Considering a common size statement for the financial statements here was made, what would be the the common size percentage for: Capital Question 1 options: 75% 54% 50% 92%
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INCOME STATEMENT
Particulars Amount
Income 487,000
Sales 485,000
Sales Returns -5,000
Commission Income 5,000
Expenses
Cost of Sales: 326,000
Cost of goods sold 240,000
Salaries and Wages 84,000
Consumable Stores 2,000
Gross Profit: 154,000
Operating Expenses: 79,000
Bad Debts 5,000
Rent Expense 28,000
Motor Expense 15,000
Telephone Expense 7,000
Electricity Expense 11,000
Bank Charges 3,000
Insurance 4,000
Interest on Mortgage 6,000
Operating Profit: 86,000
Profit: 82,000
BALANCE SHEET
Particulars Amount
Assets
Current Assets: 126,000
Trading Inventory 70,000
Debtors Control 32,000
Bank 22,000
Cash Float 2,000
Non Current Assets: 172,000
Vehicle at Cost 180,000
Equipment at Cost 120,000
Accumulated depreciation on Equipment -38,000
Total Assets: 298,000
Liabilities
Current Liabilities: 44,000
Provision for Bad Debts 4,000
Creditors Control 40,000
Non Current Liabilities: 80,000
Mortgage Loan Aries Bank 16% p.a. 80,000
Total Liabilities: 124,000
Equity
Capital 162,000
Profit for the year 82,000
Withdrawals -70,000
Total Equity: 174,000
Considering a common size statement for the financial statements here was made, what would be the the common size percentage for:
Capital
Question 1 options:
75%
54%
50%
92%
Step by step
Solved in 3 steps
- Direction : Read and analyze the given situation below and write the answers for each question on your answer sheet. Don’t forget your solution. • The Excelsior Merchandising purchased merchandise costing P250,000.00 for the month of October. It paid P10,000 for freight (transportation) for the shipment of the goods from the seller to its store. It insured the merchandise for P25,000. It sold the merchandise for P420,000. For the current month, it incurred the following expenses: Delivery Expense P15,000 Salary Expense P30,000 Miscellaneous Expense P25,000 Utilities Expense P10,000 The firm earned interest on the promissory notes of its customer amounting to P12,000. It paid interest to the bank on a loan it took amounting to P8,000 1. Compute for the following: a. Cost of sales b. Gross profit c. Operating Expenses d. Operating Profit/Loss e. Other Income f. Other Expense g. Net Profit/Lossanswer should be complete and correct with all working A convenient store sells 500 units for $5 each. Sales are made for cash, rather than on credit terms. The store’s customary business practice is to allow a customer to return any unused product within 30 days and receive a full refund. The cost of each product is $4. To determine the transaction price, the store decides that the approach that is most predictive of the amount of consideration to which the store will be entitled is the most likely amount. Using the most likely amount, the store estimates that five (25) units will be returned. The store’s experience is predictive of the amount of consideration to which the store will be entitled. The store estimates that the costs of recovering the products will be immaterial and expects that the returned products can be resold at a profit. REQUIRED: Provide the accounting entries to record the sale, and the subsequent return of the assets, assuming that the returns occur in…please dont provide answer in image format thank you Assume a retailing company has two departments—Department A and Department B. The company’s most recent contribution format income statement follows: Total Department A Department B Sales $ 800,000 $ 350,000 $ 450,000 Variable expenses 350,000 250,000 100,000 Contribution margin 450,000 100,000 350,000 Fixed expenses 400,000 140,000 260,000 Net operating income (loss) $ 50,000 $ (40,000) $ 90,000 The company says that $60,000 of the fixed expenses being charged to Department A are sunk costs or allocated costs that will continue if the segment is discontinued. However, if Department A is discontinued the sales in Department B will drop by 18%. What is the financial advantage (disadvantage) of discontinuing Department A?
