Financial Accounting (12th Edition) (What's New in Accounting)
Financial Accounting (12th Edition) (What's New in Accounting)
12th Edition
ISBN: 9780134725987
Author: C. William Thomas, Wendy M. Tietz, Walter T. Harrison Jr.
Publisher: PEARSON
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Chapter 6, Problem 6.45Q
To determine

To Compute: LS Company’s gross profits for January.

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How much is the gross profit for the year? a. 662,000 b. 656,000 C. 648,000 d. 626,000
1. Year one income statement by months ( sales by year 3 $2.7m 2.7 m /3 = $900,000 average each year sales 900,000 / 12 = $75,000 sales each month Revenues: Net sales $75,000 each month Expenses and loses Costs of goods sold 1,786 x $15.60 = $27,863.78 Capital expenses $1,150 / 12= $95.83 Location expenses $76,415/ 12 = $6,367.92 Advertising / Promotional expenses $78,285/ 12 = $6,523.75 CalculateTotal expenses Depreciation expense is straight line for this project ?. Use the market value of the asset divided by monthly expected life of the asset, We will not use salvage value in calculating depreciation expense.
What amount should be reported as cost of goods sold for the current year? a. 9,950,000   b. 9,550,000   c. 9,250,000   d. 9,150,000

Chapter 6 Solutions

Financial Accounting (12th Edition) (What's New in Accounting)

