ABC Company was a development stage enterprises from its inception on September 1, 2020 to December 31, 2020. The following information was taken from ABC's accounting records for the period: Net sales P5,400,000 • Cost of sales 4,000,000 Selling, general and administrative expenses 1,600,000 Research and development costs 1,200,000 • Interest expense 400,000 For the period September 1, 2020 to December 31, 2020, what amount should ABC report as net loss?
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- Oreo reported the following for the period:Sales P1,000,000Cost of Sales P300,000Operating expenses P100,000Determine the OSD assuming that Oreo is a corporationPorter Company is engaged solely in manufacturing operations. The following data (consistent withprior-years data) pertain to the segments in which operations were conducted for the year endedDecember 31, 2019.Segment TotalRevenueSegmentProfitAssets at31/12/19A $10,000,000 $1,750,000 $20,000,000B 8,000,000 1,400,000 17,500,000C 6,000,000 1,200,000 12,500,000D 3,000,000 550,000 7,500,000E 4,250,000 675,000 7,000,000F 1,500,000 225,000 3,000,000Totals $32,750,000 5,800,000 67,500,000In its segment information for 2019, how many reportable segments does Porter have?A. 3B. 4C. 5D. 6Shouldn't the operating expenses for 2020 be 8074.9? Forecasting an Income StatementADP reports the following income statement. AUTOMATIC DATA PROCESSING INC.Statement of Consolidated EarningsFor Year Ended June 30, 2019, $ millions Total revenues $14,175.2 Operating expenses 7,145.9 Systems development and programming costs 636.3 Depreciation and amortization 304.4 Total cost of revenues 8,086.6 Selling, general, and administrative expenses 3,064.2 Interest expense 129.9 Total expenses 11,280.7 Other income expense, net 111.1 Earnings before income taxes 3,005.6 Provision for income taxes 712.8 Net earnings $ 2,292.8 Forecast ADP’s 2020 income statement assuming the following income statement relations. All percentages (other than total revenue growth and provision for income taxes) are based on historic percent of total revenues. Total revenues growth 13% Depreciation and amortization $460.5 million Interest expense No change Other…
- Doris company has the following information for the year March 2021: selling, general and admin expenses were P178,200 Net sales=P810,000 Interest expenses=P19,400 Research and development=P85,050 Net cash provided by operating activities=P215,100 Income tax expenses=P18,160 COGS=P445,500 Compute operating income and net income for the period ending March 2021.Bonita Industries and its divisions are engaged solely in manufacturing operations. The following data pertain to the segments in which operations were conducted for the year ended December 31, 2021. Industry A B с D E F Revenue Four O Three O Six O Five $ 8130000 6620000 4950000 2470000 3530000 1250000 Profit $1319000 1120000 962000 440000 532000 184000 Assets 12/31/21 $15980000 13940000 10110000 5290000 5530000 2400000 $26950000 $4557000 $53250000 In its segment information for 2021, how many reportable segments does Bonita have?KM Manufacturing Company The income statement for the year ended December 31, 2020, for KM Manufacturing Company contains the following condensed information. KM Manufacturing Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 24,000 5,800,000 783,000 353,000 P430,000 Income tax expense Net income The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on KM's comparative balance sheets at December 31. KM Manufacturing Company Comparative Balance Sheets 2X20 2X19 Cash Accounts receivable Inventory Accounts payable P672,000 775,000 834,000 521,000 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid in 2020…
- The following condensed income statements of the Jackson Holding Company are presented for the two years ended December 31, 2021 and 2020: 2021 2020 Sales revenue $ 15,000,000 $ 9,600,000 Cost of goods sold 9,200,000 6,000,000 Gross profit 5,800,000 3,600,000 Operating expenses 3,200,000 2,600,000 Operating income 2,600,000 1,000,000 Gain on sale of division 600,000 — 3,200,000 1,000,000 Income tax expense 800,000 250,000 Net income $ 2,400,000 $ 750,000 On October 15, 2021, Jackson entered into a tentative agreement to sell the assets of one of its divisions. The division qualifies as a component of an entity as defined by GAAP. The division was sold on December 31, 2021, for $5,000,000. Book value of the division’s assets was $4,400,000. The division’s contribution to Jackson’s operating income before-tax for each year was as follows: 2021 $400,000 2020 $300,000 Assume…The following