Compute genmet net income for fiscal year

Assignment Help Financial Accounting
Reference no: EM132934422

Income computation for a manufacturing firm. The following data relate to GenMet, a U.S.- based consumer goods manufacturing firm, for the fiscal year ending October 31, 2013. Reported amounts are in millions of U.S. dollars ($).

                                                                                                                          October 31, 2013               October 31, 2012
Raw Materials Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $101.5                                  $ 73.7
Work-in-Process Inventory . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $119.1                                $100.8
Finished Goods Inventory. . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $322.3                              $ 286.2

Problem 1: GenMet incurred manufacturing costs (direct material, direct labor, manufacturing overhead) during fiscal 2013 totaling $2,752.0. Sales revenue was $6,700.2, selling and administrative expenses were $2,903.7, and interest expense was $151.9. The income tax rate is 35%. Round arithmetic computations to one digit after the decimal point. Compute GenMet's net income for fiscal year 2013.

Reference no: EM132934422

Questions Cloud

Describe the selective pressures : Describe the selective pressures that led to the evolution of each vertebrates' forelimb: toad, turtle, pigeon, rabbit, and human?
How many rabbits do expect to be on the island now : After surveying the vegetation on the island, you estimated that there is enough food on the island to support a population of 1617 rabbits.
What amount should she contribute to the new business : If Joni is to invest sufficient cash to obtain 2/5 interest in the partnership, what amount should she contribute to the new business?
Relationship between environmental factors and osteoporosis : Provide two environmental factors that have been linked to the condition and explain their relationship to its' development
Compute genmet net income for fiscal year : The income tax rate is 35%. Round arithmetic computations to one digit after the decimal point. Compute GenMet's net income for fiscal year 2013.
What the transaction to record depreciation will affect : Lomaz Enterprises recognizes the depreciation expense for year 2, in the amount of $ 5,000. The transaction to record depreciation will affect
Which the bad debt allocation method is : The formula for return on investment is the net income divided by the assets. This financial ratio indicates to the management of the businesses?
Who is responsible for the accuracy of financial statements : Eddie Mercury Inc., is not recording all relevant information in its financial statements. Who is responsible for the accuracy of these financial statements?
Explain the principles of measurement : Explain the principles of measurement and disclosure of the NCI and Explain how the consolidation worksheet is changed by the presence of the NCI

Reviews

Write a Review

Financial Accounting Questions & Answers

  What the typical present worth would

In figuring present worth in a condition with an extent of potential outcomes all restricted using a comparable financing cost, the typical present worth would

  Determine and compute book value per share

If there is $32,700 in earnings available to common shareholders and Phelp's stock has a P/E ratio of 24 times EPS, what is the current price of the stock?

  Compute the activity-based overhead rate for each activity

Compute the activity-based overhead rate for each activity cost pool. What is the benefit to Ideal Manufacturing of applying activity-based costing to its R&D activity for both in-house and outside charging purposes?

  How much dividends did they pay during the year

ABC Company reported the following figures on the Balance Sheet: If ABC Company reported Net Income for the Year of $1,200,000, how much dividends did they pay during the year?

  Predict overhead costs in future months

X Company's accountant analyzed the following overhead costs in March to develop a cost function that could be used to predict overhead costs in future months.

  Calculate luis shop cash flow from operations

The firm's cash account was P950,000 at the beginning of 20X5 and P1,025,000 at the end of the year. Calculate Luis Shop's cash flow from operations for 20X5.

  How much gain seller can recognize

The land cost $40000. because the buyer has good credit and high interest rate on the note, the seller thinks the note's fiar market value will be $74,000. How much the gain seller can recognize?

  How much needs to be invested in stock b

Stock A has a beta of 1.3 and stock B has a beta of 0.7. You want a portfolio beta of 0.9. How much needs to be invested in stock B

  Discuss the impacts of the COVID pandemic

Discuss the impacts of the COVID-19 pandemic when applying FRS 115 Revenue from Contracts with Customers for Singapore companies

  What criteria would you use to evaluate the change

A change in an accounting principle should be noted so auditors can evaluate the change. Your client recently changed accounting principles.

  Companys depreciation and amortization expense

Trevi Corporation recently reported an EBITDA of $32,400 and $9,700 of net income. The company has $6,700 interest expense, and the corporate tax rate is 35 percent. What was the company’s depreciation and amortization expense?

  Value chain through vertical integration

In some cases one of the purposes of initiating a business is to control your value chain through vertical integration. General Motors relies on an unrelated company for a key component. General Motors relies on a vertically integrated subsidiary for..

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd