Homework Answers
Answer for Question 1
Cost of sales is nothing but cost of goods sold, Hence in the given question if we cost of food used is cost of sales that is $23000.
Answer for Question 2
We can arrive at Gross Profit by reducing Direct Expenses from Total sales without considering indirect Expenses and operating Expenses.
In the above question we shall ignore payroll and operating expenses to arrive at Gross profit, Hence gross profit would be sales reduced by cost of sales that is $67000($100000-$33000)
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Problem 1 Compute the cost of sales from the following information. Food Sales Cost of Food...
Problem 8 ulate the cost of food sales under a periodic inventory system for the period...
Problem 8 ulate the cost of food sales under a periodic inventory system for the period ended October 31 given the following information: Inventory on October 31 is $7,000 Sales for the period were $200,000 Purchases for the period were $69,000 Inventory on September 30 was $8,000 loyee meals for the period were as follows: $500 Rooms Department 900 Food Department Administrative and General Department Free employee meals to
Need help creating a income statement with the following information provided. Information from the Income Statement...
Need help creating a income statement with the following
information provided.
Information from the Income Statement for December 2017 • Past year revenues were $2,200,000 with food accounting for 80% of sales. • Cost of sales were 32.62% of total sales with a food cost of 37.1% and a beverage cost of 14.7% • Expenses as a percentage of total sales were provided by Mr. Medom • Annual Rent is $154,000 Salaries & Wages Depreciation Interest Marketing General & Administrative...
The following information relates to Nebula, Inc. Sales Revenue $240,000 Cost of Goods Sold 150,000 Interest...
The following information relates to Nebula, Inc. Sales Revenue $240,000 Cost of Goods Sold 150,000 Interest Revenue 10,000 Operating Expenses 40,000 Sales Discounts 20,000 Sales Returns and Allowances 7000 Calculate the operating income. Group of answer choices $23,000 $80,000 $33,000 $240,000
5120 Problem 3 m3 Stoo - 3150 The accounting records for a restaurant indicate that food...
5120 Problem 3 m3 Stoo - 3150 The accounting records for a restaurant indicate that food sales were $25,000, food used was $8,100, and employee meals at cost were $75. What is the gross profit?
QUESTION 103 For each of the following, determine the missing amounts. Sales Cost of Operating Revenue...
QUESTION 103 For each of the following, determine the missing amounts. Sales Cost of Operating Revenue Goods Sold Gross Profit Expenses 1. $100,000 $30,000 $135,000 $125,000 Net Income $12,000 $80,000 T T TT Paragraph. Arial %DO Q E $x Mashups - Tu © @£2 3 (12pt) T' T25 - E. - -- Path:p QUESTION 104 Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Gene Washburn owns used and cost of food so Income Statement 169 Problem 2 hburn owns...
Gene Washburn owns used and cost of food so Income Statement 169 Problem 2 hburn owns the GW Cafe and needs assistance in determining both cost of food cost of food sold for June 20X6. He provides information as follows: Beginning food inventory $10,500 Food purchases 24,000 Cost of employee meals 500 Cost of promotional meals 300 Transfers from the beverage department 100 Transfers to the beverage department 150 Physical food inventory, end of June 20X6 8,400 Required: 1. Determine...
EXERCISE - CHAPTER 19. RATIOS: From the following Information, compute the ratios indicated and place the...
EXERCISE - CHAPTER 19. RATIOS: From the following Information, compute the ratios indicated and place the proper number in the blanks provided. ASSETS: Cash $10,000 Marketable Securities $15,000 Accounts Receivable, Net $20,000 Inventory $30,000 Prepaid Assets $ 5,000 Property, Plant & Equipment $100,000 Total Assets: $180,000 LIABILITIES & STOCKHOLDERS' EQUITY: Current Liabilities $20,000 Long-Term Liabilities $80,000 Stockholders' Equity $80,000 Total Liabilities & Stockholder's Equity: $180,000 Sales $200,000 Cost of Goods Sold $150.000 Gross Margin $ 50,000 Operating Expense $ 30,000...
Financial information is presented here for King Company.
