Homework Answers
--Requirement
| 2021 | 2022 | 2023 | |
| Gross Profit rate = Gross Profit / Sales revenue | 71.0% | 68.0% | 66.0% |
| Profit margin = Net Income / Sales revenue | 5.0% | 4.0% | 2.0% |
--Working
| 2021 | 2022 | 2023 | |
| Sales revenue | $91,000 | $75,000 | $70,000 |
| Cost of Goods Sold | $26,390 | $24,000 | $23,800 |
| Gross Profits | $64,610 | $51,000 | $46,200 |
| Operating Expenses | $60,060 | $48,000 | $44,800 |
| Net Income | $4,550 | $3,000 | $1,400 |
| 2021 | 2022 | 2023 | |
| Sales revenue | 91000 | =24000+51000 | 70000 |
| Cost of Goods Sold | =91000-64610 | 24000 | 23800 |
| Gross Profits | 64610 | 51000 | =70000-23800 |
| Operating Expenses | 60060 | =51000-3000 | 44800 |
| Net Income | =64610-60060 | 3000 | =46200-44800 |
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Problem 5-08A Windsor, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor...
Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The...
Skysong, Inc. operates a retail operation that purchases and sells
snowmobiles, among other outdoor products. The company purchases
all inventory on credit and uses a periodic inventory system. The
Accounts Payable account is used for recording inventory purchases
only; all other current liabilities are accrued in separate
accounts. You are provided with the following selected information
for the fiscal years 2020 through 2023, inclusive.
(62) Compute the gross profit rate and the profit margin for each fiscal year. (Round answers...
Sage Hill Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products....
Sage Hill Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2020 through 2023, inclusive. Calculate the missing amounts. 2020 2021 2022 2023 Income Statement Data Sales revenue $101,000 (e)...
Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The...
Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2020 through 2023, inclusive Calculate the missing amounts. 2020 2021 2022 2023 Income Statement Data Sales revenue $105,000 $ $77.000...
Shamrock, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The...
Shamrock, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2020 through 2023, inclusive. (a) Calculate the missing amounts. 2020 2021 2022 2023 Income Statement Data Sales revenue $103,000 $enter...
Alana Inc. operates a retail operation that purchases and sells home entertainment products
Alana Inc. operates a retail operation that purchases and sells home entertainment products. The company purchases all merchandise inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2017 through 2020, inclusive. Calculate missing amounts and assess profitability. Instructions a. Calculate the missing amounts. b. Sales declined over the 3-year fiscal period, 2018-2020....
Problem 12-08A Presented below are the financial statements of Flounder Company. Flounder Company Comparative Balance Sheets...
Problem 12-08A Presented below are the financial statements of Flounder Company. Flounder Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 77,000 $ 44,000 Accounts receivable 44,000 30,800 Inventory 61,600 44,000 Property, plant, and equipment 132,000 171,600 Accumulated depreciation (70,400) (52,800) Total $244,200 $237,600 Liabilities and Stockholders' Equity Accounts payable $ 33,000 $ 41,800 Income taxes payable 15,400 17,600 Bonds payable 37,400 72,600 Common stock 39,600 30,800 Retained earnings 110,000 83,600 Total $244,200 $237,600 Flounder Company Income Statement...
Problem 12-08A Presented below are the financial statements of Sandhill Company. Assets Sandhill Company Comparative Balance...
Problem 12-08A Presented below are the financial statements of Sandhill Company. Assets Sandhill Company Comparative Balance Sheets December 31 2022 Cash $ 63,000 Accounts receivable 36,000 Inventory 50,400 Property, plant, and equipment 108,000 Accumulated depreciation (57.600 Total $199,800 2021 $36,000 25,200 36,000 140,400 (43,200) $194,400 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 34,200 12,600 30,600 32,400 90,000 $199,800 $ 27,000 14,400 59,400 25,200 68.400 $194,400 $435,600 315,000 120,600 Sandhill Company...
Problem 12-08A Presented below are the financial statements of Ayayai Company. Ayayai Company Comparative Balance Sheets...
Problem 12-08A Presented below are the financial statements of Ayayai Company. Ayayai Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 105,000 Accounts receivable 60,000 Inventory 84,000 Property, plant, and equipment 180,000 Accumulated depreciation (96,000) Total $333,000 2021 $ 60,000 42,000 60,000 234,000 (72,000) $324,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 45,000 24,000 99,000 $ 57,000 21,000 51,000 54,000 150,000 $333,000 42,000 114,000 $324,000 Ayayai Company Income Statement...
1. 2. Problem 19-04 The accounting records of Flounder Inc. show the following data for 2020...
