Answered: Anthony Corporation reported the…

Anthony Corporation reported the folowing amounts for the year Net sales $296, 000 Cost of goods sold Average inventory 138, e00 50,000 Anthony's gross profit ratio is Mole Choce 53

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: Calculate the value of cost of goods sold for Thompson company given the following information:…

A: Quick Ratio = Liquid Assets / Current Liabilities Current Ratio = Current Assets/ Current…

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42,950. of which…

A: The Inventory turnover ratio is the measure of how often the inventory goes out or sold. Greater the…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Reported sales revenue = Sales value - Discount amount

Q: Revenue and expense data for Rogan Technologies Co. are as follows: 20Y8 20Y7 Sales $701,000…

A: Percentage of sales of particular account = Particular account amount * 100 / Sales for the year

Q: Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Applying the Cost of Goods Sold Model Milton Company reported beginning inventory of $109,000 on…

A: 1. COST OF GOODS SOLD : = OPENING INVENTORY + PURCHASES - CLOSING INVENTORY 2. GROSS MARGIN : =…

Q: -) The Company had sales of $1,850,000 and Cost of Goods of $875,000 for the year ended 12/31/18.…

A: As requested to answer the third question so we are answering only that.

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42950. of which…

A: Inventory Turnover Ratio = Cost of goods sold / Average Inventory Average Inventory = ( Beginning…

Q: Vilma Co. Nora Co. Net Credit Sales P1,125,000 P1,000,000 Gross Profit Rate 20% of Sales 25% of…

A: Holding period of inventory means for how many days inventory is being held by the business.…

Q: Beginning inventory 32 000 Cost of goods sold 404 000 Ending inventory 45 000 Net icome 28 000 Net…

A: Ratios are used by the firms to know the exact situation of the firm in comparison to the industry…

Q: Scott Walker Company reported the following data for the past year: $460,000 $230,000 $100,000…

A: Cost of goods Sold refers to total cost incurred for producing goods right from acquisition of…

Q: Income statement information for Einsworth Corporation follows: Sales…

A: Vertical analysis for income statement is performed by setting the net sales as 100 percentages and…

Q: Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2…

A: Average Total assets = (Beginning Total assets + Ending Total assets) /2 = (9,024,000+8,254,000)/2…

Q: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…

A: Inventory refers to the goods available for sale and used as a raw material for production of…

Q: Income statement information for Sadie Company is below: Sales $175,000 Cost of goods sold 115,000…

A: Gross profit margin = Gross profit / Sales where. Gross profit = Sales - cost of goods sold

Q: The financial year of Mitex Co ended on 31 December 20X1. An inventory count on January 4 20X2 gave…

A: We have the following information: Total Inventory as on January 4 20X2: $527,300 Purchase of…

Q: The following is a portion of the condensed income statement for Rowan, Inc., a manufacturer of…

A: 1. calculate inventory turnover: Inventory turnover = Cost of goods sold / Average inventory…

Q: Austin Sound sold inventory for $300,000, terms 2/10, n/30. Cost of goods sold was $152,000. How…

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42.950, of which…

A: Introduction: Inventory turnover ratio: Division of Average inventory with cost of goods sold…

Q: CG Films generates cost of goods sold of $135,000 for the year. Inventory at the beginning and end…

A: PLEASE LIKE THE ANSWER, YOUR RESPONSE MATTERS correct answer is = (a). 3.1 working note: inventory…

Q: Anthony Corporation reported the following amounts for the year: Net sales $ 296,000…

A: Gross profit of anthony corporation = Sales - COGS = $296,000 - $138,000 = $158,000

Q: Determining Gross Profit During the current year, merchandise is sold for $821,000. The cost of…

A: Income Statement: Income Statement is the part of the financial statement which is prepared to…

Q: The following data come from the inventory records of Albrecht Company:Net sales…

A: Gross profit is a profit which can be calculate by the taking diference between net sales and cost…

Q: BELOW ARE SOME DATA OF THE INCOME STATEMENT ACCOUNTS OF WISHING WELL COMPANY FOR THE YEAR ENDED DEC…

A: Hi student Since there are multiple questions, we will answer only first question. Since first…

Q: Monty Corp. reported net sales $610,000, cost of goods sold S366,000, operating expenses $151,000,…

A: Answer) Calculation of Profit Margin Profit Margin = Net Income/ Net Sales Profit Margin = $ 70,150/…

Q: Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: ncome statement data for Boone Company for the years ended December 31, 20Y5 and 20Y4, are as…

A: SOLUTION- PARTICULARS 20Y5 20Y4 INCREASE/DECREASE INCREASE/DECREASE (%) SALES 673200 510000…

Q: The financial statements for Jackson Enterprises (income statement, statement of owner’s equity, and…

A: As posted multiple sub parts in question we are answering only first three sub parts kindly repost…

