In your post, (with a minimum of 300 words) Complete the Income Statement based on your last
Fantastic news! We've Found the answer you've been seeking!
Question:
In your post, (with a minimum of 300 words)
- Complete the Income Statement based on your last name and attach it to your post.
- Explain whether the company on the Income Statement earned a profit in the last year.
- Identify other names for an income statement.
- Explain these phrases: bottom line, net earnings, net income, net profit.
- Pose one question related to the income statement, either in general or specifically related to the company on the Income Statement you completed
Transcribed Image Text:
Done Crunch Chip Company Income Sta... 9:19 Your name: Click or tap here to enter text. Directions: Using the information below, complete Table 1, the Crunch Chip Company Income Statement for the year ending December 31. To complete Table 1, • Fill in the expense categories (words) for each item in the correct locations. • Fill in the amounts (numbers) for each expense or profit category. o Be sure to enter commas as needed in the numbers. o For each entry labeled "profit," you will need to do the math (subtraction) to determine the amount to enter in the field. o To determine the amount of taxes, multiply pretax profit by the tax rate. • Be sure to fill in each field on the Income Statement table. Example (completed for you): Revenues: $12,500,000 ● Crunch Chip Company Income Statement Expense Categories and Amounts to fill in the Income Statement: • Cost of Goods Sold: $7,600,000 Marketing: $2,000,000 Depreciation: $100,000 Selling, General, & Administrative (SG&A): $1,300,000 Interest Costs: $500,000 • Tax Rate: 25% ● [GO TO NEXT PAGE] Table 1 Crunch Chip Company Income Statement For the year ending December 31, 20XX Revenues Click or tap here to enter expense category. Gross Profit Click or tap here to enter expense category. Click or tap here to enter expense category. Click or tap here to enter expense category. Operating Profit Taxes Net Profit Click or tap here to enter expense category. Pretax Profit $12,500,000 Click or tap here to enter expense amount. $Click or tap here to enter amount of gross profit. Click or tap here to enter expense amount. Click or tap here to enter expense amount. Click or tap here to enter expense amount. $Click or tap here to enter amount of operating profit. Click or tap here to enter expense amount. $Click or tap here to enter amount of pretax profit. 96 Click or tap here to enter expense amount. $Click or tap here to enter amount of net profit. Done Crunch Chip Company Income Sta... 9:19 Your name: Click or tap here to enter text. Directions: Using the information below, complete Table 1, the Crunch Chip Company Income Statement for the year ending December 31. To complete Table 1, • Fill in the expense categories (words) for each item in the correct locations. • Fill in the amounts (numbers) for each expense or profit category. o Be sure to enter commas as needed in the numbers. o For each entry labeled "profit," you will need to do the math (subtraction) to determine the amount to enter in the field. o To determine the amount of taxes, multiply pretax profit by the tax rate. • Be sure to fill in each field on the Income Statement table. Example (completed for you): Revenues: $12,500,000 ● Crunch Chip Company Income Statement Expense Categories and Amounts to fill in the Income Statement: • Cost of Goods Sold: $7,600,000 Marketing: $2,000,000 Depreciation: $100,000 Selling, General, & Administrative (SG&A): $1,300,000 Interest Costs: $500,000 • Tax Rate: 25% ● [GO TO NEXT PAGE] Table 1 Crunch Chip Company Income Statement For the year ending December 31, 20XX Revenues Click or tap here to enter expense category. Gross Profit Click or tap here to enter expense category. Click or tap here to enter expense category. Click or tap here to enter expense category. Operating Profit Taxes Net Profit Click or tap here to enter expense category. Pretax Profit $12,500,000 Click or tap here to enter expense amount. $Click or tap here to enter amount of gross profit. Click or tap here to enter expense amount. Click or tap here to enter expense amount. Click or tap here to enter expense amount. $Click or tap here to enter amount of operating profit. Click or tap here to enter expense amount. $Click or tap here to enter amount of pretax profit. 96 Click or tap here to enter expense amount. $Click or tap here to enter amount of net profit.