Ch. 6 - What is Corrigans gross profit percentage (rounded...Ch. 6 - Prob. 12QCCh. 6 - A companys beginning inventory is 150,000, its net...Ch. 6 - An understatement of ending inventory by 2 million...Ch. 6 - Prob. 6.1ECCh. 6 - LO 1 (Learning Objective 1: Show how to account...Ch. 6 - LO 1 (Learning Objective 1: Show how to account...Ch. 6 - LO 1 (Learning Objective 1: Show how to account...Ch. 6 - (Learning Objective 2: Apply the average-cost,...Ch. 6 - (Learning Objective 2: Compare income tax effects...Ch. 6 - LO 2 (Learning Objective 2: Apply the average-cost...Ch. 6 - (Learning Objective 2: Apply the FIFO method)...Ch. 6 - (Learning Objective 2: Apply the LIFO method)...Ch. 6 - (Learning Objective 2: Compare income, tax, and...Ch. 6 - LO 3 (Learning Objective 3: Apply the...Ch. 6 - (Learning Objective 4: Compute ratio data to...Ch. 6 - (Learning Objective 5: Estimate ending inventory...Ch. 6 - (Learning Objective 6: Analyze the effect of an...Ch. 6 - Prob. 6.14SCh. 6 - LO 1,2 (Learning Objectives 1, 2: Show how to...Ch. 6 - LO 1,2 (Learning Objectives 1, 2: Show how to...Ch. 6 - LO 2 (Learning Objective 2: Compare ending...Ch. 6 - (Learning Objective 2: Compare the tax advantage...Ch. 6 - Prob. 6.19AECh. 6 - LO 2 (Learning Objective 2: Compare ending...Ch. 6 - LO 2 (Learning Objective 2: Compare gross...Ch. 6 - Prob. 6.22AECh. 6 - LO 5 (Learning Objective 5: Compute cost of goods...Ch. 6 - Prob. 6.24AECh. 6 - LO 4 (Learning Objective 4: Compute and evaluate...Ch. 6 - LO 5 (Learning Objective 5: Use the COGS model to...Ch. 6 - LO 5 (Learning Objective 5: Use the COGS model to...Ch. 6 - LO 6 (Learning Objective 6: Analyze the effect of...Ch. 6 - LO 1, 2 (Learning Objectives 1, 2: Show how to...Ch. 6 - LO 1, 2 (Learning Objectives 1, 2: Show how to...Ch. 6 - LO1, 2 (Learning Objectives 1, 2: Show how to...Ch. 6 - Prob. 6.32BECh. 6 - LO 2 (Learning Objective 2: Apply the average,...Ch. 6 - Prob. 6.34BECh. 6 - Prob. 6.35BECh. 6 - Prob. 6.36BECh. 6 - Prob. 6.37BECh. 6 - Prob. 6.38BECh. 6 - Prob. 6.39BECh. 6 - Prob. 6.40BECh. 6 - Prob. 6.41BECh. 6 - Prob. 6.42BECh. 6 - Prob. 6.43QCh. 6 - Prob. 6.44QCh. 6 - Prob. 6.45QCh. 6 - The word market as used in the lower of cost or...Ch. 6 - Prob. 6.47QCh. 6 - Prob. 6.48QCh. 6 - Prob. 6.49QCh. 6 - In a period of rising prices, a.cost of goods sold...Ch. 6 - Prob. 6.51QCh. 6 - The following data come from the inventory records...Ch. 6 - Prob. 6.53QCh. 6 - Prob. 6.54QCh. 6 - Prob. 6.55QCh. 6 - Prob. 6.56QCh. 6 - Prob. 6.57QCh. 6 - Prob. 6.58QCh. 6 - Prob. 6.59QCh. 6 - LO 1, 2 (Learning Objectives 1, 2: Show how to...Ch. 6 - Prob. 6.61APCh. 6 - LO 2 (Learning Objective 2: Compare inventory by...Ch. 6 - LO 2 (Learning Objective 2: Compare various...Ch. 6 - Prob. 6.64APCh. 6 - (Learning Objective 4: Compute and evaluate gross...Ch. 6 - LO 4, 5 (Learning Objectives 4, 5: Compute gross...Ch. 6 - Prob. 6.67APCh. 6 - Prob. 6.68APCh. 6 - Prob. 6.69BPCh. 6 - LO 2 (Learning Objective 2: Apply various...Ch. 6 - Prob. 6.71BPCh. 6 - LO 2 (Learning Objective 2: Compare various...Ch. 6 - LO 3 (Learning Objective 3: Explain GAAP and apply...Ch. 6 - Prob. 6.74BPCh. 6 - Prob. 6.75BPCh. 6 - LO 5 (Learning Objective 5: Use the COGS model to...Ch. 6 - Prob. 6.77BPCh. 6 - Prob. 6.78CEPCh. 6 - Prob. 6.79CEPCh. 6 - Prob. 6.80CEPCh. 6 - Prob. 6.81CEPCh. 6 - Prob. 6.82SCCh. 6 - Prob. 6.83DCCh. 6 - Prob. 6.85EICCh. 6 - Prob. 1FFCh. 6 - Prob. 1FA
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  • Total Sales of $1,500,000. Gross Profit 40% of Sales. Payroll costs of $257,000, and Expenses are 34% of Total Sales. Calculate Net Profit in dollars.
    ABC Company Income Statement                                                 Period Ending     31-Dec-15   31-Dec-14   31-Dec-13                 Total Sales     $485,651,000   $476,294,000   $475,210,000                 Cost of Goods Sold     365,086,000   358,069,000   350,400,000                 Gross Profit     120,565,000   118,225,000   124,810,000                 Selling Generall and Adminstrative   93,418,000   91,353,000   90,343,000                 Operating Profit     27,147,000   26,872,000   34,467,000                 Total Other Income/Expenses Net   113,000   119,000   115,000                 Earnings before Interest and Taxes   27,034,000   26,753,000   34,352,000                 Interest Expense     2,461,000   2,335,000   2,200,000                 Income Before Tax     24,573,000   24,418,000   32,152,000                 Income Tax Expense     7,985,000   8,105,000   9,800,000                 Net Income from Continuing Ops     16,588,000…
    ABC Company Income Statement                                                 Period Ending     31-Dec-15   31-Dec-14   31-Dec-13                 Total Sales     $485,651,000   $476,294,000   $475,210,000                 Cost of Goods Sold     365,086,000   358,069,000   350,400,000                 Gross Profit     120,565,000   118,225,000   124,810,000                 Selling Generall and Adminstrative   93,418,000   91,353,000   90,343,000                 Operating Profit     27,147,000   26,872,000   34,467,000                 Total Other Income/Expenses Net   113,000   119,000   115,000                 Earnings before Interest and Taxes   27,034,000   26,753,000   34,352,000                 Interest Expense     2,461,000   2,335,000   2,200,000                 Income Before Tax     24,573,000   24,418,000   32,152,000                 Income Tax Expense     7,985,000   8,105,000   9,800,000                 Net Income from Continuing Ops     16,588,000…
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