information appeared in the annual financial statements of Havard Projects Limited: Statement of Comprehensive Income for the year ended 31 December 2019 R Revenue 1 250 000 Direct costs (786 000) Gross profit 464 000 Operating expenses (124 000) Operating profit 340 000 Interest expense (15 000) Profit before tax 325 000 Income tax (97 500) Profit after tax 227 500 Statement of Financial Position as at 31 December 2019 Assets R Non-current assets 314 000 Current assets 386 000 Total assets 700 000 Equity and liabilities Shareholders’ equity 350 000 Non-current liabilities 205 000 Current liabilities 145 000 Total equity and liabilities 700 000 Note Current assets (R386 000) include accounts receivable of R160 000, inventories of R80 000 and cash of R146 000. Inventories as at 31 December 2018 amounted to R130 000. Current liabilities comprise…Analyze, Forecast, and Interpret Income Statement and Balance SheetFollowing are the income statement and balance sheet of ADP Inc. DATA PROCESSING INC. Statement of Consolidated Earnings For Year Ended June 30, 2019, $ millions Total revenues $8,505.1 Operating expenses 4,287.5 Systems development and programming costs 381.8 Depreciation and amortization 182.6 Total cost of revenues 4,851.9 Selling, general, and administrative expenses 1,838.5 Interest expense 77.9 Total expenses 6,768.3 Other (income) expense, net (66.7) Earnings before income taxes 1,803.5 Provision for income taxes 427.7 Net earnings $1,375.8 DATA PROCESSING INC. Balance Sheet $ millions June 30, 2019 Current assets Cash and cash equivalents $1,169.5 Accounts receivable, net 1,463.6 Other current assets 311.8 Total current assets before funds held for clients 2,944.9 Funds half for clients 17,660.5 Total current assets 20,605.4 Long-term receivables,…
- Selected information about income statement accounts for the Reed Company is presented below (the company's fiscal year ends on December 31): Sales revenue Cost of goods sold Administrative expense Selling expense Interest revenue Interest expense Loss on sale of assets of discontinued component 2024 2023 $5,250,000 $4,350,000 2,170,000 3,030,000 970,000 845,000 530,000 472,000 167,000 157,000 234,000 Sales revenue Cost of goods sold Administrative expense Selling expense Operating income before taxes On July 1, 2024, the company adopted a plan to discontinue a division that qualifies as a component of an entity as defined by GAAP. The assets of the component were sold on September 30, 2024, for $116,000 less than their book value. Results of operations for the component (included in the above account balances) were as follows: 234,000 116,000 1/1/2024-9/30/2024 $ 570,000 (375,000) (67,000) (37,000) $ 91,000 2023 $ 670,000 (422,000) (57,000) (37,000) $ 154,000 In addition to the…The following information appeared in the annual financial statements of Hitashi Projects Limited: Statement of Comprehensive Income for the year ended 31 December 2019 R Revenue 1 250 000 Direct costs (786 000) Gross profit 464 000 Operating expenses (124 000) Operating profit 340 000 Interest expense (15 000) Profit before tax 325 000 Income tax (97 500) Profit after tax 227 500 Statement of Financial Position as at 31 December 2019 Assets R Non-current assets 314 000 Current assets 386 000 Total assets 700 000 Equity and liabilities Shareholders’ equity 350 000 Non-current liabilities 205 000 Current liabilities 145 000 Total equity and liabilities 700 000 Note Current assets (R386 000) include accounts receivable of R160 000, inventories of R80 000 and cash of R146 Inventories as at 31 December 2018 amounted to R130 Current liabilities…KM Manufacturing Company The income statement for the year ended December 31, 2020, for KM Manufacturing Company contains the following condensed information. KM Manufacturing Company Income Statement For the Year Ended December 31, 2X20 Sales revenue Cost of goods sold Operating expenses (excluding depreciation) Depreciation expense Loss on disposal of plant assets Income before income taxes P6,583,000 P2,810,000 2,086,000 880,000 5,800,000 783,000 353,000 P430,000 24,000 Income tax expense Net income The P24,000 loss resulted from selling equipment for P270,000 cash. The equipment was purchased at a cost of P750,000. The following balances are reported on KM's comparative balance sheets at December 31. KM Manufacturing Company Comparative Balance Sheets Cash Accounts receivable Inventory | Accounts payable 2X20 P672,000 775,000 834,000 521,000 2X19 P130,000 610,000 867,000 501,000 Income tax expense of P353,000 represents the amount paid in 2020. Dividends declared and paid in 2020…