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Mazyrski [523]
3 years ago
11

Marin Corporation had net sales of $2,427,500 and interest revenue of $40,000 during 2017. Expenses for 2017 were cost of goods

sold $1,465,500, administrative expenses $220,600, selling expenses $289,300, and interest expense $47,900. Marin’s tax rate is 30%. The corporation had 103,100 shares of common stock authorized and 71,990 shares issued and outstanding during 2017. Prepare a condensed multiple-step income statement for Marin Corporation. (Round earnings per share to 2 decimal places, e.g. 1.48.)
Business
2 answers:
Ierofanga [76]3 years ago
8 0

Answer:

Net Income $310,940

Earnings Per Share$4.323

Explanation:

MARIN COPERATION Income Statement For the Year Ended December 31, 2017

Net Sales$2,427,500

Cost of Goods Sold$1,465,500

Gross Profit/Loss (2,427,500-1,456,500) $962,000

Selling Expenses$289,300

Administrative Expenses$220,600

($289,300+$220,600) $509,900

Income from Operations ($962,000-$509,900) $452,100

Other Revenues and Gains

Interest Revenue $40,000

Other Expenses and Losses

Interest Expense $47,900

($40,000-$47,900) $7,900

Income Before Income Tax ($452,100-$7,900) $444,200

Income Tax Expense (30%×444,200) $133,260

Net Income/Loss (444,200- 133,260) $310,940

Earnings Per Share$4.323

katovenus [111]3 years ago
6 0

Answer:

The answer follows below;

Explanation:

Marin Corporation

Income Statement

For the year 31, xxxx 2017

Sales                              $2,427,500

Cost of Goods Sold     ($1,465,500)

Gross Profit                                                $962,000

Operating Expenses

Admin. Expenses          ($220,600)

Selling Expenses          ($289,300)

Interest Expense            ($47,900)

Total Operating Expenses                        ($557,800)

Operating Income                                        $404,200              

Non Operating Income

Interest Income                                             $40,000          

Total Income before Taxation                    $444,200

Taxes (444,200*30%)                                   ($133,260)      

Net Income after Taxation                            $310,940          

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sergiy2304 [10]

Answer:

$3.02 per share

Explanation:

The computation of the earning per share is shown below:

we know that

Earnings per share = (Net income - preferred dividend) ÷  Weighted average outstanding common shares

= ($2,150,000 - $70,000) ÷ 688,000 shares

= $3.02 per share

<u>Date                 Particulars           No. of shares </u>

01/01-31/12 610000 ×  12 ÷ 12 (610000 × 1.04)  $634,400

28/02-31/12    63000 × 10 ÷ 12 (52500 × 1.04)   $54,600

01/07-31/12     (2000) ×  6 ÷ 12          -$1,000

Weighted average outstanding common shares 688,000

4 0
2 years ago
A manager checked production records and found that a worker produced 156 units while working 40 hours. In the previous week, th
andrezito [222]

Answer:

(a) 3.9 units/hour; 3.5 units/hour

(b) 11.43%

Explanation:

(a) Current period productivity:

= Current output ÷ Current labor hours

= 156 units ÷ 40 hours

= 3.9 units per hour

Previous week's productivity:

= Previous week's output ÷ Previous week's labor hours

= 105 units ÷ 30 hours

= 3.5 units per hour

(b) Percentage change in worker's productivity:

= (Change in productivity ÷ Previous week's productivity) × 100

= [(3.9 - 3.5) ÷ 3.5] × 100

= 11.43%

Therefore, the worker's productivity increases by 11.43%.

5 0
3 years ago
In December 12, 20X8, Imp Co. entered into a forward exchange contract to hedge a firm commitment to purchase equipment being ma
kenny6666 [7]

Answer:

B) $3,000

Explanation:

Since this is defined as a derivative operation, its result must be reported either as a gain or loss as part of normal income. Imp entered a contract to buy 100,000 euros at $0.90. If the exchange rate remained at $0.90 in 90 days, no gain or loss should be recognized.

But the currency exchange increased to $0.93 per euro, so the contract now results in a $0.03 gain per euro (= $0.93 - $0.90), so a gain of $0.03 x 100,000 = $3,000 must be reported.

3 0
3 years ago
Pepper Company is using the annual rate of return to evaluate a potential investment. The original investment required is $120,0
Naily [24]

Answer:

B : $70,000

Explanation:

The formula and the computation of the  annual rate of return is shown below:

= Annual net income ÷ average investment

where,  

Annual net income is XXXXX

And, the average investment would be

= (Original investment required + salvage value) ÷ 2

= (120,000 + $20,000) ÷ 2

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3 0
3 years ago
The distinction between _____ is what defines an MNE from a firm that merely exports or imports.a. small- and large-scale of ent
andre [41]

Answer: Option a

                                                 

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Hence the correct option is A.

3 0
3 years ago
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