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

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

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter2: Building Blocks Of Managerial Accounting

Section: Chapter Questions

Problem 3PB: Puzzles, Pranks ** Games is a retail business selling children’s toys and games as well as a wide...

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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 2-a. Calculate the inventory turnover ratio for the month of March. Inventory Turnover Ratio = =
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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oys “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 3. Calculate the gross profit ratio for the month of March. Gross Profit Ratio Gross profit = = 0 Net sales =
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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