EB3. Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they had gross revenue from sales totaling $93,200. Their operating expenses for this same period were $34,000. If their Cost of Goods Sold (COGS) was 21% of gross revenue, what was their net operating income for the year?

EB3. Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they had gross revenue from sales totaling $93,200. Their operating expenses for this same period were $34,000. If their Cost of Goods Sold (COGS) was 21% of gross revenue, what was their net operating income for the year?

Name: EB3. Flip or Flop is a retail shop selling a wide variety of sandals a
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: EB3. Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they had gross revenue from sales totaling $93,200. Their operating expenses for this same period were $34,000. If their Cost of Goods Sold (COGS) was 2

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 3EB: Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they...

See similar textbooks

Similar questions

Canine Couture is a specialty dog clothing boutique that sells clothing and clothing accessories for dogs. In 2019, they had gross revenue from sales totaling $86,500. Their operating expenses for this same period were $27,500. If their Cost of Goods Sold (COGS) was 24% of gross revenue, what was their net operating income for the year?
Canine Couture is a specialty dog clothing boutique that sells clothing and clothing accessories for dogs. In 2019, they had gross revenue from sales totaling $180,351. Their operating expenses for this same period were $35,801. If their Cost of Goods Sold (COGS) was 24% of gross revenue, what was their net operating income for the year? Round to the nearest whole dollar, no decimal places.
3. Canine Couture is a specialty dog clothing boutique that sells clothing and clothing accessories for dogs. In 2019, they had gross revenue from sales totaling $86,500. Their operating expenses for this same period were $27,500. If their Cost of Goods Sold (COGS) was 24% of gross revenue, what was their net operating income for the year? Use this information to construct an income statement for the year 2019. Operating Income Cash Retained Earnings Gross Profit Cost of Goods Sold Service Revenue Cost of Services Operating Expenses Sales Revenue PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Canine Couture Income Statement for Year Ended 2019
During May, 2020, Samoul’s Supply Store generated revenues of $180,000. The company’s expenses were as follows: cost of goods sold of $72,000 and operating expenses of $12,000. The company also had rent revenue of $3,000 and a gain on the sale of a delivery truck of $6,000.Samoul’s income from operations for the month of May, 2020 is $117,000. $111,000. $96,000. $180,000.
Joana's Boutique incur the following amounts for the month of November 2020. Compute for the income statement to determine whether profit or loss given the following information: Sales - 500,00 Cost of Goods Sold - 24,000 Operating Expenses - 12,000
Canine Couture is a specialty dog clothing boutique that sells clothing and clothing accessories for dogs. In 2019, they had gross revenue from sales totaling $89,000. Their operating expenses for this same period were $26,500. If their Cost of Goods Sold (COGS) was 22% of gross revenue, what was their net operating income for the year? Canine Couture Income Statement For Year Ending 2019 $ $ $
During August, 2020, Sheffield’s Supply Store generated net sales of $60100. The company’s expenses were as follows: cost of goods sold of $35000 and operating expenses of $4500. The company also had rent revenue of $1000 and a loss on the sale of a delivery truck of $1700. Sheffield’s operating income for the month of August 2020 is $20600.$21600.$19900.$25100.
MENA Corp., registered with BIR in 2019, has the following data for the year 2021: Gross Sales 1,000,000 PWD & SC Discounts given 100,000 Returns and allowance 150,000 Cost of Goods Sold 300,000 Salaries to personnel 250,000 Q2: How much is the gross income? Answer: Pls include solution. Thanks.
Accel's Companies, a home improvement store chain, reported the following summarized figures: Accel's Companies Income Statement Years Ended May 31, 2024 and 2023 2024 Net Sales Revenue $40,600 Cost of Goods Sold $28,400 Interest Expense $600 All Other Expenses $4,300 Net Income $7,300 2023 Net Sales Revenue $40,500 Cost of Goods Sold $30,600 Interest Expense $570 All Other Expenses $8,200 Net Income $1,130 Accel's Companies Balance Sheet May 31, 2024 and 2023 Assets 2024 2023 Cash $2,400 $900 Short-term Investments $28,000 $9,000 Accounts Receivable $7,500 $5,200 Merchandise Inventory $6,900 $8,600 Other Current Assets $8,000 $1,500 Total Current Assets $52,800 $25,200 All Other Assets $30,000 $29,000 Total Assets $82,800 $54,200 Liabilities 2024 2023 Total Current Liabilities $28,000 $13,200 Long-term Liabilities $13,900 $10,300 Total Liabilities $41,900 $23,500 Stockholders' Equity Common Stock $11,000 $11,000 Retained Earnings $29,900 $19,700 Total Equity $40,900 $30,700…
Accel's Companies, a home improvement store chain, reported the following summarized figures: Accel's Companies Income Statement Years Ended May 31, 2024 and 2023 2024 Net Sales Revenue $40,600 Cost of Goods Sold $28,400 Interest Expense $600 All Other Expenses $4,300 Net Income $7,300 2023 Net Sales Revenue $40,500 Cost of Goods Sold $30,600 Interest Expense $570 All Other Expenses $8,200 Net Income $1,130 Accel's Companies Balance Sheet May 31, 2024 and 2023 Assets 2024 2023 Cash $2,400 $900 Short-term Investments $28,000 $9,000 Accounts Receivable $7,500 $5,200 Merchandise Inventory $6,900 $8,600 Other Current Assets $8,000 $1,500 Total Current Assets $52,800 $25,200 All Other Assets $30,000 $29,000 Total Assets $82,800 $54,200 Liabilities 2024 2023 Total Current Liabilities $28,000 $13,200 Long-term Liabilities $13,900 $10,300 Total Liabilities $41,900 $23,500 Stockholders' Equity Common Stock $11,000 $11,000 Retained Earnings $29,900 $19,700 Total Equity $40,900 $30,700…
During 2020, Reliable Corporation had cash and credit sales of $21,760 and $15,225, respectively. The company also collected accounts receivable of $9,765 and incurred operating expenses of $27,700, 80% of which were paid during the year. In addition, Reliable prepaid $4,500 for an 18 month advertising campaign that began September 30. Reliable’s accrual basis net income (loss) for the year ending December 31, 2020 was: Group of answer choices A. $8,535 B. $14,075 C. ( $775) D. $9,285
#210 BALJEET Company reported the following information for the year ended December 31, 2020: Service Revenues P4,597,000 Salaries Expense 895,000 Advertising Expense 320,000 Baljeet, Drawings 769,000 Interest Expense 32,900 Depreciation Expense 629,000 Insurance Expense 41,000 Supplies Expense 34,000 Supplies Inventory 5,000 How much is the net income for 2020?