Explain when adding and substracting
Homework Answers
PROFIT AND LOSS STATEMENT FOR ZALES COMPANY DURING DECEMBER,2019
TOTAL SALES REVENUE $ 4,21,000
LESS SALES RETURN AND ALLOWANCES $ 12,630
SALES DISCOUNTS $ 8,420
NET SALES $ 399,950
COST OF GOODS SOLD $ (2,80,000)
GROSS PROFIT $ 1,19,950
OPERATING EXPENSES:
Salaries $ 42,000
frieght & shipment $ 7000
Store rent $ 35,000
insurance expense $ 12,000
TOTAL OPERATING EXPENSES $ 96,000
OPERATING PROFIT $ 23,950
OTHER REVENUES AND EXPENSE 0
NET INCOME $ 23,950
CALCULATIONS:
TOTAL REVENUE - SALES RETURN- SALES DISCOUNTS = NET SALES
NET SALES - COST OF GOOD SOLD = GROSS PROFIT
TOTAL OPERATING EXPENSES = SUM OF ALL OPERATING EXPENSES( 42000+7000+35000+12000) = 96000
OPERATING PROFIT = GROSS PROFIT - OPERATING EXPENSES
NET INCOME = OPERATING PROFIT - OTHER REVENUES AND EXPENSES( IN THIS QUESTION NONE LIKE THAT, SO 0)
Add Answer to:
Explain when adding and substracting
Zales company, Inc. had revenue of $421,000 during December 2019. Experience...
QUESTION 12 Presented below is information for Zales Company for the month of January 2014 Cost...
QUESTION 12 Presented below is information for Zales Company for the month of January 2014 Cost of goods sold $280,000 Freight-out 7,000 Insurance expense 12,000 Salaries and wages expense 42,000 Rent expense Sales discounts Sales returns and allowances Sales revenue $35,000 8,000 13,000 421,000 Instructions (a) Prepare a multiple-step income statement. (b) Calculate the profit margin and the gross profit rate.
Fox Stores, Inc. had sales of $1,000,000 during December, Year 9. Experience has shown that merchandise...
Fox Stores, Inc. had sales of $1,000,000 during December, Year 9. Experience has shown that merchandise equaling 7% of sales will be returned within 30 days and an additional 3% will be returned within 90 days. The sales for Year 10 and Year 11 are $1,000,000 and $2,000,000, respectively. What amount should Fox report for net sales in its income statement for the month of December, Year 9?
Allen Products. Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost...
Allen Products. Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold Gross profits Less: operating expenses Operating profits Less: interest expense Net profit before taxes Less: taxes (rate 30%) Net profits after taxes $936,700 443,996 5492,704 211,694 $281,010 29,038 5251,972 75,592 $176,380 Allen Products, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold 936,700 271,115 172,881 $492,704 Fixed Variable Gross profits Less: operating expenses...
Using the below information: Allen Products, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue ...
Using the below information: Allen Products, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue $937,800 Less: cost of good sold 378,871 Gross profits $558,929 Less: operating expenses 223,196 Operating profits $335,733 Less: interest expense 32,823 Net profit before taxes $302,910 Less: taxes (rate 30%) 90,873 Net profits after taxes $212,037 Allen Products LP, wants to do a scenario analysis for the coming year. The pessimistic prediction for sales is $890,000; the most likely amount of sales...
Suppose you manage Campbell Appliance. The store summarized financial Statements for 2019, the most recent year,...
Suppose you manage Campbell Appliance. The store summarized financial Statements for 2019, the most recent year, follow ► Decision Case 6-1 CAMPBELL APPLIANCE Income Statement Year Ended December 31, 2019 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income 5 800,000 660,000 140,000 100,000 $ 40,000 Assets Cash Inventories Land and Buildings, Net CAMPBELL APPLIANCE Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity $ 30,000 Accounts Payable 75,000 Note Payable 360,000 Total Liabilities Stockholders' Equity...
Nash Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
Nash Inc., a greeting card company, had the following statements prepared as of December 31, 2017. NASH INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,000 $7,000 Accounts receivable 62,600 50,600 Short-term debt investments (available-for-sale) 35,200 18,100 Inventory 39,600 59,700 Prepaid rent 5,000 4,000 Equipment 152,800 128,900 Accumulated depreciation—equipment (34,900 ) (24,800 ) Copyrights 45,900 49,800 Total assets $312,200 $293,300 Accounts payable $45,900 $39,900 Income taxes payable 4,000 6,000 Salaries and wages payable 8,100...
Sweet Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
Sweet Inc., a greeting card company, had the following statements prepared as of December 31, 2017. SWEET INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 $6,900 $6,000 Cash Accounts receivable 62,500 50,900 Short-term debt investments (available-for-sale) 35,200 17,900 40,300 59,500 Inventory Prepaid rent 4,900 4,100 Equipment 153,100 129,600 Accumulated depreciation-equipment (35,200) (24,700) 50,500 Copyrights 45,600 Total assets $312,400 $294,700 Accounts payable $45,500 $40,000 Income taxes payable 4,000 6,100 Salaries and wages payable 8,000 3,900 Short-term...
Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2017. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,100 $6,900 Accounts receivable 61,900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4,000 Equipment 155,500 131,200 Accumulated depreciation equipment (34,800) (25,300 ) Copyrights 45,700 50,200 Total assets $314,000 $295,500 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans...
Metlock Inc., a greeting card company, had the following statements prepared as of December 31, 2...
