Administrative Expenses $ 250,000 Building 1,025,000 Cash 97,000 Cost of Merchandise Sold 1,400,000 Interest Expense 15,000 Merchandise Inventory 260,000 Notes Payable 59,000 Office Supplies 21,200 Ricardo Cepeda, Capital $1,137,600 Ricardo Cepeda, Drawing 50,000 Salaries Payable 6,000 Sales 2,550,000 Sales Discounts 40,000 Sales Returns and Allowances 160,000 Selling Expenses 410,000 Store Supplies 15,400 Multi step income statement?

Administrative Expenses $ 250,000 Building 1,025,000 Cash 97,000 Cost of Merchandise Sold 1,400,000 Interest Expense 15,000 Merchandise Inventory 260,000 Notes Payable 59,000 Office Supplies 21,200 Ricardo Cepeda, Capital $1,137,600 Ricardo Cepeda, Drawing 50,000 Salaries Payable 6,000 Sales 2,550,000 Sales Discounts 40,000 Sales Returns and Allowances 160,000 Selling Expenses 410,000 Store Supplies 15,400 Multi step income statement?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following information for Darla Corporation is available: Branch Books Home Office Books P1,400,000 Investment in branch account 1,250,000 Shipments to branch 200,000 Allowance for overvaluation of 500,000 branch inventory - unadjusted Sales P1,300,000 1,000,000 Billings from home office Operating expenses Ending inventory at billed price 250,000 REQUIRED: Determine the following: 1. Realized gross profit 2. Cost of branch ending inventory 3. Cost of goods sold of the branch at cost 4. Adjusted balance of AFOBI 5. Individual profit of the branch 6. True net income of the branch 7. Adjusted balance of Investment in Branch 8. Home Office account balance presented in the combined financial statements
Sales 460,000 Cost of goods sold 300,000 Operating expenses 85,000 Sales discounts 20,000 Sales returns and allowances 15,000 Interest revenue 5,000 From the details above, compute the net sales.
Financial information is presented below: Operating Expenses $ 92, 800 Sales Returns and Allowances 18,000 Sales Discounts 12,000 Sales Revenue 350,000 Cost of Goods Sold 176,000 The amount of net sales on the income statement would be Select one: a. $ 338,000. b. $332,000. c. $350,000. d. $320,000.
Find the gross margin as a percentage amount. Gross Sales $230,000 Customer Returns and Allowances $17,000 Opening inventory at cost $46,000 Billed cost of goods $118,000 Inward transportation $5,400 Cash Discount $6,400 Closing inventory at cost $37,000 Payroll $48,300 * Occupancy $34,000 Wrapping and packing $1.450 Utilities $3,000 Delivery $2.960 Your Answer:
Beardom Gym Center Cash P150,000 Trading Investments 70,000 Receivables: Jan. 1 158,000 Dec. 31 225,000 Merchandise Inventory Jan. 1 250,000 Dec. 31 185,000 Current Liabilities 230,000 Cost of Goods Sold 2,750,000 Credit Sales 4,800,000 Current Assets = cash + Trading investments + Ending receivables + Ending inventory Current Assets = P150,000 + P70,000 + P225,000 + P185,000 Current Assets = P 630,000 Working capital = Current Assets - Current liabilities Working capital = P630,000 – P230,000 Working capital = P 400,000 Current ratio = Current Assets / Current liabilities Current ratio = P630,000 / P230,000 Current ratio = 2.74 Quick ratio = Current Assets - Inventory / Current…
LAS Corporation shows the following accounting record for sales commissions 15,000 beginning merchandise inventory 16, 000 ending merchandise inventroy 9, 000 sales 185, 000 advertising 10, 000 purchase of merchandise 85, 000 employees salaries 20, 000 other operating expenses 30,000 1. Prepare income statement SAC corporation shows the following accounting records land 50, 000 accounts payable 2, 200 cash 10, 000 material inventory 474 accumulated depreciation (60 000) accounts receivable 9, 500 finsihed goods inventory 3, 280 common stock, no par 70, 000 retained earnings 37, 054 income tax payable 4, 000 building and equipments 100, 000 2. prepare a balance sheet
Sales $640,363 Merchandise Inventory $582,620 Sales discounts $58,040 Interest expense $3,677 Sales returns and allowances $90,232 Interest Revenue $10,268 Cost of goods sold $224,598 Rent expense $15,080 Depreciation expense: office equipment $3,200 Insurance expense $2,450 Advertising expense $12,906 Accounts receivable $100,440 Office supplies expense $1,600 Rent revenue $23,622 Sales salaries expense $60,410 Accounts payable $135,404 Common stock $59,419 Marketing expense $31,000 The above select account data is taken from the records of a company for 2019. a. compute the gross margin for 2019 b. prepare a multi-step income statement for the year ended December 31, 2019
Sales $640,363 Merchandise Inventory $582,620 Sales discounts $58,040 Interest expense $3,677 Sales returns and allowances $90,232 Interest Revenue $10,268 Cost of goods sold $224,598 Rent expense $15,080 Depreciation expense: office equipment $3,200 Insurance expense $2,450 Advertising expense $12,906 Accounts receivable $100,440 Office supplies expense $1,600 Rent revenue $23,622 Sales salaries expense $60,410 Accounts payable $135,404 Common stock $59,419 Marketing expense $31,000 The above select account data is taken from the records of a company for 2019. a. use the data provided to compute net sales for 2019 b. prepare a simple income statement for the year ended December 31, 2019. c. compute the gross margin for 2019 d. prepare a multi-step income statement for the year ended December 31, 2019
Financial information is presented below: Operating Expenses $ 44,000 Sales Returns and Allowances 13,000 Sales Discounts 6,000 Sales 170,000 Cost of Goods Sold 77,000. Gross profit would be?
Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and 26,000 Allowances Sales Discounts 12,000 Sales Revenue 300,000 Cost of Goods Sold 158,000 The gross profit % (rate) would be a) .542. O b) .473. O c) ,397. Od) ,347.
Find the gross margin percent when: Gross sales 435,000 Customer returns and allowances 49,000 Purchases at cost I 195,000 Freight charges 1,800 Cash discounts 4%
CASE 1 The following information for Darla Corporation is available: Branch Books Home Office Books P1,400,000 Investment in branch account 1,250,000 Shipments to branch 200,000 Allowance for overvaluation of 500,000 branch inventory - unadjusted Sales P1,300,000 1,000,000 Billings from home office Operating expenses Ending inventory at billed price 250,000 REQUIRED: Determine the following: 1. Realized gross profit 2. Cost of branch ending inventory 3. Cost of goods sold of the branch at cost 4. Adjusted balance of AFOBI 5. Individual profit of the branch 6. True net income of the branch 7. Adjusted balance of Investment in Branch 8. Home Office account balance presented in the combined financial statements