Income Statement Accounts December 31, 20X1 Dr Cr P 475,000 Sales Sales Returns and Allowances Purchases 5,000 220,000 Purchase Returns and Allowance 3,000 Advertising Sales Salaries Commission Expense Miscellaneous Selling Expense Rent Expense Office Supplies Light and Water Insurance Expense Taxes and Licenses 10,000 30,000 15,000 3,000 15,000 20,000 2,000 1,000 Interest Expense Bad Debts Expense Merchandise Inventory, Jan 1, 20X1 Depreciation Expense - Furn. & Equip. Merchandise Inventory, Dec. 31, 20X1 Fill in the blanks. 5,000 4,000 20,000 57,000 10,000 60,000 1. Net Sales 2. Net Purchases 5. Selling and Administrative Expenses Cost of Goods Sold 6. Not Incomo
Q: Income statement Cash $112,500 Gerri Faber, Drawing $67,40 Accounts Receivable 302,600 Sales 4,066,6…
A: The income statement is one of the important financial statement of the business. It tells about the…
Q: Account Name Debit Credit Sales 750.C00 Sales Returms and Allowances 15,000 Sales Discounts 10.000…
A: Solution Net purchase is calculated by substracting purchase return and purchase discount . It…
Q: 1. Using the following information, what is the amount of gross profit? Purchases $30,526 Selling…
A: Gross profit: Gross profit or income is the amount of revenue realized from the operations of the…
Q: P 850,000 50,000 P S00,000 Sales Less: Sales returns Net Sales Accounts Receivable Less: Allow. for…
A: In the context of the given question, we need to journalize the ending inventory transaction in the…
Q: $32,000 5,700 Purchases discounts Merchandise inventory September 30 Sales $960 6,370 Purchases…
A: Net purchases refers to the net amount of purchases which is calculating as deducting returns,…
Q: Prepare a balance sheet Valley Company Adjusted Trial Balance Debit Credit Ending…
A: Classified Balance sheet: A Balance sheet is a statement that shows the assets and liabilities held…
Q: PROBLEM #1 MISSING ELEMENTS - RECONSTRUCTION Presented below is an income statement. Net Sales Gross…
A: Income statement is one of the financial statement which shows all incomes and all expenses of the…
Q: Date Transaction May 1 Made cash sales of $8,500, the cost of the inventory was $4,000. 5 Purchased…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Account Titles Unadjusted Trial Balance Dr Cr 227,200 Cash Merchandise 50,000 Inventory Store…
A: Closing entries are recorded to close all the temporary accounts in the books. These entries are…
Q: Net Purchases Net Income Accounts Payable Inventory Balance per company's books 325,000 $ 25,000 S…
A: Following are the explanations:- Sl. Particulars Explanation a Goods costing $ 4500 were in…
Q: Selected data on merchandise inventory, purchases, and sales for Jaffe Co. and Coronado Co. are as…
A: 1.Working notes:
Q: Assume the perpetual inventory; system is used unless stated otherwise. Round all numbers to the…
A: Date Account Titles and Explanation Debit Credit Feb 3 Merchandise inventory $3,300…
Q: The following items were among those that appeared on Rubi Co.’s books at the end of 20X1:…
A: As posted multiple independent questions we are answering only first question kindly repost the…
Q: Income Statement Accounts December 31, 20X1 Dr Cr Sales P 475,000 Sales Returns and Allowances…
A: Since, you have specifically asked for 4, 5 & 6 part so we have answered the same for you.
Q: Company X (A)S 105,200 Sales revenue Baginning inventory Net purchases Ending inventory Cost of…
A: Formula: Gross profit = Sales revenue - cost of goods sold
Q: Purchases $32,000 Purchases discounts $960 Merchandise inventory September 1 5,700 Merchandise…
A: Net sales = Sales - Sales returns and allowances = $63,000 - $910 = $62,090 Net purchases =…
Q: Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE…
A: The accounts receivable ledger is as follows: Resultant table:
Q: 10. Merchandise costing $7,000 and sold for $10,000 is returned by the customer. The sale is…
A: The uncorrected balances are corrected with the appropriate adjustments done for Avesco Company.
