Business, 21.06.2021 17:00 TerronRice

Financial statement data for Delicious Dishes, Inc. are given below. All figures are in dollars. Use this data to construct an Income Statement for the year ending December 31, 2020 and use your constructed statement to answer the following question Advertising 384,000
Beginning of year inventory 1,243,000
Depreciation 350,000
End of year inventory 1,128,000
General and administrative expenses 1,184,000
Gross sales 28,242,000
Interest expense 150,000
Lease payments 148,000
Management salaries 4,253,000
Purchases 18,243,000
Research and development 324,000
Returns and allowances 564,000
Taxes 925,000

Required:
What was gross profit from income statement for the year ending December 31, 2020?

Answers: 3

Show answers

Answers

Answer from: mcadoo774

Delicious Dishes, Inc.

The gross profit from income statement for the year ending December 31, 2020 is:

= $9,320,000.

Explanation:

a) Data and Calculations:

Advertising 384,000

Beginning of year inventory 1,243,000

Depreciation 350,000

End of year inventory 1,128,000

General and administrative expenses 1,184,000

Gross sales 28,242,000

Interest expense 150,000

Lease payments 148,000

Management salaries 4,253,000

Purchases 18,243,000

Research and development 324,000

Returns and allowances 564,000

Taxes 925,000

Depreciation 350,000

Delicious Dishes, Inc.

Income Statement for the year ending December 31, 2020

Gross sales $28,242,000

Returns and allowances (564,000)

Net sales $27,678,000

Less Cost of Goods Sold:

Beginning of year inventory 1,243,000

Purchases 18,243,000

End of year inventory (1,128,000) $18,358,000

Gross profit $9,320,000

Other Expenses:

Advertising $384,000

General and administrative expenses 1,184,000

Management salaries 4,253,000

Research and development 324,000

Interest expense 150,000

Lease payments 148,000

Total expenses $6,443,000

Profit before taxes 2,877,000

Taxes 925,000

Net income $1,952,000

Answer from: Quest

almost done 23 out of 25

Answer from: Quest

Via: "if you are found to be supplying or dealing drugs, the punishment is likely to be tough. supplying drugs doesn’t just apply to dealers. if police suspect that you intend to share drugs with your friends, this is still considered to be supplying.

being suspected of supplying drugs means you are much more likely to be charged. the amount of drugs found on you, and whether you have a criminal record, will be taken into account when a punishment is being decided.

decisions to prosecute are taken by the public prosecution service. the maximum sentences for intent to supply drugs are:

- up to life in prison or an unlimited fine (or both) for a class a drug- up to 14 years in prison or an unlimited fine (or both) for a class b or class c drug."sorry if this was a school question, you didnt supply options so i assumed it was a personal question, which if it is, reconsider selling or having possesion of any drugs at all. i wish you the best!

Other questions on the subject: Business

Business, 21.06.2019 16:40, josephfoxworth

Acme published a story about paul and as a result paul sued acme for damage to his reputation, emotional distress, and punitive damages. paul won an award of $20,000 for damages, $5,500 for emotional distress, and $50,000 for punitive damages. what amount must paul include in his gross income

Answers: 1

continue

Business, 22.06.2019 02:00, zykia1002

Greater concern for innovation and quality has shifted the job trend to using more broadly defined jobs. t/f

Answers: 1

continue

Business, 22.06.2019 14:40, kianofou853

Nell and kirby are in the process of negotiating their divorce agreement. what should be the tax consequences to nell and kirby if the following, considered individually, became part of the agreement? a. in consideration for her one-half interest in their personal residence, kirby will transfer to nell stock with a value of $200,000 and $50,000 of cash. kirby's cost of the stock was $150,000, and the value of the personal residence is $500,000. they purchased the residence three years ago for $300,000.nell's basis for the stock is $ xkirby's basis in the house is $ xb. nell will receive $1,000 per month for 120 months. if she dies before receiving all 120 payments, the remaining payments will be made to her estate. the payments (qualify, do not qualify) as alimony and are (included in, excluded from) nell's gross income as they are received. c. nell is to have custody of their 12-year-old son, bobby. she is to receive $1,200 per month until bobby (1) dies or (2) attains age 21 (whichever occurs first). after either of these events occurs, nell will receive only $300 per month for the remainder of her life.$ x per month is alimony that is (included in, excluded from) nell's gross income, and the remaining $ x per month is considered (child support, property settlement) and is (nontaxable, taxable) to nell.

Answers: 3

continue

Business, 22.06.2019 19:10, soevse

Fortress international, a large conglomerate, procures a few component parts from external suppliers and also manufactures some of the key raw materials in its own subsidiaries. aside from this, the company does not solely depend on outside distributors to reach its customers. in fact, it has its own retail stores to distribute its products. in this scenario, which of the following alternatives to vertical integration is fortress international applying? a. concentric integration b. taper integration c. horizontal integration d. conglomerate integration

Answers: 1

continue

You know the right answer?

Financial statement data for Delicious Dishes, Inc. are given below. All figures are in dollars. Use...