REVIEW: Use the following to answer questions 28 – 32 T&JR Corp reports the following income statement results: Gross profit $338,000| Interest expense 6,000 15,000| 789,000 Sales discounts Net Sales Operating expense 214,300| Effective tax rate 20%
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- Use the following income statement of Elliott Game Theory Consulting to determine its net operating profit after taxes (NOPAT). Use 25% as the tax rate. Elliott Game Theory Consulting Income Statement for Year Ending December 31Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?Please answer very fast then i ll upvote Calculate EBIT. Revenue 1,061,751.0 Cost of sales 690,135.0 Selling, general and administration 53,087.0 Other income 11,796.0 Operating income 330,325.0 Interest expense 19,874.0 Profit before tax 310,451.0 Tax expense 46,500.0 Net income 263,951.0 The footnotes mention the following: Cost of sales includes inventory write off costs 39,677.0 Cost of sales includes distribution costs 120,458.0 SG&A includes corporate restructuring expenses 15,570.0 Responses 385,572.0 275,078.0 330,325.0 506,030.0
- Sales COGS Gross profit G&A expenses Sales & Marketing expenses Depreciation Operating income Interest Income Before taxes Income taxes Net income $575,000 $ 1,600,000 $200,000 $ 50,000 $ 100,000 30% $ 700,000 1: Calculate Sales. 2. Calculate Income before taxes. Taxes are 30%, so you know the Net Income (Y) is a percent of "Income before taxes" (X). 3. Calculate the Income tax figure. 4. Calculate Operating Income. 5. Calculate Sales & marketing.Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its December 31, 20XD income statement: Cost of goods sold $525,000 Net sales Sales discounts Salaries expense 221,000 Utilities expense $950,000 125,000 20,000 Advertising expense 32,500 Interest revenue 5,000 Effective income tax rate 20% 22. $ Determine Sales 23. $ Determine gross profit 24. $ Determine operating expenses 25. $ Determine Income before income taxes (IBT) 26. $ Determine Income tax expense 27. $ Determine net income 28. Calculate gross profit ratio (round to one decimal place).Consider the following income statement: Sales Costs Depreciation Taxes Calculate the EBIT. EBIT $748,168 486,752 110,700 Net income 23% Calculate the net income.
- The financial data of Mammoth corporation for the year ended 31st December,2020 is as followsParticulars Variable expense as percentage of sales 66.67Interest Expense ($) 200DOL 5DFL 3Income tax rate 0.35Requirement:a) Prepare income statement for company.You have the following income statement data: Sales Cost of goods sold (Depreciation not included) Depreciation $100 Interest expense $60 Tax rate 30% Calculate net income. Round your answer to 2 decimal points; example 234.12. Your Answer: $850 $499 AnswerThe following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
- Active Fast Berhad has the following income statement items for 2021: Revenue/Sales RM559,236 Cost of goods sold RM311,003 EBIT RM248,233 Interest expenses RM93,938 Income tax expenses RM54,003 Dividend payment 40% of net profit What is the amount of the firm's retained earnings? Select one: a. RM163,438 b. RM60,175 c. RM40,117 d. RM148,9101. Prepare a comparative statements for Sunshine Co. showing an income statement for 3 year period. 2019. 2020. 2021Sale 500,000. 475,0000. 505,000Less: Cost of sales. 300,000. 210,000. 250,000Gross Profit on Sales. 200,000. 265,000 255,000Less: Operating Expenses. 120,000. 180,000. 155,000Net Income 80,000. 85,000. 100,000ASSESSMENT: Problem #1: On June 30, 2020, PSA Trading Co. has the following informatign: revenue from sales is Po8,760; sales return is P35,50o; cost of goods sold is P8.490: salaries cost P 14,600; rent is P8,090; light and water expenses are P7.550 and miscellaneous expenses are Po,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss Problem #2: AMA 6operative store had the following activities for year ended 2021: gross sales amounting to Po4,653, the cost of goods sold was P48,923, the operating expensés were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income slatemeni and find: a. Net Sales b. Gross Profit c. Net Profit Problem #3: AMA cooperative store had the following activities for year ended 2021: gross sales amounting to P94,653, the cost of goods sold was P48,923, the operating expenses were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales…