Please do not give solution in image format ? ncesRequired:1. Prepare an income statement on the basis of nature of expense, using a single-step format. (Loss amounts should be indicated by aminus sign.)2Revenues and gains:BookOther expenses and losses:PrintTotal revenues and gainsExpenses and losses:Operating and administrative expenses:Other expenses and losses:Total expenses and lossesEarnings from continuing operationsShow Transcribed TextNet income and comprehensive incomeferencesMONTREAL RETAIL CORPORATIONIncome StatementYear Ended 31 December 20X6(in Canadian dollars)Net sales.2. Prepare an income statement on a functional basis in a multiple-step format. (Loss amounts should be indicated by a minus sign.)Show Transcribed TextNet salesMONTREAL RETAIL CORPORATIONIncome StatementYear Ended 31 December 20X6(in Canadian dollars)Operating and administrative expenses:Total operating and administrative expenses.Income from operationsOther revenues and gains:Other expenses and losses:Show Transcribed Text2. Prepare an income statement on a functional basis in a multiple-step format. (Loss amounts should be indicated by a minus sign.)Income from operationsOther revenues and gains:Total operating and administrative expensesOther expenses and losses:Income before income taxMONTREAL RETAIL CORPORATIONIncome StatementYear Ended 31 December 20X6(in Canadian dollars)3Income before discontinued operation3Net income and comprehensive income$c30C000000$000000 SThe information below pertains to the operations of Montreal Retail Corporation for the year ended 31 December 20X6:Cost of merchandise soldInventory warehousing costAccounts payableSales revenueAccumulated depreciationSales returnsUnearned revenueDepreciation expenseRent revenueEmployee wages, salaries, and benefitsInterest expenseInvestment revenueLoss on disposal of geographic segmentEarnings from discontinued geographic segmentDistribution expensesGeneral and administrative expensesLoss on sale of noncurrent assetsIncome tax expenseFire loss$115,00033,000133,000655,000153,0006,3003,30063,0005,300113,0007,3004,30043,00033,000119,00059,00014,300?33,000Additional information:• Functional costs do not include depreciation or employee costs.Depreciation expense pertains 55% to warehousing cost, 30% to administrative costs, and 15% to distribution expense.Employee wages, salaries, and benefits pertain 25% to warehousing and merchandising, 40% to administrative costs, and 35% todistribution expense.• The company's income tax rate is 25%. Assume that the tax rate pertains to all elements of revenue, expense, gain, and loss.

An income statement, together with the balance sheet and the CFS, is one of the three key financial…

The information below pertains to the operations of Montreal Retail Corporation for the year ended 31 December 20X6: Cost of merchandise sold Inventory warehousing cost Accounts payable Sales revenue Accumulated depreciation Sales returns Unearned revenue Depreciation expense Rent revenue Employee wages, salaries, and benefits Interest expense Investment revenue Loss on disposal of geographic segment Earnings from discontinued geographic segment Distribution expenses General and administrative expenses Loss on sale of noncurrent assets Income tax expense Fire loss $115,000 33,000 133,000 655,000 153,000 6,300 3,300 63,000 5,300 113,000 7,300 4,300 43,000 33,000 119,000 59,000 14,300 ? 33,000 Additional information: • Functional costs do not include depreciation or employee costs. • Depreciation expense pertains 55% to warehousing cost, 30% to administrative costs, and 15% to distribution expense. • Employee wages, salaries, and benefits pertain 25% to warehousing and merchandising, 40% to administrative costs, and 35% to distribution expense. • The company's income tax rate is 25%. Assume that the tax rate pertains to all elements of revenue, expense, gain, and loss.

The information below pertains to the operations of Montreal Retail Corporation for the year ended 31 December 20X6: Cost of merchandise sold Inventory warehousing cost Accounts payable Sales revenue Accumulated depreciation Sales returns Unearned revenue Depreciation expense Rent revenue Employee wages, salaries, and benefits Interest expense Investment revenue Loss on disposal of geographic segment Earnings from discontinued geographic segment Distribution expenses General and administrative expenses Loss on sale of noncurrent assets Income tax expense Fire loss $115,000 33,000 133,000 655,000 153,000 6,300 3,300 63,000 5,300 113,000 7,300 4,300 43,000 33,000 119,000 59,000 14,300 ? 33,000 Additional information: • Functional costs do not include depreciation or employee costs. • Depreciation expense pertains 55% to warehousing cost, 30% to administrative costs, and 15% to distribution expense. • Employee wages, salaries, and benefits pertain 25% to warehousing and merchandising, 40% to administrative costs, and 35% to distribution expense. • The company's income tax rate is 25%. Assume that the tax rate pertains to all elements of revenue, expense, gain, and loss.

