18-The trading results of a Merchandise trader is as follows: Net Sales OMR 100,000, Cost of Goods sold OMR 50,000, Interest expenses OMR 5,000, Salesman salary OMR 12,800, Office supplies expenses OMR 16,200, Marketing expense OMR 11,500, Insurance expenses OMR 3,500, What will be the Net income assuming that the business follows Multi-Step Income Statement? a. OMR 44,000 b. OMR 1,000 c. OMR 6,000 d. OMR 11,000

Q: 41-Amjad Trading LLC : Gross Sales are RO 82,000, Sales Returns RO 2,000, Cost of goods sold is RO…

A: The net income is calculated as excess of revenues over expenses.

Q: alculate Cost of Goods sold from the following? Opening stock OMR 20000, Carriage outwards OMR 2000,…

A: Given Opening stock OMR 20000, Carriage outwards OMR 2000, Purchases OMR 40000, Sales OMR 80000,…

Q: 42. Assuming all sales were on account, what was the company's Accounts Receivable balance on…

A: Cost of goods sold = Cost of Goods available for sale in 2022 - Merchandise Inventory, December 31,…

Q: Determining Gross Profit During the current year, merchandise is sold for $11,750,000. The cost of…

A: a. Calculate gross profit: Gross profit = Sales - Cost of goods sold Gross profit = $11,750,000 -…

Q: The trading results of a Merchandise trader is as follows: Net Sales OMR 100,000, Cost of Goods sold…

A: This question deals with the concept of multi-step income statement. In multi-step income statement…

Q: Question 1 Eve Emerson commenced trading as a retailer of hill walking kit on 1 April 2020. Eve's…

A: Every business that conducts the sale and purchase of goods as part of their operational activities…

Q: - If the sales of a business are 2.400.000 TL and the cost of goods sold is 400.000 TL, what is the…

A: Gross Profit: Difference between the sales and the cost of goods sold is called gross Profit. Gross…

Q: 2. From the following data, calculate (a) Gross profit ratio (b) Net profit ratio. RO 200,000 RO…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: V1. Net income $1,143,100 The following selected accounts and their current balances appear in the…

A: 1) multiple-step income statement. Druid Hills Co. Income statement For the year ended May 31, 20Y8…

Q: Amjad Trading LLC : Gross Sales are RO 82,000, Sales Returns RO 2,000, Cost of goods sold is RO…

A: Total revenue under simple step income statement = Gross Sales + Bank interest received

Q: Required information [The following information applies to the questions displayed below.] The…

A: The gross profit ratio is calculated by dividing gross profit by sales. It indicates the profit…

Q: Calculate the amount of: (a)Cost of goods available for sale (b)Cost of goods sold during the year…

A: Introduction: The cost of goods sold refers to the direct costs of manufacturing the commodities…

Q: 11. Starling Corporation's adjusted trial balance contained the following transactions accounts on…

A: Gross profit is calculated as excess of sales revenue over cost of sales.

Q: INCOME STATEMENT Problem 2-1 James Corp provided the ff. information for the current year:…

A: Calculation of amount of gross purchases:: CCost of goods sold=6*1250000=7500000.. As per…

Q: Question 4   The company made purchases of P60,000 and sales of P85,000 with P10,000 left in…

A: Introduction:- Gross profit is the amount of total revenue deducted from cost of goods sold. the…

Q: Assuming Net Sales is $180,000, Cost of Goods Sold is $79,000, Selling Expenses are $28,500, General…

A: Income from operations are the income that is generated from the daily operations of the business.…

Q: Income Statement Accounts December 31, 20X1 Dr Cr Sales P 475,000 Sales Returns and Allowances…

A: Since, you have specifically asked for 4, 5 & 6 part so we have answered the same for you.

Q: For the goods purchased by the business, the Availability of Goods at the Beginning of the Period is…

A: Cost of goods sold means actual cost of goods that are being sold to the customers.

