In 2010, Mike Singletary Corporation had net sales of $600,000 and cost of goods sold of $360,000.
Question:
In 2010, Mike Singletary Corporation had net sales of $600,000 and cost of goods sold of $360,000. Operating expenses were $153,000, and interest expense was $7,500. The corporation’s tax rate is 30%. The corporation declared preferred dividends of $15,000 in 2010, and its average common stockholders’ equity during the year was $200,000.
Instructions
(a) Prepare an income statement for Mike Singletary Corporation.
(b) Compute Mike Singletary Corporation’s return on common stockholders’ equity for 2010.
CorporationA Corporation is a legal form of business that is separate from its owner. In other words, a corporation is a business or organization formed by a group of people, and its right and liabilities separate from those of the individuals involved. It may...
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (9 reviews)
a MIKE SINGLETARY CORPORATION Income Statement For the Year Ended December 31 2010 Net sales 6...View the full answer
Answered By
Hassan Imtiaz
The following are details of my Professional Experience. Responsibilities Eight years of demanding teaching experience in the field of finance and business studies at Master’s Level. Completion of the given tasks within given time with quality and efficiency. Marketing professional with practical experience in and solid understanding of a diverse range of management applications, including market analysis, sales and marketing, team building and quality assurance. I have excellent skills to approach deal and sustain corporate clients / customers by demonstrating not only extraordinary communication and interpersonal skills but also high caliber presentation, negotiation and closing skills. Manage and follow up the day-to-day activities. Manage and co-ordinate the inventories. Fulfillment of all the tasks assigned.
The following are details of my Areas of Effectiveness. Finance 1. Corporate Finance 2. Advanced Corporate Finance 3. Management of Financial Institutions 4. International Financial Management 5. Investments 6. Fixed Income 7. Real Estate Investment 8. Entrepreneurial Finance 9. Derivatives 10. Alternative Investments 11. Portfolio Management 12. Financial Statement Analysis And Reporting (US GAAP & IFRS) 13. International Financial Markets 14. Public Finance 15. Personal finance 16. Real estate 17. Financial Planning Quantitative Analysis 1. Time Value Of Money 2. Statistics 3. Probability Distribution 4. Business Statistics 5. Statistical Theory and Methods Economics 1. Principles of Economics 2. Economic Theory 3. Microeconomic Principles 4. Macroeconomic Principles 5. International Monetary Economics 6. Money and Banking 7. Financial Economics 8. Population Economics 9. Behavioral Economics International Business 1. Ethics 2. Business Ethics 3. An introduction to business studies 4. Organization & Management 5. Legal Environment of Business 6. Information Systems in Organizations 7. Operations Management 8. Global Business Policies 9. Industrial Organization 10. Business Strategy 11. Information Management and Technology 12. Company Structure and Organizational Management Accounting & Auditing 1. Financial Accounting 2. Managerial Accounting 3. Accounting for strategy implementation 4. Financial accounting 5. Introduction to bookkeeping and accounting Marketing 1. Marketing Management 2. Professional Development Strategies 3. Business Communications 4. Business planning 5. Commerce & Technology Human resource management 1. General Management 2. Conflict management 3. Leadership 4. Organizational Leadership 5. Supply Chain Management 6. Law 7. Corporate Strategy Creative Writing 1. Analytical Reading & Writing Other Expertise 1. Risk Management 2. Entrepreneurship 3. Management science 4. Organizational behavior 5. Project management 6. Financial Analysis, Research & Companies Valuation 7. And any kind of Excel Queries
4.80+
150+ Reviews
230+ Question Solved
Related Book For
Accounting Principles
ISBN: 978-0470533475
9th Edition
Authors: Jerry J. Weygandt, Paul D. Kimmel, Donald E. Kieso
Question Posted:
Students also viewed these Accounting questions
-
In 2012, Stone Pony Corporation had net sales of $600,000 and cost of goods sold of $360,000. Operating expenses were $153,000, and interest expense was $7,500. The corporations tax rate is 30%. The...
-
Prepare an income statement for a profitable small business. Include at least 10 operating expenses. Use an income tax rate of 25%.
-
In 2010, Walter Payton Company had net sales of $900,000 and cost of goods sold of $540,000. Operating expenses were $230,000, and interest expense was $11,000. Payton prepares a multiple-step income...
