Income statement and Balance sheet, can you help?
Fist of all, I don't need anyone to DO THIS for me, but I do need some help. The follwing is the question and the information available. I am having a heck of time figuring out how to find the retained earnings, and I'm struggling with the layout and determining which item goes in which category. Any help would be greatly appreciated. Thanx! Prepare a balance sheet and income statement as of December 31, 2003, for Belmond, Inc., from the following information: Inventory $ 6,500 Common stock 45,000 Cash 16,550 Operating expenses 1,350 Notes payable 600 Interest expense 900 Depreciation expense 1,200 Net sales 12,800 Accounts receivable 9,600 Accounts payable 4,800 Long-term debt 55,000 Cost of goods sold 5,750 Buildings and equipment 122,000 Accumulated depreciation 34,000 Taxes 1,440 General/administrative expense 850 Retained earnings ?
I need help with this Income Statement problem?
Ok I am having trouble understanding what I did wrong in this income statement problem. I checked my answers and I didn't get same answer. So maybe you can help me what I did wrong. Here is the problem: Faith Brooks, a 28-year-old college graduate, never took a personal finance class. She pays her bills on time, has managed to save a little in a mutual fund, and with the help of an inheritance managed a down payment on a condominium. But Faith worries about her financial situation. Given the following information, prepare an income statement. In addition to the following list, Faith offers these explanations: ◆ All short-term and long-term liabilities are unpaid. ◆ “Other expenses, monthly” represents cash spent without a record. ◆ She charges all incidentals on her credit cards and pays the balances off monthly. The balances shown below represent her average monthly balances Monthly pay, net Clothing expense, monthly Visa bill (monthly) Checking account Stocks Inherited coin collection MasterCard bill (monthly) Condominium Annual medical expenses Food, monthly Mortgage payment, monthly Auto Mutual fund Furnishings 401(k) retirement account Mortgage outstanding Car payment, monthly Auto loan outstanding Total monthly utilities Other personal property Savings account Other expenses, monthly Here is what I filled out Income Statement: Income: After-tax income Expenses: Mortgage Payment Visa card payment Master card payment Total Food Expenditures Utilities payments Clothing expenses Car Payment Total Medical Total Other Expenditures Total Living Expenditures (add all expenses) Income Available for Savings and Investment (net income) My answer for the Total Living Expenditures is $2,354 and $46 for the Income available for savings and Investment(net income) but in the answer book it gives a different answer. What number do you get?
Can you help me prepare an income statement?
Given the following information, prepare, in good form, an income statement for the Dental Drilling Company as of December 31, 2003. Selling and administrative expense.................................... $ 60,000 Depreciation expense.................................... 70,000 Sales.................................... 470,000 Interest expense.................................... 40,000 Cost of goods sold....................................... 140,000 Taxes.................................... 45,000
What is revealed through the income statement?
The income statement is often referred to as the P&L, which means profit and loss. So, it shows if the company is “profitable” or not. A company is profitable if its revenue > expenses.The main thing you need to understand is that “profit” is an accounting creation, and it is not the same as making money. Financial accounting is meant to show revenue when it is “earned,” and expenses in the same period as the revenue. Here is a simple example to illustrate:Dragon Company (much cooler than the usual “ABC” example, right?) pays 5% commission to its sales reps on the 15th following each month. If sales rep Smaug sells $100K of dragon scales in December, the company will pay him $5K on January 15th, but that commission relates to the December sales.The company has $100K revenue in DecemberIt has $5K expenses in DecemberIt has $95K profit in December (based on just this information)Again, the importance is that this has nothing to do with cash. Maybe Dragon Company won’t get paid the $100K until February, in which case it better have some cash on hand to pay Smaug in January. This is why people say Cash is King.Another example would be that a customer pays me $1M today for a project that will take me a full year. If you just look at the cash today, you would be mislead. I haven’t earned the $1M yet. So, profit is part of accrual accounting, which tries to show the real performance of a company, not just when cash changes hands.Profit is good. Positive cash flow is good. Overall, it’s more important to pay attention to your cash to make sure your business will survive, but the income statement helps you see a more accurate picture of financial performance in a specific time period.Hope this helps!I Quit My Job To Help You Quit YoursI Quit My Job To Help You Quit Yours! , Entrepreneurship , Startups , Lifestyle Entrepreneurship , Online Businesses , Online Business Idea , Small Businesses
Can you help me understand an income statement scenario?
