lo test your knowledge of the relationships of these items, insert the missing figures in the following income statement. Note that gross profit is 40% of net sales and profit is 10% of net sales. Net Sales Gross Sales P Less: Sales Returns & Allowances P45,000 15,000 Sales Discounts Net Sales P Cost of Goods Sold P220,000 Inventory, Jan. 1, 2018 Purchases P985,000 Less: Purchases Returns & Allowances P31,000 Purchases Discounts 20,000 Net Purchases Transportation-In 36,000 Net Cost of Purchases Cost of Goods Available for Sale Less: Inventory, Dec. 31, 2018 260,000 Cost of Goods Sold · Gross Margin from Sales Operating Expenses Profit P620,000 REQUIRED: Complete the missing elements by showing your supporting computations. (No need to prepare the income statement.) What should be the amount of the following? a) Gross Sales b) Total of contra-sales accounts c) Net Sales

lo test your knowledge of the relationships of these items, insert the missing figures in the following income statement. Note that gross profit is 40% of net sales and profit is 10% of net sales. Net Sales Gross Sales P Less: Sales Returns & Allowances P45,000 15,000 Sales Discounts Net Sales P Cost of Goods Sold P220,000 Inventory, Jan. 1, 2018 Purchases P985,000 Less: Purchases Returns & Allowances P31,000 Purchases Discounts 20,000 Net Purchases Transportation-In 36,000 Net Cost of Purchases Cost of Goods Available for Sale Less: Inventory, Dec. 31, 2018 260,000 Cost of Goods Sold · Gross Margin from Sales Operating Expenses Profit P620,000 REQUIRED: Complete the missing elements by showing your supporting computations. (No need to prepare the income statement.) What should be the amount of the following? a) Gross Sales b) Total of contra-sales accounts c) Net Sales

Name: Give the missing amounts. GLOBE0190% O 9:59SMART Prepaidl l WTest II (
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Description: Give the missing amounts. GLOBE0190% O 9:59SMART Prepaidl l WTest II (Problem Solving) MPROBLEM:To test your knowledge of the relationships of these items, insert the missing figures inthe following income' statement. Note that gross profit is 40% of

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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46. What would the amount of cost of sales be in the following scenario? Purchases returns, R8 000; Freight costs, R4 800; Sales, R320 000; Closing inventory, R25 000; Purchases, R40 000 and Opening inventory, R25 000. A. R32 000 B. R36 800 C. R40 000 D. R283 200
GB SalesRevenue 16800 Purchases 12800 Gross Profit 4000 Selling Expenses 2000 Admin Cost 7200 Operating Loss 5200 b) Calculate mark-up (in percentage to 2 decimal places) c) Calculate the margin as a % to 1 decimal place d) What is the operating profit margin percentage if the admin cost is reduced by 60%? Show this to 1 decimal place e) Define the following and provide respective examples with numeric calculations where possible: Trade discountBulk discountEarly settlement discount f) If a company has a mark-up of 37% and sales revenue of £163,970, then what is the cost of sales in whole £’s? g) If a company has a net margin of 15%, gross margin of 35% and costs of sale of £25,000, then what is the sales revenue and overhead?
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Please answer very fast then i ll upvote Calculate EBIT. Revenue 1,061,751.0 Cost of sales 690,135.0 Selling, general and administration 53,087.0 Other income 11,796.0 Operating income 330,325.0 Interest expense 19,874.0 Profit before tax 310,451.0 Tax expense 46,500.0 Net income 263,951.0 The footnotes mention the following: Cost of sales includes inventory write off costs 39,677.0 Cost of sales includes distribution costs 120,458.0 SG&A includes corporate restructuring expenses 15,570.0 Responses 385,572.0 275,078.0 330,325.0 506,030.0
PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
1. Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $350.00 5 $ 0 0 $
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lf the cost of purchases 130 000 lD., sales revenue 200 000 lD.,beginning inventory 20 000 lD.,sales discount 25 000 lD.,sales returns 50 000 lD.,ending inventory 25 000 lD . , the cost of goods sold are :- *
May I ask for an explanation and solution to the question for a better understanding. Thank you! 2. If the sales this year amounted to P276,000, sales this year at last year’s price is P230,000, the cost of sales this year is P190,000, and the cost of sales this year at last year’s price is P180,000. How much is the gross profit variation due to sales quantity factor? a. P0 b. P40,000 U c. P40,000 F d. P240,000 F e. can't be determined
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