Merchandise Inc. has prepared the Income statement including the following data: Sales $100,000 Cost of Goods...
Merchandise Inc. has prepared the Income statement including the following data:
| Sales | $100,000 |
| Cost of Goods Sold | $75,000 |
| Gross Profit | $25,000 |
| Expenses | $10,000 |
| Net Profit | $15,000 |
The comparative balance sheet shows the following data (by definition, accounts payable relates to merchandise purchases only):
| End of Year | Beginning of Year | |
| Accounts Receivables (net) | $7,000 | $8,000 |
| Inventory | $3,000 | $2,000 |
| Prepaid Expenses | $2,000 | $1,000 |
| Accounts Payable | $1,000 | $1,500 |
REQUIRED
1) Determine the amount of Cash received from Customers.
2) Determine the amount of Cash paid for merchandise purchase.
Homework Answers
| 1 | |
| Sales | 100000 |
| Add: Accounts Receivables (net),Beginning of Year | 8000 |
| Less: Accounts Receivables (net),End of Year | -7000 |
| Cash received from Customers | 101000 |
| 2 | |
| Cost of Goods Sold | 75000 |
| Add: Inventory,End of Year | 3000 |
| Less: Inventory,Beginning of Year | -2000 |
| Purchases during the year | 76000 |
| Purchases during the year | 76000 |
| Add: Accounts Payable ,Beginning of Year | 1500 |
| Less: Accounts Payable,End of Year | -1000 |
| Cash paid for merchandise purchase | 76500 |
Add Answer to:
Merchandise Inc. has prepared the Income statement including the
following data:
Sales
$100,000
Cost of Goods...
prepare an Income Statement and Balance Sheet. Balance Account Name Db Cr Accounts Payable 3,000...
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6. Presented below is the income statement of Cowan, Inc.: Sales revenue $380,000 Cost of goods...
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prepare a projected income statement for 2019, based on the
patterns in the years 2015 through 2018
Income Statement 2015 $78,000 $40,000 $38,000 For Year Ended 2016 2017 $52,000 $41,000 $45.000 $38,000 $7,000 $3,000 2018 $36,000 $40,000 ($4,000) $3,000 $2,000 $0 $0 Sales LESS Cost of Goods Sold Gross Profit LESS Marketing Expenses LESS Gn'l & Admin Expenses LESS Depreciation Operating Profit LESS Interest Expense Profit Before Taxes LESS Taxes Net Profit $1,000 $10.000 $24,000 $1,000 $23,000 $9.200 $13,800 $1,000...
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Answers?
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