Sales $ 435,000 Variable expenses: Cost of goods sold $ 304,500 Administrative expense 21,750 Selling expense 21,750
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: Prepare the necessary disclosures required by GAAP
A: ANSWER : Disclosures required by GAAP are given below :
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 Beginning merchandise inventory $ 29,000 Purchases $ 290,000 Ending merchandise…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Company: Salary payable Sales revenue P 1,100 480,000 20,000 Freight in Beginning inventory Sales…
A: Cost of goods sold: Cost of goods sold refers to the total expenses that are incurred by an…
Q: Income Statement 1998 1999 Sales $ 500,000 $750,000 Cost of Goods Sold 250.000 400.000 Gross Margin…
A: The net income is the net profit of the company earned during the period. The net income includes…
Q: Sales 1,550,000 Sales returns and allowances 40.000 Employee discounts 12,500 Est. normal losses…
A: Retail Price is taken for damaged inventory Valuation,
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: Find the gross margin percent when: Gross sales 435,000 Customer returns and allowances 49,000…
A: Net Sales = Gross Sales - Customer returns and allowances = 435,000 - 49,000 = 386,000 Gross…
Q: Cost of Gross Sales Net Beg Net Ending Goods Profit Sales returns Sales Inventory Purchases…
A: Formula: Net sales = Sales - Sales returns
Q: Sales Net Beg Net Ending Sales returns Sales Inventory Purchases Inventory 1 5,000 80,000 24,000…
A: Sales: It is an activity where the goods and services are sold to the customer for a certain price.…
Q: Cost of goods sold $216,128 Rent expense $34,000 Freight-out 6,000 Sales discounts 8,000 Insurance…
A: Formula: Net income = Total revenues - Total expenses
Q: DIVISION B OF DILLARD, INC. Income Statement For the Year Ended December 31, 2018 Product Line T205…
A: Keeping or dropping a segment in a firm or a division is a part of management accounting. Management…
Q: Sales revenue $7 700 000 Cost of goods sold Beginning inventory $1 900 000 Purchases 4 400 000 Goods…
A: The cash flow statement is prepared to record the cash flow from various activities during the…
Q: Sales Cost of goods sold Gross Profit Operating expenses P800,000 480,000 320,000
A: Formula used: Each line item value % = ( Each line item value / Sales value ) x 100
Q: Sales Cost of Sales Net Beg Net Ending Goods returns Sales Inventory Purchases Inventory Sold 5,000…
A: Sales revenue: Sales revenue is the amount earned by the company by selling the goods or providing…
Q: Sales Accounts payable Selling expenses Administrative expenses Other revenues Cost of goods sold…
A: Introduction: Gross profit: Deduction of Cost of goods sold value from the Sales revenue derives the…
Q: Cost of Goods Gross Sales Net Ending Profit Beg Inventory Purchases Inventory Net Sales returns…
A: Formula: Gross profit = Net sales - cost of goods sold
Q: Operating Goods Sold ($) 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: Retail Cost 500,000.00 1,285,000.00 Inventory, 12/31/2021 725,000.00 Purchases 2,220,000.00 Purchase…
A: The conventional retail inventory method refers to a method mostly calculated to estimate ending…
Q: Fixed costs (32,000) (12,400) (24,780) (69,180) Total cost of goods sold $(80,000) $(31,000)…
A: Answer :
Q: Net sales Cost of goods sold $ 180,000 124,000
A: Ratio analysis is a technique to know the liquidity, profitability and operational efficiency of the…
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 manufactured $198,240 Selling expenses 66,220 Administrative expenses 35,010 Sales…
A: Formula: Cost of finished goods available for sale = Beginning Finished goods + Cost of goods…
Q: a d Sales $ 62,000 $ 43,500 $ 46,000 $ 25,600 Cost of goods sold Merchandise inventory (beginning)…
A: Cost of Goods Sold (COGS) = Opening Inventory + Purchases made - Closing inventory Gross Profit…
Q: Cost of goods sold = 100,000 Merch at Beginning = 50,000 Merch at End = 45,000 Acct Payable…
A: Given that: Cost of goods sold = 100,000 Merch at Beginning = 50,000Merch at End = 45,000 Acct…
Q: If Finished Goods Turnover is 5 , average Trade Receivables is 100.000, average Finished Goods is…
A: Finished Goods Turnover = Cost of goods sold / Average finished goods
Q: Furchases $250,000 Cost of goods sold 250,000 Eeginning balance 30,000 Ending balance ?
