Sales Revenue $983,000 Cost of Goods Sold 489,000 Operating Expenses 243,000
Q: Gross profit of Company amounted to 175,000. Beginning Inventory totaled 250,000. Ending Inventory…
A: Formula: Cost of Goods sold = Beginning inventory + Net purchases - Ending Inventory.
Q: The income statement of Booker T Industries Inc. for the current year ended June 30 is as follows:…
A: Cash flow statement: Cash flow statement is a main part of financial statement. It is prepared to…
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: 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: 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: Calculate the gross profit for Jefferson Company
A: Gross profit is nothing but the profit earned by an entity after considering expenses that are…
Q: Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost…
A: Formula used for calculating Gross profit: Gross profit = Sales revenue - Cost of merchandise 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: 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 Cost of goods sold Gross profit Operating expenses. Salaries Income Statement For the year…
A: Lets understand the basics. Cashflow statement is prepared by the management to understand the from…
Q: A company has sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals:…
A: The question is based on the concept of Accounting Ratios.
Q: A company reports net sales of OMR 60,000, cost of goods sold is OMR 35,000, operating expenses is…
A: Net Income is also known as net earnings. It refers to the amount which is derived after deducting…
Q: Income Statement UCF Bleycle Vending Machine Company For Perfod Ending December 31, 20xx 1,000,000…
A: Cash flow financial activities include Change in long term debt Change in common stock Change in…
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: A company made net sales revenue of $500,000, and cost of goods sold totaled $300,000. Calculate its…
A: When two numerical values are compared with each other, the result is known as a ratio. Ratio…
Q: $345,000 $205,000 $32,500 Net sales revenue Cost of goods sold Average accounts receivable Average…
A: The average collection period refers to how long it takes a business to collect its receivables.…
Q: Prepare a Statement of Cash Flows; Free Cash Flow Joyner Company’s income statement for Year 2…
A: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question and…
Q: Operating Goods Sold ($) 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: Last Year Sales $208,000 $221,000 Cost of goods sold 106,000 116,000 Gross margin 102,000…
A: Ratio analysis can be used to obtain the information regarding performance of a company, department,…
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: 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: 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: 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 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: Other Operating Sales Revenue Cost of Goods Sold Gross Profit Net Income Expenses Firm $125,000 $…
A: Income statement is prepared by the business organization so as to know how much amount of Gross…
Q: Sales Cost of goods sold P800,000 480,000 320,000 Gross Profit Operating expenses 40,000 Selling…
A: Comparative financial statements are prepared to analyze the financial statements of the company. It…
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: 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: The Cost of Goods Sold amounted to ₱285,000. Net cost of purchases totaled ₱ 85,000. Beginning…
A: Gross profit is the excess of sales over cost of goods sold. Cost of goods sold is the cost at which…
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: LANSING COMPANY Income Statement For Current Year Ended December 31 Sales revenue $136, 200 Expenses…
A: Cash flow statement represents the cash inflow and cash outflow of the company.
Q: Cost of Goods Sold $ 164,000 Income Tax Expense Merchandise Sales (gross revenue) for Cash 238,000…
A: Formula: Gross profit = ( Gross profit / net sales ) x 100
Q: Sales Cost of goods sold Gross profit Operating expenses Operating income Interest expense $168,000…
A: Horizontal analysis is an analysis carried out horizontally between the line of times which is…
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: Overcharge Card reports that following amounts: Sales = $3,000,000; Cost of Goods Sold = $1,200,000;…
A: Operating income is the profitability of a firm which is derived from its operations. In simple…
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: 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: Monty Corp. reported net sales $610,000, cost of goods sold $366,000, operating expenses $151,000,…
A: Introduction: Profit margin: It tells the profitability of the company so its a profitability ratio.…
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: Sales . . . . . . . . . . . . . . . . . . . . . . . . $300,000 Sales returns . . . . . . . . . . . .…
A: Operating expenses are expenses incurred for the operation of the business. Cost of goods sold is…
Q: Interest expense = 36,000. Sales revenue = 2,195,000. Interest and dividends = 9,000. Selling…
A: Gross profit shows that income of the entity which it gets when the total net sale value of goods…
Q: Administrative Expenses $ 250,000 Building 1,025,000 Cash 97,000 Cost of Merchandise Sold 1,400,000…
A: Income statement records all the revenue and expenses and helps to determine net income of the…
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: Determining Gross Profit During the current year, merchandise is sold for $31,850,000. The cost of…
A: Meaning of Gross Profit Gross profit is refer as the profit of the company which is computed after…
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…
Step by step
Solved in 2 steps with 1 images
- Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Income 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?Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning inventory is 100,000. 2. Purchases returns of 4,000 were made. 3. Purchases of 300,000 were made on terms of 2/10, n/30. Eighty percent of the discounts were taken. 4. At December 31, purchases of 20,000 were in transit, FOB destination, on terms of 2/10, n/30. 5. The company made sales of 640,000. The gross selling price per unit is twice the net cost of each unit sold. 6. Sales allowances of 6,000 were made. 7. The company uses the LIFO periodic method and the gross method for purchase discounts. Required: 1. Compute the cost of the ending inventory before the physical inventory is taken. 2. Compute the amount of the cost of goods sold that came from the purchases of the period and the amount that came from the beginning inventory.
- 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?Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.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. 1,220,000
- Recording Various Liabilities Glenview Hardware had the following transactions that produced liabilities during 2020: a. Purchased merchandise on credit for $30,000. ( Note: Assume a periodic inventory system.) b. Year-end wages of $10,000 were incurred, but not paid. Related federal income taxes of $1,200, Social Security of $620 (employee portion), and Medicare taxes of $145 were with-held from employees. c. Year-end estimated income taxes payable, but unpaid, for the year were $42,850. d. Sold merchandise on account for $1,262, including state sales taxes of S48. ( Note: Assume a periodic inventory system.) e. Employers share of Social Security and Medicare taxes for the period were $620 and $145, respectively. f. Borrowed cash under a 90-day, 9%, $25,000 note. Required: Prepare the entry to record each of these transactions (treat each transaction independently).Ratio Analysis The following information was taken from Logsden Manufacturings trial balances as of December 31, 2018, and December 31, 2019. Required: 1. Calculate the gross profit margin and operating margin percentage for 2019. ( Note: Round answers to two decimal places.) 2. Assuming that all of the operating expenses are fixed (or, wont change as sales increase or decrease), what will be the operating margin percentage if sales increase by 25%?Goods in Transit Gravais Company made two purchases on December 29, 2019. One purchase for 3,000 was shipped FOB destination, and the second for 4,000 was shipped FOB shipping point. Neither purchase had been received nor paid for on December 31, 2019. Required: Which of these purchases, if either, does Gravais include in inventory on December 31, 2019? What is the cost?