Quality Service Systems Adjusted Trial Balance March 31, 2018 Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Notes Payable, long-term Mullen, Capital Mullen, Withdrawals Sales Revenue Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total $ (A Debit Balance 2,800 13,400 31,900 6,000 42,200 39,000 108,450 27,700 14,800 2,400 288,650 $ Credit 13,500 9,600 1,050 8,300 15,200 241,000 288,650

Quality Service Systems Adjusted Trial Balance March 31, 2018 Account Title Cash Accounts Receivable Merchandise Inventory Office Supplies Equipment Accumulated Depreciation-Equipment Accounts Payable Salaries Payable Notes Payable, long-term Mullen, Capital Mullen, Withdrawals Sales Revenue Cost of Goods Sold Selling Expense Administrative Expense Interest Expense Total $ (A Debit Balance 2,800 13,400 31,900 6,000 42,200 39,000 108,450 27,700 14,800 2,400 288,650 $ Credit 13,500 9,600 1,050 8,300 15,200 241,000 288,650

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...

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The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
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The following data for the years ended December 31, 2019 and 2020 were presented to the management Zigzag Company: 2020 = Net sales: 1,363,000, Cost of Sales: 911,800, Gross Profit: 451,200; 2019 = Net Sales: 1,250,000, Cost of Sales: 776,000, Gross Profit: 474,000. The management requested you to determine the cause of the decline in gross profit on sales in spite of the favorable information given by the sales division that the quantity sold in 2020 was higher than in 2019 and that the production costs in 2020 were lower than that of 2019 by 6%. The increase (decrease) in net sales due to volume factor is: a. (P194,000) b. P194,000 c. (P312,500) d. P312,500
The following data for the years ended December 31, 2019 and 2020 were presented to the management Zigzag Company: 2020 = Net sales: 1,363,000, Cost of Sales: 911,800, Gross Profit: 451,200; 2019 = Net Sales: 1,250,000, Cost of Sales: 776,000, Gross Profit: 474,000. The management requested you to determine the cause of the decline in gross profit on sales in spite of the favorable information given by the sales division that the quantity sold in 2020 was higher than in 2019 and that the production costs in 2020 were lower than that of 2019 by 6%. The percent change in volume is: (Based on information given above) The increase (decrease) in net sales due to volume factor is:
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