Q: Instructions Date Dec. 4 7 14 18 20 21 27 28 31 Transaction Made cash sales of $3,000; the cost of…
A: According to the given question, we are required to prepare the income statement of Davis company…
Q: tructions Interest Revenue 3,183 Merchandise Inventory, January 1, 20-- 32,500 Estimated Returns…
A: A multi-step income statement shows the bifurcation of revenue and expenses into operating and…
Q: /30. Cost of the merchandise sold was $600,000. The customer paid for the purchase on October 14.…
A: Hi student, Since there are multiple questions, we will answer only first question.
Q: Question 4 Based on the following information provided by Max Trading Company on December 31, 200C,…
A: Net income can be calculated as: = Net Sales - Cost of goods sold + Other Income - Other expenses -…
Q: Purchases $32,000 $960 Merchandise inventory September 1 Sales returns and Jallowances Purchases…
A: Formula: Net sales = Sales - Sales returns and allowances
Q: Feb. 3 Purchased $2,700 of merchandise inventory on account under terms 3/10, n/EOM and FOB shipping…
A: The journal entries are prepared to keep the record of daily transactions of the business.
Q: Sold goods to G George, invoice detailed 60 items @ R80 exclusive per item) Mark up is 150%.…
A: Sales=Units sold×Selling Price Cost of sales=Sales(100%+markup %)
Q: 1. Sold merchandise on account to Taiwan Palace Co., $36,000. The cost of the merchandise sold was…
A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…
Q: Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and…
A: Purchases which is shown above doesn't consider discount given on purchases made and returns…
Q: Debits Credits P 346,000 100,000 50,000 90,000 Cash Accounts Receivable Inventory Store Equipment…
A:
Q: Debit Credit Sales P764,985 Purchase discount 8,200 Purchase returns and allowances Purchases 5,465…
A: An income statement is a type of financial statement that displays how much money a company makes…
Q: Particulars Debit (RM) Credit (RM) Sales 265,900 Purchases 154,870 Rent 4,200 Lighting and heating…
A: An income statement is concerned with the operations of a business expressed in expense and income…
Q: Extend assets, liabilities, and capital balances to balance sheets columns. Extend income, costs,…
A: Worksheet form of financial statement is the statement being prepared for taking decisions easily as…
Q: RM Sales 44,450 Opening inventory 7,000 Purchases 38,600 Carriage inwards 480 Salaries 6,500 Rents…
A: Depreciation on equipment=10%×Cost of equipment=10%×RM 4,400=RM 440
Q: Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE…
A: cash account (amount in P) Date Particulars Amount Date Particulars Amount July. 1 July. 3…
Q: Cost Retail Inventory, 12/31/2021 500,000.00 725,000.00 Purchases 1,285,000.00 2,220,000.00 Purchase…
A: Cost ratio is the ratio which shows the retail price made up by cost. It is the ratio which is used…
Q: Inventory P 1,900,000 Sales…
A: Cost of Goods sold = Beginning Inventory + Purchases - Ending Inventory When goods are sold on FOB…
Q: Sales Purchases Sales returns Purchases returns 400,000 350,000 5000 6,200 Opening stock at 1…
A: The P&L statement tells about the profits and losses earned by the business. The balance sheet…
Q: Revenue Gross Sales $189,000 Less: Sales Returns and Allowances 11,600 177,400 Net Sales Cost of…
A: Vertical analysis is a technique of analyzing financial statements. In this analysis, every element…
Q: Account titles Balance Account titles Balance P 5,555 13,300 Sales retum Sales P 800,050 Purchases…
A: Hi student Since there are multiple questions, we will answer only first three subparts.