Metlock Inc., a greeting card company, had the following statements prepared as of December 31, 2017. METLOCK INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $5,900 $7,100 Accounts receivable 62,000 51,000 Short-term debt investments (available-for-sale) 35,000 18,100 Inventory 40,400 59,900 Prepaid rent 5,000 4,000 Equipment 153,300 129,100 Accumulated depreciation—equipment (35,000 ) (24,800 ) Copyrights 46,300 50,300 Total assets $312,900 $294,700 Accounts payable $46,500 $40,200 Income taxes payable 4,100 6,100 Salaries and wages payable 8,100...
Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2017....
Brecker Inc., a greeting card company, had the following statements prepared as of December 31, 2017. BRECKER INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,000 $7,000 Accounts receivable 62,000 51,000 Short-term debt investments (available-for-sale) 35,000 18,000 Inventory 40,000 60,000 Prepaid rent 5,000 4,000 Equipment 154,000 130,000 Accumulated depreciation—equipment (35,000 ) (25,000 ) Copyrights 46,000 50,000 Total assets $313,000 $295,000 Accounts payable $46,000 $40,000 Income taxes payable 4,000 6,000 Salaries and wages payable 8,000...
QUESTION 12 Presented below is information for Zales Company for the month of January 2014 Cost of goods sold $280,000 Freight-out 7,000 Insurance expense 12,000 Salaries and wages expense 42,000 Rent expense Sales discounts Sales returns and allowances Sales revenue $35,000 8,000 13,000 421,000 Instructions (a) Prepare a multiple-step income statement. (b) Calculate the profit margin and the gross profit rate.
Fox Stores, Inc. had sales of $1,000,000 during December, Year 9. Experience has shown that merchandise equaling 7% of sales will be returned within 30 days and an additional 3% will be returned within 90 days. The sales for Year 10 and Year 11 are $1,000,000 and $2,000,000, respectively. What amount should Fox report for net sales in its income statement for the month of December, Year 9?
Allen Products. Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold Gross profits Less: operating expenses Operating profits Less: interest expense Net profit before taxes Less: taxes (rate 30%) Net profits after taxes $936,700 443,996 5492,704 211,694 $281,010 29,038 5251,972 75,592 $176,380 Allen Products, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold 936,700 271,115 172,881 $492,704 Fixed Variable Gross profits Less: operating expenses...
Suppose you manage Campbell Appliance. The store summarized financial Statements for 2019, the most recent year, follow ► Decision Case 6-1 CAMPBELL APPLIANCE Income Statement Year Ended December 31, 2019 Net Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income 5 800,000 660,000 140,000 100,000 $ 40,000 Assets Cash Inventories Land and Buildings, Net CAMPBELL APPLIANCE Balance Sheet December 31, 2019 Liabilities and Stockholders' Equity $ 30,000 Accounts Payable 75,000 Note Payable 360,000 Total Liabilities Stockholders' Equity...
Sweet Inc., a greeting card company, had the following statements prepared as of December 31, 2017. SWEET INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 $6,900 $6,000 Cash Accounts receivable 62,500 50,900 Short-term debt investments (available-for-sale) 35,200 17,900 40,300 59,500 Inventory Prepaid rent 4,900 4,100 Equipment 153,100 129,600 Accumulated depreciation-equipment (35,200) (24,700) 50,500 Copyrights 45,600 Total assets $312,400 $294,700 Accounts payable $45,500 $40,000 Income taxes payable 4,000 6,100 Salaries and wages payable 8,000 3,900 Short-term...
Flint Inc., a greeting card company, had the following statements prepared as of December 31, 2017. FLINT INC. COMPARATIVE BALANCE SHEET AS OF DECEMBER 31, 2017 AND 2016 12/31/17 12/31/16 Cash $6,100 $6,900 Accounts receivable 61,900 50,500 Short-term debt investments (available-for-sale) 34,800 18,200 Inventory 39,900 59,800 Prepaid rent 4,900 4,000 Equipment 155,500 131,200 Accumulated depreciation equipment (34,800) (25,300 ) Copyrights 45,700 50,200 Total assets $314,000 $295,500 Accounts payable Income taxes payable Salaries and wages payable Short-term loans payable Long-term loans...
Most questions answered within 3 hours.
-
What are the main components of the fermentation process and
give an explanation of each? Include...
asked 18 minutes ago -
Explain which types of cells in the body (belonging to which
organs, etc.) are sensitive to...
asked 22 minutes ago -
A single cable supports an 703-kg elevator car. What is the
tension in the cable when...
asked 24 minutes ago -
among the three different ways to link CSS specifications to an
HTML document (inline CSS, document...
asked 36 minutes ago -
(1) Write the net ionic equation for the reaction that occurs
when equal volumes of 0.191...
asked 1 hour ago -
On the night of April 18, 1775, a signal was to be sent from the
Old...
asked 46 minutes ago -
For each of the following strong base solutions, determine
[OH−],[H3O+], pH, and pOH 4.8 x 10^-4...
asked 42 minutes ago -
The magnitude of the electric field inside a capacitor is 6.6 x
106 N/C. What is...
asked 42 minutes ago -
Organizations may have only a few products or many products in a
product line. Consider Campbell...
asked 55 minutes ago -
could you please help me to explain the nmr splitting
integration and chemical shift and assignment...
asked 51 minutes ago -
A
29.0 cm diameter coil consists of 23 turns of cylindrical copper
wire 2.00 mm in...
asked 57 minutes ago -
Q1
Two of your friends each received the results of their
first midterm exam this term....
asked 1 hour ago