Financial Accounting
5th Edition
ISBN: 9781618531650
Author: Thomas Dyckman
Publisher: Cambridge Business Publishers
expand_more
expand_more
format_list_bulleted
Question
Chapter 3, Problem 36E
a.
To determine
Identify the cost that ANF Company incurred to acquire inventory for the year 2013.
b.
To determine
Identify the amount of compensation that is paid to the employees for the year 2013.
c.
To determine
Explain that is expected from ANF Company to report its balance of accrued compensation.
Expert Solution & Answer
Trending nowThis is a popular solution!
Students have asked these similar questions
The following information is taken from Allen Corporation's fiscal 2016 annual report.
Selected Balance Sheet Data
Inventories
2016
$250,000
2015
$200,000
Allen Corporation spent $3,000,000 to purchase and manufacture inventories during its 2016 fiscal year. What is the cost of goods sold for Allen in fiscal year 2016? (Hint: purchase of
inventories increase the inventory balance and selling inventories decrease inventory balance).
1. The Income statement for STEM Store for the year ended 31 December 2021 with the following
data:
192,000
29,700
31,200
13,400
107,000
28,100
Gross Sales
P
Beginning Inventory
Ending Inventory
Sales Returns and allowances
Net purchases
Operating Expenses
Determine the STEM Store's:
a) Net Sales
b) Cost of Goods Sold
c) Gross Profit from Sales
d) Net Income
Use the following financial information to find the entry you would make on an income statement for COST OF GOODS SOLD for the year ended December 31, 2011:
Gross Sales, $241,000; Sales Returns and Allowances, $5,600; Sales Discounts, $1,000; Merchandise Inventory, January 1, 2011, $62,500; Merchandise Inventory, December 31, 2011, $70,200; net purchases, $95,600; Freight In, $525; Salaries, $93,800;
Rent, $17,900; Utilities, $1,325; Insurance, $2,025; and Income Tax, $16,950.
O $38,200
$70,525
O $88,425
$234,400
X
Chapter 3 Solutions
Financial Accounting
Ch. 3 - Prob. 1MCCh. 3 - Prob. 2MCCh. 3 - Prob. 3MCCh. 3 - Prob. 4MCCh. 3 - Prob. 5MCCh. 3 - Prob. 1QCh. 3 - Prob. 2QCh. 3 - Prob. 3QCh. 3 - Prob. 4QCh. 3 - Prob. 5Q
Ch. 3 - Prob. 6QCh. 3 - Prob. 7QCh. 3 - Prob. 8QCh. 3 - Prob. 9QCh. 3 - Prob. 10QCh. 3 - Prob. 11QCh. 3 - Prob. 12QCh. 3 - Prob. 13QCh. 3 - Prob. 14QCh. 3 - Prob. 15QCh. 3 - Prob. 16QCh. 3 - Prob. 17QCh. 3 - Prob. 18QCh. 3 - Prob. 19QCh. 3 - Prob. 20QCh. 3 - Prob. 21MECh. 3 - Prob. 22MECh. 3 - Prob. 23MECh. 3 - Prob. 24MECh. 3 - Prob. 25MECh. 3 - Prob. 26MECh. 3 - Prob. 27MECh. 3 - Prob. 28MECh. 3 - Prob. 29MECh. 3 - Prob. 30MECh. 3 - Prob. 31ECh. 3 - Prob. 32ECh. 3 - Prob. 33ECh. 3 - Prob. 34ECh. 3 - Prob. 35ECh. 3 - Prob. 36ECh. 3 - Prob. 37ECh. 3 - Prob. 38ECh. 3 - Prob. 39ECh. 3 - Prob. 40PCh. 3 - Prob. 41PCh. 3 - Prob. 42PCh. 3 - Prob. 43PCh. 3 - Prob. 44PCh. 3 - Prob. 45PCh. 3 - Prob. 46PCh. 3 - Prob. 47PCh. 3 - Prob. 48PCh. 3 - Prob. 49PCh. 3 - Prob. 50PCh. 3 - Prob. 51PCh. 3 - Prob. 52PCh. 3 - Prob. 53PCh. 3 - Prob. 54PCh. 3 - Prob. 55CPCh. 3 - Prob. 56CPCh. 3 - Prob. 57CPCh. 3 - Prob. 58CP
Knowledge Booster
Similar questions
- Determining Cost of Goods Sold For a recent year, TechMart reported sales of $30,742 million. Its gross profit was $7,071 million. What was the amount of TechMart's cost of goods sold? (Enter answer in millions.)arrow_forwardCalculating the CCC from the Financial Statement The following data are taken from the financial statement: Annual Sales ( on Credit ) 1,216,666 Cost of Goods Sold 1,013,889 Average Inventory 250,000 Average Accounts Receivable 300,000 Average Accounts Payable 150,000 COMPUTE FOR THE FOLLOWING and interpret your answer: 1. DIO stands for Days Inventory Outstanding 89.99999014 DIO= (Ave. Inventory/Cost of Goods Sold)*365 =(250,000/1,013,889)*365 =89.99 or 90 days It takes the company approximately 90 days to turn inventory into sales 2. DSO stands for Days Sales Outstanding 90.00004932 DSO=(Ave. Accts. Receivables/Total Credit Sales)*365 =(300,000/1,216,666)*365 =90 days #NAME? 3. DPO stands for Days Payable Outstanding 53.99999408 DPO=(Ave. Accts. Payables/Cost of Goods Sold)*365 =(150,000/1,013,889)*365 =53.99 or 54 days It takes the company approximately 54 days to pay its invoices 4.CASH CONVERSION CYCLE 126.0000454 CCC= DIO + DSO - DPO = 90+90-54 = 126 It takes the company…arrow_forwardPresented below is information for Oakley Company for the month of March 2020. Cost of goods sold  $254,000  Rent expense  $36,000 Freight-out  7,500  Sales discounts  8,800 Insurance expense  5,000  Sales returns and allowances  11,000 Salaries and wages expense  75,000  Sales revenue  425,000    Prepare a multiple-step income statement. OAKLEY COMPANYIncome Statement                                                For the Year Ended March 31, 2016March 31, 2020For the Month Ended March 31, 2020                                                 Owner's Capital, March 31Operating ExpensesNet Income / (Loss)RevenuesGross Profit / (Loss)InvestmentsOwner's Capital, March 1Net SalesTotal Operating ExpensesDrawings     $                                                 LessAdd:    $…arrow_forward
