he following financial information is presented for three different companies. Determine the missing amounts. Cullumber Cosmetics Riverbed Grocery Marin Wholesalers Sales revenue $90,500 $enter a dollar amount (e) $125,800 Sales returns and allowances enter a dollar amount (a) 5,810 12,600 Net sales 86,100 97,000 enter a dollar amount (i) Cost of goods sold 56,200 enter a dollar amount (f) enter a dollar amount (j) Gross profit enter a dollar amount (b) 40,800 25,100 Operating expenses 19,800 enter a dollar amount (g) 18,100 Income from operations enter a dollar amount (c) enter a dollar amount (h) enter a dollar amount (k) Other expenses and losses 3,300 7,400 enter a dollar amount (l) Net income enter a dollar amount (d) 11,600 4,100

he following financial information is presented for three different companies. Determine the missing amounts. Cullumber Cosmetics Riverbed Grocery Marin Wholesalers Sales revenue $90,500 $enter a dollar amount (e) $125,800 Sales returns and allowances enter a dollar amount (a) 5,810 12,600 Net sales 86,100 97,000 enter a dollar amount (i) Cost of goods sold 56,200 enter a dollar amount (f) enter a dollar amount (j) Gross profit enter a dollar amount (b) 40,800 25,100 Operating expenses 19,800 enter a dollar amount (g) 18,100 Income from operations enter a dollar amount (c) enter a dollar amount (h) enter a dollar amount (k) Other expenses and losses 3,300 7,400 enter a dollar amount (l) Net income enter a dollar amount (d) 11,600 4,100

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 38E: Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on...

