Maurice Tutor

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About Maurice Tutor

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Expertise:
Algebra,Applied Sciences See all
Algebra,Applied Sciences,Biology,Calculus,Chemistry,Economics,English,Essay writing,Geography,Geology,Health & Medical,Physics,Science Hide all
Teaching Since: May 2017
Last Sign in: 402 Weeks Ago, 3 Days Ago
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Education

  • MCS,PHD
    Argosy University/ Phoniex University/
    Nov-2005 - Oct-2011

Experience

  • Professor
    Phoniex University
    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 11.00

local tax-preparer

You are a summer intern at the office of a local tax-preparer. To test your basic knowledge of financial statements, your manager, who graduated from your alma mater 2 years ago, gives you the following list of accounts and asks you to prepare a simple income statement using those accounts.

Depreciation 25

General and administrative expenses 22

Sales 345

Sales expenses 18

Cost of goods sold 255

Lease expense 4

Interest expense 3

a. Arrange the accounts into a well-labeled income statement. Make sure you label and solve for gross profit, operating profit, and net profit before taxes.

b. Using a 35% tax rate, calculate taxes paid and net. profit after taxes.

c. Assuming a dividend of $1.10 per share with 4.25 million shares outstanding, calculate EPS and additions to retained earnings.

E2-2 Explain why the income statement can also be called a ""profit and loss statement."" What exactly does the word ""balance"" mean in the title of the balance sheet? Why do we balance the two halves?

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 11:08 PM My Price 11.00

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