- please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image) Joyner Company’s income statement for Year 2 follows: Sales $ 920,000 Cost of goods sold 506,000 Gross margin 414,000 Selling and administrative expenses 328,000 Net operating income 86,000 Nonoperating items: Gain on sale of equipment 7,000 Income before taxes 93,000 Income taxes 27,900 Net income $ 65,100 Its balance sheet amounts at the end of Years 1 and 2 are as follows: Year 2 Year 1 Assets Cash $ -25,900 $ -7,700 Accounts receivable 248,000 168,000 Inventory 314,000 264,000 Prepaid expenses 7,000 14,000 Total current assets 543,100 438,300 Property, plant, and equipment 500,000 401,000 Less accumulated depreciation 125,000 120,300 Net property, plant, and equipment 375,000 280,700 Loan to Hymans Company…Super Sound Company as at 31 Dec, 2015 TITLE OF ACCOUNTS DEBIT CREDIT Cash 145,000 A/c receivable 75,000 Plant 325,000 Selling expenses 12,500 Prepaid Rent 8,500 Other expenses 6,000 Office supplies expense 3,500 Interest expense 16,000 Mds. Inventory-Beg 27,800 Purchases 275,000 Transportation-in 22,000 Sales return 12,000 Equipment 500,000 Acc. dep-equipment 75,000 Acc. dep- plant 100,000 All for bad debts 12,000 Salaries expenses 65,000 Marketable securities 45,000 Sales revenue 695,000 Purchases return 1,800 Purchases discount 4,500 Commission income…Answer the following 2 questions based on the information in the spreadsheet you created below: Year 1 Year 2 Year 3 Year 4 $ % $ % $ % $ % Net Sales $ 500,000.00 100.00% $ 540,000.00 100.00% $ 577,800.00 100.00% $ 612,468.00 100.00% Cost of goods 265,000.00 53.00% $ 283,500.00 52.50% $ 300,456.00 52.00% $ 321,545.70 52.50% Gross Margin 235,000.00 47.00% $ 256,500.00 47.50% $ 277,344.00 48.00% $ 290,922.30 47.50% Operating expenses 210,000.00 42.00% $ 226,800.00 42.00% $ 245,565.00 42.50% $ 257,236.56 42.00% Operating proft 25,000.00 5.00% $ 29,700.00 5.50% $ 31,779.00 5.50% $ 33,685.74 5.50% 1. What can Mr. Ptolemy do to achieve the gross margin percentage goal set for the third and fourth years? Hint: What factors and elements of a P & L statement affect gross margin %?(List at least 2 things) 2. What efforts should Mr. Ptolemy make in the third and…
- Cash sales 16000were not posted to sales account, were posted as 6000 in sales account,were posted to commission account what are the wrong entry right entry and rectified entryI filled in some of the work for part "a" and was wondering if somebody could check to make sure it's correct. I also don't know what to put in part "b" so assistance there is needed too. See attached spreadsheet for what I mean. Thanks! Certain operating information is shown below for Palmer Department Store: Department A Department B All Other Departments Sales $600,000 $900,000 $2,100,000 Traceable expenses 105,000 165,000 600,000 Common expenses 90,000 120,000 300,000 Gross profit percentage 30% 40% 50% The managers are disappointed with the operating results of department A. They do not believe that competition will permit raising prices; however, they believe that spending $21,000 more for promoting this department's products will increase the physical volume of products sold by 20%. An alternative is to discontinue department A and use the space to expand department B. It is believed that department B's physical volume of products sold can thus be increased…Please show your solution in good accounting form. Thank you! JUNGKOOK Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Jungkook recognizes the unearned revenue as realized. Information for the current year: Unearned gift certificates revenue, January 1 ₱ 250,000 Gift certificates sold 1,745,000 Gift certificates redeemed 1,483,250 Gift certificates which expired 80,000 Gross profit rate based on cost 25% What amount should be reported for the year ended December 31 as:A. Cost of Sales
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