Prepare the necessary disclosures required by GAAP
Q: For each of the following, determine the missing amounts. Sales Revenue Cost of Goods Sold…
A: As per the rules of income statement: Sales-Cost of goods sold= Gross profit Gross profit -…
Q: Cost of Goods Sold Gross Sales Net Sales Beg Inventory Purchases Inventory Ending Profit Net Sales…
A: Formula: Net sales = Sales - Sale returns
Q: Cost of Goods Sold Gross Profit (Loss) Sales Net Ending Beg Inventory Purchases Inventory Net Sales…
A: Formula: Net sales = Sales - Sales returns
Q: Sales $ 150,000 $ 550,000 $ 38,700 $ 255,700 Sales discounts 5,000 17,500 600 4,800 Sales returns…
A: Formula: Gross profit = Net sales - Cost of goods sold
Q: Net Sales $336,500 Cost of Goods Sold $132,200 $ Gross Margin ($) Operating Expenses $109,000 $ Net…
A: Net profit is the amount of sales revenue left after paying all the operating expenses incurred…
Q: Net Sales $336,500 Cost of Goods Sold $132,200 $ Gross Margin ($) Operating Expenses Net Profit ($)…
A: Introduction: Net profit: Deduction of all expenses from revenues derives the net profit. Net profit…
Q: Sales 417,500 Cost of goods sold 210,000 Salaries expense 38,000 Depreciation expense- building…
A: solution concept single step income statement under single step income statement , income statement…
Q: FILL - UP THE MISSING AMOUNTS: Sales 3,593,800 Cost of Goods Sold 2,450,300 Gross Profit Expenses…
A: The gross profit is calculated as difference between sales and cost of goods sold. The net income is…
Q: Cost of goods sold: 28,000 16,000 125,000 Beginning inventory 2$ 120,000 Net purchases 141,000…
A: solution-1 Compute inventory turnover ratio Dec 2017 Formula- Inventory turnover ratio=Cost of good…
Q: Sales $ 435,000 Variable expenses: Cost of goods sold $ 304,500 Administrative expense 21,750…
A: The income statement is referred to as a statement of operations, a profit and loss statement, or a…
Q: Sales $ 430,000 301,000 129,000 $ 960,000 672,000 288,000 $410,000 287,000 123,000 $310,000 217,000…
A:
Q: REED COMPANY December 31 2021 $ 4,400,000 $ 3,500,000 2,860,000 800,000 360,000 150,000 200,000…
A: The following computations are done for Reed Company.
Q: Cost of Sales Net Beg Net Ending Goods Sales returns Sales Inventory Purchases Inventory Sold 5,000…
A: Cost of goods sold: Cost of goods sold refers to the total expenses that are incurred by an…
Q: Gross sales $ 19,000 $ 15,000 Sales returns and allowances 1,000 100 Net sales $ 18,000 $ 14,900…
A: Given 2020 &2019 Current Assets Current assets: 2020 2019 Cash $ 12,000 $ 9,000…
Q: Calculate the missing amounts Sales Cost of goods sold Gross profit Operating expenses Net income…
A: For finding the missing amounts, we will use the following formulas: 1. Gross Profit= Sales - Cost…
Q: Sales Accounts payable Selling expenses Administrative expenses Other revenues Cost of goods sold…
A: Introduction: Gross profit: Deduction of Cost of goods sold value from the Sales revenue derives the…
Q: Cost of Goods Gross Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns…
A: Formula: Gross profit = Net sales - cost of goods sold
Q: Operating Goods Sold ($) Margin Expenses (S) Cost of Gross Net Sales Net Profit $4,234,000 S…
A: The income statement is prepared to determine the net income of the business by subtracting the…
Q: Make the closing entries in the major general
A: Closing Entry: A closing entry is a journal entry passed at the end of an accounting period to…
Q: Sales revenue (all on account) $10,177,250 $9,614,00C Cost of goods sold 5,611,750 5,298,750 Gross…
A: The ratio analysis helps to analyse the financial statements of the business.
