Homework Answers
Multi step income statement
| Sales revenue | 560000 | ||
| Less: Sales return and allowance | -20000 | ||
| Less: Sales discount | -7000 | -27000 | 533000 |
| Cost of goods sold | 386000 | ||
| Gross profit | 147000 | ||
| Less: Operating expense | |||
| Freight out | 2000 | ||
| Advertising expense | 15000 | ||
| Store salaries expense | 55000 | ||
| Utilities expense | 28000 | ||
| Depreciation expense | 7000 | ||
| Total operating expense | 107000 | ||
| Operating income | 40000 | ||
| Other revenue and gains | |||
| Interest revenue | 30000 | ||
| Gain on disposal of equipment | 15000 | ||
| Other expense and losses | |||
| Interest expense | -18000 | 27000 | |
| Net income | 67000 | ||
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EXERCISE 3 - Multiple-Step Income Statement (15 pts.) The adjusted trial balance of Omega Company at...
EXERCISE 4-Cloaing Entries (10 pts) s80.000 $15,000 $39.000 $144,000 $1.600 $2.300 J.W. Match Company had the...
EXERCISE 4-Cloaing Entries (10 pts) s80.000 $15,000 $39.000 $144,000 $1.600 $2.300 J.W. Match Company had the following account balances at year-end Cost of goods sold Merchandise inventory Operating expenses Sales Revenue Sales discounts Sales retuns and allowances A physical count of inventory determines that merchandise inventory on hand at year end is $14,400. Instructions (a) Prepare the adjusting entry necessary as a result of the physical count (b) Prepare closing entries JW. HATCH General Journal Account Titles &Explanation Date Credit...
The adjusted trial balance of Kasten company contained the following information: &nbs
The adjusted trial balance of Kasten company contained the following information: Debit. Credit Sales $660,000 Sales returns and allowances $20,000 Sales discount 7,000 Cost of goods sold 436,000 Freight-out 2,000 Interest expense 102,000 Store salaries 55,000 Utilities expense 28,000 Depreciation expense 22,000 Interest revenue 5,000 Required: Use the above information to prepare a multiple-step income statement for the year-ended December 31.
The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue...
The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue $645,000 $50,000 9,500 396,000 2,000 15,000 19,000 84,000 23,000 3,500 25,000 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2017. (List other revenues before other expenses.) MCCOY COMPANY Income Statement For...
Problems: 1. (11 points) The adjusted trial balance of Gertz Company included the following accounts, each...
Problems: 1. (11 points) The adjusted trial balance of Gertz Company included the following accounts, each normal balance: Advertising Expense $ 15,000 Cost of Goods Sold Depreciation Expense 347,000 3,500 Freight-out 2.000 Income Tax Expense 21,700 Interest Expense 19,000 Interest Revenue 25,000 Merchandise Inventory 35,750 Prepaid Rent 4,500 Sales 575,000 Sales Discounts 9.500 Sales Returns and Allowances 50,000 Store Salaries Expense 74,000 Unearned Revenue 8.000 Utilities Expense 18,000 Instructions 1. Use the above information to prepare a multiple-step income statement...
P'roblems: 1.(tt points) The adjusted trial balance of Gertz Company included the following accounts, each with...
P'roblems: 1.(tt points) The adjusted trial balance of Gertz Company included the following accounts, each with a normal balance Advertising Expense Cost of Goods Sold Depreciation Expense Freight-out Income Tax Expense Interest Expense Interest Revenue Merchandise Inventory Prepaid Rent S 15,000 347,000 3,500 2,000 21,700 19,000 25,000 35,750 4,500 575,000 9,500 Sales Discounts Sales Returns and Allowances Store Salaries Expense Unearned Revenue Utilities Expense 74,000 8,000 18,000 Instructions 1.Use the above e information to prepare a multiple-step income statement for...
xyz corporation adjusted XYZ Corporation's adjusted trial balance contained the following information contained the...
xyz corporation adjusted
XYZ Corporation's adjusted trial balance contained the following information contained the following informatie fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 wwwwwwwwwww 7,000 16,000 12,000 Gross Profit was:
XYZ Corporation's adjusted trial balance contained the following information contained fiscal year ended December 31, 2015:...
XYZ Corporation's adjusted trial balance contained the following information contained fiscal year ended December 31, 2015: Dr Cr Sales 326,000 Sales Returns & Allowances 18,000 Sales Discounts 6,000 125,000 83,000 39,000 12,000 Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense 9,000 4,000 7,000 Interest Expense 16,000 Gain on Sale of Equipment 12,000 Income Tax Expense Net Income was:
XYZ Corporation's adjusted trial balance contained the following information contained the fa fiscal year ended December...
