Help, question 1 please e Completion This test can be saved and resumed later.Your answers are saved automatically.estion Completion Status:QUESTION 1Applesoft, Inc.Income StatementFor the year ended December 31Sales Revenue$80,000Cost of Goods Sold$52,000Selling Expenses$2,000Depreciation and Amortization Expense$3,000Calculate Applesoft's Gross Profit Margin for the year ended December 31. Round to the nearest WHOLE PERCENT and do not include the % sign in your answer.QUESTION 2FloorMart has the following values on its Balance Sheet:Current Liabilities$12,000Click Save and Submit to save and submit. Click Save All Answers to save all answers.

Gross Profit Gross profit is the profit a business makes after subtracting all the costs that are…

Answered: Calculate Applesoft's Gross Profit…

Business

Accounting

Calculate Applesoft's Gross Profit Margin for the year ended December 31. Round to the

Financial Accounting: The Impact on Decision Makers

10th Edition

ISBN:9781305654174

Author:Gary A. Porter, Curtis L. Norton

Publisher:Gary A. Porter, Curtis L. Norton

Chapter5: Inventories And Cost Of Goods Sold

Section: Chapter Questions

Problem 5.26MCE

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SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end of year 1, JCs estimates that 2,000 of the current years sales will be returned in year 2. Prepare the adjusting entry at the end of year 1 to record the estimated sales returns and allowances and customer refunds payable for this 2,000. Use accounts as illustrated in the chapter.
COMPLETION OF A WORK SHEET SHOWING A NET INCOME The trial balance for the Venice Beach Kite Shop, a business owned by Molly Young k shown on page 550. Year-end adjustment information is as follows: (a and b)Merchandise inventory costing 35,000 is on hand as of December .31, 20--. (The periodic inventory system is used.) (c)Supplies remaining at the end of the year, 3,300. (d)Unexpired insurance on December 31, S3,800. (e)Depreciation expense on the building foe 20--, 2,500. (f)Depreciation expense on the store equipment for 20--, 3,500. (g)Unearned rent revenue as of December 31, 4,00. (h)Wages earned but not paid as of December 31, 800. 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter. 2. Complete the work sheet. 3. Enter the adjustments m a general journal.
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COMPLETION OF A WORK SHEET SHOWING A NET LOSS The trial balance for Cascade Bicycle Shop, a business owned by David Lamond, is shown below. Year-end adjustment information is as follows: (a and b) Merchandise inventory costing 22,000 is on hand as of December 31, 20--. (The periodic inventory system is used.) (c)Supplies remaining at the end of the year, 2,400. (d)Unexpired insurance on December 31, 1,750. (e)Depreciation expense on the building for 20--, 4,000. (f)Depreciation expense on the store equipment for 20--, 3,600. (g)Unearned storage revenue as of December 31, 1,950. (h)Wages earned but not paid as of December 31, 750. REQUIRED 1. Complete the Adjustments columns, identifying each adjustment with its corresponding letter. 2. Complete the work sheet. 3. Enter the adjustments in the general journal.
1. A business operate based on a mark-up cost of 40%. If the opening and closing inventories were Gh 3,100 and Gh 4,000 respectively,while purchases were Gh 42,100. What was the value for sales? 2. The following related to God's blessings enterprises for the year ended 31 December 2019. Production cost of goods Production of cost goods completed sales Gh Sales 1,080,000 Inventory of finished goods at a cost. 1,939,500 Inventory of finished goods at a cost 255,000 Selling and distribution 216,000 expenses. Administrative expenses. 180,000 Financial charges 48,000 Goods are transferred to the ware house at a cost plus 100/3%. (a).What is the value of opening inventories. (b)What is the closing inventories.
Supposing EQR Trading has completed the following transactions for the month of October, 2020. 1. Sale of goods to company A on credit P200,000. 2. Purchase of goods of P400,000 from company B on credit 3. Purchase of goods of P500,000from company C on credit. 4. Sales of office-use equipment of P100,000 to company D on credit. What is the total amount recorded in the Sales account for this month?
16. New attempt is in progress. Some of the new entries may impact the last attempt grading. 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…
Prepare a trial balance The following ledger balances arranged in alphabetical order take from the books of Sunrise-in Trading for the year ended December 31, 2020: Based on the physical count, it was determined that Merchandise Inventory costing P150,000 is on hand as at Dec. 31, 2020. Advertising Expense P 27,500 Accounts Payable 40, 000 Accounts Receivable 65,000 Accumulated Depreciation- Building 70,000 Accumulated Depreciation- Equipment 65,000 Building 440,000 Cash 90,000 Christian Capital 714,000 Christian Drawing 90,000 Equipment 240,000 Land 40,000 Merchandise Inventory 180,000 Miscellaneous Expense 27,000 Notes Payable 15,000 Prepaid Insurance 2,000 Purchases 515,000 Purchases Discount 5,000 Purchases Return 4,000 Sales 992,500 Salaries Expense 200,000 Sales Return and allowances…
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