Following are excerpts from an income statement: Food Sales $265,000 Beverage Sales 80,000 Cost of food sold 78,000 Cost of Beverage sold 20,000 Labor 111,000 Controllable Expenses 67,000 Non-controllable Expenses 27,000 Other Expenses 4,000 Identify these items from the above information: Prime cost dollars and percentage Controllable Income dollars and percentage Operating Income dollars and percentage Income before Income Taxes dollars and percentage Food Cost of Sales % Beverage Cost of Sales % Total Cost of Sales %

Following are excerpts from an income statement: Food Sales $265,000 Beverage Sales 80,000 Cost of food sold 78,000 Cost of Beverage sold 20,000 Labor 111,000 Controllable Expenses 67,000 Non-controllable Expenses 27,000 Other Expenses 4,000 Identify these items from the above information: Prime cost dollars and percentage Controllable Income dollars and percentage Operating Income dollars and percentage Income before Income Taxes dollars and percentage Food Cost of Sales % Beverage Cost of Sales % Total Cost of Sales %

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
Following are excerpts from an income statement: Food Sales 265000 Beverage Sales 80000 Cost of food sold 78000 Cost of Beverage sold 20000 Labor 111000 Controllable Expenses 67000 Non-controllable Expenses 27000 Other Expenses 4000 Identify these items from the above information: a.) Prime cost dollars and percentage b.) Controllable Income dollars and percentage c.) Operating Income dollars and percentage d.) Income before Income Taxes dollars and percntage e.) Food Cost of Sales % f.) Beverage Cost of Sales % g.) Total Cost of Sales %
Following are excerpts from an income statement: Food Sales 265000 Beverage Sales 80000 Cost of food sold 78000 Cost of Beverage sold 20000 Labor 111000 Controllable Expenses 67000 Non-controllable Expenses 27000 Other Expenses 4000 Identify these items from the above information: a.) Prime cost dollars and percentage b.) Controllable Income dollars and percentage c.) Operating Income dollars and percentage d.) Income before Income Taxes dollars and percentage e.) Food Cost of Sales % f.) Beverage Cost of Sales % g.) Total Cost of Sales %
Using the financial information is presented below: Operating Expenses $ 55,000 Sales Returns and Allowances 13,000 Sales Discount 6,000 Sales 160,000 Costs of Goods Sold 77,000 The gross profit rate would be:
The following information appeared in a company’s income statement: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 RequiredCalculate the (a) total operating expenses, (b) cost of goods sold, and (c) ending inventory.
Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. TannenhillCompany ElectronicsIndustryAverage Sales $4,000,000 100.0 % Cost of merchandise sold 2,120,000 60.0 Gross profit $1,880,000 40.0 % Selling expenses $1,080,000 24.0 % Administrative expenses 640,000 14.0 Total operating expenses $1,720,000 38.0 % Income from operations $160,000 2.0 % Other revenue and expense: Other revenue 120,000 3.0 Other expense (80,000) 2.0 Income before income tax expense $200,000 3.0 % Income tax expense 80,000 2.0 Net income $120,000 1.0 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. Enter all amounts as positive numbers.…
A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, LimitedComparative Income Statement This Year Last Year Sales $ 7,360,000 $ 5,593,600 Cost of goods sold 4,760,000 3,512,000 Gross margin 2,600,000 2,081,600 Selling and administrative expenses: Selling expenses 1,387,000 1,073,500 Administrative expenses 705,500 609,000 Total expenses 2,092,500 1,682,500 Net operating income 507,500 399,100 Interest expense 96,000 88,000 Net income before taxes $ 411,500 $ 311,100 Members of the company’s board of directors are surprised to see that net income increased by only $100,400 when sales increased by $1,766,400. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).)
For Mortenson Company, the following information is available: Cost of goods sold ₤240,000 Sales discounts 8,000 Income tax expense 24,000 Operating expenses 92,000 Sales revenue 400,000. In Mortenson’s income statement, the gross profit is *
The following information is available for Wade Corp.: Sales $550,000 Total fixed expenses $150,000 Cost of goods sold 390,000 Total variable expenses 360,000 A CVP income statement would report gross profit of $160,000. contribution margin of $400,000. gross profit of $190,000. contribution margin of $190,000.
Financial information is presented below: Operating Expenses $ 44,000 Sales Returns and Allowances 13,000 Sales Discounts 6,000 Sales 170,000 Cost of Goods Sold 77,000. Gross profit would be?