FIFO | Cost of goods available for sale | Cost of Goods Sold | Ending Balance | ||||||
Activity | Units | Unit Price | Amount | Units | Unit Price | Amount | Units | Unit Price | Amount |
Purchase | 1250 | $ 4.00 | $ 5,000.00 | 1250 | $ 4.00 | $ 5,000.00 | |||
Purchase | 1000 | $ 4.50 | $ 4,500.00 | 250 | $ 4.50 | $ 1,125.00 | 750 | $ 4.50 | $ 3,375.00 |
Total | 2250 | $ 9,500.00 | 1500 | $ 6,125.00 | 750 | $ 3,375.00 |
Income Statement | |
Sales Revenue | $ 12,000.00 |
Cost of Goods Sold | $ 6,125.00 |
Gross Margin | $ 5,875.00 |
Cash flow from Operating Activities | ||
Cash paid for storage and delivery bill | $ -1,300.00 | |
Paid WT Wages | $ -500.00 | |
Cash collected from customers | $ 7,000.00 | |
Paid for inventory | $ -3,000.00 | |
Cash from operating activities | $ 2,200.00 |
Find the following things: gross margin on january income statement, net cash flow from operating activities...
Only need b, c, and g. Page < 3 > of 5 o Survey of Accounting Class 13 Packet Semester Case - My Assistant, Inc./Cowboy Ice Cream, Inc. W.T. finally made the decision to sell My Assistant, Inc. and did so in December. With the cash he realized from the sale, he'll be investing in a different business, Cowboy Ice Cream, Inc. (CIC), W.T's aunt will also be investing in the business. CIC sells unique flavors of premium ice cream...
ROUGH w ant U my Constreu vuyung Digung uy CIOCONUTSTILSKIO WILOGO and experience will prove useful in running the business and have instead convinced him to become a shareholder of the new company rather than selling the business to them. Although W.T. and his aunt will both contribute cash to acquire their stock, Frank will contribute land and inventory. On January 1, 2018 their new business was formed. In January, CIC will only operate the wholesale portion of its business...
Semester Case - Cowboy Ice Cream, Inc. Assuming the expansion of CIC takes place, W.L. is trying to prepare a sales budget for the year following the expansion. Currently he's working on data for the wholesale division. Using the information compiled above, complete the following. Assume that selling and administrative expenses are 15% of sales revenue. During the first six months of the year, the price charged averaged $7.75 per unit. Round all computations to the nearest whole dollar. First...
Semester Case - Cowboy Ice Cream, Inc. As CIC considers expanding by adding a fixed location, W.1. realizes that budgeting properly for inventory is more important than ever. As you know from prior work, the wholesale division of CIC began January with 1.250 units of inventory at a cost of $4.00 per unit. During the first six months of the current year, CIC recorded the following transactions related to inventory for the wholesale division: Sales (units) Month Beginning inventory January...
PREPARATION OF A BUDGETED INCOME STATEMENT Cold Mountain Ice Cream Shoppe is an ice cream shop company that sells a franchised brand of single serve ice cream. ( Need the excel formulas for each answer ) ( Let me know if I need to send the ecxel sheet ) SECTION 1 PREPARATION OF A BUDGETED INCOME STATEMENT Cold Mountain Ice Cream Shoppe is an ice cream shop company that sells a franchised brand of single serve ice cream. Sales Budget:...
The following events occurred for Favata Company: a. Received $17,000 cash from owners and issued stock to them. b. Borrowed $14,000 cash from a bank and signed a note due later this year. C. Bought and received $1,500 of equipment on account. d. Purchased land for $26,000; paid $2,400 in cash and signed a long-term note for $23,600. e. Purchased $10,000 of equipment; paid $2,400 in cash and charged the rest on account. Required: For each of the events (a)...
I Have to fill out a net worth statement and am lost please help It is January 2 and the owner of Farms on the Brazos is putting together an annual net worth statement for the farming business. He has assembled the following items of information. Help him fit it all of these items together using the attached blank Net Worth statement. 1. The farm bank account has a balance of $4,250. a. C. 2. The grain inventory is as...
Problem: Rockford Corporation is a wholesale plumbing supply distributor. The corporation was organized in 1981, under the laws of the State of Illinois, with an authorized capitalization of 10,000 shares of no-par common stock with a stated value of $30 per share. The common stock is sold over the counter in the local area. You have been hired as of Friday, December 26, 2014, to replace the controller, who has resigned. As controller, you are responsible for the corporation’s accounting...
What is the answer to these tables? here is all the information that had been given to me and my answers to the question that I think needs to be answered to complete the two tablesYou have been hired as a Financial Consultant by Heavy Equipment and Machinery Inc. (HEMI). HEMI is a private corporation that has finished its first year of operations. HEMI's owners plan to list the business on the Toronto Stock Exchange (TSE) in the next 5 years; accordingly,...
Refer to the following financial statements and answer the following questions hints:- 13. cash provided (used) by operating activities, investing activities, and financing activities. 14. cash-based net income. 15. estimate of uncollectible accounts receivable. 16. calculate and interpret accounts receivable ratio (most recent and prior period). hints:- 2:12 PM Wed Apr 15 39%). A 51.04cdn.com PART II NIKE, Inc. Consolidated Statements of Income in mWors, except per share data) Revenues Cost of sales Gross profit Demand creation expense Operating overhead...