Homework Answers
| Answer is b. 106500 | ||||||
| Net sales revenue | 162000 | |||||
| Less: Cost of goods sold | 55500 | |||||
| Gross margin | 106500 | |||||
| Answer is d. Increase in assets and increase the equity | ||||||
| Answer is c. Increase an expenses and increase an contra asset account | ||||||
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Financial information is found below for Trinity Company. What is the gross profit? Sales Revenue: $192,000...
Lopez Company reports unadjusted first-year merchandise sales of $128,000 and cost of merchandise sales of $32,000....
Lopez Company reports unadjusted first-year merchandise sales of
$128,000 and cost of merchandise sales of $32,000.
a. Compute gross profit using the unadjusted
numbers above.
Gross profit is - __________________
2nd part
The company expects future returns and allowances equal to 5% of sales and 5% of cost of sales. b-1&2. Prepare the year-end adjusting entry to record the sales expected to be refunded and cost side of sales returns and allowances. View transaction list Journal entry worksheet 12 Record...
The following is a summary of information presented on the financial statements of a company on...
The following is a summary of information presented on the financial statements of a company on De Account 2019 2018 Net Sales Revenue $607,000 $500,000 Cost of Goods Sold 456,000 402,000 Gross Profit 151,000 98,000 Selling Expenses 54,000 54,000 Net Income Before Income Tax Expense 97.000 44,000 Income Tax Expense 42,000 19.000 Net Income $55,000 $25,000 With respect to net sales revenue, a horizontal analysis reveals O A a $54,000 increase in net sales revenue OB. a 241.59% decrease in...
Income Statement Sales/Revenue Total revenue 76,480,000,000 Cost of Revenue 25,110,000,000 Gross Profit 51,370,000,000 Operating Exp 31,810,000,000...
Income Statement Sales/Revenue Total revenue 76,480,000,000 Cost of Revenue 25,110,000,000 Gross Profit 51,370,000,000 Operating Exp 31,810,000,000 Selling General & Admin - Other Operating Expense 3,390,000,000 Unusual Expense 16,180,000,000 EBIT after Unusual Expense 2,130,000,000 Non Operating Income/Expense 385,000,000 Equity in Affiliates (Pretax) 1,020,000,000 Interest Expense 17,670,000,000 Pretax Income 16,370,000,000 Other After Tax Income (Expense) 1,300,000,000 Consolidated Net Income - Minority Interest Expense 1,300,000,000 Net Income - Discontinued Operations 1,300,000,000 Net Income After Extraordinaries - Preferred Dividends 1,300,000,000 Net Income Available to...
The following is summary of information presented on the financial statements of a company on December...
The following is summary of information presented on the financial statements of a company on December 31, 2015 Account Net Sales Revenue Cost of Goods Sold Gross Profit Selling Expenses Net income before income tax expense Income tax expense Net Income 2015 $607,000 452,000 155,000 54,000 101,000 39,000 $62,000 2014 $500,000 404,000 96,000 56,000 40,000 20,000 $20,000 What would a horizontal analysis report show with respect to net sales revenue? O A. a 241.59% decrease in net sales revenue. OB....
ice is called a(n) 7. Cash received prior to delivering a product or performing a serv...
ice is called a(n) 7. Cash received prior to delivering a product or performing a serv unearned asset unearned revenue. unearned expense. unearned contra-asset. 8. An example of a contra-revenue account is a. Purchases Purchases Discounts. Sales Returns and Allowances. d. 9. Which of the following accounts would NOT be found under the heading of "Cost of Goods Sold" in a chart of accounts? Purchases Purchases Returns and Allowances a. . Freight-In d. Supplies 10. Merchandise Inventory is listed as...
1) Gross profit is calculated as the difference between net sales revenue and A) purchase expense...
1) Gross profit is calculated as the difference between net sales revenue and A) purchase expense B) cost of merchandise inventory C) operating expenses D) cost of goods sold
The drop-down options are: Sales Revenue Cost of Goods Sold Net Income / (Loss) Gross Profit...
The drop-down options are:
Sales Revenue
Cost of Goods Sold
Net Income / (Loss)
Gross Profit on Sales
Total Expenses
Income from Operations
Other Revenue and Gains
Income Before Income Taxes
Pharoah Floors has year-end account balances of Sales Revenue $687,000, Interest Revenue $2,200, Cost of Goods Sold $416,000, Salaries and Wages Expense $96,900, Administrative Expense $67,250, and Income Tax Expense $42,200. Prepare a multiple-step Question 26 of 27 0.7/1 < $ < v $ $
Income Statement Sales revenue $50 Cost of goods sold 30 Gross profit (gross margin) 20 Selling...