A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Ending inventory = Beginning…
Q: Sales Region West Central East Sales $450,000 $800,000 $ 750,000 Regional expenses (traceable): Cost…
A: The contribution margin is computed by subtracting the variable cost from the sale revenue. The…
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: Sales 5,250,000 Less: Sales Returns and Allowances 250,000 Net Sales 5,000,000 Cost of Goods Sold…
A: Lets understand the basics. Times interest ratio indicates how many times interest expense is…
Q: Sales revenue HK$112,000 Gain on sale of plant assets 33,600 Selling and administrative expenses…
A: Formula: Gross profit = Sales revenue - cost of goods sold
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: Selling Expenses %24 11,500 Interest Revenue 1,900 Net Sales Revenue 122,000 Cost of Goods Sold…
A: An income statement is a financial statement that is prepared by the business organization, which…
Q: Amount Sales 123,000 Variable expenses 49,200 Contribution margin 73,800 Fixed expenses 24,000 Net…
A: Formula used: Degree of operating leverage = ( Total contribution margin / Net operating income )…
Q: The income statement for Rhino Company for the current year ended June 30 and balances of selected…
A: Calculate the amount of cash received from customers and cash paid for merchandise.
Q: Overcharge Card reports that following amounts: Sales = $3,000,000; Cost of Goods Sold = $1,200,000;…
A: Operating Income = Sales - Cost of goods sold - depreciation - administrative expenses - marketing…
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 = 100,000 units Cost to place an order = $25 Freight cost = $225 Cost of 1 unit of inventory…
A: Inventory: Inventory is the natural substances used to deliver merchandise as well as the products…
Q: MERCHAND SALES P 2,500,000 SALARIES EXPENSE 50,000 SUPPLIES EXPENSE 75,000 DEPRECIATION EXPENSE…
A: The income statement is prepared to find net income or losses incurred during the period.
Q: Alpha Company Sales 6000 Cost of goods sold 3500 Average Inventories 620 Accounts receivable Working…
A: Inventory: Inventory can be described as a good or material that a company holds for the purpose of…
Q: Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1.500,000 Salaries Expenses -…
A: Cost of goods sold in the business means how much cost of goods has been sold in a particular year.…
Q: Sales Revenue $983,000 Cost of Goods Sold 489,000 Operating Expenses 243,000
A: Formula: Net income = Sales revenue - Cost of goods sold - Operating expenses
Q: Sales Revenue 275,000.00 Cost of Goods Sold Accounts Payable 100,000.00 7,500.00 9,000.00 Inventory…
A: The cash flow statement shows the company's cash inflow and cash outflow during the period. It…
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…
Q: Calculate Net Profit in dollars.
A: Information Provided: Total sales = $1,500,000 Gross profit = 40% of Sales Payroll Costs = $257,000…
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- Twenty metrics of liquidity, solvency, and profitability The comparative financial statements of Automotive Solutions Inc. are as follows. The market price of Automotive Solutions Inc. common stock was $119.70 on December 31, 20Y8 Instructions Asset turnoverIncome Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?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…
- Gain Sharing Plans. A company recorded sales of P9,810,000 for the 1st quarter. Inventory for sale amounted to P350,000. The company incurred an actual cost of P7,600,000. For the following quarter of operations, the company recorded sales of P7, 860,000 and incurred a cost of P6, 835,000. Inventory amounted to P580,000. The company allows cost amounting of 80% of sales value of production. The company uses Scanlon plan to incentivize its employees. Compute for the bonus to be distributed to employees, company share and the amount reserve if the employees received 60% of the gain and 20% of it becomes part of the reserve. Assume that there are 116,000 participating employees. Use the sample Scanlon Plan format in the discussions.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 profit (loss) $10,800 $(14,700) $74,200 $4,200 $6,600Identifiable assets $35,200 $79,900 $493,400 $66,300 $49,900 Prepare the necessary disclosures required by GAAPQuestion The financial statements of Harry Ltd and its subsidiary Olivia Ltd have been extracted from their financial records at 30 June 2023 and are presented below. Harry Ltd$ Olivia Ltd$Sales 839 250 725 000Cost of goods sold (580 000) (297 500)Gross profit 259 250 427 500Dividends received 116 250 -Management fee revenue 33 125 Gain on sale of plant 43 750 Less Expenses Administration (38 500) (48 375)Depreciation (30 625) (71 000)Management fee - (33 125)Other expenses (126 375) (96 250)Profit before tax 256 875 178 750Tax expense (76 875) (52 750)Profit after tax 180 000 126 000Retained earnings 1 July 2022 399 250 299 000 579 250 425 000Dividends paid (171 750) (116 250)Retained earnings 30 June 2023 407 500 308 750 Statement of financial position Harry Ltd$ Olivia Ltd$Shareholders’ equity Retained earnings 407 500 308 750Share capital 437…