Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $ 74,800 Inventory (Mar. 31, 2021) $ 1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 2-a. Calculate the inventory turnover ratio for the month of March. Inventory Turnover Ratio = =
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Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021.
Sales revenue | $ | 74,800 | Inventory (Mar. 31, 2021) | $ | 1,200 | ||
Advertising expense | 5,900 | Insurance expense | 2,050 | ||||
Rent expense | 3,800 | Sales discounts | 2,750 | ||||
Gain on sale of building | 7,000 | Salaries expense | 8,900 | ||||
Inventory (Mar. 1, 2021) | 2,550 | Income tax expense | 3,700 | ||||
Cost of goods sold | 35,550 | ||||||
2-a. Calculate the inventory turnover ratio for the month of March.
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- Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they had gross revenue from sales totaling $93,200. Their operating expenses for this same period were $34,000. If their Cost of Goods Sold (COGS) was 21% of gross revenue, what was their net operating income for the year?Puzzles, Pranks ** Games is a retail business selling children’s toys and games as well as a wide selection of jigsaw puzzles and accessories. They purchase their inventory from local and national wholesale suppliers. For the year ending December 31, 2017, they reported these revenues and expenses. Using this information, prepare an income statement for Puzzles, Pranks & Games for 2017.Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $74,800 Inventory (Mar. 31, 2021) $1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 Required:1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple-step Income Statement For the month of March 2021 Net sales: Total sales revenue Less: Sales discounts Net sales revenue Operating expenses: Total 0 Operating income Non-operating items: Total
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