Homework Answers
1.
| Smart company | ||
| Statement of earnings | ||
| For the year ended December 31st,2017 | ||
| Sales revenue | $299000 | |
| Cost of sales : | ||
| 1. Beginning inventory | $32900 | |
| 2.purchases | $203000 | |
| Cost of goods a available for sales | $235900 | |
| Ending inventory | ($69789) | |
| Cost of sales | ($166111) | |
| Gross profit | $132889 | |
| Operating expenses | ($63900) | |
| Pretax earnings | $68989 | |
| Income tax | (27596) | |
| Net earnings | $41393 | |
Ending inventory at LC and NRV:
| Total of cost | Calculations | total of NRV | LC and NRV | |
| A | $15876 | 3240×$5.9 | $19116 | $15876 |
| B | $11661 | 1690×$5.4 | $9126 | $9126 |
| C | $24786 | 7290×$5.4 | $39366 | $24786 |
| D | $26781 | 3390×$5.9 | $20001 | $20001 |
| Total | $69789 |
2.
| Effect | Amount of change | calculations | |
| Cost of sales | increased | $9315 | $156796-$$166111 |
| Gross profit | decreased | ($9315) | $142204-$132889 |
| Pretax earnings | decreased | ($9315) | $$78304-$68989 |
| Income tax expenses | decreased | ($3726) | $31322-$$27596 |
| Ending inventory | decreased | ($9315) | $79104-$69789 |
| Net earnings | decreased | ($5589) | $46892-$41393 |
Add Answer to:
Smart Company prepared its annual financial statements dated December 31, 2017. The company applies the FIFO...
whats the rest of the values for the table? Smart Company prepared its annual financial statements...
whats the rest of the values for the table?
Smart Company prepared its annual financial statements dated December 31, 2017. The company applies the FIFO inventory costing method; however, the company neglected to apply the LC&NRV valuation to the ending inventory. The preliminary 2017 statement of earnings follows: $ 284.000 Sales revenue Cost of sales Beginning inventory Purchases $ 31,400 188,000 Cost of goods available for sale Ending inventory (FIFO cost) Cost of sales 219,400 53,124 166,276 Gross profit Operating...
Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using...
Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using the FIFO inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary income statement follows: Sales Revenue $ 302,000 Cost of Goods Sold Beginning Inventory $ 41,000 Purchases 204,000 Goods Available for Sale 245,000 Ending Inventory 95,400 Cost of Goods Sold 149,600 Gross Profit 152,400 Operating Expenses 72,000 Income from Operations 80,400 Income Tax Expense (30%) 24,120 Net...
Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using...
Smart Company prepared its annual financial statements dated
December 31. The company reported its inventory using the FIFO
inventory costing method and failed to evaluate its net realizable
value at December 31. The preliminary income statement
follows:
Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using the FIFO inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary Income statement follows Sales Revenue Cost of Goods Sold...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The comp...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows $124,000 Sales Revenue Cost of Goods Sold Beginning Inventory $11,000 83,000 Purchases 94,000 20,700 Goods Available for Sale Ending Inventory 73,300 50,700 27,000 23,700 8,295 15,405 Cost of Goods Sold Gross Profit Operating Expenses Income from Operations...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: $130,000 $12,50 86,000 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 98,500 22.350...
Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company...
Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company applies the FIFO inventory costing method; however, the company neglected to apply lower of cost or net realizable value to the ending inventory. The preliminary current year income statement follows: Sales revenue $298,000 Cost of goods sold Beginning inventory $ 34,800 Purchases 202,000 Goods available for sale 236,800 70,256 Ending inventory (FIFO cost) Cost of goods sold Gross profit Operating expenses 166,544 131,456 63,800...
Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company...
Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company applies the FIFO inventory costing method; however, the company neglected to apply lower of cost or net realizable value to the ending inventory. The preliminary current year income statement follows: Sales revenue $ 296,000 Cost of goods sold Beginning inventory $ 34,600 Purchases 200,000 Goods available for sale 234,600 Ending inventory (FIFO cost) 66,794 Cost of goods sold 167,806 Gross profit 128,194 Operating expenses...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: Sales Revenue $ 122,000 Cost of Goods Sold Beginning Inventory $ 10,500 Purchases 82,000 Goods Available for Sale 92,500 Ending Inventory 20,500 Cost of Goods Sold 72,000 Gross Profit 50,000 Operating Expenses 26,500 Income from Operations 23,500...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO Inventory costing method but did not compare the cost of its ending inventory to its market value replacement Con The preliminary income statement follows: 83,ece Sales Revenue Cost of Goods sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of goods sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (355) Net Income 94,000 20. zee 7.30...
Smart Company prepared its annual financial statements d inventory costing method and failed to e...
Smart Company prepared its annual financial statements d inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary income statement follows ated December 31. The company reported its inventory using the FIFO $282,000 Sales Revenue Cost of Goods Sold 31,000 184,000 215,000 55,900 Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Incone from Operations Income Tax Expense (30u) Net Income 122,900 62,000 60,900 18,270 s...
whats the rest of the values for the table?
Smart Company prepared its annual financial statements dated December 31, 2017. The company applies the FIFO inventory costing method; however, the company neglected to apply the LC&NRV valuation to the ending inventory. The preliminary 2017 statement of earnings follows: $ 284.000 Sales revenue Cost of sales Beginning inventory Purchases $ 31,400 188,000 Cost of goods available for sale Ending inventory (FIFO cost) Cost of sales 219,400 53,124 166,276 Gross profit Operating...
Smart Company prepared its annual financial statements dated
December 31. The company reported its inventory using the FIFO
inventory costing method and failed to evaluate its net realizable
value at December 31. The preliminary income statement
follows:
Smart Company prepared its annual financial statements dated December 31. The company reported its inventory using the FIFO inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary Income statement follows Sales Revenue Cost of Goods Sold...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows $124,000 Sales Revenue Cost of Goods Sold Beginning Inventory $11,000 83,000 Purchases 94,000 20,700 Goods Available for Sale Ending Inventory 73,300 50,700 27,000 23,700 8,295 15,405 Cost of Goods Sold Gross Profit Operating Expenses Income from Operations...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO inventory costing method but did not compare the cost of its ending inventory to its market value (replacement cost). The preliminary income statement follows: $130,000 $12,50 86,000 Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income 98,500 22.350...
Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company applies the FIFO inventory costing method; however, the company neglected to apply lower of cost or net realizable value to the ending inventory. The preliminary current year income statement follows: Sales revenue $298,000 Cost of goods sold Beginning inventory $ 34,800 Purchases 202,000 Goods available for sale 236,800 70,256 Ending inventory (FIFO cost) Cost of goods sold Gross profit Operating expenses 166,544 131,456 63,800...
Springer Anderson Gymnastics prepared its annual financial statements dated December 31. The company reported its inventory using the LIFO Inventory costing method but did not compare the cost of its ending inventory to its market value replacement Con The preliminary income statement follows: 83,ece Sales Revenue Cost of Goods sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of goods sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (355) Net Income 94,000 20. zee 7.30...
Smart Company prepared its annual financial statements d inventory costing method and failed to evaluate its net realizable value at December 31. The preliminary income statement follows ated December 31. The company reported its inventory using the FIFO $282,000 Sales Revenue Cost of Goods Sold 31,000 184,000 215,000 55,900 Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit Operating Expenses Incone from Operations Income Tax Expense (30u) Net Income 122,900 62,000 60,900 18,270 s...
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