Sales Revenue 496,625 Cost of Goods Sold 207,400 Bad Debt Expense 4,900 Rent Expense 20,000 Interest Expense 2,000 Legal Fees Expense Insurance Expense 450 5,200 Property Tax Expense 1,250
Q: Sales revenue $104,000 $enter a dollar amount Sales returns and allowances enter a dollar…
A: Sales returns and allowances = Sales revenue - Net sales Gross profit = Net sales - Cost of goods…
Q: Cost of goods sold: $164,000 Investment income: $1,200 Net sales: $318,000 Operating expense:…
A: Retained Earnings = Net Profit after tax - Dividend Paid
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…
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A: The income statement is prepared to find the net income or losses incurred during the period.
Q: Using the following information, what is the amount of gross profit? Purchases $ 27,259 Selling…
A: Gross profit = Sales - Cost of goods sold
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: 1. Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling…
A: The gross profit is calculated as difference between sales and cost of goods sold. It can be written…
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: Sales $640,363 Merchandise Inventory $582,620 Sales discounts $58,040 Interest expense $3,677 Sales…
A: Gross margin is the excess of sales over cost of goods sold during the year.
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: Gross Sales Sales returns Goods Sold Net Ending Profit Beg Inventory Purchases Inventory Net Sales…
A: Formula: Net sales = Sales - Sales returns
Q: Sales P950,000 (credit)Sales returns and allowances 15,000 (debit)Sales discounts 10,000…
A: Net sales = Sales - Sales returns - Sales discount
Q: Rs. Rs. Sales 428,000 Purchases 304,400 Wages and salaries 64,000 Rent 14,000 Heating and lighting…
A: Net Profit is Profit/Income left after Deducting all Business Expense from Total Revenue.
Q: Calculate the missing information based on the format of the income statement. Net Sales Cost of…
A: Net income: Net income is the revenue of the company after deducting all the expenses and taxes. It…
Q: Required information E6-17 Analyzing Gross Profit Percentage on the Basis of a Multistep Income…
A: Prepare a multi-step income statement:
Q: From the following details, calculate net sales revenue. Sales Revenue $460,000 Sales Discounts…
A: Sales revenue is the amount of goods sold during the year.
Q: Use the following to answer the questions DO NOT INCLUDE C OMMAS OR DOLLAR SIGNS IN YOUR ANSWERS…
A: Net profit margin = Net income / net sales where, Net sales = Sales - sales return and allowances
Q: Accounts Receivable$ 21,000 Cost of Goods Sold215,000 Selling Expenses (includes…
A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…
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: Company E Income Statement For the Year ended December 31, 20Y1 Sales $5,254,000 Cost of merchandise…
A: Net other expenses and income means other expenses less other income
Q: Required information E6-17 Analyzing Gross Profit Percentage on the Basis of a Multistep Income…
A: Gross Profit is calculated by subtacting COGS or cost of goods sold from the total revenue. Total…
Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Net Income is the measure of profitability of the business. This is calculated by deducting all type…
Q: Accounts Amount Total Sales Revenue Travel expense (salespersons) Insurance expenses Cost of goods…
A: Gross profit: The gross profit is the amount left after subtracting the cost of goods sold from 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: Sales $640,363 Merchandise Inventory $582,620 Sales discounts $58,040 Interest expense $3,677 Sales…
A: "Since you have posted a question with multiple sub- parts, we will solve only first three sub-…
Q: Two companies have the following financial information: (dollar amounts are in millions) Company A B…
A: Inventory is the stock of goods that a company maintains with the intention of selling it. When the…
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A: The cash or profit that is still available after production costs are deducted from sales is known…
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A: An income statement is a financial statement that is prepared by the business organization, which…
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A: Economic value added is a measure of a company's financial performance. It is an estimated economic…
Q: multi-step income statement
A: [Note: Since you have posted a multi-part question, we will solve the first three parts for you. For…
Q: Sales 460,000 Cost of goods sold 300,000 Operating expenses 85,000 Sales discounts 20,000 Sales…
A: Solution: Net sales = Sales - Sales discounts - sales return and allowances = 460000 - 20000 - 15000…
Q: During the current year, merchandise is sold for $237,500 cash and $625,000 on account. The cost of…
A: Gross profit means sales revenue earned over and above cost of goods that are sold to customers.…
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 =…
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A: Calculate the amount of cash received from customers and cash paid for merchandise.