Expert Answer:
Answer rating: 100% (QA)
Income statement for Crunch chip company is given b... View the full answer
Related Book For
Income Tax Fundamentals 2013
ISBN: 9781285586618
31st Edition
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
Posted Date:
Students also viewed these finance questions
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
Planning is one of the most important management functions in any business. A front office managers first step in planning should involve determine the departments goals. Planning also includes...
-
List three specific parts of the Case Guide, Objectives and Strategy Section (See below) that you had the most difficulty understanding. Describe your current understanding of these parts. Provide...
-
What are the advantages for the HRM department if its head is on the main board? How might cultural influences noted in previous chapters affect that?
-
Research by G. Visser and C. Barker in "A Geography of British Backpacker Tourists in South Africa" (Geography, Vol. 89, No. 3, pp. 226-239) reflected on the impact of British backpacker tourists...
-
Express the ratios as ratios of natural logarithms and simplify. a. b. c. logg.x log3.x
-
Pick an industry and a product or service. Engage in a creative-thinking process, as outlined in Chapter 11, to generate an improved offering. Do the same to create an entirely new offering that uses...
-
(Entries for Conversion, Amortization, and Interest of Bonds) Volker Inc. issued $2,500,000 of convertible 10-year bonds on July 1, 2010. The bonds provide for 12% interest payable semiannually on...
-
Question 3.1 Create a class containing a method name createArray and a main method. The method createArray creates an array where each element contains the square of its index. The size of the array...
-
The Royal Seas Company runs a three-night cruise to the Caribbean from Port Canaveral. The company wants to run TV ads promoting its cruises to high-income men, high-income women, and retirees. The...
-
Fill in the missing Sequence and Acknowledgment numbers for a simple TCP connection shown below. C Host A User types 'C' Host ACKS receipt of echoed 'c' Time Seq=42, ACK- Seq-79, ACK- Seq F data='c'...
-
Chuck is standing statically on his right foot and you want to determine the force on his achilles tendon. Chuck has a body mass of 80 kg. The horizontal distance from his ankle to his achilles...
-
In 1981, Israel bombed a nuclear reactor in Iraq to prevent Saddam Hussein from developing a nuclear bomb that could strike Israel. Was Israel acting in lawful self-defense when it attacked a nuclear...
-
Newdex has net income of $3,100,000 (INCLUDING the effect of expected out-of-pocket costs) and 1,000,000 shares outstanding. It needs to raise $5,100,000 in funds for a new asset. Its investment...
-
A shipper of fresh fish and seafood, Mr. Den Denmark, delivered a refrigerated van of goods to the G.V. Suntide Vessel at the port of St. George's, Grenada on July 15 th , 2022 for shipment to...
-
Firm X needs to net $7,600,000 from the sale of common stock. Its investment banker has informed the firm that the retail price will be $23 per share, and that firm X will receive $20.00 per share....
-
The CEO of Pride Company argued that a conventional flexible budget or activity-based flexible budget is the latest trend in budgeting and therefore the company should adopt either one. Do you agree...
-
A consultant is beginning work on three projects. The expected profits from these projects are $50,000, $72,000, and $40,000. The associated standard deviations are $10,000, $12,000, and $9,000....
-
Abigail (Abby) Boxer is a single mother working as a civilian accountant for the U.S. Army. Her Social Security number is 676-73-3311 and she lives at 3456 Alamo Way, San Antonio, TX 78249. Helen,...
-
Amy is a calendar-year taxpayer reporting on the cash basis. Please indicate how she should treat the following items for 2012: a. She makes a deductible contribution to an IRA on April 15,...
-
Steve Drake sells a rental house on January 1, 2012, and receives $130,000 cash and a note for $55,000 at 10 percent interest. The purchaser also assumes the mortgage on the property of $45,000....
-
Which of the following statements regarding applications of ETFs in portfolio management is correct? A. Equity ETFs tend to be more active than fixed-income ETFs. B. The range of risk exposures...
-
Which of Stosurs statements regarding ETF mechanics is correct? A. Statement 1 B. Statement 2 C. Statement 3 Howie Rutledge is a senior portfolio strategist for an endowment fund. Rutledge meets with...
-
Factor (smart beta) strategy ETFs are least likely to be used by investors: A. to modify portfolio risk. B. for tactical trading purposes. C. to seek outperformance versus a benchmark.
Study smarter with the SolutionInn App