Q: Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2…

A: Average Total assets = (Beginning Total assets + Ending Total assets) /2 Average Total assets =…

Q: Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2…

A: Ratio analysis is a quantitative strategy for picking up understanding into an organization's…

Q: The income statement of Miller, Inc. includes the items listed below: $900,000 320,000 80,000 15,000…

A: 1. Cost of goods sold = Net Sales - Gross profit 2.Cost of goods available for sale =Beginning…

Q: The financial statements for Jackson Enterprises (income statement, statement of owner’s equity, and…

A: Definition of financial ratios: Financial ratios are created with the use of numerical values taken…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Sales revenue: Sales revenue is the amount earned by the company by selling goods or providing…

Q: Ace Company reported the following information for the current year: Sales $ 416,000 Cost of…

A: The cost of goods sold includes the total cost of goods that are sold during the period. Cost of…

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: If average inventory is P80,000 and the inventory turnover ratio is 20, how much is the cost of…

A: Calculate the costs of goods sold (COGS) by multiplying the average inventory which is P80,000 with…

Q: Litten Corporation's most recent income statement appears below: Sales (all on…

A: The gross margin is calculated as excess of sales over cost of goods sold.

Q: The financial statements for Jackson Enterprises (income statement, statement of owner’s equity, and…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: The year-end financial statements of Collette Inc. reported the following information (in…

A: INTRODUCTION: Days inventory outstanding is the average number of days it takes for a company to…

Q: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…

A: Gross profit: It can be defined as the excess of a company's revenue over the direct cost that is…

Q: x Enterprises reports the following information on its year-end income st t Sales $190,000 Operating…

A: Explanation of Concept Gross Profit Percentage is been calculated with the help of following formula…

Q: Inventory turnover and number of days' sales in inventory Financial statement data for years ending…

A: The inventory shows the current assets that are presented in the balance sheet of the company.

Q: BC Training reports sales revenue of $2,800,000. Average inventory during the year was $130,000. The…

A: Gross profit can be calculated as sales less gross cost of goods sold

Q: The financial statements for Jackson Enterprises (income statement, statement of owner’s equity, and…

A: As posted multiple subparts questions we are answering only first three sub parts kindly repost the…

Q: 137.Blue Spruce Corp. had net credit sales of $13013000 and cost of goods sold of $9376000 for the…

A: The answer is as fallows

Q: Financial Ratios The financial statements for Jackson Enterprises (income statement, statement of…

A: Working Capital = Current Asset - Current Liabilities Current Ratio = Current AssetCurrent…

Q: Refer to the following selected financial information from Phantom Corp. Compute the company's days'…

A: Introduction:- First we need to calculate inventory turnover ratio Inventory turnover ratio =Cost of…

Q: Data from National Corporation's most recent balance sheet and income statement appear below:.…

A: Average sale period = 365 days / Accounts receivable turnover where, Accounts receivable turnover =…

Question

Anthony Corporation reported the folowing amounts for the year
Net sales
$296, 000
Cost of goods sold
Average inventory
138, e00
50,000
Anthony's gross profit ratio is
Mole Choce
53

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1:- Concept Used

VIEW

Step 2:- Solution

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
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?
Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Inventory turnover
Inventory analysis Costco Wholesale Corporation (COST) and Wal-Mart Stores Inc. (WMT) compete against each other in general merchandise retailing, gas stations, pharmacies, and optical centers. Below is selected financial information for both companies from a recent year's financial statements (in millions): a. Determine for bom companies (1) the inventory turnover and (2) the days' sales in inventory. Round to one decimal place. b. Compare and interpret the inventory metrics computed in (a).
Kulsrud Company would like to estimate the current inventory level. Using the gross profit method and the following information, estimate the current inventory level for Kulsrud Company. Goods available for sale 100,000 Net sales 150,000 Normal gross profit as a percent of sales 40%
Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
Last year, Nikkola Company had net sales of 2,299,500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average inventory. 2. Calculate the inventory turnover ratio. 3. Calculate the inventory turnover in days. 4. CONCEPTUAL CONNECTION Based on these ratios, does Nikkola appear to be performing well or poorly?
Inventory Analysis Singleton Inc. reported the following information for the current year: Required: Compute Singletons (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Note: Round all answers to two decimal places.)
Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Reid Company uses the periodic inventory system. On January 1, it had an inventory balance of 250,000. During the year, it made 613,000 of net purchases. At the end of the year, a physical inventory showed it had ending inventory of 140,000. Calculate Reid Companys cost of goods sold for the year.
Inventory Analysis Callahan Company reported the following information for the current year. Required: 1. Compute Callahans (a) gross profit ratio, (b) inventory turnover ratio, and (c) average days to sell inventory. (Round all answers to two decimal places.) 2. Explain the meaning of each number.