See similar textbooks

Similar questions

Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Using the financial information presented for Alexandria Co., compute the missing amounts. Do not include dollar signs or commas in your answers. If an amount is to be deducted, do NOT include parentheses or negative signs. Sales revenue Sales returns and allowances 40,000 Net sales 90,000 Cost of goods sold Gross profit 70,000 Operating expenses Net income 20,000
Below is the income statement of Krispy & Kreme Co. for the year ended December 31, 2021: Sales $1,000,000 Cost of Goods Sold $600,000 Gross Income $400,000 Operating Expenses $150,000 Net Income $250,000 The following errors were seen: 1.) Accrued expenses of $4,000, prepaid expenses of $6,000 were not recognized in the company's books. The company employs the expense method in accounting for prepayments. 2.) Sales of $5,000 were not recorded until January 2022, although the goods were shipped on December 31, 2021, and were excluded from the December 31 physical inventory. 3.) December 31, 2021-Inventory is understated by $31,000. 4.) Purchases of $0made on December 31, 2021 were not recorded although the goods were received and properly included in the December 31 physical inventory. 5.) A machine was sold for $10,000 on July 1, 2021. The proceeds were credited to the Sales account. The machine was acquired on January 1, 2018 for $60,000 with an estimated life of 6…
Below is the income statement of Krispy & Kreme Co. for the year ended December 31, 2021: Sales $1,000,000 Cost of Goods Sold $600,000 Gross Income $400,000 Operating Expenses $150,000 Net Income $250,000 The following errors were seen: 1.) Accrued expenses of $4,000, prepaid expenses of $6,000 were not recognized in the company's books. The company employs the expense method in accounting for prepayments. 2.) Sales of $5,000 were not recorded until January 2022, although the goods were shipped on December 31, 2021, and were excluded from the December 31 physical inventory. 3.) December 31, 2021-Inventory is understated by $31,000. 4.) Purchases of $30,000 made on December 31, 2021 were not recorded although the goods were received and properly included in the December 31 physical inventory. 5.) A machine was sold for $10,000 on July 1, 2021. The proceeds were credited to the Sales account. The machine was acquired on January 1, 2018 for $60,000 with an estimated life…
The trading results of a Merchandise trader is as follows: Net Sales OMR 100,000, Cost of Goods sold OMR 70,000, Interest expenses OMR 16,000, Salesman salary OMR 12,800, Office supplies expenses OMR 16,200, Marketing expense OMR 11,500, Insurance expenses OMR 3,500, What will be the total operating expenses assuming that the business follows Multi-Step Income Statement? a. OMR 44,000 b. OMR 28,000 C. OMR 130,000 d. OMR 60,000
Keiasia Coates Company sold merchandise for $2,000. The cost of the merchandise was $1,500. Five days later, the customer returns 20% of the merchandise, which is defective, and is not restored to Keasia Company’s merchandise inventory. On day 10, the customer sends a check for the amount due. Assuming the net method, indicate how these transactions combined would affect the following five financial statement items: assets, liabilities, owners equity, revenue, and expenses? Answer: assets:increase, Liabilities: decrease, owners equity:increase, revenue:increase, expenses: increase why and how would liabilites be decreased in this scenario? explain process to answer of this problem
Save-the-Earth Company reports the following income statement accounts for the year ended December 31. Sales discounts $ 900 Office salaries expense 3,500 Rent expense—Office space 3,000 Advertising expense 800 Sales returns and allowances 400 Office supplies expense 800 Cost of goods sold 12,000 Sales 50,000 Insurance expense 2,500 Sales staff salaries expense 4,000 Prepare a multiple-step income statement for the year ended December 31. can you help me explain what is a multiple step income statement and how to do it base on this question please?
On December 31, 2018, the balances of the accounts appearing in the ledger of Home City Furnishings Company, a furniture wholesaler, are as follows: Rent revenue $12,000 Sales $3,250,000 Accounts receivable 500,000 Cash 530,000 Administrative Expenses 200,000 Cost of Merchandise Sold 1,600,000 Selling Expenses 250,000 Interest expense 6,000 Prepare a multi-step income statement for the year ended December 31, 2018. Home City Furnishings Company Income Statement December 31, 2018 Sales Less Operating Expenses: Other Revenue and Expense: Net Income
The following trial balance and additional data are related to W en Teng Distributing Company. Wen Teng Company Trial Balance as at December 31, 1993 Dr Cr $ $ Cash 5,670 Accounts Receivable 37 100 Inventory 60,500 Supplies 3,930 Prepaid Rent 6,000 Furniture and fixtures 26,500 Accumulated Depreciation 21,200 Accounts Payable 46,340 Salary Payable Interest Payable Unearned Sales Revenue 3,500 Note Payable, Long Term 35,000 Wen Teng, Capital 23,680 Wen Teng, Withdrawals 48,000 Sales Revenue 346,700 Sales Discounts 10,300 Sales Returns and Allowances 8,200 Cost of Goods Sold 171,770 Salary Expense 82,750 Rent Expense 7,000 Depreciation expense Utilities Expense 5,800 Supplies Expense Interest Expense 2,900 _______ Total 476,420 476,420 5 - 5 - Additional Data at December 31, 1993: a) Supplies used during the year $2 580. b) Prepaid rent in force, $1 000 c) Unearned sales revenue still not earned, $2 400. The company expects to earn this amount during the next few months. d)…
The following information of ABC Merchandise Business for the year ended 31st December 2020 Account Amount (OMR) Sales Discounts 2200 Sales returns 22,000 Sales 257,000 Interest revenue 1000 Gain on Sale of land 2000 Interest expense 7,000 Salesman Salaries 38,000 Office rent 1400 Cost of Goods sold 160,000 Electricity expense – Office 300 Rent expense - office 100 Salesman commission 12500 Advertising expense 3500 Marketing expense 2500 Other non-operating expense 1000 Which of the following statement is False for a Simple-Step Income Statement? a. Total expenses cannot be calculated b. Net Sales can be calculated c. Net Profit can be calculated d. Cost of goods sold will be taken under total expenses
Based on this information can you create an Income Statment Accounts Receivable $1,200 Accounts Payable $20,200 Advertising Expense $750 Cash $28,600 Cost of Goods Sold $8,800 Drawings by Owner $1,625 Equipment $5,150 Interest Expense $300 Interest Payable $300 Inventory $3,900 Investments by Owner $10,000 Rent Expense $3,600 Sales Returns $600 Sales Revenue $11,900 Service Revenue $20,750 Supplies $600 Supplies Expense $2,025 Utilities Expense $600 Wages Expense $5,400
Save-the-Earth Co. reports the following income statement accounts for the year ended December 31. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expenses, and general and administrative expenses. Categorize the following accounts as selling expenses: Sales Staff Salaries and Advertising Expense. Categorize the remaining expenses as general and administrative. Sales discounts $ 750 Office supplies expense $ 500 Office salaries expense . 2,000 Cost of goods sold . 9,000 Rent expense—Office space . 1,500 Sales . 20,000 Advertising expense 500 Insurance expense 1,000 Sales returns and allowances . 250 Sales staff salaries . 2,500

SEE MORE QUESTIONS

Recommended textbooks for you

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

Cornerstones of Financial Accounting

Accounting

ISBN:

9781337690881

Author:

Jay Rich, Jeff Jones

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

	Cullumber Cosmetics		Riverbed Grocery		Marin Wholesalers
Sales revenue	$90,500			$enter a dollar amount	(e)	$125,800
Sales returns and allowances	enter a dollar amount	(a)		5,810		12,600
Net sales	86,100			97,000		enter a dollar amount	(i)
Cost of goods sold	56,200			enter a dollar amount	(f)	enter a dollar amount	(j)
Gross profit	enter a dollar amount	(b)		40,800		25,100
Operating expenses	19,800			enter a dollar amount	(g)	18,100
Income from operations	enter a dollar amount	(c)		enter a dollar amount	(h)	enter a dollar amount	(k)
Other expenses and losses	3,300			7,400		enter a dollar amount	(l)
Net income	enter a dollar amount	(d)		11,600		4,100