Calculation of net sales
particulars | Amount | Amount |
Sales revenue | $ 3,565,000 | |
Less:- | ||
Sales return and allowances | $ 175,000 | |
Sales discount | $ 155,000 | $ 330,000 |
Net sales | $ 3,235,000 |
Calculaton of cost of goods sold
particulars | Amount | Amount |
Opening inventory(01/01/2017) | $ 365,000 | |
Add:- | ||
Purchase (net of discount) | $ 1,690,225 | |
Frieght in | $ 65,000 | $ 1,755,225 |
$ 2,120,225 | ||
Less:- Closing inventory(12/31/2017) | $ 559,100 | |
Cost of Goods Sold | $ 1,561,125 |
Note :- Purchase net of discount = (Purchase - Purchase discount) = ($1,750,225-$60,000) = 1,690,225
Calculation of shares outstanding
shares outstanding = (Common stock value/per value) = ($125,000/ $ 0.05) = 2500000 shares
Income statement, as on 12/31/2017 | ||
particulars | Amount | Amount |
Sales ( net) | $ 3,235,000 | |
Cost of goods sold | $ 1,561,125 | |
Gross profit | $ 1,673,875 | |
Operating Expenses | ||
Salaries and Wages payable | $ 65,000 | |
Selling expenses | $ 355,000 | |
Administrative expenses | $ 455,000 | $ 875,000 |
Income from operations | $ 798,875 | |
Non operating income | ||
Rent revenue | $ 55,000 | |
Gain on sale of land | $ 175,000 | $ 230,000 |
$ 1,028,875 | ||
Non operating expenses | ||
- | - | |
Pre tax income | $ 1,028,875 | |
Income tax expense | $ 285,000 | |
Net income for the year | $ 743,875 |
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz...
Note: Problems 1-4 relate to the trial balance below. Note: Problems 5 and 6 are independent (use information provided for each of these problems only). Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit $ Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and...
Note: Problems 1-4 relate to the trial balance below. Note: Problems 5 and 6 are independent (use information provided for each of these problems only). Marcel Sports Acct 311 - Quix 3 of 6 - Trial Balance s Det 140,000 475,000 s 28, 225 50,000 17.000 365,000 1,305,000 265,000 1,500,000 550,000 1,325,000 Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory 1/1/17 Equipment Accumulated Depercialion - Equipment Buildir Accumulated Depercialion - Building Land Accounts Payable Salaries and Wax Payable...
Calculate Shares Outstanding in Steps . COGS = $1,561,125 Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock,...
COGS = $1,561,125 Prepare the Income Statement Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value...
Calculate Cost of Good Solds in Steps Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value...
Problem 5 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of tax. It declared and paid preferred stock dividends of $120,000 and common stock dividends of $360,000. During 2017, Useh Corp. had a weighted average of 200,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by Problem 6 - Discontinued Operations Using the following information (below) complete the Income Statement. Discontinued operations Pre-Tax...
Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued plastics division Gain from disposal of plastics division Pre-Tax $ (450,000) $1,150,000 Note: Common Shares Outstanding: 1,000,000 Note: Tax Expense Rate is 35% Company Name Income Statement For the Year Ended December 31, 2017 $ 10,565,100 Sales revenue Sales discounts Sales returns and allowances Net Sales COGS Gross Profit $ 10,565,100 6,250,000 $ 4,315, 100 Selling & Administrative Selling expenses Administrative expenses 650,000 257,000...
Part A -Using the trial balance provided below, prepare the following: 1. Multiple-Step Income Statement (4 points) 2. Retained Earnings Statement (1 points) 3. Classified Balance Sheet (10 points) Part A-Trial Balance S Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Trading Securities (cost $ 145,000) Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Franchises Patents Debt Investments (long-term) Equity Investments (long-term) Accounts Payable Salaries and Wages Payable Notes Payable (short-term) Dividends Payable Accrued Liabilities Notes Payable...
COGS X1 Inventory 1/1/2018 950000 X2 Purchases 1060000 X3 Less: Purchase Discounts 21000 Net Purchase 1039000 X4: Add: Freight-In 19000 1058000 Inventory available for sale 200800 Less: Inventory 12/31/2018 864070 COGS Total 1143930 Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Credit $ Debit 140,000 275,000 Part A - Calculate the following (show your work). $ 22,000 10,000 23,000 1. Calculate Net Sales 2. Calculate Net Accounts Receivable 3. Calculate Shares Outstanding 950,000 1,250,000 300,000 2,000,000 Part B -...
Problem 4-1 The following is a partial trial balance for Apex Computer Corporation as of December 31, 2016: Apex Computer Corporation Partial Trial Balance December 31, 2016 Account Title Debits Credits Sales Revenue 3,400,000 Interest Revenue 35,000 Gain on sale of investments 30,000 Cost of goods sold 2,250,000 Restructuring costs 400,000 Administrative expense 450,000 Selling expense 150,000 Interest expense 20,000 500,000 shares of common stock were outstanding throughout 2016. Income tax expense has not yet been accrued. The income tax...