{ "key_pair_value_system": true, "answer_rating_count": "", "question_feedback_html": { "html_star": "", "html_star_feedback": "" }, "answer_average_rating_value": "", "answer_date_js": "2024-09-14T00:06:18-04:00", "answer_date": "2024-09-14 00:06:18", "is_docs_available": "", "is_excel_available": "", "is_pdf_available": "", "count_file_available": 0, "main_page": "student_question_view", "question_id": "10721075", "url": "\/study-help\/questions\/the-cfo-for-fin-tackle-company-a-manufacturer-of-fine-10721075", "question_creation_date_js": "2024-09-14T00:06:18-04:00", "question_creation_date": "Sep 14, 2024 12:06 AM", "meta_title": "[Solved] The CFO for Fin Tackle Company, a manufac | SolutionInn", "meta_description": "Answer of - The CFO for Fin Tackle Company, a manufacturer of fine fishing supplies, has provided you the following information fr | SolutionInn", "meta_keywords": "cfo,fin,tackle,company,manufacturer,fine,fishing,supplies,provided,information,s,accounting", "question_title_h1": "The CFO for Fin Tackle Company, a manufacturer of fine fishing supplies, has provided you the following information from his company's accounting records. From the", "question_title": "The CFO for Fin Tackle Company, a manufacturer of fine fishing supplies,", "question_title_for_js_snippet": "The CFO for Fin Tackle Company, a manufacturer of fine fishing supplies, has provided you the following information from his company's accounting records From the information presented, prepare a properly formatted, multi step Income Statement (be sure to show intermediate profit lines Gross Profit, EBITDA, NOI, EBIT, EBT and NI as necessary) Per share presentation of income data is not being requested Balance sheet account information is as of the close of business for December 31, 2017 unless otherwise indicated Income statement information is applicable for the entire calendar year 2017 unless otherwise indicated The company's income tax rate is 35 The company did not purchase or dispose of any depreciable long term assets (Watch out you have more information than is needed to complete this problem) Sales Revenues $600,000 Property Tax Expense 70,000 Cash 10,000 Marketing Expenses 30,000 Warranty Liability 15,000 Prepaid Insurance 10,000 General and Administrative Expenses 35,000 Purchases of Goods for sale 75,000 Inventory available for sale as of 1 1 2017 120,000 Inventory available for sale as of 12 31 2017 95,000 Accum Depreciation on Plant, Property, Equipment (as of 1 1 17) 120,000 Accum Depreciation on Plant, Property, Equipment (as of 12 31 17) 160,000 Plant, Property and Equipment 500,000 Long term debt 50,000 Dividends declared and paid to shareholders by Fin 40,000 Dividend Income 42,000 Interest Income 3,000 Interest Expense 12,000 Net Accounts Receivable 15,000 Retained Earnings 60,000 Accounts Payable 15,000 Bad Debt Expense 5,000", "question_description": "

The CFO for Fin Tackle Company, a manufacturer of fine fishing supplies, has provided you the following information from his company's accounting records. From the information presented, prepare a properly formatted, multi-step Income Statement<\/strong> (be sure to show intermediate profit lines - Gross Profit, EBITDA, NOI, EBIT, EBT and NI - as necessary). Per share presentation of income data is not being requested. Balance sheet account information is as of the close of business for December 31, 2017 unless otherwise indicated. Income statement information is applicable for the entire calendar year 2017 unless otherwise indicated. The company's income tax rate is 35%.<\/strong> The company did not purchase or dispose of any depreciable long-term assets. (Watch out - you have more information than is needed to complete this problem). <\/p>

