FUNDAMENTAL ACCOUNTING PRINCIPLES
24th Edition
ISBN: 9781264044375
Author: Wild
Publisher: McGraw-Hil
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Textbook Question
Chapter 5, Problem 1E
Exercise 5-1
Computing revenues, expenses, and income
C1
Using your accounting knowledge, fill in the blanks in the following separate income statements a through e. Identify any negative amount by putting it in parentheses.
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S-5 Preparing common size income statement
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Common-Sized Income Statement
Revenue and expense data for the current calendar year for Tannenhill Company and for the
electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry
averages are expressed in percentages.
Sales
Cost of merchandise sold
Gross profit
Selling expenses
Net income
Administrative expenses
Total operating expenses
Income from operations
Other revenue and expense:
Other revenue
Other expense
Income before income tax expense
Income tax expense
Tannenhill
Company
$1,120,000
627,200
$492,800
$302,400
123,200
$425,600
$67,200
Sales
Cost of merchandise sold
Gross profit
22,400
(11,200)
$78,400
33,600
$44,800
Common-Sized Income Statement
For the Year Ended December 31
Tannenhill Tannenhill Electronics
Company Company Industry
Amount Percent
Average
$1,120,000
627,200
$492,800
%
%
100.0%
61%
Electronics
Industry
Average
100 %
61
2000
39 %
23 %
10…
Intermediate Accounting 105
Why should inventories be included in (a) a statement of financial position and (b) the computation of net income?
Please provide GAAP concepts and own examples/explanations.
Thank you
Chapter 5 Solutions
FUNDAMENTAL ACCOUNTING PRINCIPLES
Ch. 5 - Prob. 1DQCh. 5 - Prob. 2DQCh. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - 5. How does a company that uses a perpetual...Ch. 5 - Prob. 6DQCh. 5 - What is the difference between a sales discount...Ch. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - What is the difference between the single-step and...
Ch. 5 - Prob. 11DQCh. 5 - Prob. 12DQCh. 5 - Prob. 13DQCh. 5 - Refer to the income statement of Samsung in...Ch. 5 - Prob. 15DQCh. 5 - Applying merchandising terms C1 P1 Enter the...Ch. 5 - Identifying inventory costs C2 Costs of $5.000...Ch. 5 - Merchandise accounts and computations C2 Use the...Ch. 5 - Computing net invoice amounts P1 Compute the...Ch. 5 - Recording purchases, returns, and discounts taken...Ch. 5 - Recording purchases and discounts taken P1 Prepare...Ch. 5 - Recording purchases and discounts missed Pl...Ch. 5 - Recording sales, returns, and discounts taken P2...Ch. 5 - Accounting for shrinkage—perpetual system P3...Ch. 5 - Closing entries P3 Refer to QS 5-9 and prepare...Ch. 5 - Multiple-step income statement P4 For each item...Ch. 5 - Preparing a multiple-step income statement P4...Ch. 5 - Exercise 5-13 Physical count error and profits A2...Ch. 5 - Prob. 14QSCh. 5 - Prob. 15QSCh. 5 - Prob. 16QSCh. 5 - Recording purchases, returns, and...Ch. 5 - Recording sales. returns, and discounts—periodic &...Ch. 5 - Prob. 19QSCh. 5 - Prob. 20QSCh. 5 - Prob. 21QSCh. 5 - Prob. 22QSCh. 5 - QS 5-23 Sales transactions P2
Prepare journal...Ch. 5 - Exercise 5-1 Computing revenues, expenses, and...Ch. 5 - Prob. 2ECh. 5 - Exercise 5-3 Recording purchases, purchases...Ch. 5 - Exercise 5-4 Recording sales, sales returns, and...Ch. 5 - Exercise 5.5 Recording purchases, purchases...Ch. 5 - Exercise 5-6 Recording sales, purchases, and cash...Ch. 5 - Exercise 5-7 Recording sales, purchases, shipping,...Ch. 5 - Exercise 5-8 Inventory and cost of sales...Ch. 5 - Exercise 5-9 Recording purchases, sales, returns,...Ch. 5 - Exercise 5-10 Preparing adjusting and closing...Ch. 5 - Prob. 11ECh. 5 - Exercise 5-12 Impacts of inventory error on key...Ch. 5 - Exercise 5-13 Physical count error and profits...Ch. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Prob. 20ECh. 5 - Prob. 21ECh. 5 - Prob. 22ECh. 5 - Prob. 23ECh. 5 - Prob. 24ECh. 5 - Prob. 25ECh. 5 - Problem 5-1A
Preparing journal entries for...Ch. 5 - Problem 5-2A
Preparing journal entries for...Ch. 5 - Problem 5-3A Computing merchandising amounts and...Ch. 5 - Problem 5-4A Preparing closing entries and...Ch. 5 - Prob. 5APSACh. 5 - Problem 5-1 B
Preparing journal entries for...Ch. 5 - Problem 5-2B
Preparing journal entries for...Ch. 5 - Problem 5-3B Computing merchandising amounts and...Ch. 5 - Problem 5-4B Preparing closing entries and...Ch. 5 - Problem 5-5B Preparing adjusting entries and...Ch. 5 - SP 5 Santana Rey created Business Solutions on...Ch. 5 - Prob. 1GLPCh. 5 - Prob. 2GLPCh. 5 - Prob. 3GLPCh. 5 - Prob. 1AACh. 5 - Key comparative figures for Apple and Google...Ch. 5 - Prob. 3AACh. 5 - Prob. 1BTNCh. 5 - Prob. 2BTNCh. 5 - Prob. 3BTNCh. 5 - Prob. 4BTNCh. 5 - Prob. 5BTNCh. 5 - Prob. 6BTN
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- Multiple-step income statement Identify the enurs in the following income statement and prepare a corrected income statement:arrow_forwardIncome statement items Based on the data presented in Exercise 1.10, identify those items that would appear on the income statement.arrow_forwardRubin Enterprises had the following sales-related transactions on a recent day: a. Billed customer $28,600 on account for services already provided. b. Collected $5,715 in cash for services to be provided in the future. c. The customer complained about aspects of the services provided in Transaction a. To maintain a good relationship with this customer, Rubin granted an allowance of $1,500 off the list price. The customer had not yet paid for the services. d. Rubin provided the services for the customer in Transaction b. Additionally, Rubin granted an allowance of $480 because the services were provided after the promised date. Because the customer had already paid, Rubin paid the $480 allowance in cash. Required: Prepare the necessary journal entry (or entries) for each of these transactions.arrow_forward
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