Homework Answers
Answer:
Question 6
Calculate cost of ending inventory under FIFO :
Cost of ending inventory = (290*11+180*10) = 4990
so answer is b) $4990
Question 5
1. Gross Profit:
Gross Profit = Sales - Cost of Goods Sold
Gross Profit = $ 650,000 - $ 455,000
Gross Profit = $ 195,000
2. Gross Profit Rate:
Gross Profit Rate = Gross Profit / Sales x 100
Gross Profit Rate = $ 195,000/$ 650,000 x 100 = 30%
3. Income from Operations and Net Income:
Income from operations = Gross Profit - Operating expenses
Income from operations = 195,00000 - $ 150,000
Income from operations = $ 45,000
Net Income = Income from Operations - Non Operating Expenses
Net Income = $ 45,000-10,000
Net Income = $ 35,000
4. If it prepares a single-step income statement, Net income reported by the company would be $ 35,000
5. Inventory would be reported in Current Assets in the classified balance sheet of the company; It would be reported immediately below the Accounts Receivable.
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Question 6 Marigold Bookstore had 550 units on hand at January 1, costing $8 each. Purchases...
Question 7 Bramble Bookstore had 550 units on hand at January 1, costing $9 each. Purchases...
Question 7 Bramble Bookstore had 550 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Purchases Date Jan. Sales 350 @ $14 14 250 @ $12 250 $10 270 $17 Bramble does not maintain perpetual inventory records. According to a physical count, 430 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: $5560. O $3870. $4300. $3440. Click...
QUESTION 9 Quayle Bookstore had 500 units on hand at January 1, costing $9 each. Purchases...
QUESTION 9 Quayle Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases 250 @ $10 250 @ 512 Jan. 14 17 25 29 Quayle does not maintain perpetual inventory records. According to a physical count, 360 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: $3,240 $3,650. $4,100. $3,820 QUESTION 12 A company...
Question 5 The following information is available for Marigold Corp.: Sales Cost of goods sold $660000...
Question 5 The following information is available for Marigold Corp.: Sales Cost of goods sold $660000 460000 Total fixed expenses Total variable expenses $150000 410000 A CVP income statement would report O contribution margin of $250000. O gross profit of $200000. O contribution margin of $510000. O gross profit of $250000. Click if you would like to Show Work for this question: Open Show LINK TO TEXT
Splish Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $155,200, and purchases...
Splish Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $155,200, and purchases for January through April totaled $475,500. Sales revenue for the same period was $655,200. Splish's normal gross profit percentage is 35% on sales. Using the gross profit method, estimate Splish's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire Click if you would like to Show Work for this question: Open Show Work
Multiple Choice Question 108 Marigold Corporation had net income of $250000 and paid dividends of $380000...
Multiple Choice Question 108
Marigold Corporation had net income of $250000 and paid dividends
of $380000 to common stockholders and $11000 to preferred
stockholders in 2020. Marigold Corporation’s common stockholders’
equity at the beginning and end of 2020 was $860000 and $1140000,
respectively. There are 92000 weighted-average shares of common
stock outstanding.
MarigoldCorporation’s return on common stockholders’ equity
was
23.90%.
11.90%.
20.96%.
10.44%.
Click if you would like to
Show Work for this question:
Open Show Work
Question Attempts: 0...
Problem 12-07A Presented below are the financial statements of Marigold Company. Marigold Company Comparative Ba...
Problem 12-07A Presented below are the financial statements of Marigold Company. Marigold Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 38,500 Accounts receivable 22,000 Inventory 30,800 Property, plant, and equipment 66,000 Accumulated depreciation (35,200) $122,100 2021 $ 22,000 15,400 22,000 85,800 (26,400) $118,800 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 20,900 7,700 18,700 19,800 55,000 $122,100 $ 16,500 8,800 36,300 15,400 41,800 $118,800 $266,200 192,500 73,700 Marigold...
Exercise 5-07 Presented below is information for Oriole Co. for the month of January 2022. Cost...
Exercise 5-07 Presented below is information for Oriole Co. for the month of January 2022. Cost of goods sold Freight-out Insurance expense Salaries and wages expense $208,400 Rent expense 9,000 Sales discounts 14,400 Sales returns and allowances 62,700 Sales revenue 400 Other comprehensive income (net of $400 tax) $33,900 8,900 19,500 393,500 2.000 Income tax expense Prepare an income statement using the multiple-step format. ORIOLE CO. Income Statement We were unable to transcribe this imagePrepare a comprehensive income statement. ORIOLE...
The following information is related to Marigold Company for 2020. Retained earnings balance, January 1, 2020...
The following information is related to Marigold Company for 2020. Retained earnings balance, January 1, 2020 $940,800 Sales Revenue 24,000,000 Cost of goods sold 15,360,000 Interest revenue 67,200 Selling and administrative expenses 4,512,000 Write-off of goodwill 787,200 Income taxes for 2020 1,194,240 Gain on the sale of investments 105,600 Loss due to flood damage 374,400 Loss on the disposition of the wholesale division (net of tax) 422,400 Loss on operations of the wholesale division (net of tax) 86,400 Dividends declared...
Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020, costing $25 each....
Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020,
costing $25 each. Purchases of part M.O. during May were as
follows.
Units
Units Cost
May 9
2,200
$26
17
3,700
28
26
1,200
29
A physical count on May 31, 2020, shows 2,200 units of part M.O. on
hand. Using the FIFO method, what is the cost of part M.O.
inventory at May 31, 2020? Using the LIFO method, what is the
inventory cost? Using the...
Raymond Company had 150 units of product A on hand at January 1, 2012, costing $21...
Raymond Company had 150 units of product A on hand at January 1, 2012, costing $21 each. Purchases and sales of product A during the month were as follows: Unit Unit Cost Unit Unit Selling Price Purchases: Sales: Jan. 10 200 $22 Jan. 15 $28 175 Jan. 18 250 23 Jan. 20 200 28 Jan. 28 100 24 Jan. 25 100 30 What will Raymond Company report as inventory at January 31, 2012, assuming that it uses the FIFO inventory...
Question 7 Bramble Bookstore had 550 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Purchases Date Jan. Sales 350 @ $14 14 250 @ $12 250 $10 270 $17 Bramble does not maintain perpetual inventory records. According to a physical count, 430 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: $5560. O $3870. $4300. $3440. Click...
QUESTION 9 Quayle Bookstore had 500 units on hand at January 1, costing $9 each. Purchases and sales during the month of January were as follows: Date Purchases 250 @ $10 250 @ 512 Jan. 14 17 25 29 Quayle does not maintain perpetual inventory records. According to a physical count, 360 units were on hand at January 31. The cost of the inventory at January 31, under the LIFO method is: $3,240 $3,650. $4,100. $3,820 QUESTION 12 A company...
Question 5 The following information is available for Marigold Corp.: Sales Cost of goods sold $660000 460000 Total fixed expenses Total variable expenses $150000 410000 A CVP income statement would report O contribution margin of $250000. O gross profit of $200000. O contribution margin of $510000. O gross profit of $250000. Click if you would like to Show Work for this question: Open Show LINK TO TEXT
Splish Corporation's April 30 inventory was destroyed by fire. January 1 inventory was $155,200, and purchases for January through April totaled $475,500. Sales revenue for the same period was $655,200. Splish's normal gross profit percentage is 35% on sales. Using the gross profit method, estimate Splish's April 30 inventory that was destroyed by fire. Estimated ending inventory destroyed in fire Click if you would like to Show Work for this question: Open Show Work
Multiple Choice Question 108
Marigold Corporation had net income of $250000 and paid dividends
of $380000 to common stockholders and $11000 to preferred
stockholders in 2020. Marigold Corporation’s common stockholders’
equity at the beginning and end of 2020 was $860000 and $1140000,
respectively. There are 92000 weighted-average shares of common
stock outstanding.
MarigoldCorporation’s return on common stockholders’ equity
was
23.90%.
11.90%.
20.96%.
10.44%.
Click if you would like to
Show Work for this question:
Open Show Work
Question Attempts: 0...
Problem 12-07A Presented below are the financial statements of Marigold Company. Marigold Company Comparative Balance Sheets December 31 Assets 2022 Cash $ 38,500 Accounts receivable 22,000 Inventory 30,800 Property, plant, and equipment 66,000 Accumulated depreciation (35,200) $122,100 2021 $ 22,000 15,400 22,000 85,800 (26,400) $118,800 Total Liabilities and Stockholders' Equity Accounts payable Income taxes payable Bonds payable Common stock Retained earnings Total $ 20,900 7,700 18,700 19,800 55,000 $122,100 $ 16,500 8,800 36,300 15,400 41,800 $118,800 $266,200 192,500 73,700 Marigold...
Exercise 5-07 Presented below is information for Oriole Co. for the month of January 2022. Cost of goods sold Freight-out Insurance expense Salaries and wages expense $208,400 Rent expense 9,000 Sales discounts 14,400 Sales returns and allowances 62,700 Sales revenue 400 Other comprehensive income (net of $400 tax) $33,900 8,900 19,500 393,500 2.000 Income tax expense Prepare an income statement using the multiple-step format. ORIOLE CO. Income Statement We were unable to transcribe this imagePrepare a comprehensive income statement. ORIOLE...
Marigold Corp. had 1,700 units of part M.O. on hand May 1, 2020,
costing $25 each. Purchases of part M.O. during May were as
follows.
Units
Units Cost
May 9
2,200
$26
17
3,700
28
26
1,200
29
A physical count on May 31, 2020, shows 2,200 units of part M.O. on
hand. Using the FIFO method, what is the cost of part M.O.
inventory at May 31, 2020? Using the LIFO method, what is the
inventory cost? Using the...
Raymond Company had 150 units of product A on hand at January 1, 2012, costing $21 each. Purchases and sales of product A during the month were as follows: Unit Unit Cost Unit Unit Selling Price Purchases: Sales: Jan. 10 200 $22 Jan. 15 $28 175 Jan. 18 250 23 Jan. 20 200 28 Jan. 28 100 24 Jan. 25 100 30 What will Raymond Company report as inventory at January 31, 2012, assuming that it uses the FIFO inventory...
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