Sales revenue Cost of goods sold Salaries and wages expense Depreciation expense 120,000 $ 60,000 10,000 20,000
Q: What is the unadjusted trial balance?
A: Trial balance is the summary of all general ledger accounts being used in the business. It shows…
Q: On February 1, Crown Company purchased $2,000 of merchandise, terms 2/10, n/30. Crown uses the gross…
A: Under the Gross method of purchases, Purchases are booked at Gross value. Discount amounts are not…
Q: XYZ company provided the following information: $30,000 Salms Accounts payable Seling expenses 3,000…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: Professor Know All has invested his lifetime savings into the construction of two buildings, made up…
A: In Ghana, there are two rates of withholding tax for rental income to be paid. residential premises…
Q: On January 1, 2009, (A) Co. acquired all of the common stock of (B) Corp. For 2009, (B) earned net…
A: The term which explains the consolidation or combining of two or more companies or financial assets,…
Q: Prepare a letter to Kwame advising him of: (a) The advantages and dis-advantages of operating as a…
A: The letter advising Kwame Lee on the advantages and disadvantages of operating as a partnership, the…
Q: Toiz-4-Boiz [T-4-B] is a manufacturer of electronic game hardware and game software.The company…
A: Date Account Titles and Explanation Debit Credit Mar. 1, 2018 Share Subscriptions Receivable…
Q: trate the effects of accepting the note from Valley Designs on the accounts and financial statements…
A: Concept of Accounting of note
Q: Glen Tay Inc. had issued 24,000 shares of its no-par common shares on April 1, 2017 for property…
A: Journal entry is a process of recording business transactions into books of accounts initially. This…
Q: Munoz Corp.'s books showed pretax financial income of $3,600,000 for the year ended December 31,…
A: federal income tax liability on its December 31, 2021 balance sheet = [Gain on involuntary…
Q: Cranbrook Corp., reported pre-tax accounting income of $400,000 for the calendar year 2020. To…
A: Answer: Correct option is d. $73,000
Q: Denim, Inc. purchased a building on January 1, 2010. The building cost $2,600,000 and had an…
A: Introduction:- The following Basic information needs to understand as follows under:- Denim, Inc.…
Q: owns an idle land worth 1M. X works in MCDO as an accounting manager. He decided to exchange the…
A: Concept of Calculation of capital gain
Q: ncipal Resid He paid $28
A: Calculation of Net sale price as, = Sale price - Selling expenses. Calculation of Net sale price=…
Q: Based on the following data, what is the current ratio, rounded to one decimal point? Accounts…
A: In the context of the given question, we need to compute the current ratio. Current ratio: The…
Q: Production Budget Palmgren Company produces consumer products. The sales budget for four months of…
A: Lets understand the basics. Budget is a future estimation of profit and loss. Management prepares…
Q: On June 23, 200C, Pinoy Trading owned and operated by Phil was incorporated. On this date, the…
A: Corporation is one of the legal form of business organisation, under which several members invest…
Q: Adam owns a small business selling home electronics. Below is the company's unadjusted trial balance…
A: Financial statement means the statement including income statement , balance sheet , cash flow…
Q: The following data apply to Stratford Ltd: Direct materials inventory, beginning of the year $5,500…
A: Formula: Direct materials used = Beginning Direct materials + Purchases - Ending Direct materials
Q: Mary Willis is the advertising manager for Bargain Shoe Store. She is currently working on a major…
A: The question is based on the concept of Cost Accounting. Margin of safety is the sales whether in…
Q: Janes Company provided the following information on intangible assets: A patent was purchased from…
A: Solution:- 1)Preparation of the entries necessary for years 2019 through 2021 to reflect the above…
Q: Blabla Grocery Inc., reported the following financial information on December 31, 2019: Common…
A: Since Earnings per share = (Net income - Preferred Stock Dividend)/Weighted average number of…
Q: An increase in the Prepaid Expenses account of $1,000 over the course of a year would be shown on…
A: Under the indirect method of cash flow statement: Decrease in current assets or increase in current…
Q: please answer with full explanation computation describe each and every step 1. A company bought a…
A: Depreciation is the allocation of cost of asset over the useful life of the asset. It can be by…
Q: resterday, ught a 1-year, coupon bond with an annual rate of 5% compounded semiannually. Today,…
A: solution concept using the principle of time value of money -if the discounting rate is higher ,…
Q: Q10.9 Management reports: a. Must follow a set of rules specified by Generally Accepted Accounting…
A: Solution 10.9 Management reports are reports prepared for management for internal decision making…
Q: Standish Company manufactures consumer products and provided the following informationfor the month…
A: Answer 1) Calculation of Total Variable Overhead Variance Total Variable overhead variance =…
Q: 2) prepare the following journal entries!