-
5 Question 42 (2.5 points) Consider a put option that gives the long position the right to sell the underlying asset for $12.34 in 5.67 years. The continuously compounded risk free rate of interest...
-
The following information about two independent bond issues was reported in the financial press. 1. Province of Manitoba 2.50% bonds, maturing January 1, 2020, were trading at a price of 99.9 to...
-
Great Manufacturing Company received and paid a premium notice on January 2 for workers compensation insurance stating the rates for the New Year. Estimated employees earnings for the year are as...
-
Comprehensive flexible budget, standards, and variances problem (Learning Objectives 2, 3,4, 5) One System assembles PCs and uses flexible budgeting and a standard cost system. One System allocates...
-
The financial statements of The Hershey Company appear in Appendix B, following the financial statements for Tootsie Roll in Appendix A. Instructions (a) Based on the information contained in these...
-
Burruss Company developed a static budget at the beginning of the company's accounting period based on an expected volume of 6 , 0 0 0 units: \ table [ [ , Per Unit ] , [ Revenue , $ 8 . 0 0
-
Habib Manufacturing has five manufacturing departments and operating and cost information for the most recent two months of activity. Required Identify whether the cost in each department is fixed,...
-
The following information is available for Patel Corporation for the year ended December 31, 2010: Sales $800,000; Other revenues and gains $92,000; Operating expenses $110,000; Cost of goods sold...
-
McCoy Corporation has outstanding at December 31, 2010, 50,000 shares of $20 par value, cumulative, 8% preferred stock and 200,000 shares of $5 par value common stock. All shares were outstanding the...
-
Fill in the blanks with an appropriate word, phrase, or symbol(s). The amount of money that is present in an ordinary annuity after t years is known as the accumulated amount or the ___________ value...
-
Presented below are financial data for two retail companies: Required Consider the financial ratio data for the two companies. Which company represents the better investment opportunity in your view...
-
From the following accounts, listed in alphabetical order, prepare a classified balance sheet for Halford Wholesalers as of December 31. All accounts have normal balances. Accounts payable.. Accounts...
-
Jay Co. reported the following financial data for its most current year: Compute Jay's end-of-year total stockholders' equity. Beginning-of-year common stock.. Beginning-of-year retained earning Net...
-
Madison Co. reports the following financial data for the current year: Compute Madison's free cash flow. Cash flow from operating activities... Cash flow from investing activities.. Cash flow from...
-
The following balance sheet data are given for Harvard Catering Service, a corporation, at May 31: Assume that on June 1 , the following transactions occurred: June 1 Purchased additional equipment...
-
Give five items that might be captured on the accounting audit trail in relation to data input in the input subsystem.
-
A spacecraft has left the earth and is moving toward Mars. An observer on the earth finds that, relative to measurements made when the spacecraft was at rest, its a. length is shorter b. KE is less...
-
What system parameters do you need in order to calculate the fault current magnitude?
-
The trial balance columns of the worksheet for Linus Company at June 30, 2012, are as follows. Other data:Operating expenses incurred on account, but not yet recorded, total $1,500.InstructionsEnter...
-
OQuinn Co. distributes suitcases to retail stores and extends credit terms of 1/10, n/30 to all of its customers. At the end of June, OQuinns inventory consisted of suitcases costing $1,200. During...
-
Pace Distributing Company completed the following merchandising transactions in the month of April. At the beginning of April, the ledger of Pace showed Cash of $9,000 and Owners Capital of $9,000....
-
A firm that sells fitness electronic equipment has fixed costs of $ 5 1 0 , 0 0 0 and variable costs per unit of $ 5 0 . Further, they sell their equipment for $ 2 0 0 per unit. How many units does...
-
The balance sheet of ABC Ltd. on December 31, 2023, is provided below: Item Amount ($) Accounts Payable 1,650,000 Notes Payable 1,630,000 Accrued Expenses 1,510,000 Total Current Liabilities ?...
-
Budgeting at Apple Inc. Values: Projected Sales Revenue: $10,000,000 Budgeted Expenses: $6,000,000 Budget Period: Quarterly Requirements: Create a quarterly budget for Apple based on the given...
Study smarter with the SolutionInn App