How do create the income statement for the company

Assignment Help Managerial Accounting
Reference no: EM132633385

Income Statement Preparation

Packers' Nation, an NFL franchise company, generates $71,375,000 in revenues each year. Its gross margin is 32 percent. Selling expenses account for three-fourths of its operating expenses and administration costs account for the balance. The income tax rate for the company is 20 percent and the company was able to generate net income of $3,568,750.

Required:

Problem 1: Prepare the income statement for the company. Round dollar values to the nearest dollar. Round percentages to the nearest tenth of a percent.

Note: When allocating the selling and administrative expenses, do not round intermediate computations.

Reference no: EM132633385

Questions Cloud

Determine the operating income under absorption costing : Operating Income, inventoriable costs, and costs of ending inventory. Determine the operating income under absorption and variable costing methods
Midwestern State Aids : A midwestern state aids its institutions of higher education by giving a credit against its income tax equal to 50 percent of any gift to such institutions
Supreme court cases of students with disabilities : Critical Review Paper: What are some supreme court cases of students with disabilities in K-12
What are the pros of qualitative research method : What are the pros of qualitative research method?
How do create the income statement for the company : How do Prepare the income statement for the company. Round dollar values to the nearest dollar. Round percentages to the nearest tenth of a percent.
Explain how does man is considered as a whole being : How does physical development, cognitive development, socio- emotional development and spiritual development affects the development of an individual?
Organization and management of health care facility : Outline a detailed feasibility plan for the hiring of nurses, physicians, and allied professionals. Describe the duties of each major head within organization
Journalize the jan summary entries to record of operations : Old School Publishing Inc. began printing operations, Journalize the Jan. 31 summary entries to record each of the operations for January.
Describe own personal relationship to politics : Describe your own personal relationship to politics in the US. Over the course of our study this semester, has anything about that changed?

Reviews

Write a Review

Managerial Accounting Questions & Answers

  Classify costs as direct materials

Classify costs as direct materials, direct labor, manufacturing overhead, selling, or administrative. Classify the costs either product costs or period costs.

  First set of financial statements

Adriana Lopez launched a computer services company called Success Systems, which provides consulting services, computer systems installations, and custom program development. Lopez adopts the calendar year for reporting purposes and prepared the comp..

  Determine and calculate the cost of goods sold account

Assuming underapplied or overapplied overhead is transferred to cost of goods sold at the end of the period, calculate the cost of goods sold account

  Why would happen since is a decrease

Return on total assets in 2012 of 13.05% and in 2013 of 10.42%... what does this mean? Since it is a decrease from 2012 to 2013 why would this happen?

  Determine how much will the dividend be at the end

Determine How much will the dividend be at the end of the fifth year? Answer to the nearest cent, e.g $5.678 should be entered as 5.68.

  Common size value for earnings before taxes

The Phillipe Corporation has sales of $4,053, a depreciation expense of $550, EBIT of $723, and an interest expense of $302.

  Calculate the expected costs

Calculate variable costs per unit, variable cost per unit for utilities and variable cost per unit for maintenance - Calculate the expected costs

  What are the direct variable manufacturing costs per unit

Zephyr Apparels is a clothing retailer. What are the direct variable manufacturing costs per unit associated with Product DCT121? Show calculation.

  Trinco ltd - business statement

Advise managers whether or not this contract is profitable. All assumptions must be clearly stated.

  Compute the companys margin

Compute the company's margin, turnover, and return on investment for last year - What was the company's residual income last year

  Calculate and explain variances that would help blake assess

Calculate and explain the variances that would help Blake assess whether renting the new milling machine reduced material waste and labor time

  Determine the dealership sales price variance for the month

The budget for the month was to sell 12 cars at an average price of $15,200. Compute the dealership's sales price variance for the month.

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