Use the following information to answer questions 5-7: ABC, Inc. provided the following partial-trial balance for...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Use the following information to answer questions 5-7: ABC, Inc. provided the following partial-trial balance for the current year. ABC. Inc. is subject to a 40% income tax rate. ABC, Inc. Partial Trial Balance (Selected Accounts) For the Year Ended December 31, 2015 Accounts Debit Credit Dividends Sales $225,400 3,830 Income from Discontinued Operations Interest Income 1,450 Gain on Disposal of Plant Assets 14,810 Unrealized Gain on Available-for-sale Marketable Securities 1,200 Cost of Goods Sold Office Supplies Expense Sales Salaries Expense Selling Expenses Accounting and Legal Fees-General Expense Advertising Expense Office Salaries Expense Depreciation Expense-General Expense Interest Expense Loss on Asset Impairment $2,460 90,100 4,500 8,390 11,210 2,400 6,660 21,480 18,600 2,570 1,840 5. What is 2015 gross profit? a. $62,160 b. $132,840 c. $135,300 d. $81,180 e. none of the above 6. Assume ABC's net income, for the year ended December 31, 2015, was $80,000. Using other numbers from the table above, ABC's comprehensive income for the year ended December 31, 2015 was: a. $80,000 b. $80,720 c. $82,298 d. $90,080 e. none of the above 7. What is total revenue from transitory activities? a. $20,090 b. $225,400 c. $245,490 d. $51,066 e. none of the above Use the following information to answer questions 5-7: ABC, Inc. provided the following partial-trial balance for the current year. ABC. Inc. is subject to a 40% income tax rate. ABC, Inc. Partial Trial Balance (Selected Accounts) For the Year Ended December 31, 2015 Accounts Debit Credit Dividends Sales $225,400 3,830 Income from Discontinued Operations Interest Income 1,450 Gain on Disposal of Plant Assets 14,810 Unrealized Gain on Available-for-sale Marketable Securities 1,200 Cost of Goods Sold Office Supplies Expense Sales Salaries Expense Selling Expenses Accounting and Legal Fees-General Expense Advertising Expense Office Salaries Expense Depreciation Expense-General Expense Interest Expense Loss on Asset Impairment $2,460 90,100 4,500 8,390 11,210 2,400 6,660 21,480 18,600 2,570 1,840 5. What is 2015 gross profit? a. $62,160 b. $132,840 c. $135,300 d. $81,180 e. none of the above 6. Assume ABC's net income, for the year ended December 31, 2015, was $80,000. Using other numbers from the table above, ABC's comprehensive income for the year ended December 31, 2015 was: a. $80,000 b. $80,720 c. $82,298 d. $90,080 e. none of the above 7. What is total revenue from transitory activities? a. $20,090 b. $225,400 c. $245,490 d. $51,066 e. none of the above
Expert Answer:
Answer rating: 100% (QA)
5 Sales 225400 Less Cost of Goods sold 90100 Gross Profit 135300 6 ... View the full answer
Related Book For
Fundamental Accounting Principles Volume II
ISBN: 978-1259066511
14th Canadian Edition
Authors: Larson Kermit, Jensen Tilly
Posted Date:
Students also viewed these accounting questions
-
Use the following information to answer questions (a) through (c) below. a. How much cash was received from customers during 2014? b. How much cash was paid for merchandise during 2014? c. How much...
-
Use the following information to answer questions (a) through (e) below. a. How much cash was received from customers during 2014? b. How much cash was paid for merchandise during 2014? c. How much...
-
Use the following information to answer parts (a) through (f). Describe what the results of each calculation mean to you as a project manager. What do you propose to do? PV = $500,000 EV = $350,000...
-
Question 4: Partners M, N, and O agreed to share the net income or loss in the ratio of 5:4:3 respectively. Their capital balances were Rs.80, 000, Rs. 70, 000 and Rs. 60, 000. They decided that "O"...
-
Holiday Greeting Cards is a local company organized late in July of 2010. The companys net income for each of its first six calendar quarters of operations is summarized below. (Amounts are stated in...
-
Write the formulas and names for all the ionic compounds that can form by combinations of the following ions: Mg2+, Pb4+, the carbonate anion, and the phosphide anion.
-
When to use a motion for judgment on the pleadings?
-
Mississippi Manufacturing, Inc., reported the following at December 31, 2014 and December 31, 2015: Stockholders Equity Preferred stock, cumulative, $2.00 par, 6%, 70,000 shares issued .... $ 140,000...
-
Cain Components manufactures and distributes various plumbing products used in homes and other buildings. Over time, the production staff has noticed that products they considered easy to make were...
-
Cooper River Glass Works (CRGW) produces four different models of desk lamps as shown in Figure. The operations manager knows that total monthly demand exceeds the capacity available for production....
-
Refer to Figure 15.10b, which shows a braced cut in clay. Given: H = 25 ft, H1-5 ft, c1%=2125 lb/ft2, y1=111 lb/ft3, H2-10 ft, c2=1565 lb/ft2, y2=107 Ib/ft3, H3 = 10 ft, c3 = 1670 Ib/ft2, and y3 =...
-
Warm-up 1). Word count Write a function wordcount (fname) which takes in a string fname, opens the file at location fname, and counts the number of words in the file. Assume that words" here refers...
-
Explain how to move forward with the Adoption/Implementation of Bitcoin in E-commerce
-
ABC Inc had 15,000 shares outstanding from January 1st to June 30th. It had 17000 shares outstanding from July 1st to December 31st. If ABC Inc had declared a three-for-one stock split on December...
-
Question 3 The price of an equity is RM5. Call and put options are available for this equity. The maturity of the options is at time Y. The stock price will change 3 times until maturity. The chance...
-
Sheridan Limited is a Niagara-on-the-Lake, Ontario-based winery producing blended, premium, and ultra-premium wines, which are sold globally. The company has a strong distribution network in Canada...
-
A(n) is a marketing intermediary hired by a consumer to guide what that consumer buys. O a. a. power user O b. b. surrogate consumer O c. opinion leader O d. market maven
-
Experiment: Tossing four coins Event: Getting three heads Identify the sample space of the probability experiment and determine the number of outcomes in the event. Draw a tree diagram when...
-
Zigloo.ca Inc. began 2014 with the following balances in its equity accounts: Common shares, 500,000 shares authorized; 200,000 shares issued and...
-
Garda World Security Corporation has the following shares, taken from the equity section of its balance sheet dated December 31, 2014. Preferred shares, $4.48 non-cumulative, 45,000 shares authorized...
-
Pyrogenesis Canada Inc. which was provincially incorporated reported the following equity account balances on December 31, 2013: Common shares, unlimited shares authorized, 20,000 shares issued and...
-
Give examples of non-current (or fixed) assets. In what circumstances would some of the items you have listed be current assets?
-
What is the difference between a non-current asset and a current asset?
-
You are given the following simplified statement of financial position of the Sandin Castle Company: a Calculate the current ratio. b Calculate the liquidity ratio. c After preparing the statement of...
Study smarter with the SolutionInn App