Q: For each of the following, determine the missing amounts. Net Sales Cost of Goods Sold Gross…
A: Gross Profit is determined after operating expenses from Net Sales Gross Profit can also be…
Q: Required: Using the balance sheet and income statement above, complete the operating section…
A: Cash Flow statements are the statement of changes in cash in an organization. Any non-cash item will…
Q: Cost of Goods Sold Gross Operating Expenses Net Sales Net Profit ($) Margin ($) $336,500 $132,200 $…
A: Formula: Gross margin = Net sales - Cost of goods sold
Q: Sales revenue $200,000 Cost of goods sold 119,000 Gross profit 81,000 Operating expenses (includes…
A: The cash flow statement shows the inflow and outflow of cash due to the operating, investing, and…
Q: Cost of Goods Sold Beginning Inventory Add: Purchases…
A: Gross Profit is computed by subtracting the cost of sales from total sales revenue. Cost of goods…
Q: Sales $24,350,735 Cost of goods sold 15,300,000 Gross margin $9,050,735 Operating expenses 4,910,685…
A: Times Interest Earned Ratio or TIE, measures the firm's ability to meet its debt obligations on a…
Q: 9. Sales Purchases P3,348,000 2,150,000 70,000 95,000 185,000 202,000 78,000 56,000 44,000 35,000…
A: Income Statement - This statement shows the income earned and loss incurred by the organization in…
Q: 102,000 20,000 120,000 $525,000 140,000 5,000 2,000 50,000 4,000 Cost of merchandise sold…
A: 1. Income tax expense Rate is not given therefore it cannot be determined. 2. Multi step income…
Q: Net sales 74,000 90,000 Cost of goods sold 51,800 Gross profit 28,800 Operating expenses 13,320 Net…
A: Formula: Gross profit = Net sales - Cost of goods sold
Q: SERVICE REMENUE Sales revenue, net Cost of goods sold Gross profit $ 281,000 120,000 161,000…
A: Net profit margin = Net profit / Revenue
Q: Cost of Goods Sold Gross Profit (Loss) Sales Ending Net Sales Beg Inventory Purchases Inventory Net…
A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…
Q: 301,000 129,000 217,000 93,000 Cost of goods sold Gross margin Selling and administrative expenses:…
A:
Q: Given that: Sales = $200,000,000 %3D Transportation cost $12,000,000 Warehousing cost = $3,000,000…
A: Total operating cost: All the costs that would incur in the maintenance and the administration of…
Q: Computing cost of goods sold and operating income, merchandising company Consider the following…
A: c. Selling and administrative expenses = Gross profit - Operating income = $40,000 - $12,000 =…
Q: $90,000 (a) 81,000 56,000 (b) 15,000 (c) (d) $ 5,000 95,000 (e) 41,500 (f) 15,000 Sales Sales…
A:
Q: Cost of goods sold: Chocss) 199 865,000 $58,400 Ending inventory: 11.2% $34,000 Operating income:…
A: Accounting system defines various formulas to calculate and reconcile the figures recorded in the…
Q: 240,000 30,000 200,000 100,000 15,000 55,000 Net Sales 12,000 Beginning Inventory Net Cost of…
A: In accounting terms, Net sales are defined as the revenues earned by the entity through business…
Q: Sales revenue Cost of goods sold Salaries and wages expense Depreciation expense 120,000 $ 60,000…
A: Introduction: Gross profit : Deduction of Cost of goods sold from Sales revenue derives the Gross…
Q: Sales Ending Goods Sold Net Profit Beg Inventory Purchases Inventory Net Sales returns Sales (Loss)…
A: Net sales = Sales - Sales Return Net purchases = Purchases - Purchase Return Cost of goods sold =…
Q: Income Statement Balance Sheet $ 98,500 (62,000) (18,000) (9,000) Sales Cost of Goods Sold Salaries…
A: Operating cash flows refers to cash generated by the regular operating activities of a company in a…
Q: Sales Revenue 496,625 Cost of Goods Sold 207,400 Bad Debt Expense 4,900 Rent Expense 20,000 Interest…
A: Formula: Net income = Total revenues - Total expenses
Q: Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses -…
A: Hi student Since there are multiple questions, we will answer only first question. If you want…
