Business, 22.02.2020 00:53 dondre54

The following information is available for Splish Brothers Corp. for the year ended December 31, 2022. Other revenues and gains $21,800 Other expenses and losses 3,200 Cost of goods sold 283,000 Sales discounts 3,200 Sales revenue 747,000 Operating expenses 210,000 Sales returns and allowances 9,000 Prepare a multiple-step income statement for Splish Brothers Corp. The company has a tax rate of 25%.

Answers: 1

Show answers

Answers

Answer from: Fahaddie

Net Income 195,300

Explanation:

The question is to prepare a multi-step income statement

Splish Brothres Corp

Income Statement for the year ended December 31, 2022

Particulars/Description Amount ($) Amount ($)

Sales Calculation

Sales Revenue 747,000

Subtract:

Sales Returns 9,000

Sales discounts 3,200 (12,200)

Net Sales 734,800

Cost of Goods sold (283,000)

Gross Profit 451,800

Operating Expenses (210,000)

Operational Income 241,800

Other gains and revenue 21,800

Other Expenses and losses (3,200) 18,600

Income before Income Taxes 260,400

Income tax expense (25% x 260,400) (65,100)

Net Income 195,300

Answer from: Quest

one of the appeals of a sole proprietorship is that business expenses are kept separate from your personal income tax return

Answer from: Quest

government control and resources

Another question on Business

Business, 22.06.2019 10:10

Ursus, inc., is considering a project that would have a five-year life and would require a $1,650,000 investment in equipment. at the end of five years, the project would terminate and the equipment would have no salvage value. the project would provide net operating income each year as follows (ignore income taxes.):

Answers: 1

Answer

Business, 22.06.2019 19:20

Sanibel autos inc. merged with its competitor vroom autos inc. this allowed sanibel autos to use its technological competencies along with vroom autos' marketing capabilities to capture a larger market share than what the two entities individually held. what type of integration does this scenario best illustrate? a. vertical b. technological c. horizontal d. perfect

Answers: 2

Answer

Business, 22.06.2019 20:40

Consider an economy where the government's budget is initially balanced. the production function, consumption function and investment function can be represented as follows y equals k to the power of alpha l to the power of 1 minus alpha end exponent c equals c subscript 0 plus b left parenthesis y minus t right parenthesis i equals i subscript 0 minus d r suppose that taxes increase. what happens to the equilibrium level of output?

Answers: 1

Answer

Business, 22.06.2019 23:30

Rate of return douglas keel, a financial analyst for orange industries, wishes to estimate the rate of return for two similar-risk investments, x and y. douglas's research indicates that the immediate past returns will serve as reasonable estimates of future returns. a year earlier, investment x had a market value of $27 comma 000; and investment y had a market value of $46 comma 000. during the year, investment x generated cash flow of $2 comma 025 and investment y generated cash flow of $ 6 comma 770. the current market values of investments x and y are $28 comma 582 and $46 comma 000, respectively. a. calculate the expected rate of return on investments x and y using the most recent year's data. b. assuming that the two investments are equally risky, which one should douglas recommend? why?

Answers: 1

Answer

You know the right answer?

The following information is available for Splish Brothers Corp. for the year ended December 31, 202...

Questions