Q: Income Statement Accounts December 31, 20X1 Dr Cr Sales Sales Returns and Allowances P 475,000 5.000…
A: Reporting period also known as accounting period is the time period covered by a financial…
Q: PROBLEM 1 The following were taken from the accounts of Delta Hardware, a small retail business:…
A: This question belongs to the final accounts. In which we have to extract net purchases, net sales,…
Q: Cash 12,250 Account Receivable 5,840 Notes Receivable Merchandise Inventory Building Account Payable…
A: Particulars Amount Adjustments Adjusted Trial Balance Income statement Balance sheet Dr…
Q: Mead Company uses a perpetual inventory system and engaged in the following transactions durig the…
A: Perpetual inventory system is that inventory system under which all transactions related to…
Q: Inventory, 12/31/2021 500,000.00 725,000.00 Purchases 1,285,000.00 2,220,000.00 Purchase returns…
A: The cost revenue ratio compares a company's expenses to its earnings and is a measure of efficiency.…
Q: Problem #2 (Adapted) The following selected data were taken from the records of Delta Company:…
A: Ratio analysis means where the various ratio can be found out with different name and meaning and…
Q: Journalizing purchase and sales transactions—periodic inventory system Journalize the following…
A: Periodic inventory system: The method or system of recording the transactions related to inventory…
Q: JFB Company Trial Balance December 31, 202A Account Title Debit Credit 151,200 2,500 Cash Accounts…
A: Adjusting entries: These entries are passed at the end of the year under the accrual based…
Q: Cost of merchandise sold Based on the following data, determine the cost of merchandise sold for…
A: Formula: Net purchases = Purchases - purchase returns and allowances - purchase discount
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
- Profitability ratios The following selected data were taken from the financial statements of Robinson Inc. for December 31, 2016, 2015 and 2014: December31 2016 2015 2014 Total assets......................................... 4,800,000 4,400,000 4,000,000 Notes payable (8% interest)........................... 2,250,000 2,250,000 2,250,000 Common stock...................................... 250,000 250,000 250,000 Preferred 4% stock, 100 par (no change during year)........................... 500,000 500,000 500,000 Retained earnings................................... 1,574,000 1,222,000 750,000 The 2016 net income was 372,000, and the 2015 net income was 492,000. No dividends on common stock were declared between 2014 and 2016. a. Determine the rate earned on total assets, the rate earned on stockholders equity, and the rate earned on common Stockholders equity for the years 2015 and 2016. Round to one decimal place. b. What conclusions can be drawn from these data as to the companys profitability?tion 8Income statement for the year ended 31 December, 2019 of KKMTN Ghana Ltd2018 2019ȼ ‘000 ȼ ‘000Turnover 420,000 523,600Cost of sales (330,000) (417,200)Gross profit 89,000 106,400Expenses:Administration 44,600 50,200Selling and distribution 15,400 (60,000) 19,600 (69,800)Profit before interest 29,000 36,600Debenture interest - (2,800)Net profit before tax 29,000 33,800Taxation (8,000) (10,000)Net Profit after tax 21,000 23,800Ordinary dividend paid 8,400 9,250Ordinary shares issued 12 million and trading at ȼ3 each as at yesterday onGSE.You are required to compute the following investment ratios:a). Earnings per shareb). Dividend per sharec). Payout ratiod). Price earnings ratioe). Earnings yieldINCOME STATEMENT Year ended June 30 2022 2021 $'000 $'000Revenue 22450 18675Cost of sales 8475 8055Gross Profit 13975 10620Distribution costs 4245 3120Administrative expenses 1276 2134Selling expenses…
- Home office BranchSales P 365,000 P174,000Shipment to branch 90,000Purchases from outsiders 220,000 35,000Advertising expense 13,700 2,500Salaries and Commission 35,000 9,500Rent Expense 10,000 2,000Miscellaneous expense 3,300 500Shipment from home Office 112,500Inventories, January 1:Home Office 85,000Branch:From outsiders 9,500From home office at 2018 billed price30,000Inventories, December 31:Home Office 65,000BranchFrom outsider 6,500From Home office at 2018 billed price30,0001. The branch inventory at cost on December 31, 2021 is:a. P30,500 c. P70,000b. 31,500 d. 36,5002. The combined net income of the Home Office and the Branch on December 31, 2021 is:a. P111,000 c. P250,500b. 63,000 d. 174,000Selected comparative statement data for Oriole Company are presented below. All balance sheet data are as of December 31. 20222021Net sales$1,165,000 $1,125,000Cost of goods sold705,000 645,000Interest expense20,000 15,000Net income154,945 145,000Accounts receivable145,000 125,000Inventory105,000 100,000Total assets785,000 700,000Preferred stock (6%)205,000 200,000Total stockholders’ equity635,000 525,000 Compute the following ratios for 2022. (Round answers to 1 decimal place, e.g. 1.8 or 2.5%) (a)Profit marginenter the profit margin in percentages %(b)Asset turnoverenter the asset turnover in times times(c)Return on assetsenter the return on assets in percentages %(d)Return on common stockholders’ equityenter the return on common stockholders' equity in percentages %Using the information provided below:Rubialac PaintsSelected Income Statement Items, 2020Cash Sales $2,500,000Credit Sales $9,500,000Total Sales $12,000,000COGS 7,000,000 Rubialac PaintsSelected Balance Sheet Accounts12/31/2020 12/31/19 ChangeAccounts Receivable $550,000 $400,000 $150,000Inventory $275,000 $250,000 $25,000Accounts Payable $150,000 $110,000 $40,000 What is the inventory turnover for Rubialac Paints? What is the average production cycle for the firm? What is the average collection cycle? What could Eagle Paints do to reduce the average collection cycle?
