Homework Answers
| a. Net sales [Refer working note 1] | $9,541 |
| b. Cost of Goods Sold (After adjustment) [Refer working note 2] | $4,187 |
| c. Gross Profit [Refer working note 3] | $5,354 |
| d. Net Income [Refer working note 4] | $3,354 |
.
.
| Working note 1 | |
| Sales | $10,210 |
| Less: Sales returns and Allowances | ($275) |
| Less: Sales discount | ($394) |
| Net Sales | $9,541 |
| Working note 2 | |
| Cost of Goods Sold (before adjustment) | $4,137 |
| Add: Inventory shrinkage [$1,250 - $1,200] | $50 |
| Cost of Goods Sold (after adjustment) | $4,187 |
| Working note 3 | |
| Net Sales [Refer working note 1] | $9,541 |
|
Less: Cost of Goods Sold (after adjustment) [Refer working note 2 ] |
($4,187) |
| Gross profit | $5,354 |
| Working note 4 | |
| Net Sales | $9,541 |
| Less: Cost of Goods Sold (after adjustment) | ($4,187) |
| Gross profit | $5,354 |
| Less: Operating expenses | ($2,000) |
| Net Income | $3,354 |
Add Answer to:
On the basis of the accounts listed below, calculate a. Net sales b. Cost of goods...
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods...
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods sold, (c) gross margin from sales, and (d) net income. Freight In $ 400 Merchandise Inventory, Jan.1 30,000 Gross Sales 120,000 Purchase Discounts 600 Advertising Expense 8,000 Purchases 40,000 Merchandise Inventory, Dec.31 10,000 Sales Returns and Allowances 1,000 General and Administrative Expenses 14,000 Net Sales a. ____________________ Cost of Goods Sold b. ____________________ Gross Margin from Sales ...
From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson...
From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2019. Account Balances Finished Goods Inventory, December 31 $42,000 Factory Supervisory Salaries 12,000 Income Tax Expense 18,000 Raw Materials Inventory, December 1 12,000 Work In Process Inventory, December 31 15,000 Sales Salaries Expense 14,000 Factory Depreciation Expense 8,000 Finished Goods Inventory, December 1 35,000 Raw Materials Purchases 105,000 Work In Process Inventory, December 1 25,000 Factory...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000,...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000, and total operating expenses of $167,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations? 1. Gross profit on sales 2. Net income from operations 2 A firm had merchandise Inventory of $39,000 on January 1, 2019. During the year the firm had purchases of $51,000, freight in of...
From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson...
From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2019. Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and...
using the following info calculate A) Net Sales B) cost of goods sold C) ending inventory...
using the following info calculate A) Net Sales B) cost of goods sold C) ending inventory D) selling expense. Beginning Inventory $3,000 Freight In 100 General and Administrative Expenses 500 Gross Margin 3,100 Net Income 1,100 Purchases 10,000 Purchases Returns and Allowances 300 Sales 10,000 Sales Returns and Allowances 100
Using the following information, what is the amount of net sales? What is Cost of Goods...
Using the following information, what is the amount of net sales? What is Cost of Goods Sola? $32,000 $960 5,700 Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and allowances P urchases discounts Merchandise inventory September 30 Sales 6,370 910 63,000 1,200 Freight in 1,040
From the account balances listed below, prepare a schedule of cost of goods manufactured for SeSame...
From the account balances listed below, prepare a schedule of cost of goods manufactured for SeSame Manufacturing Company for the month ended December 31, 2011 with proper heading. Finished Goods Inventory, December 31 $52,000 Factory Supervisory Salaries 14,000 Income Tax Expense 18,000 Raw Materials Inventory, December 1 23,000 Work In Process Inventory, December 31 13,000 Sales Salaries Expense 14,000 Factory Depreciation Expense 6,000 Finished Goods Inventory, December 1 45,000 Raw Materials Purchases 97,000 Work In Process Inventory, December 1 35,000...
Net Sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end...
Net Sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end $1,095,000 657,000 44,250 18,000 226,000 158,400 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round...
2021 2020 $305,000 $284, 000 9,000 6,000 $296,000 $278,000 Sales Sales returns and allowances Net sales...