Q: Required information E6-17 Analyzing Gross Profit Percentage on the Basis of a Multistep Income…

A: Prepare a multi-step income statement:

Q: Zara retailer has an inventory turnover in the amount of 2.1, it’s average inventory is 15,500…

A: Inventory turnover ratio is the ratio between the cost of goods sold and average inventory.

Q: The following information of ABC Merchandise Business for the year ended 31st December 2020 Account…

A: Net sales = Sales - Sales Discounts - Sales returns

Q: Consider the following information about operations of a business for the period ending December 31,…

A: Gross profit is the amount of profit that is arrived at by deducting cost of goods sold from Net…

Q: Problem #3: AMA cooperative store had the following activities for year ended 2021: gross sales…

A: Net sales  = Gross sales -returns Gross profit = Net sales -COGS Net profit =  Gross profit…

Q: 1. The Income statement for STEM Store for the year ended 31 December 2021 with the following data:…

A: Solution:- a)Calculation of Net sales as follows under:- Net sales =Gross sales- sales returns and…

Q: 2. From the following data, calculate (a) Gross profit ratio (b) Net profit ratio. Sales RO 300,000…

A: Since you have posted multiple questions, we will answer the first one for you. If you want a…

Q: QUESTION 1: ACCOUNTING EQUATION Study the following two transactions and complete the table: Goods…

A: The company's transactions will be tracked, and the first book to record these transactions is the…

Q: The following data were available for ABC Trading, which uses perpetual system, at Dec 31, 20X2:…

A: Cost of goods sold: Cost of goods sold refers to the total expenses that are incurred by an…

Q: Use the following to answer questions 22 – 29 GHT Corporation reports the following amounts in its…

A: Answer 27) Income statement is prepared by the business organizations so as to known how much amount…

Q: When vertical analysis is applied to the income statement of a business with a net sales of TL…

A: The income statement is the most important financial document issued by a business entity. This…

Q: Problem #2: AMA cooperative store had the following activities for year ended 2021: gross sales…

A: Gross profit: the gross profit is a business profit that is calculated after subtracting all…

Q: Determining gross profit During the current year, merchandise is sold for $ 11, 750,000. The cost…

A: A. Gross profit = Sales - Cost of goods sold = $11,750,000 - $7,050,000 = $4,700,000

Q: When vertical analysis is applied to the income statement of a business with net sales of TL…

A: The vertical analysis value of the non-operating expenses is calculated by dividing the…

Q: 3-3 (similar to) Question He e balance of Lloyd Corporation's accounts payable at the beginning of…

A: accounts payable in the beginning = $48,000 accounts payable in the end = $51,000 sales revenue =…

Q: Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost…

A: The gross profit is calculated as difference between sales and cost of goods sold.

Q: Question 23 Based on the following information provided by Max Trading Company on December 31, 2000,…

A: Solution..     Net sales  = Sales - sales return and allowances - sales discount  = P780,000 -…

Q: If gross sales is P40,000, sales returns and allowances P1,000, sales discounts P400, and delivery…

A: The sales revenue is recognised when the goods or services are delivered to the customers…

Q: 6. 131 3) Northern Industries accepted a credit card sale for $14,000. The credit card company…

A: Accounting equation of the business says that total assets should always be equal to total…

Q: [The following information applies to the questions displayed below.]   The following data were…

A: Net sales = Sales for Cash + Sales for Credit - Sales Returns and Allowances = $238,000 + $41,600 -…

Q: Problem #21 The table below contains portions of the income statements of four different companies:…

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: 13. Prepare a multi-step income statement using the following information: 1) The cost of inventory…

A: A multi-step income statement is the one that bifurcates the income and expenses into different…

Q: The trial balance of Advanced Retailer as at 31 December 20X1 is as follows:   Account DR ($) CR…

A:

Q: account_circle   Business AccountingQ&A LibraryShown below are selected financial data for Company a…

A: The Numerical has covered the concept of Inventory Turnover-rate. The Inventory Turnover rate…

Q: 23 Following is the year-end uled Fred's Co Ovoery Aded Trist hal Deceibe 1 Cesh Accots eive…

A: Multi step income statement means where the expenses are shown in various steps as per the nature of…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.