Presented below is information related to Tamarisk Corp. for the year 2025.
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- How to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…View Policies Current Attempt in Progress For Cullumber Company, the following information is available: Cost of goods sold $385000 Dividend revenue 14800 Income tax expense 36500 Operating expenses 140000 Sales revenue 594000 In Cullumber's multīple-step income statement, gross profit O should be reported at $209000. O should be reported at $ 47300. O should not be reported. O should be reported at $223800. Save for LaterView Policies Current Attempt in Progress Presented below is information related to Novak Corp. for the year 2020. Net sales Cost of goods sold Selling expenses Administrative expenses Dividend revenue Interest revenue (a) $1,664,000 998,400 83,200 61,440 25,600 8,960 Write-off of inventory due to obsolescence Depreciation expense omitted by accident in 2019 Casualty loss Cash dividends declared Retained earnings at December 31, 2019 Effective tax rate of 20% on all items $102,400 70,400 NOVAK CORP. Income Statement 64,000 57,600 1,254,400 Prepare a multiple-step income statement for 2020. Assume that 97,280 shares of common stock are outstanding for the entire year. (Round earnings per share to 2 decimal places, e.g. 1.49.)
- The following is information for Bramble Corp. for the year ended December 31, 2023 Sales revenue Unrealized gain on FV-OCI equity investments Interest income Cost of goods sold Selling expenses Administrative expenses Dividend revenue $1,260,000 41,000 6,000 756,000 63,000 47,000 20,000 Loss on inventory due to decline in net realizable value Loss on disposal of equipment Depreciation expense related to buildings omitted by mistake in 2022 Retained earnings at December 31, 2022 Loss from expropriation of land Dividends declared $73,000 30,000 The effective tax rate is 35% on all items. Bramble prepares financial statements in accordance with IFRS. The FV-OCI equity investments trade on the stock exchange. Gains/losses on FV-OCI investments are not recycled through net income. 58,000 910,000 64,000 48,000Current Attempt in Progress The following comparative information is available for Pharoah Company for 2027. Sales revenue Cost of goods sold Operating expenses (including depreciation) Depreciation Cash paid for inventory purchases (a) Your Answer Correct Answer (Used) Your answer is correct. Net income LIFO LIFO 13230 $77,400 34,200 24,300 9,000 28,800 FIFO $77,400 26,100 24,300 Determine net income under each approach. Assume a 30% tax rate. 9,000 28.800 FIFO 18900Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 $ 474, 200 285,468 2819 $363, 276 228,864 188, 732 134,412 67,336 50, 132 42,678 31, 968 119,014 82, 198 78, 718 52,312 14,642 19,724 $ 64,976 $ 41,588 S Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 100.00 % 2019 100.00 % Assets Current assets Long-term investments Plant assets,…
- Reformulating Balance Sheet and Income Statement Items for LIFO to FIFO In its December 2019 10-K, LyondellBasell Industries reported the following information ($ millions). Cost of LIFO Decrease in Total Net Goods Sold Inventories Reserve LIFO Reserve Assets Income $128 $30,435 $3,397 $29,301 $4,588 $670 Reformulate the account balance for the following financial statement items assuming the company used FIFO instead of LIFO for its inventory costing method. The company has a 22% tax rate. Note: Round answers to the nearest whole number. Account a. $ b. Total assets $ c. Cost of goods sold $ d. Net income $ Inventories Check Balance 5,258 ✔ 31,105 ✔ 29,429 ✔ 3,361 xSales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. MUNSUN COMPANY Income Statement For the Year Ended November 30, 2022 2. 3. 4. 5. $1,900,000 4,400,000 6,300,000 1,600,000 450,000 700,000 $7,600,000 4,700,000 2,900,000 1,150,000 $1,750,000 Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of inventory decreased $350,000 during the year. Accrued expenses payable decreased $100,000 during the year. Administrative expenses include depreciation expense of $110,000.Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other Assets:Equipment, net P340,000 P320,000Other Assets 15,000 15,000Total Property and Other Assets P355,000 P335,000 Total Assets…
- Excerpts from Hulkster Company's December 31, 2024 and 2023, financial statements are presented below: Accounts receivable Merchandise inventory Net sales. Cost of goods sold Total assets Total shareholders' equity . Net income Hulkster's 2024 return on assets is closest to: Multiple Choice 13.5%. 7.1%. 47.7%.. 7,8%. 2024 2023 $ 40,000 $ 36,000 28,000 35,000 190,000 114,000 425,000 240,000 32,500 186,000 108,000 405,000 225,000 28,000Exercise ER The Income statement of Vince Gill Company Is shown below. VINCE GILL COMPANY INCOME STATENENT FOR THE YEAR ENDED DECENBER 31, 2020 $6,900,000 Sales revenue Cost of goods sold Purchases uauanur Bபrப்பம்Sg: 000 0000 Goods available for sale 6,300,000 Ending Inventory Cost of goods sold 4,700,000 Gross profit Operating expenses Selling expenses Administratve expenses ఈ50,000 700,000 1,150,000 $1,050,000 Net Income. Additional Information: 1. Accounts recelvable decreased $360,000 durIng the year. 2. Prepald expenses Increased S170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased S275,000 during the year. 4. Accrued expenses payable decreased $100,000 durIng the year. 5. Administrative expenses Include depredatlon expense of $60,000. Prepare the operating activities secton of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the Indirect method parenthesis e.g. (15,000 VINCE GILL COMPANY Statement of…The comparative statements of Blossom Company are presented here: Blossom CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,899,640 $1,759,600 Cost of goods sold 1,067,640 1,015,100 Gross profit 832,000 744,500 Selling and administrative expenses 509,100 488,100 Income from operations 322,900 256,400 Other expenses and losses Interest expense 23,500 21,500 Income before income taxes 299,400 234,900 Income tax expense 93,500 74,500 Net income $205,900 $160,400 Blossom CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 126,900 111,900 Inventory 127,500 117,000 Total current assets 388,500 343,100 Plant assets…