<\/p>

Sales\/Revenues<\/p> <\/td>

$600,000<\/p> <\/td> <\/tr>

Property Tax Expense<\/p> <\/td>

70,000<\/p> <\/td> <\/tr>

Cash<\/p> <\/td>

10,000<\/p> <\/td> <\/tr>

Marketing Expenses<\/p> <\/td>

30,000<\/p> <\/td> <\/tr>

Warranty Liability<\/p> <\/td>

15,000<\/p> <\/td> <\/tr>

Prepaid Insurance<\/p> <\/td>

10,000<\/p> <\/td> <\/tr>

General and Administrative Expenses<\/p> <\/td>

35,000<\/p> <\/td> <\/tr>

Purchases of Goods for sale<\/p> <\/td>

75,000<\/p> <\/td> <\/tr>

Inventory available for sale as of 1\/1\/2017<\/p> <\/td>

120,000<\/p> <\/td> <\/tr>

Inventory available for sale as of 12\/31\/2017<\/p> <\/td>

95,000<\/p> <\/td> <\/tr>

Accum. Depreciation on Plant, Property, Equipment (as of 1\/1\/17)<\/p> <\/td>

120,000<\/p> <\/td> <\/tr>

Accum. Depreciation on Plant, Property, Equipment (as of 12\/31\/17)<\/p> <\/td>

160,000<\/p> <\/td> <\/tr>

Plant, Property and Equipment<\/p> <\/td>

500,000<\/p> <\/td> <\/tr>

Long-term debt<\/p> <\/td>

50,000<\/p> <\/td> <\/tr>

Dividends declared and paid to shareholders by Fin<\/p> <\/td>

40,000<\/p> <\/td> <\/tr>

Dividend Income<\/p> <\/td>

42,000<\/p> <\/td> <\/tr>

Interest Income<\/p> <\/td>

3,000<\/p> <\/td> <\/tr>

Interest Expense<\/p> <\/td>

12,000<\/p> <\/td> <\/tr>

Net Accounts Receivable<\/p> <\/td>

15,000<\/p> <\/td> <\/tr>

Retained Earnings<\/p> <\/td>

60,000<\/p> <\/td> <\/tr>

Accounts Payable<\/p> <\/td>

15,000<\/p> <\/td> <\/tr>

Bad Debt Expense<\/p> <\/td>

5,000<\/p> <\/td> <\/tr> <\/tbody> <\/table>

<\/p>", "transcribed_text": "", "related_book": { "title": "Accounting", "isbn": "978-0324662962", "edition": "23rd Edition", "authors": "Jonathan E. Duchac, James M. Reeve, Carl S. Warren", "cover_image": "https:\/\/dsd5zvtm8ll6.cloudfront.net\/si.question.images\/book_images\/46.jpg", "uri": "\/textbooks\/accounting-23rd-edition-46", "see_more_uri": "" }, "free_related_book": { "isbn": "", "uri": "", "name": "", "edition": "" }, "question_posted": "2024-09-14 00:06:18", "see_more_questions_link": "\/study-help\/questions\/business-general-management-2023-February-20", "step_by_step_answer": "The Answer is in the image, click to view ...", "students_also_viewed": [ { "url": "\/study-help\/statistics-alive\/4-the-sample-means-were-calculated-for-30-samples-of-2009283", "description": "4. The sample means were calculated for 30 samples of size n510 for a process that was judged to be in control. The means of the 30 x -values and the standard deviation of the combined 300...", "stars": 0 }, { "url": "\/for-the-year-ended-december-31-2012-telmarine-electrical-repair", "description": "For the year ended December 31, 2012, Telmarine Electrical Repair Company reports the following summary payroll data. Gross earnings: Administrative salaries????.. ?$200,000 Electricians? wages??????...", "stars": 3 }, { "url": "\/study-help\/questions\/the-cfo-for-fin-tackle-company-a-manufacturer-of-fine-10721075", "description": "The CFO for Fin Tackle Company, a manufacturer of fine fishing supplies, has provided you the following information from his company's accounting records. From the information presented, prepare a...", "stars": 3 }, { "url": "\/study-help\/questions\/please-solve-these-questions-do-not-write-in-cursive-make-4071856", "description": "Please solve these questions. Do not write in cursive. Make sure your answers are clear and state. 3. Consider the market for new homes. For each of the events listed here, identify which...", "stars": 3 }, { "url": "\/study-help\/questions\/include-references-for-die-18f-a-hotel-and-that-will-1015421", "description": "Include references for Die 18f a hotel and that will help address an aspect of sustainability (one of the 3Ps\/EES). Explain what this technology is how will it function in a hotel Housekeeping or...", "stars": 3 }, { "url": "\/study-help\/questions\/a-partial-anova-table-summarizing-the-effect-of-drug-a-1023457", "description": "A partial ANOVA table summarizing the effect of Drug A on different groups is shown below: Source DF SS MS F P Treatment 5 1489.1 Error 36 543.9 Total Calculate the Mean Square (due to Treatment).", "stars": 3 }, { "url": "\/study-help\/questions\/question-list-question-1-o-question-2-k-your-grandfather-1023109", "description": "Question list Question 1 O Question 2 K Your grandfather would like to share some of his fortune with you. He offers to give you money under one of the following scenarios (you get to choose): 1....", "stars": 3 }, { "url": "\/study-help\/questions\/by-providing-examples-explain-six-6-performance-evaluation-of-account-1017752", "description": "By providing examples, explain SIX (6) performance evaluation of account receivables management. a. Discuss the indicator to assess the effectiveness of inventory system in a company. b. If the lead...", "stars": 3 }, { "url": "\/study-help\/questions\/next-steps-create-a-group-of-5-members-get-the-1023507", "description": "Next Steps Create a group of 5 members. Get the number of family members of the group. Now, consider samples of size 3 that can be drawn from the data. 1. List all possible samples and solve for each...", "stars": 3 } ], "next_back_navigation": { "previous": "\/study-help\/questions\/you-have-just-been-hired-as-a-financial-analyst-for-10721074", "next": "\/study-help\/questions\/5-tony-masasi-started-his-own-consulting-firm-masasi-10721076" }, "breadcrumbs": [ { "name": "Study help", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers" }, { "name": "Business", "link": "https:\/\/www.solutioninn.com\/study-help\/questions-and-answers\/business" }, { "name": "Accounting", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/business-accounting" }, { "name": "The CFO for Fin Tackle Company, a manufacturer of fine fishing supplies,", "link": "https:\/\/www.solutioninn.com\/study-help\/questions\/the-cfo-for-fin-tackle-company-a-manufacturer-of-fine-10721075" } ], "skill_details": { "skill_id": "9", "skill_name": "Accounting", "parent_id": "1" } } } }