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?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

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Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
Gross sales $ 19,000 $ 15,000 Sales returns and allowances 1,000 100 Net sales $ 18,000 $ 14,900 Cost of merchandise (goods) sold 12,000 9,000 Gross profit $ 6,000 $ 5,900 Operating expenses: Depreciation $ 700 $ 600 Selling and administrative 2,200 2,000 Research 550 500 Miscellaneous 360 300 Total operating expenses $ 3,810 $ 3,400 Income before interest and taxes $ 2,190 $ 2,500 Interest expense 560 500 Income before taxes $ 1,630 $ 2,000 Provision for taxes 640 800 Net income $ 990 $ 1,200 LOGIC COMPANYComparative Balance SheetDecember 31, 2019 and 2020 2020 2019 Assets Current assets: Cash $ 12,000 $ 9,000 Accounts receivable 16,500 12,500 Merchandise inventory 8,500 14,000 Prepaid expenses 24,000 10,000 Total current assets $ 61,000 $ 45,500 Plant and equipment: Building (net) $ 14,500 $ 11,000 Land 13,500 9,000 Total plant and equipment…
Sales . . . . . . . . . . . . . . . . . . . . . . . . $300,000Sales returns . . . . . . . . . . . . . . . . . . . 15,000Sales discounts . . . . . . . . . . . . . . . . . 4,500Beginning inventory . . . . . . . . . . . . . 25,000Purchases . . . . . . . . . . . . . . . . . . . . . 180,000Purchases returns and allowances . . . . 6,000Purchases discounts . . . . . . . . . . . . . 3,600Transportation-in . . . . . . . . . . . . . . . 11,000Gross profit from sales . . . . . . . . . . . 105,000Net income . . . . . . . . . . . . . . . . . . . 55,000 Required: Calculate the(a) total operating expenses,(b) cost of goods sold(c) ending inventory.
Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 98,000 129,000 Cost of goods sold 64,600 enter a dollar amount Gross profit enter a dollar amount 56,760 Operating expenses 20,400 enter a dollar amount Net income enter a dollar amount 21,930 Fill in the missing amounts.
Sales P950,000 (credit)Sales returns and allowances 15,000 (debit)Sales discounts 10,000 (debit)Purchases 220,000 (debit)Purchases Returns and Allowances 20,000 (credit)Transportation In 30,000 (debit)Selling Expenses 75,000 (debit)General and Administrative Expenses 275,000 (debit)In addition, beginning merchandise inventory was P 55,000 and ending merchandise inventory was P35,000. Profit for the period was P275,000P325,000P350,000P250,000
Accounts Receivable$ 21,000 Cost of Goods Sold215,000 Selling Expenses (includes depreciation)27,000 Interest Expense800 Accumulated Depreciation—Building33,000 Sales Discounts13,000 Unearned Service Revenue28,000 Inventory37,000 Administrative Expenses (includes depreciation)18,000 Sales Revenue330,000 Accounts Payable9,000 Interest Revenue600 Instructions: Using the data provided as appropriate, prepare a multiple-step income statement for Atlantic Department Store for the year ended December 31, 2012.
Sales- 750,000 Sales returns and allowances- 15,000 Sales discounts- 10,000 Purchases- 170,000 Purcase returns and allowances- 20,000 Transportation in - 30,000 Selling expenses- 75,000 General and administrative expenses- 275,000 1. What is the cost of goods sold? 2. What is the net income? Please show solutions.
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 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end. 28,000 Purchases 120,000 Freight-in 6,000 Purchases discounts 3,000 Purchase returns 2,000 How much is the cost of goods sold?
Sales P950,000 (credit)Sales returns and allowances 15,000 (debit)Sales discounts 10,000 (debit)Purchases 220,000 (debit)Purchases Returns and Allowances 20,000 (credit)Transportation In 30,000 (debit)Selling Expenses 75,000 (debit)General and Administrative Expenses 275,000 (debit)In addition, beginning merchandise inventory was P 55,000 and ending merchandise inventory was P35,000. Net purchases for the period were P250,000P230,000P210,000P280,000
Sales 218,000 Gain on sale of equipment $ 6,290 epreciation expense—Office copier $ 530 Office supplies expense 620 Sales discounts 16,700 Insurance expense 1,380 Sales returns and allowances 3,900 TV advertising expense 3,800 Office salaries expense 31,100 Interest revenue 650 Rent expense—Selling space 11,600 Cost of goods sold 91,000 Sales staff wages 23,700 Sales commission expense 13,100 whats the total income profited