A: Job costing is one of the method of costing under which all costs are assigned, accumulated and…
Q: The Journal: a. Lists every journal entry made only through the onscreen journal b. Is also called…
A: The Correct Option is Lists Every Transaction entered in QBO through a Journal or onscreen form as a…
Q: Information concerning the capital structure of Regan Corporation is as follows:…
A: Diluted EPS includes the effect of potential convertible shares in the weighted number of shares.
Q: Complete the necessary journal entry for June 30 by selecting the account names from the drop-down…
A: Working: Amortization of premium on June 30 = (Total premium / Total period of bonds) x 6/12 months…
Q: condensed balance sheet of Alom Partnership showed the following: Cash P 28,000 Other…
A: Paid in capital is total amount received from issuance of ordinary shared and preference shares.…
Q: Blossom Industries operates as an investment center. Buddy Hall, the region's division manager, has…
A: Economic Value added is the rate of return earned over and above the minimum required rate of return…
Q: The company's balance sheet showed accounts payable has a value of 30 million; short term loans 20…
A: The accounting equation states that assets equals to sum of liabilities and shareholders equity.…
Q: 500 preference shares and 800
A: Share Subscription In the share subscription which are involved with the preference shares and…
Q: surance policy and paid a premium of 50000 annually. He paid tuition fee for his
A: Mr B is the resident senior citizen [60+]of India . For F.Y 20-21 & A.Y 21-22 , there are two…
Q: male size). Revenu and cost data rela ts per year. The fixed costs included in commission and Tk.…
A: To make the decisions regarding the acceptance or rejection of the special orders, the company…
Q: For the current year a company has outstanding 60,520 shares of $1 par common stock and 325760…
A: (1) The additional effect of transforming preferred stock has a numerator of 325,760 and a…
Q: Q10.11 Which of the following is a Customer report: a. Accounts Receivable (A/R) Aging b. Accounts…
A: A customer report indicates the summary of the customers i.e, customer details, duration of the…
Q: Nicks Incorporated sells $2,450,000 of its accounts receivable to Fairfield Factors (FF). FF charges…
A: In case of factoring of receivables, the following things may happen: A commission will be charged…
Q: Determine the Current Assets value? Accounts payable $30,000 Accounts receivable 35,000 Accrued…
A: Current Assets refers to those assets which are expected to be cash within one year or sold.They are…
Q: Wheaton Tire Inc., [WTI] reported the following excerpts from shareholders’ equity on January 1,…
A: The stock dividend does not effect the total shareholders equity of the business as retained…
Q: a. The allowance account before adjustment has a negative balance of $(18,500). Bad debt expense is…
A: Solution:- Given, The accounts receivable account has a balance = $2,875,000 Sales for the year =…
Q: Youngstown Glass Company manufactures three types of safety plate glass: large, medium, and small.…
A: Unit contribution margin per production bottleneck hour = Contribution margin per unit / Autoclave…
Q: es should be made? a.debit Allowance for Doubtful Accounts, $800; credit Bad Debt Expense, $800…
A: Bad debts are very important in accounts.They form a part of profit & loss statement in…
Q: Katrina was an S corporation shareholder. After her initial contributions, she had the following tax…
A: as per the guidelines we can provide the answer for one question( 1st one )as the both question are…
Q: Q10.13 The Audit Log tracks: b. a. Additions to our QBO records Modifications to our QBO records…
A: Introduction:- An audit log is the simplest and most effective forms of tracking information. It…
Q: Assume TRI reported income from operations of $2,477,760 (inclusive of a loss from discontinued…
A: Determine the company’s basic EPS from continuing operations for the year:- OPTION B $ 2.90 is the…
Q: A mortgage of $80,000 with 2 points mean the borrower would have to pay at closing $800.