Q: Prob current year: 5,250,000 150,000 250,000 Purchases Purchase returns and allowances Rental income…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: Sales Goods Sold Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns Sales (Loss)…
A: Net sales in business are computed by deducting sales returns from the gross sales. Net Sales =…
Q: Fixed Cost of Goods Sold Gross Profit Variable Operating Expenses Fixed Operating Expenses Operating…
A: The net cash flow to the firm: The cash flows to a firm represent the excess of cash available at…
Q: Sales $79,000 $ 41,000 $72,000 $60,000 $ 40,000 $ 292,000 Expenses Avoidable 15,800 56,600 43,600…
A: Net loss refers to the situation when a company is not able to earn the desired amount of income or…
Q: ales $910,000 oss on sale of equipment $8,000 Cost of goods sold $495,000 Operating expense $175,000…
A: Solution: Net sales is the sales reduced by sales returns and allowances. Operating income is…
Q: Sales 218,000 Gain on sale of equipment $ 6,290…
A: Total Income Profited: Total Income Profited means the difference between the total revenue earned…
Sales revenue $39,900 $75,300 $573,800 $35,400 $55,100Cost of goods sold 19,000 49,500 265,900 19,300 30,200Operating expenses 10,100 40,500 233,700 11,900 18,300 Total expenses 29,100 90,000 499,600 31,200 48,500Operating
Prepare the necessary disclosures required by GAAP
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- Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Appendix Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1,20Y7 380,000 Inventory, April 30,20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30. 20Y8, using the periodic inventory system. b. Determine the gross profit to be-reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventors-system?
- Gross sales $ 19,000 $ 15,000 Sales returns and allowances 1,000 100 Net sales $ 18,000 $ 14,900 Cost of merchandise (goods) sold 12,000 9,000 Gross profit $ 6,000 $ 5,900 Operating expenses: Depreciation $ 700 $ 600 Selling and administrative 2,200 2,000 Research 550 500 Miscellaneous 360 300 Total operating expenses $ 3,810 $ 3,400 Income before interest and taxes $ 2,190 $ 2,500 Interest expense 560 500 Income before taxes $ 1,630 $ 2,000 Provision for taxes 640 800 Net income $ 990 $ 1,200 LOGIC COMPANYComparative Balance SheetDecember 31, 2019 and 2020 2020 2019 Assets Current assets: Cash $ 12,000 $ 9,000 Accounts receivable 16,500 12,500 Merchandise inventory 8,500 14,000 Prepaid expenses 24,000 10,000 Total current assets $ 61,000 $ 45,500 Plant and equipment: Building (net) $ 14,500 $ 11,000 Land 13,500 9,000 Total plant and equipment…Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 4,000 Net sales 98,000 129,000 Cost of goods sold 64,600 enter a dollar amount Gross profit enter a dollar amount 56,760 Operating expenses 20,400 enter a dollar amount Net income enter a dollar amount 21,930 Fill in the missing amounts.Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…
- Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…
- Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…Marshall Inc. Comparative Income Statement For the Years Ended December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Sales $10,850,000.00 $10,000,000.00 3 Cost of goods sold 6,000,000.00 5,450,000.00 4 Gross profit $4,850,000.00 $4,550,000.00 5 Selling expenses $2,170,000.00 $2,000,000.00 6 Administrative expenses 1,627,500.00 1,500,000.00 7 Total operating expenses $3,797,500.00 $3,500,000.00 8 Income from operations $1,052,500.00 $1,050,000.00 9 Other revenue 99,500.00 20,000.00 10 $1,152,000.00 $1,070,000.00 11 Other expense (interest) 132,000.00 120,000.00 12 Income before income tax $1,020,000.00 $950,000.00 13 Income tax expense 420,000.00 400,000.00 14 Net income $600,000.00 $550,000.00 Marshall Inc. Comparative Balance Sheet December 31, 20Y2 and 20Y1 1 20Y2 20Y1 2 Assets…
