MERCHAND SALES P 2,500,000 SALARIES EXPENSE 50,000 SUPPLIES EXPENSE 75,000 DEPRECIATION EXPENSE 60,000 UTILITIES EXPENSE 40,000 INSURANCE EXPENSE 20,000 RENT EXPENSE 90,000 BEGINNING INVENTORY 50,000 PURCHASES 1,500,000 ENDING INVENTORY 100,000 SALES DISCOUNT 5000
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Prepare statement comprehensive income
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- Download the attached Excel file (First Q Profits Report W Goal Seek_Ver2.xlsx). Instructions: . There are 3 Worksheet Tabs in this Excel file; First Q, First Q Goal Seek, and Minivan Loan. • The First Q (First Quarter) tab shows the first quarter revenue and expenses of the Downtown Internet Cafe. For this tab, • Complete the Proportion column, cells G7 through G11 Each proportion value shows the % of the quarterly sale of that item over the entire sale. Calculate the Net Income row, cells B24 through F24. o Compute the Profit Margin row, Cells B25 through E25. o Add Net Income Sparkline for January through March in Cell H24. in For this tabPreparation of SCI for a Service Business Using the Single-Step Approach Prepare a Statement of Comprehensive Income for the year ended December 31,2020 using the following account titles listed. You may use any desired business name. Revenues ₱860,000 Rent expense ₱120,000 Salaries expense ₱360,000 Utilities expense ₱180,000 Supplies expense ₱10,000 Depreciation expense ₱10,000 Read and understand each question carefully. Write the letter of the correct answer on the space provided each number. _________1. On 2020, an entity made cash sales of ₱3,000,000. It paid ₱1,000,000 in expenses and owed ₱300,000 for services it received in 2020 but payable in 2021. What is the profit for 2020? A. ₱1,200,000B. ₱1,700,000C. ₱2,000,000D. None of the above _________2. Calculate for the profit given the data below: Sales ₱2,000,000Prepaid Rent Expense (2 months…#3) Prepare and income statement, statement of owners equty and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable solve Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00…
- Perform the Reperformance or Recalculation procedures to check the mathematical accuracy ofthe Income Statement. What issue did you find? What is the next step? Create a Correctedversion of the Income Statement. Income Statement For the Year Ended For the Year Ended Revenue 3/31/2021 3/31/2022 Sales Revenue: Corporate Accounts $ 353,739.57 $ 343,050.56 Sales Revenues: Storefront $ 80,649.00 $ 91,411.50 Total Sales Revenue $ 434,388.57 $ 434,462.06 Cost of Goods Sold: Ingredients $ 69,736.39 $ 64,645.64 Cost of Goods Sold: Boxes and Cupcake Cups $ 3,875.55 $ 3,755.55 Cost of Goods Sold: Beverages $ 5,466.50 $ 5,681.50 Total COGS $ 76,078.44 $ 74,082.69 Gross Profit $ 358,310.13 $ 360,379.37 Interest Revenue $…Complete this question by entering your answers in the tabs below. Analysis Analysis Bal Sheet Inc Stmt Prepare a vertical analysis of an income statements for Year 4 and Year 3. (Percentages may not add exactly due to rounding. Round your answers to 2 decimal places. (i.e., .2345 should be entered as 23.45).) Revenues Sales (net) Other revenues Total revenues Expenses Cost of goods sold FANNING COMPANY Vertical Analysis of Income Statements Year 4 Selling, general, and administrative expense Interest expense Income tax expense Total expenses Net income Amount $ 231,900 9,300 241,200 118,800 54,200 6,800 22,800 202,600 $ 38,600 Percentage of Total Analysis Bal Sheet % % Year 3 Amount $ 211,200 6,400 217,600 102,100 49,100 6,000 21,800 179,000 $ Percentage of Total % % 38,600 Analysis Inc Stmt > Show lessssignment/takeAssignmentMain.do?invoker%=&takeAssignmentSessionLocator38inprogress3Dfalse CardPointe ONew Tab UTA Is The Leader I.... Commercial Captur... UPS-Shipping ups Search for Corporat... |国 Determine the amount to be paid by the buyer for full settlement of each invoice, assuming that credit for returns and allowances was received prior to payment and that all invoices were paid within the discount period. Merchandise Transportation Paid by Seller Transportation Terms Returns and Allowances (a) $7,600 $202 FOB Shipping Point, 1/10, net 30 $800 (b) $7,500 $62 FOB Destination, 2/10, net 45 $1,700 a. b. Previous Next Email Instruct + %24 %24
- 11. Day Lily's selected accounts as of December 31, 2025, follow: View the accounts and balances. Determine the gross profit percentage for the year ended December 31, 2025. Begin by selecting the formula labels to compute the gross profit percentage, then enter the amounts and compute the gross profit percentage. (Round your answer to the nearest tenth of a percent, X.X%.) Gross profit Net sales revenue = Gross profit % % Accounts and Balances Selling Expenses $ 11,500 Interest Revenue 1,500 Net Sales Revenue 150,000 Cost of Goods Sold 117,000 Administrative Expenses 9,500For the year ended December 31, 2022, the job cost sheets of Carla Vista Company contained the following data. Job Number 7640 7641 7642 Other data: 1. 2. 3. 4. 5. 6. 7. Explanation Balance 1/1 Current year's costs Balance 1/1 Current year's costs Current year's costs Direct Materials. $29,500 35,400 12,980 50,740 68,440 Direct Labor $28,320 42,480 21,240 56,640 64,900 Manufacturing Overhead Total Costs 25,488 $91,804 $33,984 50,976 128,856 59,708 67.968 175,348 77,880 211.220 Raw materials inventory totaled $17,700 on January 1. During the year, $165,200 of raw materials were purchased on account. Finished goods on January 1 consisted of Job No. 7638 for $102,660 and Job No. 7639 for $108,560. Job No. 7640 and Job No. 7641 were completed during the year. Job Nos. 7638,7639, and 7641 were sold on account for $625,400. Manufacturing overhead incurred on account totaled $141,600. Incurred depreciation on factory machinery $9,440. Assigned indirect materials of $16,520 and indirect labor…Use the following selected data from Business Solutions's income statement for the three months ended March 31, 2022, and from its March 31, 2022, balance sheet to complete the requirements. Computer services revenue Net sales (of goods) Total sales and revenue Cost of goods sold Net income Quick assets Current assets Total assets Current liabilities Total liabilities. Total equity Required 1 Required: 1. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. 2. Compute the current ratio and acid-test ratio. 3. Compute the debt ratio and equity ratio. 4. What percent of its assets are current? What percent are long term? Required 2 Required 3 $ 27,912 19,428 47,340 13,820 Complete this question by entering your answers in the tabs below. 19,716 89,940 95,224 118,824 Gross margin ratio Net profit margin ratio 1,110 1,110 117,714 % % Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. Note:…
- O Mail - Edjouline X E Content - ACG2 X * CengageNOW. X O (58) YouTube * from Towards a X m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < ☆ STIOW Me TOW Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $410,000; Allowance for Doubtful Accounts has a credit balance of $3,500; and sales for the year total $1,850,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Check My Work Previous Next V O 11:51ITS-The Political S A M7: Assignment No.1 10201Ox/aMzlzNzk 1NTQxNDg2/details ВА.. e Home | Edmodo O Spoliarium by Juan.. w You searched for Re.. W Operating Performa... 1 Otn.docxlo. Open with Activity No.: Topic : The Worksheet Problems The following are all the steps in the accounting cycle. List them they should be done. 1. the order in which Closing entries are journalized and posted to the ledger. - An unadjusted trial balance is prepared. - An optional end-of-period spreadsheet (worksheet) is prepared. -A post-closing trial balance is prepared. - Adjusting entries are journalized and posted to the ledger. - Transactions are analyzed and recorded in the journal. Adjustment data are assembled and analyzed. -Financial statements are prepared An adjusted trial balance is prepared Transactions are posted to the ledger 2. 7. 8. 6. 10 The balances for the accounts listed below appeared in the Adjusted Tral Balance columns of the work the Income Statement columns or iobtndicato ther cach…Multiple Choices A company's sales in 2010 were P300,000 and in 2011 were P351,000. Using 2010 as the base year, the sales trend percent for 2011 is: * Choose 17% 85% orted net sales of d P360,000 in the 100% 12,respectively. If iat is the trend 117% 48%
