Question
The income statement for Utah Communications follows. Assume Utah Communications signed a three-month, 9%, $110,000 note on June 1, 2024, and that this was the
The income statement for
Utah
Communications follows. Assume
Utah
Communications signed a three-month,
9%,
$110,000
note on
June
1,
2024,
and that this was the only note payable for the company.
LOADING...
(Click the icon to view the income statement.)
Requirements
1. | Fill in the missing information for Utah's year endedJuly 31, 2024, income statement. Round to the nearest dollar. |
2. | Compute the times-interest-earned ratio for the company. Round to two decimals. |
Requirement 1. Fill in the missing information for
Utah's
year ended
July
31,
2024,
income statement. Round to the nearest dollar. (Use a 12-month year for interest computations. Use a minus sign or parentheses to enter other expenses.)
|
| Utah Communications |
| |
|
| Income Statement |
| |
|
| Year Ended July 31, 2024 |
| |
Net Sales Revenue |
| $34,000 | ||
Cost of Goods Sold |
| (10,800) | ||
Gross Profit |
| 23,200 | ||
Operating Expenses: |
|
| ||
| Selling Expenses | $700 |
| |
| Administrative Expenses | 1,800 |
| |
| Total Operating Expenses |
| (2,500) | |
Operating Income |
| 20,700 | ||
Other Income and (Expenses): |
|
| ||
| Interest Expense |
|
| |
| Total Other Income and (Expenses) |
|
| |
Net Income before Income Tax Expense |
|
| ||
Income Tax Expense |
| (3,810) | ||
Net Income |
|
|
Step by Step Solution
There are 3 Steps involved in it
Step: 1
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-text-image.webp)
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Step: 3
![blur-text-image](https://dsd5zvtm8ll6.cloudfront.net/includes/images/document_product_info/blur-subtext-image.webp)
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started