The following income statement items appeared on the adjusted trial balance of ABC Company for the year ended December 31, 2011 ($ in 000s): sales revenue, $22,300; cost of goods sold, $14,500; selling expenses, $2,300; general and administrative expenses, $1,200; dividend revenue from investments, $200; interest expense, $300. Income taxes have not yet been accrued. The company's income tax rate is 40% on all items of income or loss. These revenue and expense items appear in the company's income statement every year. However, we need to determine the appropriate treatment of the following nonrecurring transactions that also occurred during 2011 ($ in 000s). All transactions are material in amount. a. Investments were sold during the year at a loss of $300. The company also had unrealized losses of $200 for the year on investments accounted for as securities available for sale. b. One of the company's factories was closed during the year. Restructuring costs incurred were $2,000. c. One of the company's manufacturing facilities located in a foreign country was expropriated. A loss of $800 was recognized. The event is considered to be unusual and infrequent. d. During the year, the company completed sale of one of its operating divisions that qualifies as a component of the entity according to GAAP regarding discontinued operations. The division had incurred operating income of $800 in 2011 prior to the sale, and its assets sold at a loss of $1,800. e. In 2011, the company's accountant discovered that depreciation expense in 2010 for the office building was overstated by $300. f. Foreign currency translation gains for the year totaled $600. Problem: Prepare the company's combined statement of income and comprehensive income for 2011, including basic earnings per share disclosures. Two million shares of common stock were outstanding throughout the year.
Can you help with income statement and retained earnings statement?
Our corporation's capital structure consists of 50,000 shares of common stock. At December 31, 2014 an analysis of the accounts and discussions with company officials revealed the following information: Sales revenue. $1,200,000 Earthquake loss (net of tax) (extraordinary item) 56,000 Selling Expenses. 128,000 Cash. 60,000 Accounts Receivable. 90,000 Common Stock. 200,000 Cost of goods sold. 701,000 Accumulated depreciation--machinery. 180,000 Dividend revenue. 8,000 Unearned service revenue. 4,400 Interest payable. 1,000 Land. 370,000 Patents. 100,000 Retained earnings, January 1, 2014. 290,000 Interest Expense. 17,000 Administrative expenses. 170,000 Dividends declared. 24,000 Allowance for doubtful accounts. 5,000 Notes payable (maturity 7/1/17) 200,000 Machinery. 450,000 Materials. 40,000 Accounts payable. 60,000 Prepare multi-step income statement, retained earnings statement.
Can anyone help me with an absorption costing income statement?
During 2005 Watson Corporation produced 60,000 units and sold 50,000 for $10 per unit. Variable manufacturing costs were $4 per unit. Annual fixed manufacturing overhead was $120,000 ($2 per unit). Variable selling and administrative costs were $1 per unit sold and fixed selling and administrative costs were $30,000. A) Prepare an absorption costing income statement. . . .
Variable costing income statement, Help me Please!!!?
On June 30, the end of the first month of operations, Volker Energy Company prepared the following income statement, based on the absorption costing concept: VOLKER ENERGY COMPANY Absorption Costing Income Statement For the Month Ended June 30, 2011 Sales (4,800 units)…………..………………………… 134,000 Costs of goods sold: Cost of goods manufactured (5,600 units)……… 112,000 Less inventory, June 30 (5,600)…………………………. 16,000 Costs of goods sold 96,000 Gross profit $38,400 Selling and administrative expenses 22,550 Income from operations $15,850 If the fixed manufacturing costs were $25,200 and the variable selling and administrative expenses were $11,400, prepare an income statement according to the variable costing concept. Enter all amounts as positive numbers. VOLKER ENERGY COMPANY Variable Costing Income Statement For the Month Ended June 30, 2011 Sales $_________ Variable Cost of goods sold: Variable Cost of goods manufactured $_________ Less inventory, June 30 _________ Variable Cost of goods sold _________ Manufacturing margin $_________ Variable Selling and administrative expenses _________ Contribution margin $_________ Fixed Costs: Fixed manufacturing costs $_________ Fixed selling and administrative expenses _________ _________ Income from operations $_________