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Do Homework - Nick Hatzs Gogle Chrome 0 Secure https f/ww.mathxl x?homeworkld 465576questionld-7&flushedasd; 4849058Bcenterwin-yes ACG 2021-Seiter Spring 2018 Nick Hatzakis ? | 4/213 12:09 PM Homework: Homework CH11 Score: 0 of 15 pts P11-29A (similar to) Save 46of 7 (6 complete) HW Score: 46.28%, 46.28 of 100 pts EQuestian Help The nrarme statement ar Michigan Car mun tians alows Assume Michigan Cnmmunicatine;?med a 120 El(Clik he vie the e sl) iay, SA $10C00 nate on .hre 1 2018 ard that ' i Data lable Fill in the missing infermatian fear Mirchigarns yearended Juy 31, 2018, ircome statemerit 2. Compute the tmes intereet eaned ratio fer the cempay. Michigan C Income Statement Requirement 1, tll n the missing intormation tor MICnigasyear ended July 31, 2016, income statement. (Use a 3 U-day year torinterest computations use a m Year Ended July 31, 2018 Sales Rvenue Income Statement Less Sales RelurTE and Alunances 5 500 3.100 Year Ended July 31, 2016 Salks Discounts Net Saes Revenue Cost of Gaods Sold Gross Profit Operaing Expemses S 28400 12200 S 35,000 (5,500 (2, 100) Sales Revenue Less Sales Rchuns and Allowances Sales Discounnts 11.200 S 26 400 (12,200) Net Sales Revrnun Cost of Coode Sold Grnes Profit Oparating Expenses: Seling Expenses Adrrinistrative Exgereses Total Cperating Epenses 1.850 14 200 2 530 elling Exereses Aciministratme Expenses Teclal Operating Expeises 800 Opersing Ircar Other Revonues and (Exponsos 11 670 1,850 2.530) Irilerest Experise Oporating Incoma Other Revenues and (Expenses). 11,670 lotal Cther Revenu3s and (Expenses) Intcrest Expensc Income Tax Expens0 2 300 Telal Cuher Reveriuee and xpenses) Nel Incame Enter any number in th: cdit ficlds and then cick Chock Answ Prin Done Check AISWeExplanation / Answer
Answer:
1
Michigan communication
Income statement
Sales Revenue
35000
Less: sales return and allowance
-5500
Sales discount
-3100
Net sales
26400
Cost of goods sold
-12200
Gross profit
14200
Operating expanses
Selling expanses
680
Admin exp
1850
Total Operating expanses
-2530
Other revenue and expases
11670
Interest expanses
150
Total Other revenue and expases
-150
Net income before interest expanses
11520
Income tax expases
-2300
Net income
9220
working notes for the above answer:
1
Interest expanses
=10,000x 9%x +60/360
=150
___________________________________
2
Net income
9220
Add
Income tax expases
2300
Interest expanses
150
Net profit after interest and tax
11670
Times interest eaned ratio
=11670/150
=77.8
Times interest eaned ratio =77.8
Michigan communication
Income statement
Sales Revenue
35000
Less: sales return and allowance
-5500
Sales discount
-3100
Net sales
26400
Cost of goods sold
-12200
Gross profit
14200
Operating expanses
Selling expanses
680
Admin exp
1850
Total Operating expanses
-2530
Other revenue and expases
11670
Interest expanses
150
Total Other revenue and expases
-150
Net income before interest expanses
11520
Income tax expases
-2300
Net income
9220
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