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The management accountant for Martha's Book Store has prepared the following income statement for the most...
The management accountant for Giada's Book Store has prepared the following income statement for the most...
The management accountant for Giada's Book Store has prepared the following income statement for the most current year: Sales Cost of goods sold Contribution margin Order and delivery processing Rent (per sq. foot used) Allocated corporate costs Corporate profit Cookbook $65,000 38,000 27,000 20,000 4,000 8,000 $ (5,000) Travel Book $120,000 70,000 50,000 23,000 5,000 8,000 $14,000 Classics $52,000 24,000 28,000 13,000 5,000 8,000 $2,000 Total $237,000 132,000 105,000 56,000 14,000 24,000 $11,000 If the cookbook product line had been...
The management accountant for Giada's Book Store has prepared the following income statement for the most...
The management accountant for Giada's Book Store has prepared the following income statement for the most current year: Sales Cost of goods sold Gross profit Order and delivery processing Rent (per sq. foot used) Allocated corporate costs Corporate profit Cookbook $70,000 37,000 33,000 23,000 7,000 7,000 $ (4,000) Travel Book $158,000 69,000 89,000 24,000 1,000 7,000 $57,000 Classics $55,000 24,000 31,000 10,000 3,000 7,000 $11,000 Total $283,000 130,000 153,000 57,000 11,000 21,000 $64,000 If the travel book line had been...
cook book travel books classics Sales $67,000 $134,000 $53,000 $254,000 Cost of goods sold 37,000...
cook book travel books classics Sales $67,000 $134,000 $53,000 $254,000 Cost of goods sold 37,000 65,000 23,000 125,000 Contribution margin 30,000 69,000 30,000 129,000 Order and delivery processing 21,000 21,000 11,000 53,000 Rent (per sq. foot used) 3,000 4,000 4,000 11,000 Allocated corporate costs 12,000 12,000 12,000 36,000 Corporate profit $ (6,000) $32,000 $3,000 $29,000 If the cookbook product line had been discontinued prior to this year, the company would have reported ________. THE TOP RIGHT ROW IS...
Your Retail Store line accountant prepared the following income statement for the ladies accessories produce Sales...
Your Retail Store line accountant prepared the following income statement for the ladies accessories produce Sales Less: Variable expenses 93,050,000 1 433 500 1616 500 Contribution margin Less: Fixed expenses Wages Insurance on inventory Advertising $1 098,000 61,000 671.000 1830,000 $ (213,500) Net operating income (loss) Management is concerned about the loss and is considering dropping the product line. If the product line is dropped, a job has to be created elsewhere for a long-term employee currently earning an annual...
Your Retail Store's accountant prepared the following income statement for the ladies' bocessories Product line: Sales...
Your Retail Store's accountant prepared the following income statement for the ladies' bocessories Product line: Sales Less Variable expenses $3,000,000 1.410,000 1590,000 Contribution margin Less: Fixed expenses Wages Insurance on inventory Advertising $1,080,000 60.000 650,000 1,800,000 $ 210,000) Net operating income (loss) Management is concerned about the loss and is considering dropping the product line. If the product line is dropped, a job has to be created elsewhere for a long-term employee currently earning an annual salary of $90 000....
7. Critical thinking and ethics The management accountant for the Chocolate S'more Company has prepared the...
7. Critical thinking and ethics The management accountant for the Chocolate S'more Company has prepared the following income statement for the most current year: Chocolate Other Candy $40,000 26,000 14,000 Total Fudge $25,000 $35,000 $100,000 19,000 16,000 2,000 2,000 5.000 S7,000 Sales Cost of goods sold Contribution margin Delivery and ordering costs2,000 Rent (per sq. foot used) 3,000 Allocated corporate costs 5,000 Corporate profit 60.000 40,000 7,000 8,000 15,000 $10,000 15,000 10,000 3,000 3,000 5,000 s(1,000) $4,000 a. I pt-...
Fix the red ones: Diversified Products, Inc., has recently acquired a small publishing company that offers...
Fix the red ones:
Diversified Products, Inc., has recently acquired a small publishing company that offers three books for sale-a cookbook, a travel guide, and a handy speller. Each book sells for $10. The publishing company's most recent monthly income statement is shown below. Total Company Cookbook $ 300,000 $90,000 Product Line Travel Handy Guide Speller $ 150,000 $ 60,000 Sales Expenses: Printing costs Advertising General sales Salaries Equipment depreciation Sales comissions General administration Warehouse rent Depreciation-office facilities Total expenses...
2) The following incorrect income statement was prepared by the accountant of the Axel Corporation: AXEL...
2) The following incorrect income
statement was prepared by the accountant of the Axel
Corporation:
AXEL CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue
$
780,000
Interest revenue
51,000
Gain on sale of investments
98,000
Total revenues and gains
929,000
Expenses and losses:
Cost of goods sold
$
420,000
Selling expense
78,000
Administrative expense
98,000
Interest expense
35,000
Restructuring costs
74,000
Income tax expense
56,000
Total expenses and losses
761,000
Net Income
$...
Diversified Products, Inc., has recently acquired a small publishing company that offers three books for sale-a...
