In each of the following equations supply the missing term(s): Bold Missing term. a. Net sales...
In each of the following equations supply the missing term(s): Bold Missing term.
a. Net sales = Gross sales - (______________________ + Sales returns and allowances).
b. Cost of goods sold = Beginning inventory + Net cost of purchases - ________ ________.
c. Gross margin = ________ ________ - Cost of goods sold.
d. Income from operations = __________ _________ - Operating expenses.
e. Net income = Income from operations + _________ ________ - ________ ________.
Homework Answers
A. Net sales = Gross sales - (Sales discounts + Sales returns and allowances)
B. Cost of Goods Sold = Beginning inventory + Net cost of purchases - Ending inventory
C. Gross margin = Net sales -Cost of Goods Sold
D. Income from operations = Gross income - Operating expenses
E. Net income = Income from operations + Extraordinary income - Taxes - Interest expense
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In each of the following equations supply the missing term(s):
Bold Missing term.
a. Net sales...
1 x fe Exercise 2 н Exercise 2 In each case, use the following information to...
1 x fe Exercise 2 н Exercise 2 In each case, use the following information to calculate the missing information: ? 19,200 32,000 384,000 Grosales Sales discounts Sales returns and allowances Net sales Merchandise inventory, January 1 Purchases Purchase discounts Purchase returns and allowances Net purchases Transportation in Net cost of purchases Cost of goods available for sale? Merchandise inventory, December 31 Cost of goods sold Gross margin Care2 640,000 $ ? $ 25,600 19,200 44.800 608,000 1,209,600 $ 256,000...
using the following info calculate A) Net Sales B) cost of goods sold C) ending inventory...
using the following info calculate A) Net Sales B) cost of goods sold C) ending inventory D) selling expense. Beginning Inventory $3,000 Freight In 100 General and Administrative Expenses 500 Gross Margin 3,100 Net Income 1,100 Purchases 10,000 Purchases Returns and Allowances 300 Sales 10,000 Sales Returns and Allowances 100
Supply the missing dollar amounts for each of the following independent cases: Sales Beginning Revenue Inventory...
Supply the missing dollar amounts for each of the following independent cases: Sales Beginning Revenue Inventory Cases Total Available Purchases Ending Cost of Inventory Goods Sold Gross Profit Income from Operations Selling and General Expenses $ 450 $ 250 A 450 $ 400 250 B 1,200 3,800 $ 1,100 $ 1,510 810 600 1,520 700 700 1,010 с 650 500 D 350 800 1,160
Supply the missing dollar amounts for each of the following independent cases Selling and General Expenses...
Supply the missing dollar amounts for each of the following independent cases Selling and General Expenses Operations Income from Beginning Purchases Ending Cost of Gross Total Sales Revenue Inventory Cases Available Inventory Goods Sold Profit 250 200 250 300 $450 A $ 1,400 1,030 300$650 800 50 330 200 300 530 300 400 150 960 680
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods...
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods sold, (c) gross margin from sales, and (d) net income. Freight In $ 400 Merchandise Inventory, Jan.1 30,000 Gross Sales 120,000 Purchase Discounts 600 Advertising Expense 8,000 Purchases 40,000 Merchandise Inventory, Dec.31 10,000 Sales Returns and Allowances 1,000 General and Administrative Expenses 14,000 Net Sales a. ____________________ Cost of Goods Sold b. ____________________ Gross Margin from Sales ...
Required: Supply the missing data in the following cases. Each case is independent of the others....
Required: Supply the missing data in the following cases. Each case is independent of the others. Case 2 5,000 $ 3,500 6,500 $ 3,500 4,500 5,500 $ 7,500 4,500 9,500 5,500 19.000 3,000 20,500 3,500 2,250 1,500 3,250 18,500 Direct materials Direct labour Manufacturing overhead Total manufacturing costs Beginning work-in-process inventory Ending work-in-process inventory Cost of goods manufactured Sales Beginning finished goods inventory Cost of goods manufactured Goods available for sale Ending finished goods inventory Cost of goods sold Gross...
E7-2: Inferring missing amounts based on statement of earnings relationships supply the missing dollar amounts for...
E7-2: Inferring missing amounts based on statement of earnings
relationships
supply the missing dollar amounts for the 2018 statement of
earnings of Laurin Retailers for each of the following independent
cases:
CHAPTER 7 Reporting and Interpreting Cost of Sales and Inventory 400 Pretas Total Available s Profit Ending Inventory $1,000 Operating Expenses Cost of Sales $ ? Ex Sales Revenue $1,300 900 Earnings a (L03) Case A Purchases $1,400 800 Gross Profit $ ? Beginning Inventory $200 200 300 ?...
8 Required: Supply the missing data in the following cases. Each case is independent of the...
8 Required: Supply the missing data in the following cases. Each case is independent of the others. Case 2 12.5 points 1 6,200 S $ 7,700 $ 4,700 5,700 6,700 $ 8,700 4,700 5,700 10,700 Direct materials Direct labour Manufacturing overhead Total manufacturing costs Beginning work-in-process inventory Ending work-in-process Inventory Cost of goods manufactured 6,700 20,200 21,700 4,700 4,200 2,850 2.700 3.850 19,700 33,800 2,700 20,700 37.700 Sales 29.500 41,700 4,200 20,900 24,600 5,200 3,200 5,700 Beginning finished goods inventory...
Fill in the missing amounts. Blue Spruce Corp. Kingbird, Inc. