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

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
View Policies Current Attempt in Progress Assume Sunland Company has the following reported amounts: Sales revenue $1,000,000, Sales returns and allowances $29,000, Cost of goods sold $649.599, and Operating expenses $215,600. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit S (c) Compute income from operations.
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
A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O O
Given the following account information, calculate net income: Sales 500,000 Beginning Inventory 200,000 Ending Inventory 35,000 Purchases of Inventory 25,000 Selling Expenses 1,000 Administrative Expenses 6,000 Rent Income 30,000 Calculate Net Income Group of answer choices A. 273,000 B. 333,000 C. 233,000 D. 263,000
Given the following for a company: sales $48,000, sales returns and allowances $6,000, operating expenses $6,200, beginning inventory $900, net purchases $9,100, ending inventory $2,300, find the company's gross profit. Multiple Choice $43,000 $34,000 None of these $34,003 $34,300
A company shows the following balances: Sales Revenue Cost of Goods Sold Sales Returns and Allowances Sales Discounts Operating Expenses What is the gross profit? $230,000 $440,000 $240,000 O $140,000 $1,000,000 $560,000 $180,000 $20,000 $100,000
Direction: Using the following account titles below: Sales – 20,000 Interest Expense - 660 Cost of Goods Sold – 10,000 Rent Expense 2,000 Depreciation Expense – 1,000 Utilities Expense – 1,000 Selling Expenses – 2,000 Compute for the following: Gross Income Operating Income Net income
Please answer very fast then i ll upvote Calculate EBIT. Revenue 1,061,751.0 Cost of sales 690,135.0 Selling, general and administration 53,087.0 Other income 11,796.0 Operating income 330,325.0 Interest expense 19,874.0 Profit before tax 310,451.0 Tax expense 46,500.0 Net income 263,951.0 The footnotes mention the following: Cost of sales includes inventory write off costs 39,677.0 Cost of sales includes distribution costs 120,458.0 SG&A includes corporate restructuring expenses 15,570.0 Responses 385,572.0 275,078.0 330,325.0 506,030.0
! Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold. Sales discounts Selling expenses VITAMIX Use the above information to prepare the gross profit section of a multiple-step income statement. Income Statement For Year Ended December 31 H $ 60,000 90,000 17,000 11,000 80,000 ▬▬ 2,000 24,000 O < Prev 5 W of 10 M
MC PROBLEMS Use the following information for the next 5 questions The following information was taken from the records of a branch: Sales by branch Beginning inventory Billings to branch by home office Operating expenses Ending inventory at billed price 2,800,000 2,500,000 400,000 1,000,000 The following information was taken from the records of the home office: 2,600,000 2,000,000 Branch current account Shipments to branch Allowance for markup - Unadjusted 500,000 Your answer How much is the sales of branch to be included in the combined financial statements? 2,240,000 2,333,333 2,800,000 How much is the cost of goods sold of the branch to be included in the combined financial statements? 1,800,000 1,200,000 900,000 1,500,000 How much is the ending inventory of the branch to be included in the combined financial statements? 800,000 1,000,000 1,250,000 8333,333 How much is the true profit (NET INCOME) of the branch? 1,200,000 1,250,000 1,266,667 1,400,000
Corporation.Gross income $25,240,000Total sales 24,324,000Total credit sales 18,785,000Net income 2,975,000Cost of goods sold 12,600,000Total assets 10,550,000Average inventory 2,875,000Average receivables 3,445,000a. Compute the receivable turnover ratio.b. Compute the inventory turnover ratio.c. Compute the asset turnover ratio.