Reference no: EM13753184
(Single-Step Income Statement) The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2014. Fortunately, the controller had kept certain statistical data related to the income statement as follows.
1. The beginning merchandise inventory was $92,000 and decreased 20% during the current year.
2. Sales discounts amount to $17,000.
3.20,000 shares of common stock were outstanding for the entire year.
4. Interest expense was $20,000.
5. The income tax rate is 30%.
6. Cost of goods sold amounts to $500,000.
7. Administrative expenses are 20% of cost of goods sold but only 8% of gross sales.
8. Four-fifths of the operating expenses relate to sales active
From the foregoing, compute the following:
(a) Total net revenue,
(b) Net income,
(c) Dividends declared, and
(d) Income attributable to controlling stockholders.
|
Manufacturing accounts reflect the flow of the costs
: Using T accounts to represent various manufacturing accounts reflect the flow of the costs for this calendar quarter as summarized below. (Show your work) Account balances at the start of the quarter are: Materials, $218,000; Work in process, -0-; Fi..
|
|
Balance sheet for the patent-net of accumulated amortization
: Reynolds purchased a patent from Smith co. for $2,000,000 on January 1, 2012. The patent is being amortized over its remaining legal life of 10 years, expiring on January 1, 2022. During 2014, Reynolds determined that the economic benefits of the pat..
|
|
Explain the advantages and disadvantages of outsourcing
: Explain the advantages and disadvantages of outsourcing. Describe how e-commerce begin and what made it successful
|
|
Compute the cost that should be assigned to land
: On January 1, 2014, Blair Corporation purchased for $500,000 a tract of land (site number 101) with a building. Blair paid a real estate broker's commission of $36,000, legal fees of $6,000, and title guarantee insurance of $18,000. The closing state..
|
|
Single-step income statement
: (Single-Step Income Statement) The financial records of LeRoi Jones Inc. were destroyed by fire at the end of 2014. Fortunately, the controller had kept certain statistical data related to the income statement as follows.
|
|
Describe challenges us faced in american revolution
: Describe the challenges the United States faced in the years between the end of the American Revolution and 1800 as it struggled to become a successful and independent nation.
|
|
Explain the importance of standards organizations
: A number of organizations exist to define information security standards. Explain the importance of standards organizations with regard to both information systems and information systems security. Provide a rationale for your response
|
|
Potential disadvantages of introducing just-in-time
: Describe the potential disadvantages of introducing Just-In-Time (JIT) operations within a manufacturing organisation.
|
|
Compute the balance in the investment account
: Use the following information from Blue-Cross Inc 2014 annual report to calculate the dividend yield on common stock and the payout ratios. Then comment on the results. Safeway Company acquired 75 percent of the outstanding voting common stock of Gia..
|