User Account

All Pages

Prepare an income statement - single-step approach

Assignment Help Accounting Basics
Reference no: EM132651975

Question - Company XYZ had the following information during 2020:

1. Beginning inventory was $50,000. Purchases of inventory was $20,000. Ending inventory was 35% of beginning inventory at the end of the year.

2. Cash on hand was $325,000.

3. Sales revenue was $225,000.

4. Operating expenses were half of cost of goods sold.

5. Income tax rate was 20%.

Required - Prepare an income statement for 2020 using the (1) single-step approach and (2) multiple-step approach. What are the advantages and disadvantages of each?

 

Reference no: EM132651975

Questions Cloud

What does suggest about plush carpet mill inc profitability : Look at the profitability margin (gross profit margin and net profit margin) of Plush Carpet Mill Inc. What trends do you notice over 2003-2005
Calculate the value of a share assuming a zero growth : A firm has an expected dividend next year of $3.60 and a required return of 12 percent. Calculate the value of a share assuming a zero growth rate of dividends.
Manage risk within organizations and enterprises : This week give a good discussion and look at some of the frameworks that are used to manage risk within organizations and enterprises.
Calculate the yield to maturity of bond-noor industries : The bond will mature in ten years and currently sells for $1,250. Use the approximation formula to calculate the yield to maturity (YTM) of this bond.
Prepare an income statement - single-step approach : Prepare an income statement for 2020 using the (1) single-step approach and (2) multiple-step approach. What are the advantages and disadvantages of each
Find what is the income from continuing operations : Find What is the income from continuing operations? what is the other comprehensive income? What is the comprehensive income?
Compute the amount of cash to be reported : An I.O.U. from Marianne Koch, a company customer, in the amount of P190,000. Compute the amount of cash to be reported
Provide supporting argument that stereotypes are not dying : Provide supporting argument that Stereotypes are NOT dying.
What of the ways the company could finance the company : What of the ways the company could finance the company without significant negative changes to the above financial metrics (ratios)?

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Theory of interest - term structure of interest rates

Term Structure of Interest Rates

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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