* 00 V R 23 Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z. Enter net loss with a minus sign. Company X Company Y Company Z Net income/(net loss) $85 $ $(20) Sales 1,340 920 Gross profit 275 515 Operating expenses 06 Cost of goods sold 340 780 > MacBook Pro V %24 ) 4. P %3D K. 7. N M >

* 00 V R 23 Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z. Enter net loss with a minus sign. Company X Company Y Company Z Net income/(net loss) $85 $ $(20) Sales 1,340 920 Gross profit 275 515 Operating expenses 06 Cost of goods sold 340 780 > MacBook Pro V %24 ) 4. P %3D K. 7. N M >

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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PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
Calculate the Lower-of-Cost-or-Market using the table below for Samson Goods, Inc. springs inventory. (1) Complete the table. Part # Cost Replacement Cost Net Realizable Value Normal Profit NRV less Normal Profit LCM SP17G $181,000 $ 152,000 $151,000 $15,000 SP23X 254,000 249,800 262,500 25,800 SP78A 205,400 214,000 206,000 10,200 Total (2) Prepare the journal entry to record the Allowance to Reduce Inventory to Market using the "Loss Method". $ $ (Record the adjustment to inventory due to decline in value)
he company has these parties of goods on hand: 10x1.000 TL; 20x900 TL; 10x800 TL; 10x700 TL. If 37 items are sold with 20% profit margin (COGS +20% Profit), what is COGS and Sales Revenue in LIFO? a. COGS: 9.400 TL; Sales Revenue: 11.280 TL b. COGS: 33.600 TL; Sales Revenue: 40.320 TL c. COGS: 30.300 TL; Sales Revenue: 36.360 TL d. COGS: 12.700 TL; Sales Revenue: 15.240 TL
Beginning inventory 32 000 Cost of goods sold 404 000 Ending inventory 45 000 Net icome 28 000 Net sales 750 000 Operating expenses 220 000 Sales revenue 765 000 Compute each of the follwoing ratios Gross profit rate Inventory turnover Days in inventory Profit ma
26.The following data pertain to a particular item sold by Pomegranate Company.8/1 – Beg. invy: 2,000 @ P50=100,0008/8 – Purchases: 9,000 @ P52=468,0008/10 – Sales: 1,500 @ P105=157,5008/14 – Purchases: 3,000 @ P55=165,0008/20 – Sales: 8,000 @ P110=880,0008/29 – Purchases: 1,500 @t P59=88,500Using the weighted average method, how much is the gross profit during the month of August? a. 503,500 b. 534,000 c. 553,000 d. 318,000
P8.6 (LO 3) (Compute FIFO, LIFO, Average-Cost—Periodic and Perpetual) Ehlo Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye.Date Transaction Quantity Price/Cost1/1 Beginning inventory 1,000 $122/4 Purchase 2,000 182/20 Sale 2,500 304/2 Purchase 3,000 2311/4 Sale 2,200 33Instructions Compute ending inventory AND cost of goods sold, assuming Ehlo uses: a. Periodic system, FIFO cost flow. b. Perpetual system, FIFO cost flow. c. Periodic system, LIFO cost flow. d. Perpetual system, LIFO cost flow. e. Periodic system, weighted-average cost flow. f. Perpetual system,…
P8.6 (LO 3) (Compute FIFO, LIFO, Average-Cost—Periodic and Perpetual) Ehlo Company is a multi product firm. Presented below is information concerning one of its products, the Hawkeye. Date Transaction Quantity Price/Cost 1/1 Beginning inventory 1,000 $12 2/4 Purchase 2,000 18 2/20 Sale 2,500 30 4/2 Purchase 3,000 23 11/4 Sale 2,200 33 Instructions Compute ending inventory AND cost of goods sold, assuming Ehlo uses: Perpetual system, LIFO cost flow. Periodic system, weighted-average cost flow. Perpetual system, moving-average cost flow.
The following information is available for Concord Company: Sales Total fixed expenses Cost of goods sold Total variable expenses $301000 $51600 103200 86000 What amount would you find on Concord's CVP income statement? General 41:18 O gross profit of $197800 • contribution margin of $163400 O contribution margin of $215000 O gross profit of $163400
16.The following data were related to ABC Corp. COST RETAILInventory, beg 5,000 6,000Purchases 69,000 90,000Freight 6,000Purchase returns 4,000 4,800Net mark-up 8,000Sales 100,000Sales returns 12,000How much is the ending inventory at cost under the average method? (Round percentage in 5 decimal places) 24,910 11,200 8,581 6,123
58 Charleston, Inc. had the following information: Year 2 Year 1 Net Sales 210,000 194,800 Cost of goods sold 128,000 140,600 Operating Expenses 34,400 23,000 Net Income 47,600 31,200 Using vertical analysis for Year 1, what is the percentage of cost of goods sold and operating expenses, respectively? Group of answer choices 11.8% and 27.8% 72.2% and 16.0% 16.0% and 11.8% 61.0% and 22.7% 61.0% and 16.4% 16.4% and 39.0% 72.2% and 11.8%
Save Ltd. and Spend Ltd. Are merchandising companies. Both are wholesalers dealing in a similar range of goods. Summaries of the Statement of Profit or Loss calculation and Statement of Financial Position the same year have been made available to you as follows: Statement of Profit or Loss Save Ltd. Spend Ltd. GH¢ (000) GH¢ (000) Sales 6,500 8,000 Cost of goods sold (4,500) (6,240) 1,500 1,760 Administrative Expenses (640) (630) Selling and distribution expenses (280) (400) Depreciation- PPP (100) (250) Net Profit 480 480 Statement of Financial Position Save Ltd. Spend Ltd. GH¢ (000) GH¢ (000) Property Plant and Equipment 910 1,200 Inventory 560 520 Accounts receivables 750 670 Bank 80 - 2,300 2,420 Stated Capital 1,920 1,600 Creditors 380 780 Bank - 40 2,300 2,420…
16.. Partially correct answer icon Your answer is partially correct. The income statement of Bonita Company is shown below. BONITA COMPANYINCOME STATEMENTFOR THE YEAR ENDED DECEMBER 31, 2020 Sales revenue $6,470,000 Cost of goods sold Beginning inventory $2,050,000 Purchases 4,300,000 Goods available for sale 6,350,000 Ending inventory 1,650,000 Cost of goods sold 4,700,000 Gross profit 1,770,000 Operating expenses Selling expenses 430,000 Administrative expenses 700,000 1,130,000 Net income $640,000 Additional information: 1. Accounts receivable decreased $290,000 during the year. 2. Prepaid expenses increased $170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $280,000 during the year. 4. Accrued expenses payable decreased $130,000 during the year. 5.…