Income Statement Sales revenue $50 Cost of goods sold 30 Gross profit (gross margin) 20 Selling and administrative expenses 10 Income before taxes A Income tax expense 4 Net Income $6 Earnings per share E Balance Sheet Cash $2 Liabilities: Inventory 5 Accounts payable $1 Current assets B Equipment, at cost 10 Shareholders’ Equity: Less: accumulated depreciation C Common stock, $1 par value per share 10 Equipment, net of depreciation 6 D Total assets $13 Total liabilities and s/equity $13...
(0) Financial information is presented here for two companies. Yanik Nunez Company Company Sales revenue $90,000...
(0) Financial information is presented here for two companies. Yanik Nunez Company Company Sales revenue $90,000 ..? rugaboog 10 320 Sales returns and allowances ? $ 5,000 Net sales 84,000 100,000 V ibor Cost of goods sold 58,000 Gross profit 40,000 Operating expenses 14,380 Net income 3 300 ? plamago 17,000 Instructions (a) Fill in the missing amounts. Show all computations.com (b) Calculate the profit margin and the gross profit rate for each company. (c) Discuss your findings in part...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
Lopez Company reports unadjusted first-year merchandise sales of
$128,000 and cost of merchandise sales of $32,000.
a. Compute gross profit using the unadjusted
numbers above.
Gross profit is - __________________
2nd part
The company expects future returns and allowances equal to 5% of sales and 5% of cost of sales. b-1&2. Prepare the year-end adjusting entry to record the sales expected to be refunded and cost side of sales returns and allowances. View transaction list Journal entry worksheet 12 Record...
The following is a summary of information presented on the financial statements of a company on De Account 2019 2018 Net Sales Revenue $607,000 $500,000 Cost of Goods Sold 456,000 402,000 Gross Profit 151,000 98,000 Selling Expenses 54,000 54,000 Net Income Before Income Tax Expense 97.000 44,000 Income Tax Expense 42,000 19.000 Net Income $55,000 $25,000 With respect to net sales revenue, a horizontal analysis reveals O A a $54,000 increase in net sales revenue OB. a 241.59% decrease in...
The following is summary of information presented on the financial statements of a company on December 31, 2015 Account Net Sales Revenue Cost of Goods Sold Gross Profit Selling Expenses Net income before income tax expense Income tax expense Net Income 2015 $607,000 452,000 155,000 54,000 101,000 39,000 $62,000 2014 $500,000 404,000 96,000 56,000 40,000 20,000 $20,000 What would a horizontal analysis report show with respect to net sales revenue? O A. a 241.59% decrease in net sales revenue. OB....
ice is called a(n) 7. Cash received prior to delivering a product or performing a serv unearned asset unearned revenue. unearned expense. unearned contra-asset. 8. An example of a contra-revenue account is a. Purchases Purchases Discounts. Sales Returns and Allowances. d. 9. Which of the following accounts would NOT be found under the heading of "Cost of Goods Sold" in a chart of accounts? Purchases Purchases Returns and Allowances a. . Freight-In d. Supplies 10. Merchandise Inventory is listed as...
1) Gross profit is calculated as the difference between net sales revenue and A) purchase expense B) cost of merchandise inventory C) operating expenses D) cost of goods sold
The drop-down options are:
Sales Revenue
Cost of Goods Sold
Net Income / (Loss)
Gross Profit on Sales
Total Expenses
Income from Operations
Other Revenue and Gains
Income Before Income Taxes
Pharoah Floors has year-end account balances of Sales Revenue $687,000, Interest Revenue $2,200, Cost of Goods Sold $416,000, Salaries and Wages Expense $96,900, Administrative Expense $67,250, and Income Tax Expense $42,200. Prepare a multiple-step Question 26 of 27 0.7/1 < $ < v $ $
(0) Financial information is presented here for two companies. Yanik Nunez Company Company Sales revenue $90,000 ..? rugaboog 10 320 Sales returns and allowances ? $ 5,000 Net sales 84,000 100,000 V ibor Cost of goods sold 58,000 Gross profit 40,000 Operating expenses 14,380 Net income 3 300 ? plamago 17,000 Instructions (a) Fill in the missing amounts. Show all computations.com (b) Calculate the profit margin and the gross profit rate for each company. (c) Discuss your findings in part...
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