XYZ Corporation's adjusted trial balance contained the following information contained the fa fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 7,000 16,000 12,000 Income From Operations was :
XYZ Corporation's adjusted trial balance contained the following information contained the fe fiscal year ended December...
XYZ Corporation's adjusted trial balance contained the following information contained the fe fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 7,000 16,000 12,000 Income Before Taxes was:
The adjusted trial balance of Crane Company included the following selected accounts: Debit Credit Sales Revenue...
The adjusted trial balance of Crane Company included the following selected accounts: Debit Credit Sales Revenue $659.000 $60,000 Sales Returns and Allowances Sales Discounts 10,000 Cost of Goods Sold 394,000 Freight-Out 2,800 Advertising Expense 10,600 Interest Expense 24.000 Salaries and Wages Expense 82.000 Utilities Expense 23,000 Depreciation Expense 3.700 Interest Revenue 26,300 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022. (List other revenues before other expenses.) CRANE COMPANY Income Statement $...
EXERCISE 4-Cloaing Entries (10 pts) s80.000 $15,000 $39.000 $144,000 $1.600 $2.300 J.W. Match Company had the following account balances at year-end Cost of goods sold Merchandise inventory Operating expenses Sales Revenue Sales discounts Sales retuns and allowances A physical count of inventory determines that merchandise inventory on hand at year end is $14,400. Instructions (a) Prepare the adjusting entry necessary as a result of the physical count (b) Prepare closing entries JW. HATCH General Journal Account Titles &Explanation Date Credit...
The adjusted trial balance of McCoy Company included the following selected accounts: Debit Credit Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue $645,000 $50,000 9,500 396,000 2,000 15,000 19,000 84,000 23,000 3,500 25,000 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2017. (List other revenues before other expenses.) MCCOY COMPANY Income Statement For...
Problems: 1. (11 points) The adjusted trial balance of Gertz Company included the following accounts, each normal balance: Advertising Expense $ 15,000 Cost of Goods Sold Depreciation Expense 347,000 3,500 Freight-out 2.000 Income Tax Expense 21,700 Interest Expense 19,000 Interest Revenue 25,000 Merchandise Inventory 35,750 Prepaid Rent 4,500 Sales 575,000 Sales Discounts 9.500 Sales Returns and Allowances 50,000 Store Salaries Expense 74,000 Unearned Revenue 8.000 Utilities Expense 18,000 Instructions 1. Use the above information to prepare a multiple-step income statement...
P'roblems: 1.(tt points) The adjusted trial balance of Gertz Company included the following accounts, each with a normal balance Advertising Expense Cost of Goods Sold Depreciation Expense Freight-out Income Tax Expense Interest Expense Interest Revenue Merchandise Inventory Prepaid Rent S 15,000 347,000 3,500 2,000 21,700 19,000 25,000 35,750 4,500 575,000 9,500 Sales Discounts Sales Returns and Allowances Store Salaries Expense Unearned Revenue Utilities Expense 74,000 8,000 18,000 Instructions 1.Use the above e information to prepare a multiple-step income statement for...
xyz corporation adjusted
XYZ Corporation's adjusted trial balance contained the following information contained the following informatie fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 wwwwwwwwwww 7,000 16,000 12,000 Gross Profit was:
XYZ Corporation's adjusted trial balance contained the following information contained fiscal year ended December 31, 2015: Dr Cr Sales 326,000 Sales Returns & Allowances 18,000 Sales Discounts 6,000 125,000 83,000 39,000 12,000 Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense 9,000 4,000 7,000 Interest Expense 16,000 Gain on Sale of Equipment 12,000 Income Tax Expense Net Income was:
XYZ Corporation's adjusted trial balance contained the following information contained the fa fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 7,000 16,000 12,000 Income From Operations was :
XYZ Corporation's adjusted trial balance contained the following information contained the fe fiscal year ended December 31, 2015: Dr Cr 326,000 Sales Sales Returns & Allowances Sales Discounts Cost of Goods Sold Salaries Expense Rent Expense Utility Expense Delivery Expense Insurance Expense Interest Expense Gain on Sale of Equipment Income Tax Expense 18,000 6,000 125,000 83,000 39,000 12,000 9,000 4,000 7,000 16,000 12,000 Income Before Taxes was:
The adjusted trial balance of Crane Company included the following selected accounts: Debit Credit Sales Revenue $659.000 $60,000 Sales Returns and Allowances Sales Discounts 10,000 Cost of Goods Sold 394,000 Freight-Out 2,800 Advertising Expense 10,600 Interest Expense 24.000 Salaries and Wages Expense 82.000 Utilities Expense 23,000 Depreciation Expense 3.700 Interest Revenue 26,300 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2022. (List other revenues before other expenses.) CRANE COMPANY Income Statement $...
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