COD Corporation's accounting records include the following items, listed in no particular order, at December 31, 2025:View the data.The income tax rate for COD Corporation is 21%.Prepare COD Corporation's income statement for the year ended December 31, 2025. Omit earnings per share. Use the multi-step format.Prepare the income statement through the income before taxes, then complete the income statement through the net income. (Use parentheses or a minus sign to enter amounts for Other Expenses.)COD CorporationIncome StatementYear Ended December 31, 2025DataIncome Before Income Taxes-Other Income and (Expenses)$Net Sales RevenueGain on Discontinued Operations(12,000)167,8002,400Cost of Goods Sold80,000Operating Expenses55,000PrintDone☑

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Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

ChapterMB: Model-building Problems

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Problem 12M

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Refer to the information for Juroe Company on the previous page. Also, assume that Juroes total assets at the beginning of last year equaled 17,350,000 and that the tax rate applicable to Juroe is 40%. Required: Note: Round answers to two decimal places. 1. Calculate the average total assets. 2. Calculate the return on assets.
Clix Photographic Supplies, Inc.'s accounting records include the following for 2024: (Click the icon to view the data.) Assume Clix's income tax rate is 21%. Prepare Clix's multi-step income statement for the year ending December 31, 2024. Omit earnings per share. (Use parentheses or a minus sign for amounts decreasing the income from continuing operations.) Net Income Clix Photographic Supplies, Inc. Income Statement Year Ended December 31, 2024 Data table C Loss on Discontinued Operations $ Cost of Goods Sold 30,000 240,000 Print Net Sales Operating Expenses Done $ - X 525,000 100,000
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