Diversified Products, Inc., has recently acquired a small publishing company that offers three books for sale-a cookbook, a travel guide, and a handy speller. Each book sells for $10. The publishing company's most recent monthly income statement is shown below. Product Line Total Travel Handy Company Cookbook Guide Speller Sales $ 300,000 $90,000 $150,000 $60,000 Expensest Printing costs 102,000 27, 63,000 12. eee Advertising 36,000 13,500 19,500 3,000 General sales 18,000 5,400 9,000 3,600 Salaries 33,000 18,000 9,000 6,000 Equipment...
Betty DeRose, Inc. sells three products. Income statements for the three products for the most recent...
Betty DeRose, Inc. sells three products. Income statements for the three products for the most recent year appear below: Product #1 Product #2 Product #3 Sales revenue ................ $140,000 $120,000 $200,000 Costs: Variable production costs ... 91,000 48,000 140,000 Advertising ................. 15,000 12,000 10,000 Rent ........................ 14,000 14,000 14,000 Supervisor's salary ......... 20,000 20,000 20,000 Sales commissions ........... 7,000 6,000 10,000 Net income/loss ............... <7,000> 20,000 6,000 The rent is allocated to the three products equally and sales commissions are...
The management accountant for Giada's Book Store has prepared the following income statement for the most current year: Sales Cost of goods sold Contribution margin Order and delivery processing Rent (per sq. foot used) Allocated corporate costs Corporate profit Cookbook $65,000 38,000 27,000 20,000 4,000 8,000 $ (5,000) Travel Book $120,000 70,000 50,000 23,000 5,000 8,000 $14,000 Classics $52,000 24,000 28,000 13,000 5,000 8,000 $2,000 Total $237,000 132,000 105,000 56,000 14,000 24,000 $11,000 If the cookbook product line had been...
The management accountant for Giada's Book Store has prepared the following income statement for the most current year: Sales Cost of goods sold Gross profit Order and delivery processing Rent (per sq. foot used) Allocated corporate costs Corporate profit Cookbook $70,000 37,000 33,000 23,000 7,000 7,000 $ (4,000) Travel Book $158,000 69,000 89,000 24,000 1,000 7,000 $57,000 Classics $55,000 24,000 31,000 10,000 3,000 7,000 $11,000 Total $283,000 130,000 153,000 57,000 11,000 21,000 $64,000 If the travel book line had been...
Your Retail Store line accountant prepared the following income statement for the ladies accessories produce Sales Less: Variable expenses 93,050,000 1 433 500 1616 500 Contribution margin Less: Fixed expenses Wages Insurance on inventory Advertising $1 098,000 61,000 671.000 1830,000 $ (213,500) Net operating income (loss) Management is concerned about the loss and is considering dropping the product line. If the product line is dropped, a job has to be created elsewhere for a long-term employee currently earning an annual...
Your Retail Store's accountant prepared the following income statement for the ladies' bocessories Product line: Sales Less Variable expenses $3,000,000 1.410,000 1590,000 Contribution margin Less: Fixed expenses Wages Insurance on inventory Advertising $1,080,000 60.000 650,000 1,800,000 $ 210,000) Net operating income (loss) Management is concerned about the loss and is considering dropping the product line. If the product line is dropped, a job has to be created elsewhere for a long-term employee currently earning an annual salary of $90 000....
7. Critical thinking and ethics The management accountant for the Chocolate S'more Company has prepared the following income statement for the most current year: Chocolate Other Candy $40,000 26,000 14,000 Total Fudge $25,000 $35,000 $100,000 19,000 16,000 2,000 2,000 5.000 S7,000 Sales Cost of goods sold Contribution margin Delivery and ordering costs2,000 Rent (per sq. foot used) 3,000 Allocated corporate costs 5,000 Corporate profit 60.000 40,000 7,000 8,000 15,000 $10,000 15,000 10,000 3,000 3,000 5,000 s(1,000) $4,000 a. I pt-...
Fix the red ones:
Diversified Products, Inc., has recently acquired a small publishing company that offers three books for sale-a cookbook, a travel guide, and a handy speller. Each book sells for $10. The publishing company's most recent monthly income statement is shown below. Total Company Cookbook $ 300,000 $90,000 Product Line Travel Handy Guide Speller $ 150,000 $ 60,000 Sales Expenses: Printing costs Advertising General sales Salaries Equipment depreciation Sales comissions General administration Warehouse rent Depreciation-office facilities Total expenses...
2) The following incorrect income
statement was prepared by the accountant of the Axel
Corporation:
AXEL CORPORATION
Income Statement
For the Year Ended December 31, 2021
Revenues and gains:
Sales revenue
$
780,000
Interest revenue
51,000
Gain on sale of investments
98,000
Total revenues and gains
929,000
Expenses and losses:
Cost of goods sold
$
420,000
Selling expense
78,000
Administrative expense
98,000
Interest expense
35,000
Restructuring costs
74,000
Income tax expense
56,000
Total expenses and losses
761,000
Net Income
$...
Diversified Products, Inc., has recently acquired a small publishing company that offers three books for sale-a cookbook, a travel guide, and a handy speller. Each book sells for $10. The publishing company's most recent monthly income statement is shown below. Product Line Total Travel Handy Company Cookbook Guide Speller Sales $ 300,000 $90,000 $150,000 $60,000 Expensest Printing costs 102,000 27, 63,000 12. eee Advertising 36,000 13,500 19,500 3,000 General sales 18,000 5,400 9,000 3,600 Salaries 33,000 18,000 9,000 6,000 Equipment...
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