A: Point : in mortgage a point is taken as percentage. 1 point equals to 1% 2 point equals to 2%…
Q: (GAAP) a
A: GAAP refers to the set of accounting principles, procedures, or systems that aim to bring clarity,…
Step by step
Solved in 2 steps
- 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. 1,220,000Income 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?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?
- Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on the liquidity metric working capital and profitability metric gross profit percent. Indicate the gross profit percent for each sale (rounding to one decimal place) in parentheses next to the effect of the sale on the company’s ability to attain an overall gross profit percent of 30%.Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. SalesWorking Backward: Gross Profit Ratio Acmes gross profit ratio increased by 20% over the prior year. Net sales and cost of goods sold for the prior year were $120,000 and $90,000, respectively. Cost of goods sold for the current year is $140,000. Required Determine the amount of Acmes sales for the current year.
- Cost of goods sold :- Sales - gross profit = 1000000 - 400000 = 600000 Calculation of total expenses:- (Depreciation + advertisement exp. + Rent + salaries + commission + other exp. ) = (80000 + 60000 + 15000 + 56000 + 5000 + 7000) = 223000 Calculation of Gross profit margin:- Formula = sales - cost of goods sold = 1000000 - 600000 = 400000 Calculation of gross profit percentage margin:-Formula = (Gross profit margin / sales)*100 = (400000 / 1000000)*100 = 40% Calculation of net profit margin:- Formula = Gross profit - total expenses = 400000 - 223000 = 177000 Calculation of net profit percentage margin: - Formula = (Net profit / Net Sales)*100% = (117 000/ 1 000 000) *100 = %17.7 Calculation of Current Ratio: - Formula = Current Assets / Current Liabilities = 135 000/ 47 000 = 2.87 : 1 Calculation of Acid Test Ratio: - Formula = Liquid Assets / Current Liabilities Liquid Assets = Cash + Accounts Receivables = 100 000 + 20 000 = 120 000 Acid Test ratio = 120 000/ 47 000 = 2.55 : 1…What is the gross profit for the year if the net revenue from by-product is treated as additional sales revenue? b. P1,230,000 c. P1,218,000 d. P1,118,000 a. P1,200,000 What is the gross profit for the year if the net revenue from by-product is treated as additional sales revenue? b. P1,230,000 c. P1,218,000 d. P1,118,000 a. P1,200,000what is the missing infomation Net Sales Cost of Goods Sold Gross Margin Operating Expenses Net Profit 1. $565,700 $244,600 $321,100 $276,400 $44,700 2. $4,232,000 $2,362,000 $1,870,000 $1,210,500 $659,500 3. $705,300 $398,450 $306,850 $196,525 $110,325 4. $334,500 $132,300 blank 1 $108,000 blank 2 5. $1,640,000 ANSWER $760,000 $354,780 ANSWER 6. blank 5 $257,000 $418,530 blank 6 $84,370
- 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 GAAPDetermining gross profitDuring the current year, merchandise is sold for $31,850,000. The cost ofthe merchandise sold is $24,206,000. a. What is the amount of the gross profit?b. Compute the gross profit percentage (gross profit divided by sales).c. Will the income statement necessarily report o net income? Explain.What amount should be reported as cost of goods sold for the current year? a. 9,950,000 b. 9,550,000 c. 9,250,000 d. 9,150,000