Instructions (a) Prepare a multiple-step income statement for 2012. Assume that 60‚000 shares of common stock are outstanding. Brokaw Corp Income Statement For The Year Ended December 31‚ 2012 Sales Revenue Net Sales $1‚200‚000 Cost of Goods Sold 780‚000 Gross Profit 420‚000 Operating Expenses Selling Expenses $65‚000 Administration Expenses $48‚000 113‚000 Income from operations 307‚000
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information was taken from the 2006 financial statements of pharmaceutical giant Merck and Co. All dollar amounts are in millions. Retained earnings‚ January 1‚ 2006 $37‚980.0 Materials and production expense 6‚001.1 Marketing and administrative expense 8‚165.4 Dividends 3‚318.7 Sales revenue 22‚636.0 Research and development expense 4‚782.9 Tax expense 1‚787.6 Other revenue 2‚677.1 Hint: Prepare income statement and retained earnings statement. (SO 4) Instructions (a)
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vHow are the hospital’s revenues and expenses grouped for planning and control? Patton-Fuller has two revenue categories; net patient revenue and other revenue. Patton-Fuller expense categories are; salaries and benefits‚ supplies‚ physician and professional fees‚ utilities‚ other‚ depreciation and amortization‚ Interest‚ and provision for doubtful accounts. The hospital’s revenue it broken up into two categories‚ the first being net patient revenue which consist of gross revenue generated
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1. Initial cash flow at t=0: Purchase: -$700‚000 Shipping and installation: -$100‚000 Depreciable basis = $800‚000 Old machine after taxes = $120‚000 - ($120‚000-$80‚000)(.40) = $104‚000 Initial Cash flow = -$800‚000 + $104‚000 = -$696‚000 Depreciation: Year 1: $800‚000 * .3333 = $266‚640 Year 2: $800‚000 * .4445 = $355‚600 Year 3: $800‚000 * .1481 = $118‚480 Year 4: $800‚000 * .0741 = $59‚280 Yearly revenue change: Decrease operating expenses of $90‚000 Incremental net cash flow
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The State of Statements: Balance Sheets‚ Income Statements and Statements of Cash Flow Robert M. Traynor‚ Ed.D.‚ MBA CEO/Audiologist Audiology Associates‚ Inc. Johnstown‚ Colorado Introduction For most audiologists the patient is foremost in mind as we provide hearing care services. Successful practitioners know that when their practice is centered on their patient’s welfare‚ success will usually follow. Probably the greatest responsibility of the Robert G. Glaser‚ Ph.D. CEO/Audiologist Audiology
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Balance Sheet and Income Statement Commentary BSA/500 – Business Systems I July 2‚ 2012 Balance Sheet and Income Statement Commentary JB Hunt (Trucking and logistics) On JB Hunt’s balance sheet for 2011 lists current assets of $513‚542‚000 and current liabilities of $438‚515‚000‚ yielding a current ratio of 1.17‚ which indicates the company‚ has $1.17 of current assets for every $1 of current liabilities. The previous year 2010‚ the current ratio was 0.91. This shows a 29% increase in the
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5 – BALANCE SHEET AND INCOME STATEMENT -Identify the different financial statements (BS*‚ IS‚ Statement of Stockholders’ Equity‚ and related notes) -Identify the different components of the BS (Assets: current and long term; Liabilities: current and long term; stockholders’ equity: preferred stock‚ common stock‚ PIC‚ treasury stock) -Identify the different component of the IS (Gross profit‚ earnings before interest and taxes‚ interest expense‚ income tax expense‚ income from continuing operations
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Liqi wang Accounting Income tax Both Amgen and Gilead are fully disclosed the income tax information according to GAAP requirements. Both companies recorded income tax in financial statement such as income statement and specified the detailed components of income taxes. Amgen recorded income tax based on pretax income‚ applicable tax rate and tax planning opportunities available in various jurisdictions. Gilead’s income provision was computed under liability method. Both
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There are different ways in how two income statements are prepared. For example: the income statement (also known as P&L) of a merchandising company consists of Revenue‚ Expenses (related to the sales volume through the Cost of Goods Sold (COGS) and General & Administrative Expense (G&SA)‚ which all result in Net Income. The income statement of a Service company consists of Service Revenue minus any Expenses related to that service‚ which results in Net Income. Another way to look at it is that
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ACC501: COMPUTERISED ACCOUNTING TUTORIAL 4 DISCUSSION QUESTIONS i. ‘Why are adjusting entries necessary? Surely they cause too much delay in preparing financial statements‚ and the financial effect of any entries made is immaterial in the long run.’ Respond to this criticism. ii. The owner of a business reviews the income statement prepared by you and asks‚ “Why do you report a profit of only $30 000 when cash collections of $100 000 were received and cash payments for the period totalled only
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