The following is a listing of all of the income statement accounts for Mulberry Street Sportswear...
The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31.
| Advertising Expense | $10,500 | ||
| Cost of Goods Sold | 88,100 | ||
| Delivery Expense | 4,400 | ||
| Insurance Expense | 1,100 | ||
| Income Tax Expense | 6,240 | ||
| Rent Expense | 10,900 | ||
| Interest Expense | 1,800 | ||
| Sales Revenue | 160,200 | ||
| Sales Discounts | 9,100 | ||
| Sales Returns & Allowances | 18,700 | ||
Required:
- Prepare a multistep income statement.
- Compute the gross profit percentage.
Homework Answers
a) Multistep income statement
| Sales revenue | 160200 | |
| Sales discount | 9100 | |
| Sales return and allowance | 18700 | -27800 |
| Net Sales | 132400 | |
| Cost of goods sold | 88100 | |
| Gross profit | 44300 | |
| Operating expense | ||
| Advertising expense | 10500 | |
| Delivery expense | 4400 | |
| Insurance expense | 1100 | |
| Rent expense | 10900 | |
| Total operating expense | 26900 | |
| Operating income | 17400 | |
| Interest expense | 1800 | |
| Income before tax | 15600 | |
| Income tax expense | 6240 | |
| Net income | 9360 | |
b) Gross profit percentage = 44300/132400 = 33.46%
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The following is a listing of all of the income statement
accounts for Mulberry Street Sportswear...
The following is a listing of all of the income statement accounts for Mulberry Street Sportswear...
The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31 $11. Advertising Expense Cost of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent pense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances 4,200 120 5,200 11 1.30 161,900 10. 17,200 Required: a. Prepare a multistep income statement b. Compute the gross profit percentage Complete this question by entering...
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The following is a listing of all of the income statement accounts for Mulberry Street Sportswear...
The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjuste balance as of December 31. Advertising Expense Cost of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances $11,100 88,900 4, 500 800 5,640 10,200 1,600 160,500 10,700 18,600 Required a. Prepare a multistep income statement. b. Compute the gross profit percentage Complete this question by...
prepare a multistep income statement Quiz The following is a listing of all of the income...
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need help in income statement and gross peofit
The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31. Advertising Expense Cost of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances $11,500 88,200 5,100 900 5,640 11,200 1,500 161,200 10,700 18,000 Mulberry Street Sportswear Income Statement LP 11 TE ER...
ACT6-121-AA-Frx Esam 2-thaper -10 newconnect.mheducation.com/ow/connecthtm Saved am 2-(chapter 6"10) The following is a listing of all...
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The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Aldine Inc. as they appear on the company's adjusted trial balance. Accounts Payable Accounts Receivable Inventory Advertising Expense $ 6,000 25,000 22,800 19,000 145,000 Cost of Goods Sold Delivery Expense Income Tax Expense Insurance Expense Rent Expenses 7.400 2.000 1,000 17,600 300,000 Sales Revenue Sales Discounts Sales Returns and Allowances 9,600 40,000 Net sales would be:
The Income Statement and Balance Sheet columns below are from the worksheet of Bleeker Street Bounty...
The Income Statement and Balance Sheet columns below are from
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Using the worksheet, compute (a) total current assets, (b)
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Fit-for-Life Foods reports the following income statement
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The adjusted trial balance of Pronghorn Wholesale Inc. contained the following accounts at December 31, the...
The adjusted trial balance of Pronghorn Wholesale Inc.
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PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
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Income tax payable
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Bank loan payable
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Common shares
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Retained earnings
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Sales
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The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31 $11. Advertising Expense Cost of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent pense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances 4,200 120 5,200 11 1.30 161,900 10. 17,200 Required: a. Prepare a multistep income statement b. Compute the gross profit percentage Complete this question by entering...
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The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjuste balance as of December 31. Advertising Expense Cost of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances $11,100 88,900 4, 500 800 5,640 10,200 1,600 160,500 10,700 18,600 Required a. Prepare a multistep income statement. b. Compute the gross profit percentage Complete this question by...
prepare a multistep income statement
Quiz The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31. Advertising Expense Cost of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances $11,100 88,300 4,100 9ee 5,96€ 12, eee 1,300 168,90€ 9,800 18,5ee Required: a. Prepare a multistep income statement. b. Compute the...
need help in income statement and gross peofit
The following is a listing of all of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31. Advertising Expense Cost of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances $11,500 88,200 5,100 900 5,640 11,200 1,500 161,200 10,700 18,000 Mulberry Street Sportswear Income Statement LP 11 TE ER...
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The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Aldine Inc. as they appear on the company's adjusted trial balance. Accounts Payable Accounts Receivable Inventory Advertising Expense $ 6,000 25,000 22,800 19,000 145,000 Cost of Goods Sold Delivery Expense Income Tax Expense Insurance Expense Rent Expenses 7.400 2.000 1,000 17,600 300,000 Sales Revenue Sales Discounts Sales Returns and Allowances 9,600 40,000 Net sales would be:
The Income Statement and Balance Sheet columns below are from
the worksheet of Bleeker Street Bounty year ended December 31,
20--.
Using the worksheet, compute (a) total current assets, (b)
working capital, (c) current ration, and (d) accounts receivable
turnover. (Accounts receivable balance on Jan. 1, 20-- was
$23,200.) Round to 2 decimal places. All sales are on account.
I'm really just needing something to cross-check.
Bleeker Street Bounty Work Sheet (partial) For the year ended December 31, 20- Income...
Fit-for-Life Foods reports the following income statement
accounts for the year ended December 31.
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The adjusted trial balance of Pronghorn Wholesale Inc.
contained the following accounts at December 31, the company’s year
end:
PRONGHORN WHOLESALE INC.
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,900
Accounts receivable
18,000
Prepaid insurance
2,600
Inventory
105,500
Supplies
6,300
Land
129,600
Buildings
217,300
Accumulated depreciation—buildings
$92,400
Equipment
96,500
Accumulated depreciation—equipment
33,300
Accounts payable
61,600
Unearned revenue
9,000
Income tax payable
3,900
Bank loan payable
97,400
Common shares
51,000
Retained earnings
142,700
Sales
1,098,700
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