For each company, calculate the missing amount. Cost of Goods Sold Operating Expenses Company Sales Gross Profit Net Income Lennon 24 8,300 2$ 4,100 $ 2,600 $ 1,900 1,500 3,000 Harrison 8,700 8,300 3,800 McCartney 3,200 5,100 1,100 Starr 7,800 2,000 5,800 3,000
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- For each of the following, determine the missing amounts. Net Sales Cost ofGoods Sold GrossProfit OperatingExpenses Income FromOperations $100,000 $ $ $30,000 $12,000 $ $135,000 $125,000 $ $80,000For each of the following, determine the missing amounts. SalesRevenue Cost ofGoods Sold GrossProfit OperatingExpenses NetIncome $100,000 $ $ $30,000 $12,000 $ $135,000 $125,000 $ $80,000Calculate the missing information based on the format of the income statement. Net Sales Cost ofGoods Sold GrossMargin ($) OperatingExpenses Net Profit ($) $332,500 $132,100 $ $107,000 $
- Question: 1) Determine the profit/loss figure from the information given below: Sales : $90 000 cost of goods sold : $30 000 other expenses : $65 000 Total Assets : $10 000 required: please answer this question by determining the correct profit/ loss figure from the information above.Question 2You are to study the following financial statements for two furniture stores andthen answer the questions which follow: Home Furnitures Comfort FurnituresRM RM RM RM Statement of Profit or LossSales 700,000 950,000Less: Cost of goods sold:Opening inventories 150,000 100,000Purchases 300,000 420,000450,000 520,000 Less: Closing inventories (115,000) (335,000) (95,000) (425,000)Gross profit 365,000 525,000Less: Expenses:Depreciation 5,000 20,000Wages & salaries 190,000 300,000Other expenses 65,000 (260,000) 50,000 (370,000)Net profit 105,000 155,000Statement of Financial PositionNon-current assetsEquipment 50,000 20,000Current assetsInventories 115,000 95,000Trade receivables 135,000 150,000Bank 25,000 275,000 12,500 257,500325,000 277,500 Equity:Opening capital 85,000 80,000Add: Net profit 105,000 155,000190,000 235,000 Less: Drawings (39,000) 151,000 (58,500) 176,500Current liabilitiesTrade payables 174,000 101,000325,000 277,500 Required: (a) Calculate the following…Question 2You are to study the following financial statements for two furniture stores andthen answer the questions which follow: Home Furnitures Comfort FurnituresRM RM RM RM Statement of Profit or LossSales 700,000 950,000Less: Cost of goods sold:Opening inventories 150,000 100,000Purchases 300,000 420,000450,000 520,000 Less: Closing inventories (115,000) (335,000) (95,000) (425,000)Gross profit 365,000 525,000Less: Expenses:Depreciation 5,000 20,000Wages & salaries 190,000 300,000Other expenses 65,000 (260,000) 50,000 (370,000)Net profit 105,000 155,000Statement of Financial PositionNon-current assetsEquipment 50,000 20,000Current assetsInventories 115,000 95,000Trade receivables 135,000 150,000Bank 25,000 275,000 12,500 257,500325,000 277,500 Equity:Opening capital 85,000 80,000Add: Net profit 105,000 155,000190,000 235,000 Less: Drawings (39,000) 151,000 (58,500) 176,500Current liabilitiesTrade payables 174,000 101,000325,000 277,500 Required:(a) Calculate the following…
- Question 2You are to study the following financial statements for two furniture stores andthen answer the questions which follow: Home Furnitures Comfort FurnituresRM RM RM RM Statement of Profit or LossSales 700,000 950,000Less: Cost of goods sold:Opening inventories 150,000 100,000Purchases 300,000 420,000450,000 520,000 Less: Closing inventories (115,000) (335,000) (95,000) (425,000)Gross profit 365,000 525,000Less: Expenses:Depreciation 5,000 20,000Wages & salaries 190,000 300,000Other expenses 65,000 (260,000) 50,000 (370,000)Net profit 105,000 155,000Statement of Financial PositionNon-current assetsEquipment 50,000 20,000Current assetsInventories 115,000 95,000Trade receivables 135,000 150,000Bank 25,000 275,000 12,500 257,500325,000 277,500 Equity:Opening capital 85,000 80,000Add: Net profit 105,000 155,000190,000 235,000 Less: Drawings (39,000) 151,000 (58,500) 176,500Current liabilitiesTrade payables 174,000 101,000325,000 277,500 Required:(a) Calculate the following…Presented below are the components in determining cost of goods sold.Determine the missing amounts. BeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofGoods Sold (a) $79,400 $102,500 $111,000 (b) $47,400 $111,000 $35,300 (c) $120,000 $159,000 $29,000Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.
- Orlando Medical’s common-size income statement for 2018 would report cost ofgoods sold asa. 82.4%.b. $35,147 million.c. up by 20.1%.d. 137.9%.Below are amounts found in the income statements of three companies. Company SalesRevenue Cost ofGoods Sold OperatingExpenses Non-operatingExpenses Income TaxExpense Henry $ 48,000 $ 19,200 $ 5,800 $ 2,800 $ 2,800 Grace 51,000 38,250 14,000 7,800 0 James 56,000 37,520 3,800 0 3,800 Required: 1. For each company, calculate (a) gross profit, (b) operating income, (c) income before income taxes, and (d) net income. Gross Profit Operating Income Income Before Income taxes Net Income / Loss Henry Grace JamesBeginningInventory Purchases Cost of GoodsAvailable for Sale EndingInventory Cost ofgoods sold $ 87,000 $ 117,000 $ (a) $ (b) $ 127,000 $ 56,000 $ (c) $ 121,000 $ 40,000 $ (d) $ (e) $ 107,000 $ 167,000