Financial information is presented here for King Company. King Company Sales revenue $56,000 Sales returns and allowances ? Net sales 50,000 Cost of goods sold 33,000 Gross profit ? Operating expenses 12,000 Net income ? Instructions(a) Compute the missing amounts. Show calculation below.(b) Calculate the profit margin and the gross profit rate. Show calculations below.
lings Diner, Inc., for the da format similar to that Problem 8 Use the following information...
lings Diner, Inc., for the da format similar to that Problem 8 Use the following information to prepare an income statement for Wings Diner. Ime year ended March 31, 20XX. Use the proper statement heading and a format simila used in the chapter for Deb's Steakhouse, Inc. S 50,000 Payroll 9,500 Employee Benefits Cost of Food Sold 30,000 Cost of Liquor Sold 15,000 Food Sales 100,000 Utilities 5,000 Depreciation 10,000 Income Taxes 300 Property Insurance 6,000 Supplies Expense 3,000 Rent...
lings Diner, Inc., for the da format similar to that Problem 8 Use the following information...
lings Diner, Inc., for the da format similar to that Problem 8 Use the following information to prepare an income statement for Wings Diner. Ime year ended March 31, 20XX. Use the proper statement heading and a format simila used in the chapter for Deb's Steakhouse, Inc. S 50,000 Payroll 9,500 Employee Benefits Cost of Food Sold 30,000 Cost of Liquor Sold 15,000 Food Sales 100,000 Utilities 5,000 Depreciation 10,000 Income Taxes 300 Property Insurance 6,000 Supplies Expense 3,000 Rent...
Problem 8 ulate the cost of food sales under a periodic inventory system for the period ended October 31 given the following information: Inventory on October 31 is $7,000 Sales for the period were $200,000 Purchases for the period were $69,000 Inventory on September 30 was $8,000 loyee meals for the period were as follows: $500 Rooms Department 900 Food Department Administrative and General Department Free employee meals to
Need help creating a income statement with the following
information provided.
Information from the Income Statement for December 2017 • Past year revenues were $2,200,000 with food accounting for 80% of sales. • Cost of sales were 32.62% of total sales with a food cost of 37.1% and a beverage cost of 14.7% • Expenses as a percentage of total sales were provided by Mr. Medom • Annual Rent is $154,000 Salaries & Wages Depreciation Interest Marketing General & Administrative...
5120 Problem 3 m3 Stoo - 3150 The accounting records for a restaurant indicate that food sales were $25,000, food used was $8,100, and employee meals at cost were $75. What is the gross profit?
QUESTION 103 For each of the following, determine the missing amounts. Sales Cost of Operating Revenue Goods Sold Gross Profit Expenses 1. $100,000 $30,000 $135,000 $125,000 Net Income $12,000 $80,000 T T TT Paragraph. Arial %DO Q E $x Mashups - Tu © @£2 3 (12pt) T' T25 - E. - -- Path:p QUESTION 104 Click Save and Submit to save and submit. Click Save All Answers to save all answers.
Gene Washburn owns used and cost of food so Income Statement 169 Problem 2 hburn owns the GW Cafe and needs assistance in determining both cost of food cost of food sold for June 20X6. He provides information as follows: Beginning food inventory $10,500 Food purchases 24,000 Cost of employee meals 500 Cost of promotional meals 300 Transfers from the beverage department 100 Transfers to the beverage department 150 Physical food inventory, end of June 20X6 8,400 Required: 1. Determine...
EXERCISE - CHAPTER 19. RATIOS: From the following Information, compute the ratios indicated and place the proper number in the blanks provided. ASSETS: Cash $10,000 Marketable Securities $15,000 Accounts Receivable, Net $20,000 Inventory $30,000 Prepaid Assets $ 5,000 Property, Plant & Equipment $100,000 Total Assets: $180,000 LIABILITIES & STOCKHOLDERS' EQUITY: Current Liabilities $20,000 Long-Term Liabilities $80,000 Stockholders' Equity $80,000 Total Liabilities & Stockholder's Equity: $180,000 Sales $200,000 Cost of Goods Sold $150.000 Gross Margin $ 50,000 Operating Expense $ 30,000...
lings Diner, Inc., for the da format similar to that Problem 8 Use the following information to prepare an income statement for Wings Diner. Ime year ended March 31, 20XX. Use the proper statement heading and a format simila used in the chapter for Deb's Steakhouse, Inc. S 50,000 Payroll 9,500 Employee Benefits Cost of Food Sold 30,000 Cost of Liquor Sold 15,000 Food Sales 100,000 Utilities 5,000 Depreciation 10,000 Income Taxes 300 Property Insurance 6,000 Supplies Expense 3,000 Rent...
lings Diner, Inc., for the da format similar to that Problem 8 Use the following information to prepare an income statement for Wings Diner. Ime year ended March 31, 20XX. Use the proper statement heading and a format simila used in the chapter for Deb's Steakhouse, Inc. S 50,000 Payroll 9,500 Employee Benefits Cost of Food Sold 30,000 Cost of Liquor Sold 15,000 Food Sales 100,000 Utilities 5,000 Depreciation 10,000 Income Taxes 300 Property Insurance 6,000 Supplies Expense 3,000 Rent...
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