Homework Answers
a) sales revenue 161900
- sales discount 10900
-sales return and allowance 17200
-cost of good sold 88400
Gross profit = 45400
-advertising expenses 11800
Delivery expenses 4200
Insurance expenses 1200
Income tax expenses 6200
Rent expenses 11400
Intrest expenses 1300
Net income= 9300
B) gross profit ratio= gross profit/sales *100
45400/161900*100
=28.042℅
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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 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...
1 The following is a listing of all of the income statement accounts for Mulberry Street...
1 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. 8 00:43:02 Skipped Advertising Expense Cost of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances $10,400 88,800 5, 200 600 6,040 10,400 1,400 160,900 10,500 18,500 Required: a. Prepare a multistep income statement. b. Compute the gross profit...
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.
prepare a multistep income statement Quiz The following is a listing of all of the income...
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...
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...
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 of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31 2 S10,00 87,100 4,300h 1,300 7,760 10,600 1,200 161,700 30,100 17, Advertising Expense Cest of Goods Sold Delivery Expense Insurance Expense o3525 Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & A1lowances Required a. Prepare a multistep income...
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Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on...
Fit-for-Life Foods reports the following income statement
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Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 240 Depreciation expense-Office Uffice copier 750 Sales discounts 1,270 Sales returns and allowances 227,000 TV advertising expense 33, 000 Interest revenue 11, 400 Cost of goods sold 23, 800 Sales commission expense $ 560 15, 700 4,000 3,800 660 91,000 13, 200 Prepare a...
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...
1 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. 8 00:43:02 Skipped Advertising Expense Cost of Goods Sold Delivery Expense Insurance Expense Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & Allowances $10,400 88,800 5, 200 600 6,040 10,400 1,400 160,900 10,500 18,500 Required: a. Prepare a multistep income statement. b. Compute the gross profit...
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...
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 of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balance as of December 31 2 S10,00 87,100 4,300h 1,300 7,760 10,600 1,200 161,700 30,100 17, Advertising Expense Cest of Goods Sold Delivery Expense Insurance Expense o3525 Income Tax Expense Rent Expense Interest Expense Sales Revenue Sales Discounts Sales Returns & A1lowances Required a. Prepare a multistep income...
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PA6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage LO 6-6 © Big Tommy Corporation is a local grocery store organized seven years ago as a corporation. The bookkeeper prepared the following statement at year-end (assume that all amounts are correct, but note the incorrect format): BIG TOMMY CORPORATION Profit and Loss December 31 Debit Credit $404.000 $279,000 58,000 Net Sales Cost of Goods Sold Salaries and Wages Expense Office Expenses Travel Expenses Income Tax Expense Net...
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