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E

See similar textbooks

Similar questions

ANALYSIS OF ACTIVITY MEASURES Based on the financial statement data in Exercise 24-1B, compute the following activity measures for 20-2 (round all calculations to two decimal places): (a) Accounts receivable turnover (b) Merchandise inventory turnover (c) Asset turnover
INCOME STATEMENT WITH DEPART MENTAL GROSS PROFIT AND OPERATING INCOME Thomas and Hill Distributors has divided its business into two departments: commercial sales and industrial sales. The following information is provided for the year ended December 31, 20--: REQUIRED 1. Prepare an income statement showing departmental gross profit and total operating income. 2. Calculate departmental gross profit percentages.
INFO 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 [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ] [ ]…
a. Determine the total inventory of the branch on January 1 and December 31, at cost. b. Determine the cost of sales of the branch at cost. c. Determine the true net income of the branch. d. Determine the consolidated net income.
Lechon Company provided the following data for the current year: Sales Cost of goods sold Expenses Depreciation Income tax expense The entity has two major reportable segments, A and B. An analysis revealed that P1,000,000 of the total depreciation expense and P2,000,000 of the expenses are related to general corporate activities. The remaining expenses and sales are directly allocable to segment activities according to the following percentages: Sales Cost of goods sold Expenses Depreciation P60,000,000 28,000,000 14,000,000 4,000,000 4,000,000 Segment A 40% 35 40 40 Segment B 45% Others 15% 15 20 15 50 40 45 What amount should be reported as net income of Segment A?
The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…
a. Goods counted in the physical inventory b. Provincial sales tax on the amount in a. C. Federal GST on the amount in a. d. Goods that arrived from a supplier on December 2, shipped FOB shipping point on November 28. e. Goods that were shipped to a customer on November 28, shipped FOB shipping point. f. Goods that were on consignment with a customer but sold by the customer on December 10. g. Interest cost on goods in a, incurred during lengthy delivery period from supplier. h. Goods that were in RL's warehouse on November 30, about to be shipped back to the supplier because of defects. i. Cost of operating and heating the warehouse facility for the year so that goods are available for sale when needed. j. Cost of freight to ship goods in a, from suppliers to RL, where RL is responsible for freight. k. Cost of freight to ship goods from RL to customers during the year, where RL is responsible for freight. Required: Determine the dollar amount of ending inventory. $426,000 34,080…
The comparative statements of Waterway Company are presented here. Waterway CompanyIncome StatementsFor the Years Ended December 3120222021Net sales$1,813,300 $1,753,100 Cost of goods sold1,008,900 983,000 Gross profit804,400 770,100 Selling and administrative expenses516,800 477,800 Income from operations287,600 292,300 Other expenses and losses Interest expense18,900 14,800 Income before income taxes268,700 277,500 Income tax expense78,224 77,700 Net income$ 190,476 $ 199,800 Waterway CompanyBalance SheetsDecember 31Assets20222021Current assets Cash$60,200 $64,500 Debt investments (short-term)70,600 49,200 Accounts receivable (net)117,800 102,700 Inventory123,600 114,700 Total current assets372,200 331,100 Plant assets (net)602,200 517,900 Total…
Determine the consolidated balances of the cost of goods sold account in the year 20x6.
Rundle Corporation operates three investment centers. The following financial statements apply to the investment center named Bowman Division. Sales revenue Cost of goods sold Gross margin Operating expenses Selling expenses Depreciation expense Operating income Nonoperating item. Loss on sale of land Net income BOWMAN DIVISION Income Statement For the Year Ended December 31, Year 2 Total assets Assets Cash Accounts receivable Merchandise inventory Equipment less accumulated depreciation Nonoperating assets Liabilities BOWMAN DIVISION Balance Sheet As of December 31, Year 2 Accounts payable Notes payable Stockholders' equity Common stock Retained earnings Total liabilities and stockholders' equity Required Required C Required D Required E ROI $ 106,780 58,475 48,305 (2,720) (4,045) 41,540 Complete this question by entering your answers in the tabs below. %6 (4,900) $36,640 c. Calculate the ROI for Bowman. d. Rundle has a desired ROI of 11 percent. Headquarters has $86,000 of funds to…
Divisional income statements The following data were summarized from the accounting records for Vintage Construction Company for the year ended October 31, 20Y3. Prepare divisional income statements for Vintage Construction Company.
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. Sales