Below is the balance sheet for a store at the end of the first year, Balance...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Below is the balance sheet for a store at the end of the first year, Balance Sheet (December 31, 20x0) Cash Rent Deposit Inventory Total Assets $14,200 $5,000 $21,000 $40,200 Loans Payable Total Liabilities Stock Retained Earnings Total Equity Total Liab. and Equity $9,500 $9,500 $25,000 $7,000 $32,000 $41,500 Transactions (January 1 - March 31, 20x1) Description Product Purchased Receipts from sales Advertising/Promotion Payroll Expense Other Expense Loan Payment Revenue Gross Margin Advertising/Promotion Payroll Expense Other Expense Show the income statement for the quarter. You will need to calculate tax at 30%. Total Expenses Profit Before Taxes Amount Cost of Goods Sold (4,300x $12) $0 Taxes (@ 30%) $48,600 Profit After Taxes $107,500 $12,000 $25,000 $10,000 $1,000 0 Sample Store Income Statement Quarter Ended March 31, 20x1 $0 Comment 0 2,500 tops and 1,550 pants 4,300 units at average cost of $12 each increased promotion includes taxes and benefits includes $1,000 in shrinkage principal reduction 0 A $0 0 0 $0 0 : : Below is the balance sheet for a store at the end of the first year, Balance Sheet (December 31, 20x0) Cash Rent Deposit Inventory Total Assets $14,200 $5,000 $21,000 $40,200 Loans Payable Total Liabilities Stock Retained Earnings Total Equity Total Liab. and Equity $9,500 $9,500 $25,000 $7,000 $32,000 $41,500 Transactions (January 1 - March 31, 20x1) Description Product Purchased Receipts from sales Advertising/Promotion Payroll Expense Other Expense Loan Payment Revenue Gross Margin Advertising/Promotion Payroll Expense Other Expense Show the income statement for the quarter. You will need to calculate tax at 30%. Total Expenses Profit Before Taxes Amount Cost of Goods Sold (4,300x $12) $0 Taxes (@ 30%) $48,600 Profit After Taxes $107,500 $12,000 $25,000 $10,000 $1,000 0 Sample Store Income Statement Quarter Ended March 31, 20x1 $0 Comment 0 2,500 tops and 1,550 pants 4,300 units at average cost of $12 each increased promotion includes taxes and benefits includes $1,000 in shrinkage principal reduction 0 A $0 0 0 $0 0 : :
Expert Answer:
Related Book For
Accounting concepts and applications
ISBN: 978-0538745482
11th Edition
Authors: Albrecht Stice, Stice Swain
Posted Date:
Students also viewed these accounting questions
-
One Product Corp. (OPC) incorporated at the beginning of last year. The balances on its post-closing trial balance prepared on December 31, at the end of its first year of operations, were: The...
-
You are the controller at Star Wars, Inc., a wholesale distributor of lightsabers and other interstellar weaponry. The corporation was founded in a galaxy far, far away a long time ago. The company...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Guido is calculating his personal income tax. He has the following expenses, and wants to know what he can claim on his tax return. The following expenses are all related to Guido's personal...
-
A cat usually lands on its feet regardless of the position from which it is dropped. A slow-motion film of a cat falling shows that the upper half of its body twists in one direction while the lower...
-
Evaluate and simplify the following derivatives. d/dx (xe -10x )
-
What is the result of using the calculator to find the quotient of $50,820 divided by 12?
-
Now that you have read the chapter on financial planning, what do you recommend to Austin for his talk with Rachel on the subject of financial planning regarding? 1. Setting financial goals? 2....
-
binding capacity that human serum albumin (HSA, 67000 Da), a transfer protein found in human blood, has for a novel molecular probe, EO550 (MW = 691.85 g/mol). When bound to HSA, EO550 absorbs light...
-
There is an ongoing debate about the roles of quantitative and qualitative inputs in demand estimation and forecasting. Those in the qualitative camp argue that statistical analysis can only go so...
-
X-Ray of wavelength lembda=a is reflected from the (111) plane of Simple cubic lathice. If the latrice constant is a the corresponding Bragg angle is:
-
On January 1, 2022, Paula Company purchased a varnishing machine for P6,000,000. The entity received a government grant of P540,000 in respect of this asset. The accounting policy is to depreciate...
-
Evaluate (x + In (y) +z )dV = B {(x, y, z) | 0 < x < 1,1 < y < 5, 0 z < 10}. Round your answer to four decimal places.
-
SWOT Analysis Selected organization: Complete a SWOT analysis for your chosen company. Each analysis should be 75-100 words. Strengths Weaknesses Opportunities Threats
-
Find f''(x). f(x) = 7x2 f'(x) =
-
On January 1 a promissory note receivable was received by Overland Company in the amount of $56,200. It is a two month note bearing interest at 18% per annum. Overland follows proper accrual...
-
Crane Corp. is considering purchasing one of two new diagnostic machines. Either machine would make it possible for the company to bid on jobs that it currently isn't equipped to do. Estimates...
-
CLASS PERIO Solving Linear Equations: Variable on Both Sides Solve each equation. 1) 6r+ 7 = 13 + 7r 3) -7x-3x+2=-8x-8 5)-14 +66+7-26=1+5b 7) n-3n = 14-4n 2) 13-4x=1-x 4)-8-x= x - 4x 6)n+2=-14-n 8)...
-
FedEx delivers packages around the world. To accomplish this task, FedEx has made huge investments in long-term assets. 1. Identify what you consider to be the major long-term assets of FedEx. Review...
-
How might an investor be misled by looking only at the bottom line (the net income or EPS number) on an income statement?
-
An analysis of a companys financial ratios reveals the underlying reasons for the companys problems. Do you agree or disagree? Explain.
-
Decade Petroleum incurred and paid the following costs during 2016: Record Decade Petroleum's transactions. Lease A Unproved Lease B Unproved Lease C Proved Lease D Proved Purchased Acquisition costs...
-
The Kincaid Oil Company has unproved property costs of $40,000 at January 1, 2016. During 2016, Kincaid incurred $400,000 drilling costs on Lease A. An 8%, $500,000 note is outstanding during the...
-
Duck Petroleum hires a drilling contractor to drill a well to the depth of 8,000 feet at a cost of $300,000. The $300,000 cost includes $5,000 for surface casing. Any drilling to be completed after...
Study smarter with the SolutionInn App