- Rickey’s Retail has the following financial information for the most recent accounting period. Prepare an income statement.  Gross Sales= $864,740  Sales Returns & Allowances= $47,399  Cost of Goods Sold= $483,237  Rent Expense= $86,705  Interest Expense= $1,156  Income Tax Expense= $16,185  Depreciation Expense= $5,780  Salaries Expense= $98,266  Utility Expense= $28,902arrow_forwardWhat entry would you make on an income statement for NET SALES for the year ended December 31, 2011? Gross Sales, $200,000; Sales Returns and Allowances, $5,800; Sales Discounts, $5,700; Merchandise Inventory, January 1, 2011, $67,100; Merchandise Inventory, December 31, 2011, $51,900; Net Purchases, $89,200; Freight In, $700; Salaries, $81,800; Rent, $18,600; Utilities, $1,125; Insurance, $2,175; and Income Tax, $14,900.arrow_forwardAmber Corporation has provided the following information of its operating activities for 2015:  Merchandise Inventory, January 1, 2015 $150,000 Merchandise Inventory, December 31, 2015 75,000 Purchases 854,000 Selling and Administrative Expenses 65,000 Sales Revenue 1,000,000  Required: Prepare Amber's income statement for the year ended December 31, 2015. Use the format provided below:  Sales Revenue   Cost of Goods Sold      Beginning Inventory      Purchases      Cost of Goods Available for Sale      Ending Inventory   Cost of Goods Sold   Gross Profit   Selling and Administrative Expenses   Operating Incomearrow_forward
- Coleman, Inc. provides the following data from its Income Statement for 2018: Net Sales  $     560,000.00 Cost of Goods Sold  $   (160,000.00) Gross Profit  $     400,000.00 Calculate the gross profit percentage. (round your answer to two decimal places) A 71.43% B 25.00% C 100.00% D 28.57%arrow_forwardThe summarized financial statements of Dutch Baby Berhad for the period ended 31 December 2015 were as follows:  Dutch Baby Berhad Income Statement for the year ended 31 December 2015  RM RM Sales (-) Cost of Goods Sold  1,001,660 (580,950) Gross Profit  420,710 (-) Operating Expenses     Distribution Expenses     General & Administrative Expenses     Depreciation  191,900 24,330 16,000    (232,230) Earnings Before Interest & Taxes (EBIT)  188,480 (-) Interest Expenses   (36,000) Earnings Before Taxes (EBT)  152,480 (-) Taxes Expenses  (47,700) Net Income  104,780  Dutch Baby Berhad Balance Sheet as at 31 December 2015  RM  RM Non-Current Assets Property & Equipment (-) Acc. Depreciation Intangible Assets  120,000 (29,070) 5,000 Non-Current Liabilities Long-term Loan  Current Liabilities Account Payables Current Tax Liabilities  131,135   116,650 7,520…arrow_forward1. Sparky's sells auto parts. Provided below is selected financial information from the company's 2012 annual report: Sparky's Selected Financial Statement data Fiscal year end 2012 2011 (amounts in thousands of dollars) 2012 2011 Net sales $125,410 $106,380 Cost of Goods Sold- -104,090 -89,359 Gross Profit $21,320 $17,021 Inventory $31,353 $30,850 Using Sparky's financial information what is the company's inventory turnover ratio for 2012? a. 0.69| b. 1.00 C. 3.35 d. 4.03arrow_forward
- Determining Cost of Goods Sold For a recent year, TechMart reported sales of $44,476 million. Its gross profit was $11,564 million. What was the amount of TechMart's cost of goods sold? (Enter answer in millions.)$ millionarrow_forwardTargee Inc. has the following income statement (in mulons). Targee, INC. Income Statement For the Year Ended December 31, 2020 Net Sales $3,300 Cost of Goods Sold 2.280 Gross Profit 1,950 Operating Expenses 45 Net Income $1.905 Using vertical analysis, what percentage is assigned to Cost of Goods Sold? a. 70% b. 6996 c. 100% d. None of thesearrow_forwardShelcal, Inc. provides the following data for the year2017:  Sales revenue $420,000 Sales returns and allowances $1,400 Sales discounts $850 Net sales revenue $417,750 Cost of goods sold $260,000 The cost of goods sold as a percentage of net sales revenue is:  a. 62.58%  b. 61.90%  c. 62.45%  d. 62.24%arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Cornerstones of Financial AccountingAccountingISBN:9781337690881Author:Jay Rich, Jeff JonesPublisher:Cengage Learning
Cornerstones of Financial Accounting
Accounting
ISBN:9781337690881
Author:Jay Rich, Jeff Jones
Publisher:Cengage Learning