During 2022, Mastermind Corporation had: Revenue of $766,000 Cost of Goods Sold of $225,000 Operating expenses of $58,000 Interest expense of $3,500 Depreciation Expense of $13,000 During the year Mastermind Corporation paid: 40% of net income in dividends 21% in corporate taxes A. Prepare a multi-step income statement on Sheet 1 of your spreadsheet. Rename Sheet 1 “Income Statement”. Every calculation needs a working Excel formula*. Include the dividend and additions to Retained Earnings below the income statement. B. Calculate Mastermind’s Operating Cash Flow beneath the Income Statement.* Be sure to label it.
During 2022, Mastermind Corporation had: Revenue of $766,000 Cost of Goods Sold of $225,000 Operating expenses of $58,000 Interest expense of $3,500 Depreciation Expense of $13,000 During the year Mastermind Corporation paid: 40% of net income in dividends 21% in corporate taxes A. Prepare a multi-step income statement on Sheet 1 of your spreadsheet. Rename Sheet 1 “Income Statement”. Every calculation needs a working Excel formula*. Include the dividend and additions to Retained Earnings below the income statement. B. Calculate Mastermind’s Operating Cash Flow beneath the Income Statement.* Be sure to label it.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter5: The Income Statement And The Statement Of Cash Flows
Section: Chapter Questions
Problem 1RE: Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of...
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- During 2022, Mastermind Corporation had:
- Revenue of $766,000
- Cost of Goods Sold of $225,000
- Operating expenses of $58,000
- Interest expense of $3,500
- Depreciation Expense of $13,000
During the year Mastermind Corporation paid:
- 40% of net income in dividends
- 21% in corporate taxes
A. Prepare a multi-step income statement on Sheet 1 of your spreadsheet. Rename Sheet 1 “Income Statement”. Every calculation needs a working Excel formula*. Include the dividend and additions to Retained Earnings below the income statement.
B. Calculate Mastermind’s Operating Cash Flow beneath the Income Statement.* Be sure to label it.
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