Homework Answers
| OATES DEPARTMENT STORE | ||||
| Income Statement (Partial) | ||||
| For the Year Ended November 30, 2017 | ||||
| $ | $ | $ | $ | |
| Sales | ||||
| Sales Revenues | 1,136,520.00 | |||
| Less: Sales returns and allowances | 25,200.00 | |||
| Net sales | 1,111,320.00 | |||
| Less: Cost of goods sold | ||||
| Inventory (Beginning) | 52,038.00 | |||
| Purchases | 772,380.00 | |||
| Less: Purchase returns and allowances | 8,518.00 | |||
| Purchase discounts | 8,820.00 | 17,338.00 | ||
| Net purchases | 755,042.00 | |||
| Add: Freight-in | 6,376.00 | |||
| Cost of goods purchased | 761,418.00 | |||
| Cost of goods available for sale | 813,456.00 | |||
| Less: Inventory, Nov. 30, 2017 | 45,612.00 | |||
| Cost of goods sold | 767,844.00 | |||
| Gross profit | 343,476.00 | |||
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Problem 5-7A At the end of Oates Department Store's fiscal year on November 30, 2017, these...
Riverbed Corp Income Statement For the Year Ended November 30, 2017 $7,633,800 $1,898,800 4,453,200 6,352,000 1,575,300...
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You have been provided with the following selected accounts for Monty Ltd. for the year ended...
You have been provided with the following selected accounts for
Monty Ltd. for the year ended April 30, 2018:
Inventory, May 1, 2017
$578,000
Interest expense
$28,000
Purchases
5,853,000
Interest income
20,000
Accounts receivable
757,000
Accounts payable
589,000
Sales
9,378,000
Administrative expenses
800,000
Purchase discounts
36,000
Selling expenses
141,000
Freight in
117,000
Cash
166,000
Land
919,000
Common shares
195,000
Sales returns and allowances
236,000
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Inventory on hand at that date...
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Question 9 The trial balance of Cullumber Company at the end of its fiscal year, August...
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Wolford Department Store is located in midtown Metropolis. During the past several years, net income has...
Wolford Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company's fiscal year on November 30, 2017, these accounts appeared in it adjusted trial balance. Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets Income Tax Expense Insurance Expense Interest...
Riverbed Corp Income Statement For the Year Ended November 30, 2017 $7,633,800 $1,898,800 4,453,200 6,352,000 1,575,300 Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income 4,776,700 2,857,100 452,400 704,900 1,157,300 $1,699,800 Additional information 1 Accounts receivable decreased $377,800 during the year, and inventory decreased $323,500 2. Prepaid expenses increased $148, 100 during the year 3. Accounts payable to suppliers...
You have been provided with the following selected accounts for
Monty Ltd. for the year ended April 30, 2018:
Inventory, May 1, 2017
$578,000
Interest expense
$28,000
Purchases
5,853,000
Interest income
20,000
Accounts receivable
757,000
Accounts payable
589,000
Sales
9,378,000
Administrative expenses
800,000
Purchase discounts
36,000
Selling expenses
141,000
Freight in
117,000
Cash
166,000
Land
919,000
Common shares
195,000
Sales returns and allowances
236,000
Monty conducted a physical inventory count on April 30, 2018.
Inventory on hand at that date...
Exercise 5-12 The trial balance of Ivanhoe Company at the end of its fiscal year, August 31, 2017, includes these accounts: Beginning Inventory $24,450; Purchases $194,940; Sales Revenue $195,900; Freight-In $9,740; Sales Returns and Allowances $4,620; Freight-Out $1,690; and Purchase Returns and Allowances $5,810. The ending inventory is $20,500. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2017. IVANHOE COMPANY Income Statement Click if you would like to Show Work for this question:...
Solev this problem by using periodic format
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Wolford Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company's fiscal year on November 30, 2017, these accounts appeared in it adjusted trial balance. Accounts Payable Accounts Receivable Accumulated Depreciation-Equipment Cash Common Stock Cost of Goods Sold Freight-Out Equipment Depreciation Expense Dividends Gain on Disposal of Plant Assets Income Tax Expense Insurance Expense Interest...
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