Based on this information can you create an Income Statment Accounts Receivable $1,200 Accounts Payable $20,200 Advertising Expense $750 Cash $28,600 Cost of Goods Sold $8,800 Drawings by Owner $1,625 Equipment $5,150 Interest Expense $300 Interest Payable $300 Inventory $3,900 Investments by Owner $10,000 Rent Expense $3,600 Sales Returns $600 Sales Revenue $11,900 Service Revenue $20,750 Supplies $600 Supplies Expense $2,025 Utilities Expense $600 Wages Expense $5,400
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- Based on this information can you create an Income Statment
Accounts Receivable $1,200- Accounts Payable $20,200
- Advertising Expense $750
- Cash $28,600
- Cost of Goods Sold $8,800
- Drawings by Owner $1,625
- Equipment $5,150
- Interest Expense $300
- Interest Payable $300
- Inventory $3,900
- Investments by Owner $10,000
- Rent Expense $3,600
- Sales Returns $600
- Sales Revenue $11,900
- Service Revenue $20,750
- Supplies $600
- Supplies Expense $2,025
- Utilities Expense $600
- Wages Expense $5,400
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Solved in 2 steps
- Use the following to calculate the general and administrative expenses. Expenses and losses: Cost of goods sold$203, 371 Selling expense57, 431 General and administrative expense Interest expense15, 222 Total expenses and losses$284,000Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement ($ in thousands) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets. Total assets 2020 $ 6,170 4,440 380 $1,350 $ 130 38 $ 1,312 276 $ 1,036 2021 $ 235 1,070 910 2,100 1,745 $ 2,945 $ 3,245 3,780 3,560 $ 6,725 $ 6,805 Total liabilities & equity Bayside, Incorporated 2020 and 2021 Balance Sheets ($ in thousands) Accounts payable Long-term debt Common stock Retained earnings How many dollars of sales were generated from every dollar of fixed assets during 2021? 2020 $ 1,635 850 3,320 920 $ 6,725 2021 $1,665 650 3,320 1,170 $ 6,805Use the following information to answer this question: Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Windswept, Incorporated 2021 Income Statement ($ in millions) Total Net fixed assets Total assets 2020 $ 290 What is the fixed asset turnover for 2021? 1, 170 2, 090 $ 3,550 3, 590 $ 7,140 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2021 $ 13, 850 8, 100 510 $ 5, 240 106 $5, 134 1,078 $4, 056 $ 320 1, 070 1, 780 $ 3, 170 4, 160 $ 7,330 Accounts payable Long-term debt Common stock Retained earnings Total liabilities & equity 2020 $ 1,940 1, 100 3, 420 680 $ 7,140 2021 $ 1,910 1, 420 3, 070 930 $ 7,330
- Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement ($ in thousands) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets Total assets 2020 $ 150 1,150 1,825 $ 3,125 3,860 $ 6,985 $ 6,270 4,640 400 $ 1,230 46 $ 1,184 249 $935 Bayside, Incorporated 2020 and 2021 Balance Sheets ($ in thousands) 2021 $ 255 990 2,140 $ 3,385 3,680 $ 7,065 Total liabilities & equity Accounts payable Long-term debt Common stock Retained earnings BOLSA- How many dollars of sales were generated from every dollar of fixed assets during 2021? دا 2020 $1,735 890 3,400 960 $ 6,985 2021 $ 1,805 690 3,360 1,210 $ 7,065Use the following information to answer this question: Bayside, Incorporated 2021 Income Statement ($ in thousands) Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Total Net fixed assets Total assets 2020 $150 1,150 1,825 $ 3,125 3,860 $ 6,985 $ 6,270 4,640 400 $ 1,230 46 $ 1,184 249 $935 Bayside, Incorporated 2020 and 2021 Balance Sheets ($ in thousands) 2021 $255 990 2,140 $ 3,385 3,680 $7,065 Accounts payable Long-term debt. Common stock. Retained earnings Total liabilities & equity. How many dollars of sales were generated from every dollar of fixed assets during 2021? 2028 $ 1,735 899 3,400 960 $ 6,985 2021 $ 1,805 690 3,360 1,210 $ 7,965* ces Use the following information to answer this question. Windswept, Incorporated. 2022 Income Statement. (in millions) Net sales Cost of goods sold. Depreciation Earnings before interest and taxes. Interest paid Taxable income Taxes Net income Cash Accounts receivable Inventory Total Net fixed assets Total assets What is the quick ratio for 20227 $ 9,950 8,060 495 $ 1,395 116 $ 1,279 448 $ 831 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 $290 1,120 1,990 1,785 $3,400 $3,125 3,530 4,150 $ 6,930 $ 7,275 2022 $320 Accounts payable 1,020 Long-term debt Common stock. Retained earnings Total liabilities & equity 2021 $ 1,610 1,160 3,460 700 2022 $1,535 1,360 3,430 950 $ 6,930 $ 7,275
- Use the following information to answer this question: Net sales Cost of goods sold Depreciation Earnings before interest and taxes Interest paid Taxable income Taxes Net income Cash Accounts received Inventory Windswept, Incorporated 2021 Income Statement ($ in millions) Total Net fixed assets Total assets 2020 $ 270 1, 090 1, 760 $ 3, 120 3, 460 $ 6, 580 2021 $ 290 $ 9,950 7,900 365 990 1, 650 $ 1,685 98 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) $ 1,587 333 $ 1,254 Accounts payable Long-term debt Common stock Retained earnings $ 2,930 4, 040 $ 6,970 Total liabilities & equity 2020 $ 1,540 1, 060 3, 340 640 $ 6, 580 2021 $ 1,812 1, 248 3, 020 890 $ 6,970 Windswept, Incorporated, has 540 million shares of stock outstanding. Its price-earnings ratio for 2021 is 15. What is the market price per share of stock?Which of the following mathematical equations is used to compute the payables deferral period (DPO)? 000 о Payables deferral period (DPO) = Accounts payable/Daily credit purchases Payables deferral period (DPO) = Cost of goods sold/Accounts payables Payables deferral period (DPO) = Daily credit purchases/Accounts payable Payables deferral period (DPO) = Payables turnover 360 Payables deferral period (DPO) = Payables turnover/360The following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…
- The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?Prepare the nature of expense SCI for the following accounts below: Account titles Balance Account titles Balance Sales return P 5,555 Sales P 764,953 Sales discount 13,800 Purchases 467,532 Depreciation Expense 25,600 Purchase return and allowances 5,087 Amortization Expense 10,200 Gain on sale of PPE 5,800 Advertising Expense 40,000 Interest Income 8528 Purchase discount 8,000 Interest Expense 4,968 Freight In 9,800 Salaries Expense 70,000 Utilities Expense 50,000 Rent Expense 56,000 Increase in Inventory 35,800 Bad Debts 4% of net salesUse the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 11,750 Cost of goods sold 7,750 Depreciation 475 Earnings before interest and taxes $ 3,525 Interest paid 92 Taxable income $ 3,433 Taxes 721 Net income $ 2,712 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 220 $ 250 Accounts payable $ 1,660 $ 1,595 Accounts received 1,030 930 Long-term debt 1,030 1,350 Inventory 1,880 1,675 Common stock 3,280 3,000 Total $ 3,130 $ 2,855 Retained earnings 610 860 Net fixed assets 3,450 3,950 Total assets $ 6,580 $ 6,805 Total liabilities & equity $ 6,580 $ 6,805 What is the fixed asset turnover for 2021?