Answered: M & G TV and Appliance Store is a small…

College Accounting (Book Only): A Career Approach

12th Edition

ISBN:9781305084087

Author:Cathy J. Scott

Publisher:Cathy J. Scott

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 1A: Costco is the largest chain of membership warehouse clubs in the world based on sales volume, and it...

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South Coast Appliance Store is a small company that has hired you to perform some management advisory services. The following information pertains to 2017 operations. Sales (5,500 microwave ovens) $5,500,000 Cost of goods sold 962,500 Store manager's salary per year 150,000 Operating costs per year 220,000 Advertising and promotion per year 18,960 Commissions (3.2% of sales) 176,000 What was the variable cost per unit sold for 2017?
2. Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019, they generated $720,000 in service revenue. Their total cost (fixed and variable) per client was $2,500 and they served 115 clients during the year. If operating expenses for the year were $302,000 what was their operating income? Use this information to construct an income statement for the year 2019. Operating Income Cash Retained Earnings Gross Profit Cost of Goods Sold Service Revenue Cost of Services Operating Expenses Sales Revenue PLEASE NOTE: You must enter the account names exactly as written above and all whole dollar amounts will be with "$" and commas as needed (i.e. $12,345). Park and West, LLC Income Statement for Year Ended 2019
South Georgia Appliance Store is a small company that has hired you to perform some management advisory services. The following information pertains to 2021 operations. Sales (6,000 microwave ovens) $6,000,000 Cost of goods sold 870,000 Store manager's salary per year 192,000 Operating costs per year 305,000 Advertising and promotion per year 40,000 Commissions (4.1% of sales) 246,000 What are the estimated total costs if South Coast's store expects to sell 8,900 units next year? a) $901,900.5b) $2,073,500c) $3,567,950d) $2,192,400
Carr Auto Wholesalers had sales of $1,040,000 in 20XX, and the cost of goods sold represented 74 percent of sales. Selling and administrative expenses were 12 percent of sales. Amortization expense was $11,000 and interest expense for the year was $14,000. The firm’s tax rate is 30 percent. Q: Compute earnings after taxes using the percentage-of-sales method. (Image 1 is the reference) Q: Assume the firm hires Ms. Hood, an efficiency expert, as a consultant. She suggests that by increasing selling and administrative expenses to 14 percent of sales, sales can be increased to $1,090,200. The extra sales effort will also reduce cost of goods sold to 70 percent of sales (There will be a larger mark-up in prices as a result of more aggressive selling). Amortization expense will remain at $11,000. However, more automobiles will have to be carried in inventory to satisfy customers, and interest expenses will go up to $21,200. The firm’s tax rate will remain at 30 percent. Compute revised…
XYZ Inc. had the following figures in its Income Statement: (please show solution) Sales Php 920,000.00 Cost of Goods Sold Php 320,000.00 Other Income Php 50,000.00 Salaries Php 220,000.00 Advertising Php 100,000.00 Rent Php 80,000.00 Other Expenses Php 50,000.00 How much is the income/loss? Kindly indicate if your answer is income or loss.
The Superior Print Limited is a printing firm and do provide other stationery services to its clients across the country. As a Financial Analyst you are expected to assess the performance of the company’s income and financial position below. SUPERIOR PRINT LIMITED Comprehensive Income Statement for the Years Ended December 31, 2015 and 2014 2015 2014 Particulars GH¢ GH¢ Net sales 260,000 240,000 Cost of goods sold (180,000) (157,500) Gross profit 80,000 82,500 Operating expenses…
The Superior Print Limited is a printing firm and do provide other stationery services to its clients across the country. As a Financial Analyst you are expected to assess the performance of the company’s income and financial position below. SUPERIOR PRINT LIMITED Comprehensive Income Statement for the Years Ended December 31, 2015 and 2014 2015 2014 Particulars GH¢ GH¢ Net sales 260,000 240,000 Cost of goods sold (180,000) (157,500) Gross profit 80,000 82,500 Operating expenses…
All-Mart is a department store with three major departments: Housewares, Hardware, and Electronics. Company management is very concerned about the performance of the electronics department, noting that it seems to be a drag on the company based on its most recent fiscal quarter. A company-wide segmented income statement follows: Housewares Hardware Electronics Total Sales $150,000 $220,000 $200,000 $570,000 Variable expenses 60,000 100,000 140,000 300,000 Contribution margin 90,000 120,000 60,000 270,000 Fixed expenses 50,000 100,000 90,000 240,000 Operating income (loss) $40,000 $20,000 $(30,000) $30,000 The company notes that if the electronics department were dropped, the other departments could expect a 10% decrease in foot traffic and sales. Also, $20,000 of the electronics department’s fixed costs are allocated and would continue even if the department was dropped.…
Please answer at least 3 of them. Dexter company makes cricket bats. Analysis of financial records for the current year reveals the following Average selling price $150 direct material $60.00 direct Labour $25 variable cost $15 Annual fixed costs selling $22,000 administrative $48,000 Melissa companies president has asked you to help her answer the following questions a) what is the breakeven point in number of bats and in dollars b) how much revenue must be generated to produce $80,000 earnings how many bats put this level of revenue represent c) Melissa is considering purchasing a new faster machine which will save $12.00 per bat in cost and will raise annual fixed costs by $8000. She expects to make and sell an additional 5000 bats should she make this investment…
Please help with all the calculations and answer The 2016 income statement for J.Galarraga Corporation is below: Revenues $ 14,000,000Cost of Goods Sold 6,500,000Gross Margin $ 7,500,000Selling Expenses 3,400,000Administrative Expenses 700,000Net Operating Income $ 3,400,000 The company's margin of safety is $8,500,000. What would our revenues need to be to earn the NOI of $5,100,000?A. $ 16,300,000B. $ 19,750,000C. $ 18,250,000D. $ 15,700,000E. None of the above
PLease show Solutions for a guide. 1. A firm total sales is 156,000 this year. If the cost of sales is 55% . What is the amount of gross profit? 2. If the firm above earned a profit of 39,000 . How many percent of total sales is the net profit? 3. Compute for the operating expenses of the firm 1 and 2. How many percent of the total sales are the operating expenses?
Omega Company has the following two customers: Woodruff Ensley Sales $900,000 $800,000 Cost of Goods Sold 360,000 160,000 Other expenses excluding sales commissions 640,000 130,000 If the company pays a 4% sales commission based on customer profit, this will encourage a salespersons' efforts to sell to:

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