losses unrelated to the company's main line of operations A nonoperating-activities section of the [ Choose ] income statement that shows revenues and gains unrelated to the company's main line of operations. An income statement that shows several […Required Information P13-6 (Algo) Computing Comparative Financial Statements and ROA Profit Driver Ratios LO 13-3. 13-4. 13-5 [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax $ 284,000 Year 2 Year 1 $ 178,500 115,500 101,400 88,500 69,100 57,400 53,700 31,100 Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 12%) Common stock ($5 par value, 6,780 shares outstanding) Retained earnings Total liabilities and stockholders' equity P13-6 Part 1 9,400 $ 21,700 $ 5,400 14,700 15,400 4,700 $ 10,700 $ 7,700 18,700 36,800 41,400 47,100 39,400 $ 108,600 $ 102,600 $ 16,700 $ 17,700 45,700 33,500 12,700 $ 108,600 Required: 1. Compute component percentages for…Jackson, Inc. has the following information is available: Cost of goods sold Dividend revenue Income tax expense Operating expenses Sales $148500 3750 3000 79500 255000 In Jackson's multiple-step income statement, gross profit O will not be reported. O will be reported at $24000. O will be reported at $27000. O will be reported at $106500.
- Answer ALL the questions in this section. QUESTION 1 Read the information below and answer the following questions INFORMATION The following statement of comprehensive income for the financial year ended 31 December 2021 and the statement of financial position as at 31 December 2021 have been provided by Midas Enterprises: Statement of comprehensive income for the year ended 31 December 2021 1 Sales Cost of sales Gross profit Variable selling and administrative expenses Fixed selling and administrative expenses Net profit R 10 000 000 (5 750 000) 4 250 000 (1 500 000) (500 000) 2 250 000 Statement of financial position as at 31 December 2021 ASSETS Non-current assets Property, plant and equipment Current assets Inventories Accounts receivable Cash EQUITY AND LIABILITIES Equity Current liabilities Accounts payable R 800 000 800 000 3 400 000 1 600 000 600 000 1 200 000 4 200 000 3 760 000 440 000 440 000 4 200 000 Additional information: 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. The sales budget…Preparing an income statement) Prepare an income statement and a common-sized income statement from the following information. Click on the following icon in order to copy its contents into a spreadsheet.) Sales Cost of goods sold General and administrative expense Depreciation expense Interest expense Income taxes Complete the income statement below. (Round to the nearest dollar. NOTE: You may input expense acc as negative values.) Income Statement Gross profits Total operating expenses Operating income (EBIT) Earnings before taxes Net income $525,863 199,246 60,236 8,305 11,860 98,486 $ SSOn the income statement of a merchandising company, interest income and interest expense are reported: Question 8 options: A) As part of cost of goods sold B) By offsetting interest income and interest expense and showing the excess as an operating revenue or expense C) By showing interest income as additional sales revenue and interest expense as an operating expense D) As separate items of other income and expense below the net operating income or loss
- Required information [The following information applies to the questions displayed below] The following information pertains to the inventory of Parvin Company for Year 3: Jan. 1 Beginning inventory Apr, 1 Oct. 1 Purchased Purchased 400 units # $17 2,900 units # $22 1,200 units # $23 During Year 3, Parvin sold 3,825 units of inventory at $43 per unit and incurred $18,30% of operating expenses. Parvin currently uses the FIFO method but is considering a change to LIFO. All transactions are cash transactions. Assume a 30 percent income tax rate. Parvin started the period with cash of $148,700, inventory of $6,800, common stock of $131,000, and retained earnings of $24,500.Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns cost of goods sold Sales discounts Selling expenses Use the above information to prepare the gross profit section of a multiple-step income statement. VITAMIX $ 88,000 118,000 31,000 13,800 87,000 4,800 52,000 Income Statement For Year Ended December 31 $ 0 0 0Required Information P13-6 (Algo) Computing Comparative Financial Statements and ROA Profit Driver Ratios LO 13-3, 13-4, 13-5 [The following information applies to the questions displayed below.] The comparative financial statements for Chinook Company are below Income statement Sales revenue Cost of goods sold Gross profit Operating expenses and interest expense Pretax income Income tax Net income Balance sheet Cash Accounts receivable (net) Inventory Property and equipment (net) Total assets Current liabilities (no interest) Long-term liabilities (interest rate: 12%) Common stock ($5 par value, 6,780 shares outstanding) Retained earnings Total liabilities and stockholders' equity P13-6 Part 1 Year 2 Year 1 $ 204,000 $ 178,500 115,500 101,400 88,500 69,100 57,400 53,700 31,100 15,400 9,400 4,700 $ 21,700 $ 5,400 14,708 41,400 47,100 $ 10,700 $ 7,700 18,700 36,800 39,400 $ 108,600 $ 102,600 $ 16,700 45,700 33,500 12,700 $ 17,700 45,700 33,500 5,700 $ 108,600 $ 102,600 Required: 1.…