Homework Answers
| Net sales | 10200 |
| (-) Cost of goods sold | 5000 |
| Gross profit | 5200 |
| (-) Operating expenses | 2500 |
| Operating profit | 2700 |
| (+) Interest revenue | 700 |
| Net income | 3400 |
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Thelman Company reported the following balances at June 30, the end of the fiscal year: Net...
With the below financial information for a company for fiscal year 2016, create a budget for...
With the below financial information for a company for fiscal year 2016, create a budget for fiscal year 2017 assuming a growth rate of 5%/annum. Revenues $100,000 Cost of Goods Sold 12,000 Gross Profit 88,000 Sales & General Expenses 3,000 Salaries Expense 2,000 Interest Expense 1,000 Research & Development Expense 5,000 Operating Income 77,000 Taxes (20%) 15,400 Net Income $ 61,600
1. Presented below are selected account balances of Sandra Company at the end of its fiscal...
1. Presented below are selected account balances of Sandra Company at the end of its fiscal year on July 31, 2020: Rental revenue $ 8,000 Dividends paid $ 6,000 Interest expense 9,500 Selling expenses 50,000 Beginning retained earnings 6,400 Sales revenue 375,000 Dividend revenue 1,000 Cost of goods sold 110,000 Discontinued operations loss 3,000 Administrative expenses 30,000 Flood damage loss 4,500 Depreciation overstatement 2,000 Additional facts are as follows: i) The discontinued operations loss was after tax. ii) $2,000 (net...
cc Winrow Company showed the following balances at the end of its first year: Cash $11,000...
cc Winrow Company showed the following balances at the end of its first year: Cash $11,000 Prepaid insurance 500 Accounts receivable 2,500 Accounts payable 2,000 Notes payable 3,000 Common stock 5,000 Dividends 500 Revenues 17,000 Expenses 12,500 What did Winrow Company show as total credits on its trial balance
The accounting records of Marlon's Marvels, a retail store, show the following balances for the fiscal...
The accounting records of Marlon's Marvels, a retail store, show the following balances for the fiscal year ending June 30, 2020: Store sales revenue Marketing expense Interest expense Loss on sale of investment Other administrative expenses $4,420,000 Salaries expense 124,900 Depreciation expense 20,350 Cost of goods sold 12,000 Rent and utilities expense 108,000 Dividend income $800,000 62,500 2,652,000 110,000 2,000 In a multiple-step statement, Operating income would total Select one: a. $562,600 b. $625,100 C. $532,250 d. $542,250
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900;...
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900; Interest Revenue $13,500; Retained Earnings $20,000; Cost of Goods Sold $556,000; Operating Expenses $189,000; Dividends $12,000 After all closing entries have been posted, what is the balance in Retained Earnings to be reported on the balance sheet? (Be sure to indicate whether this is a debit balance or a credit balance). Your answer should be in the following form: $50,000 credit
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900;...
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900; Interest Revenue $13,500; Retained Earnings $10,000; Cost of Goods Sold $556,000; Operating Expenses $189,000; Dividends $18,000 After closing revenues and expenses, what is the balance in Income Summary? (Be sure to indicate whether this is a debit balance or a credit balance). Your answer should be in the following form: $50,000 credit
Sparks Company reported sales revenue of $360,000, operating expenses of $50,000, and a net loss of...
Sparks Company reported sales revenue of $360,000, operating expenses of $50,000, and a net loss of $45,000 for the most recent fiscal year. What amount did Sparks report for cost of goods sold?
ABC Company has the following balances at the end of their fiscal year: Cash 11,000 Accounts...
ABC Company has the following balances at the end of their fiscal year: Cash 11,000 Accounts Receivable 3,000 Long Term Debt 4,000 Accounts Payable 2,000 Inventory 2,000 Based on only these account balances, calculate the total owners equity at the end of the year. ( (Answer in whole $s without the $ sign or comma, xxxxx, e.g. 12000.)
If a company has revenue of $5,000, cost of goods sold of $3,000, and operating expenses...
If a company has revenue of $5,000, cost of goods sold of $3,000, and operating expenses of $800, what is net income? Select one: a. $2,000 b. $1,200 c. $5,000 d. $4,200
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts...
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $10,000. Of the $10,000 of receivables, $2,000 are within a 3% discount period, meaning that it expects buyers to take $60 in future discounts arising from this period's sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $10 fiscal-year-end unadjusted credit balance in the Allowance for Sales...
1. Presented below are selected account balances of Sandra Company at the end of its fiscal year on July 31, 2020: Rental revenue $ 8,000 Dividends paid $ 6,000 Interest expense 9,500 Selling expenses 50,000 Beginning retained earnings 6,400 Sales revenue 375,000 Dividend revenue 1,000 Cost of goods sold 110,000 Discontinued operations loss 3,000 Administrative expenses 30,000 Flood damage loss 4,500 Depreciation overstatement 2,000 Additional facts are as follows: i) The discontinued operations loss was after tax. ii) $2,000 (net...
The accounting records of Marlon's Marvels, a retail store, show the following balances for the fiscal year ending June 30, 2020: Store sales revenue Marketing expense Interest expense Loss on sale of investment Other administrative expenses $4,420,000 Salaries expense 124,900 Depreciation expense 20,350 Cost of goods sold 12,000 Rent and utilities expense 108,000 Dividend income $800,000 62,500 2,652,000 110,000 2,000 In a multiple-step statement, Operating income would total Select one: a. $562,600 b. $625,100 C. $532,250 d. $542,250
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900; Interest Revenue $13,500; Retained Earnings $20,000; Cost of Goods Sold $556,000; Operating Expenses $189,000; Dividends $12,000 After all closing entries have been posted, what is the balance in Retained Earnings to be reported on the balance sheet? (Be sure to indicate whether this is a debit balance or a credit balance). Your answer should be in the following form: $50,000 credit
KS Company has the following year-end account balances (before closing); all balances are normal: Sales $728,900; Interest Revenue $13,500; Retained Earnings $10,000; Cost of Goods Sold $556,000; Operating Expenses $189,000; Dividends $18,000 After closing revenues and expenses, what is the balance in Income Summary? (Be sure to indicate whether this is a debit balance or a credit balance). Your answer should be in the following form: $50,000 credit
ProBuilder has the following June 30 fiscal-year-end unadjusted balances: Allowance for Sales Discounts, $0; and Accounts Receivable, $10,000. Of the $10,000 of receivables, $2,000 are within a 3% discount period, meaning that it expects buyers to take $60 in future discounts arising from this period's sales. a. Prepare the June 30 fiscal-year-end adjusting journal entry for future sales discounts. b. Assume the same facts above and that there is a $10 fiscal-year-end unadjusted credit balance in the Allowance for Sales...
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