The year-to-date income statement of MALLOWS, Inc. is presented below: MALLOWS, Inc. Income Statement For the six-month period ended June 30, 2021 Sales P 2,400,000 1,780,000) 620,000 90,000 710,000 Cost of sales (. Gross profit Interest income Total income Selling and distribution expenses General and administrative expenses P 230,000 150,000 380,000) 330,000 75,000) 255,000 76,500) 178,500 Net income before interest and tax Finance costs Net income before tax Income tax expense Net income after tax P
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TOPIC: INTERIM FINANCIAL REPORTING
Preparation of Interim Income Statement
- Prepare an income statement for the second quarter ended June 30, 2021
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- Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for Cuneo Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 3. Prepare a common-size income statement for Year 3 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)Sundahl Companys income statements for the past 2 years are as follows: Refer to the information for Sundahl Company above. Required: 1. Prepare a common-size income statement for Year 1 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 2 by expressing each line item as a percentage of sales revenue. (Note: Round percentages to the nearest tenth of a percent.)
- Cuneo Companys income statements for the last 3 years are as follows: Refer to the information for Cuneo Company above. Required: 1. Prepare a common-size income statement for Year 2 by expressing each line item for Year 2 as a percentage of that same line item from Year 1. (Note: Round percentages to the nearest tenth of a percent.) 2. Prepare a common-size income statement for Year 3 by expressing each line item for Year 3 as a percentage of that same line item from Year 1. (Note: Round percentages to the nearest tenth of a percent.)Below are extracts from the financial statements of Charlton Ltd: Statement of profit or loss for the year ended 31 December 2020 Revenue 214,550 Cost of sales (182,000) Gross profit 32,550 Investment income 4,760 Loss on disposal (40) (6,300) (3,500) Distribution costs Administrative expenses Profit from operations 27,470 Finance costs (2,800) Profit before tax 24,670 (2,100) 22,570 Income tax expense Profit for the period Statements of financial position 31 December 2020 31 December 2019 Assets Non-current assets Property, plant and equipment 15,920 5,950 Investments 17,500 17,500 33,420 23,450 31 December 2020 31 December 2019 Assets Non-current assets Property, plant and equipment 15,920 5,950 Investments 17,500 17,500 33,420 23,450 Current assets Inventories 7,000 13,650 Trade and other receivables 13,300 8,400 Cash and cash equivalents 2,870 1,120 23,170 23,170 Total assets 56,590 46,620 Equity and liabilities Capital and reserves Share capital 7,000 6,300 Share premium Retained…Below is the Income Statement of Company A for 2020-2021 in KWD. 2021 2020 t of Sales Revenue 1,000,000 1,200,000 Cost of GoodsSold 500,000 660,000 Gross Profit 500,000 540,000 Marketing Expenses 70,000 120,000 Administrative Expenses 150,000 132,000 Net Income 280,000 288.000 Enter the Common Size Percents for 2021 and 2020 (1 Common Size Percents - Common Size Percents - 2021 2020 Sales Revenue Cost of Goods Sold Gross Profit Marketing Expenses Administrative Expenses Net Income
- The income statement of Tavis Corporation and selected additional data are presented below: Tavis Corporation Income Statement for the Year Ended December 31, 2020 Net sales $220,000 Cost of goods sold __109,000 Gross profit 111,000 Selling and general expenses _98,000 Income from operations 13,000 Interest expense __2,500 Income before income tax 10,500 Income tax expense __3,000 Net income $ 7,500 Additional data: Total assets $214,000 Common stockholders’ equity $116,000 Preferred dividends…Big Corporation reported the following income statement and balance sheet for the past two years: Big Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $ 100,600,800 $ 92,600,500 Cost of goods sold 66,750,500 60,750,800 Gross profit 33,850,300 31,849,700 Selling expenses 7,150,500 6,240,800 Administrative expenses 4,950,800 4,590,700 Total operating expenses 12,101,300 10,831,500 Income from operations 21,749,000 21,018,200 Interest Expense 425,500 476,300 Other income 148,400 127,200 Income before income tax 21,471,900 20,669,100 Income tax expense 8,588,800 8,267,700 Net income $ 12,883,100 $…Big Corporation reported the following income statement and balance sheet for the past two years: Big Corporation Comparative Income Statement For the Years Ended December 31, 2021 and 2020 2021 2020 Amount Amount Sales $ 100,600,800 $ 92,600,500 Cost of goods sold 66,750,500 60,750,800 Gross profit 33,850,300 31,849,700 Selling expenses 7,150,500 6,240,800 Administrative expenses 4,950,800 4,590,700 Total operating expenses 12,101,300 10,831,500 Income from operations 21,749,000 21,018,200 Interest Expense 425,500 476,300 Other income 148,400 127,200 Income before income tax 21,471,900 20,669,100 Income tax expense 8,588,800 8,267,700 Net income $ 12,883,100 $…
- In the income statement for the current year, JK Company reported revenue P50,000,000, excluding intersegment sales P10,000,000, expenses P47,000,000 and net income P3,000,000. Expenses included payroll costs of P15,000,000. The combined identifiable assets of all operating segments at year-end totaled P40,000,000. What is the minimum amount of sales to be a major customer?The statement of income for Pembina Ltd. is shown below: Sales Cost of goods sold Gross profit PEMBINA LTD. Statement of Income Year Ended December 31 (in millions) Operating expenses Income from operations Interest expense Income before income tax Income tax expense Net income 2021 $1,610 908 702 525 177 80 97 25 $72 2020 $1,410 744 PEMBINA LTD. Horizontal Analysis of Statement of Income (% of base-year amount) Year Ended December 31 666 407 259 50 209 52 $157 2019 $1,194 598 596 397 199 40 159 40 $119 Using horizontal analysis, calculate the horizontal percentage of a base-year amount, assuming 2019 is the base year. (Round answers to 1 decimal place, e.g. 5.2%. Enter negative amounts using either a negative sign preceding the number e.g. -45.1% or parentheses e.g. (45.1)%.)The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…