Question

Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial A1 A C D 1 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance 2 is for the year ended December 31, 20X1. 4 Debits Credits Account Titles $37,500 5 Cash Accounts Receivable 28,600 43,300 7 Inventory Prepaid Rent 2,000 69,000 9 Equipment 10 Accumulated Depreciation Accounts Payable 12 Notes Payable 13 Common Stock $20,700 8,800 20,000 75,000 11 14 Retained Earnings, January 1, 20X1 15 Sales Revenue 31,800 175,500 16 Sales Returns and Allowances 17 Sales Discounts 4,700 6,000 67,700 25,900 13,800 24,000 18 Cost of Goods Sold 19 Salaries and Wages Expense 20 Depreciation Expense 21 Rent Expense

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Answer 1

175500 NOODLES UNLIMITED, INC Income Statement For the year Ended December 31, 20X1 Sales Revenue Less: Sales Discounts Sales returns and allowances Net Sales Less: Cost of goods sold Gross margin Expenses: Salaries and wages expense Rent Expense Depreciation Expense Income from operations Interest Expense Income before Income Tax Expense Income Tax Expense Net Income 6000 4700 164800 67700 97100 25900 24000 13800 33400 1600 31800 7700 24100 Gross margin Percentage = (Gross margin / Net Sales)*100 Gross margin 97100 Net Sales 164800 Gross margin Percentage 59 %