1. 2. Problem 19-04 The accounting records of Flounder Inc. show the following data for 2020 (its first year of operations). Life insurance expense on officers was $9,900. Equipment was acquired in early January for $288,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Flounder used a 30% rate to calculate depreciation. 3. Interest revenue on State of New York bonds totaled $4,300. Product warranties were estimated to be $51,100 in 2020. Actual...
Problem 12-07A Presented below are the financial statements of Novak Company Novak Company Comparative Balance Sheets...
Problem 12-07A Presented below are the financial statements of Novak Company Novak Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 112,000 Accounts receivable 64,000 Inventory 89,600 Property, plant, and equipment 192,000 Accumulated depreciation (102,400 ) Total $355,200 2021 $ 64,000 44,800 64,000 249,600 (76,800 ) $345,600 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 60,800 22,400 54,400 57,600 160,000 $355,200 $ 48,000 25,600 105,600 44,800 121,600 $345,600 $774,400 560,000...
Skysong, Inc. operates a retail operation that purchases and sells
snowmobiles, among other outdoor products. The company purchases
all inventory on credit and uses a periodic inventory system. The
Accounts Payable account is used for recording inventory purchases
only; all other current liabilities are accrued in separate
accounts. You are provided with the following selected information
for the fiscal years 2020 through 2023, inclusive.
(62) Compute the gross profit rate and the profit margin for each fiscal year. (Round answers...
Sage Hill Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2020 through 2023, inclusive. Calculate the missing amounts. 2020 2021 2022 2023 Income Statement Data Sales revenue $101,000 (e)...
Skysong, Inc. operates a retail operation that purchases and sells snowmobiles, among other outdoor products. The company purchases all inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2020 through 2023, inclusive Calculate the missing amounts. 2020 2021 2022 2023 Income Statement Data Sales revenue $105,000 $ $77.000...
Problem 12-08A Presented below are the financial statements of Flounder Company. Flounder Company Comparative Balance Sheets December 31 Assets 2022 2021 Cash $ 77,000 $ 44,000 Accounts receivable 44,000 30,800 Inventory 61,600 44,000 Property, plant, and equipment 132,000 171,600 Accumulated depreciation (70,400) (52,800) Total $244,200 $237,600 Liabilities and Stockholders' Equity Accounts payable $ 33,000 $ 41,800 Income taxes payable 15,400 17,600 Bonds payable 37,400 72,600 Common stock 39,600 30,800 Retained earnings 110,000 83,600 Total $244,200 $237,600 Flounder Company Income Statement...
Problem 12-08A Presented below are the financial statements of Sandhill Company. Assets Sandhill Company Comparative Balance Sheets December 31 2022 Cash $ 63,000 Accounts receivable 36,000 Inventory 50,400 Property, plant, and equipment 108,000 Accumulated depreciation (57.600 Total $199,800 2021 $36,000 25,200 36,000 140,400 (43,200) $194,400 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 34,200 12,600 30,600 32,400 90,000 $199,800 $ 27,000 14,400 59,400 25,200 68.400 $194,400 $435,600 315,000 120,600 Sandhill Company...
Problem 12-08A Presented below are the financial statements of Ayayai Company. Ayayai Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 105,000 Accounts receivable 60,000 Inventory 84,000 Property, plant, and equipment 180,000 Accumulated depreciation (96,000) Total $333,000 2021 $ 60,000 42,000 60,000 234,000 (72,000) $324,000 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 45,000 24,000 99,000 $ 57,000 21,000 51,000 54,000 150,000 $333,000 42,000 114,000 $324,000 Ayayai Company Income Statement...
1. 2. Problem 19-04 The accounting records of Flounder Inc. show the following data for 2020 (its first year of operations). Life insurance expense on officers was $9,900. Equipment was acquired in early January for $288,000. Straight-line depreciation over a 5-year life is used, with no salvage value. For tax purposes, Flounder used a 30% rate to calculate depreciation. 3. Interest revenue on State of New York bonds totaled $4,300. Product warranties were estimated to be $51,100 in 2020. Actual...
Problem 12-07A Presented below are the financial statements of Novak Company Novak Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 112,000 Accounts receivable 64,000 Inventory 89,600 Property, plant, and equipment 192,000 Accumulated depreciation (102,400 ) Total $355,200 2021 $ 64,000 44,800 64,000 249,600 (76,800 ) $345,600 Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 60,800 22,400 54,400 57,600 160,000 $355,200 $ 48,000 25,600 105,600 44,800 121,600 $345,600 $774,400 560,000...
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