- Capital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio. Please help with the both questions mentionedCapital 1 January 2019 350 000Drawings 20 000Sales (70% on credit) 950 000Gross profit 250 000Total expenses 80 000Bank favourable 26 000Net profit 74 000Trade creditors 26 000Property, plant and equipment 350 000Fixed deposit 20 000Inventory 72 000Trade Debtors 80 000Mortgage Loan 100 000 Additional InformationThe opening balance of the inventory, debtors and creditors was R50 000, R60 000 and R30 000respectively. Assume a 365 day year. Calculate the following ratios and explain what each ratio means in relation to theindustry average given in brackets. Show your calculations as marks will be awardedfor these. Round off to 2 decimal places. Q.2.1.3 Average creditors settlement period (60 days). Assume purchases are equalto cost of sales and 60% of all purchases are on credit. Q.2.2 Discuss how the solvency ratio is calculated and what is measured by this ratio.Capital 1 January 2019 350 000 Drawings 20 000 Sales (70% on credit) 950 000 Gross profit 250 000 Total expenses 80 000 Bank favourable 26 000 Net profit 74 000 Trade creditors 26 000 Property, plant and equipment 350 000 Fixed deposit 20 000 Inventory 72 000 Trade Debtors 80 000 Mortgage Loan 100 000 Calculate the following ratios and explain what each ratio means in relation to the industry average given in brackets. Show your calculations as marks will be awarded for these. Round off to 2 decimal places. Q.2.1.4 Current ratio (2:1).
- P&L Acc. for accountant in 31/12/2020 Expenses Revenues Salaries 30,000 Office revenues 30,000 Rent exp. 20,000 Auditing revenues 10,000 Office exp. 10,000 Other exp. 20,000 Total expenses 80,000 Net lossFinancial statementsThe assets and liabilities of Global Travel Agency on December 31, 20Y5.and its revenue and expenses for the year are as follows: Accounts payableAccounts receivableCashCommon stockFees earnedLandMiscellaneous expense Rent expenseSuppliesSupplies expenseUtilities expenseWages expense $ 108,000539,000200,000575,000940,0001,500,000$ 19,50056,0006,00012,70034,80415,000 Common stock was $525,000 and retained earnings was $1,250,000 as ofJanuary 1. 20Y5. During the year, additional common stock of $50,000was issued for cash, and dividends of $90,000 were paid. Instructions1. Prepare an income statement for the year ended December 31.20Y5.2. Prepare a statement of stockholders' equity for the year ended December 31. 2015.3. Prepare a balance sheet as of December 31, 20Y5.4. What items appears on both the statement of stockholders'equity and the balance sheet?Balance on April 1, 2020Debtors control Dr. $65, 145Debtors control Cr. 600Creditors control Dr. 950Creditors control Cr. 75, 500Totals for the month of April 2020Cash purchases 35, 600Credit purchases 62, 600Cash Sales 47, 000Credit Sales 75, 000Contra entry: Set off 1, 800Refund to cash customers 2, 800Bad debt written off 3, 300Discount Allowed 3, 750Total payments to suppliers 87, 000Total receipt from customers 98, 800Discount received 5, 500Dishonoured cheques: customers 2, 900Increase in the allowance for bad debts 2, 100Return Inwards 2, 400Return Outwards 15, 200Balances at 30 April 2020Debtors control: Dr. ? Cr: $8 300Creditors control: Dr. $7 500 Cr: ?Required: Prepare the Sales ledger control account Prepare the Purchases control account