2021 2020 $305,000 $284, 000 9,000 6,000 $296,000 $278,000 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 43,000 152,000 195,000 57,000 138,000 $158,000 36,000 146,000 182,000 43,000 139,000 $139,000 ATC's gross profit ratio (rounded) in 2021 is: 1 0 53.4% 0 51.9%. 0 50.3% 0 None of these answer choices are correct.
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax...
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax PI Expense Accounts Receivable Return On Assets + Merchandise Inventory Total Current Assets Asset Turnover Cash Total Assets Fixed Assets Other Current Assets Use the charts on the following page to calculate Net Profit Margin % for each scenario: Scenario 1 Scenario 2 Income Statement Income Statement Sales Sales Gross Sales $200,000 Gross Sales $100,000 Promotional Allowances $25,000 Promotional Allowances $15,000 Customer Returns -$15,000...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000, and total operating expenses of $167,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations? 1. Gross profit on sales 2. Net income from operations 2 A firm had merchandise Inventory of $39,000 on January 1, 2019. During the year the firm had purchases of $51,000, freight in of...
From the account balances listed below, prepare a schedule of cost of goods manufactured for Sampson Manufacturing Company for the month ended December 31, 2019. Finished Goods Inventory, December 31 Factory Supervisory Salaries Income Tax Expense Raw Materials Inventory, December 1 Work In Process Inventory, December 31 Sales Salaries Expense Factory Depreciation Expense Finished Goods Inventory, December 1 Raw Materials Purchases Work In Process Inventory, December 1 Factory Utilities Expense Direct Labor Raw Materials Inventory, December 31 Sales Returns and...
Using the following information, what is the amount of net sales? What is Cost of Goods Sola? $32,000 $960 5,700 Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and allowances P urchases discounts Merchandise inventory September 30 Sales 6,370 910 63,000 1,200 Freight in 1,040
Net Sales Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end $1,095,000 657,000 44,250 18,000 226,000 158,400 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round...
2021 2020 $305,000 $284, 000 9,000 6,000 $296,000 $278,000 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 43,000 152,000 195,000 57,000 138,000 $158,000 36,000 146,000 182,000 43,000 139,000 $139,000 ATC's gross profit ratio (rounded) in 2021 is: 1 0 53.4% 0 51.9%. 0 50.3% 0 None of these answer choices are correct.
Return on Assets Net Sales Gross Profit Margin Cost of Goods Operating Net Profit Before Tax PI Expense Accounts Receivable Return On Assets + Merchandise Inventory Total Current Assets Asset Turnover Cash Total Assets Fixed Assets Other Current Assets Use the charts on the following page to calculate Net Profit Margin % for each scenario: Scenario 1 Scenario 2 Income Statement Income Statement Sales Sales Gross Sales $200,000 Gross Sales $100,000 Promotional Allowances $25,000 Promotional Allowances $15,000 Customer Returns -$15,000...
Most questions answered within 3 hours.
-
Using MARS simulator, write MIPS programs according to
the following scenarios: Receive a positive integer number...
asked 25 seconds ago -
An object in front of a concave mirror has a real image that is
11.5 cm...
asked 14 minutes ago -
Consider the reaction, C3 H8 + O2 --> CO2 + H2O. How many
moles of O2...
asked 1 hour ago -
You and your opponent both roll a fair die. If you both roll the
same number,...
asked 2 hours ago -
In a study of the accuracy of fast food drive-through orders,
Restaurant A had 257 accurate...
asked 2 hours ago -
Identify and describe in detail the four categories of
institutions that could be included in a...
asked 2 hours ago -
In python
class Customer:
def __init__(self, customer_id, last_name, first_name, phone_number, address):
self._customer_id = int(customer_id)
self._last_name =...
asked 2 hours ago -
What is an example of a limitation in implementing a new
ERP system and how it...
asked 2 hours ago -
In a section of 9.7cm of an artery with a radius of 2.6mm there
is a...
asked 2 hours ago -
the two carboxylic acid groups of aspartic acid have different
acidities with pKa values of 2.1...
asked 2 hours ago -
Would CuCO3 aqueous salt combined with calcium chloride
form a solid precipitate? If so, what would...
asked 2 hours ago -
How do ECM Solutions assist in embedding a culture of continuous
improvement in an organization? (Project...
asked 2 hours ago