Q: The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…
A: Solution:- Calculation of Net income as follows under:- Note:- Calculation of net sales =Sales -…
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A: "Since you have asked multiple questions, we will solve only first question for you. If you want any…
Q: Using the following information, what is the amount of gross profit? Purchases $ 25,453 Selling…
A: Gross profit = Sales - Cost of merchandise sold
Q: Sales = $1,000; Cost of Goods Sold = $500; Depreciation Expense = $100; Administrative Expenses =…
A: Operating income is the income which is generating after deducting operating expenses from the sales…
Q: [The following information applies to the questions displayed below.] The following data were…
A: Net sales = Sales for Cash + Sales for Credit - Sales Returns and Allowances = $238,000 + $41,600 -…
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: SERVICE REVENUE $ 281,000 120,000 161,000 Sales revenue, net Cost of goods sold Gross profit…
A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…
Q: Using the following information, what is the amount of net income? Purchases $ 25,599 Selling…
A:
Q: Purchases $ 30,526 Selling expense $ 769 Inventory, September 1 5,755 Administrative expense 732…
A: Formula: Gross profit = Ne sales -Cost of goods sold
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
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A: The cash flow statement shows the company's cash inflow and cash outflow during the period. It…
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A: Total Income Profited: Total Income Profited means the difference between the total revenue earned…
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- Unusual income statement items Assume that the amount of each of the following items is material to the financial statements. Classify each item as either normally recurring (NR) or unusual (U) items. If unusual item, then specify if it is a discontinued operations item (DO). a. Interest revenue on notes receivable. b. Gain on sale of segment of the company's operations that manufactures bottling equipment. c.Loss on sale of investments in stocks and bonds. d. Uncollectible accounts expense. e. Uninsured flood loss. (Hood insurance is unavailable because of periodic Hooding in the area.)Corporation.Gross income $25,240,000Total sales 24,324,000Total credit sales 18,785,000Net income 2,975,000Cost of goods sold 12,600,000Total assets 10,550,000Average inventory 2,875,000Average receivables 3,445,000a. Compute the receivable turnover ratio.b. Compute the inventory turnover ratio.c. Compute the asset turnover ratio.How to compute this problem? Problem:The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets…
- how did they get the Income Before Tax? Proforma Income Statement 1/31/21 Total Revenue $ 28,959,000.00 Cost of Goods $ 15,299,000.00 Gross Profit $ 11,535,000.00 Operating Expenses $ 7,609,000.00 Total Operating Expenses $ 7,609,000.00 Operating Income or Loss $ 3,926,000.00 Interest Expense $ 434,000.00 Income Before Tax $ 3,644,000.00 Income Tax Expense $ 963,000.00 Income from Continuing Operations $ 2,681,000.00 Net Income $ 2,681,000.00Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 9,400 Cost of goods sold 7,650 Depreciation 440 Earnings before interest and taxes $ 1,310 Interest paid 88 Taxable income $ 1,222 Taxes 257 Net income $ 965 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 220 $ 255 Accounts payable $ 1,490 $ 1,595 Accounts received 990 890 Long-term debt 1,010 1,335 Inventory 1,660 1,655 Common stock 3,240 2,970 Total $ 2,870 $ 2,800 Retained earnings 530 780 Net fixed assets 3,400 3,880 Total assets $ 6,270 $ 6,680 Total liabilities & equity $ 6,270 $ 6,680 What is the return on equity for 2021?For income tax purposes, what is the amount of gross income given the following amounts? Gross sales 4,000,000.00 Sales discounts, returns and allowances 100,000.00 Cost of sales 1,500,000.00 Itemized deductions 800,000.00 Group of answer choices P3,900,000.00 P1,600,000.00 P2,400,000.00 P1,700,000.00
- Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 9,250 Cost of goods sold 7,550 Depreciation 330 Earnings before interest and taxes $ 1,370 Interest paid 82 Taxable income $ 1,288 Taxes 270 Net income $ 1,018 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 200 $ 215 Accounts payable $ 1,380 $ 1,587 Accounts received 950 850 Long-term debt 1,000 1,178 Inventory 1,620 1,580 Common stock 3,200 2,950 Total $ 2,770 $ 2,645 Retained earnings 510 760 Net fixed assets 3,320 3,830 Total assets $ 6,090 $ 6,475 Total liabilities & equity $ 6,090 $ 6,475 Windswept, Incorporated, has 350 million shares of stock outstanding. Its price-earnings ratio for 2021 is 12. What is the market price per share of stock?solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answerUse the following information to answer this question. Windswept, Incorporated 2022 Income Statement (in millions) Net sales $ 8,650 Cost of goods sold 7,260 Depreciation 415 Earnings before interest and taxes $ 975 Interest paid 84 Taxable income $ 891 Taxes 312 Net income $ 579 Windswept, Incorporated 2021 and 2022 Balance Sheets (in millions) 2021 2022 2021 2022 Cash $ 130 $ 160 Accounts payable $ 970 $ 1,135 Accounts receivable 800 700 Long-term debt 1,000 1,200 Inventory 1,510 1,545 Common stock 3,140 2,950 Total $ 2,440 $ 2,405 Retained earnings 540 790 Net fixed assets 3,210 3,670 Total assets $ 5,650 $ 6,075 Total liabilities & equity $ 5,650 $ 6,075 What is the quick ratio for 2022?
- INCOME STATEMENT Year ended June 30 2022 2021 $'000 $'000Revenue 22450 18675Cost of sales 8475 8055Gross Profit 13975 10620Distribution costs 4245 3120Administrative expenses 1276 2134Selling expenses…Use the following information to answer this question: Windswept, Incorporated 2021 Income Statement ($ in millions) Net sales $ 11,750 Cost of goods sold 7,750 Depreciation 475 Earnings before interest and taxes $ 3,525 Interest paid 92 Taxable income $ 3,433 Taxes 721 Net income $ 2,712 Windswept, Incorporated 2020 and 2021 Balance Sheets ($ in millions) 2020 2021 2020 2021 Cash $ 220 $ 250 Accounts payable $ 1,660 $ 1,595 Accounts received 1,030 930 Long-term debt 1,030 1,350 Inventory 1,880 1,675 Common stock 3,280 3,000 Total $ 3,130 $ 2,855 Retained earnings 610 860 Net fixed assets 3,450 3,950 Total assets $ 6,580 $ 6,805 Total liabilities & equity $ 6,580 $ 6,805 What is the fixed asset turnover for 2021?Calculate net profit Details Debit(OMR) Credit(OMR) General expenses 11700 Prepaid Rent 5100 Cost of goods sold 99700 Salaries 9300 Depreciation 1560 Account Payable 3575 Net Sales 150000 Other income 2500 Select one: a. OMR 34715 b. OMR 30240 c. OMR 39815 d. OMR 31140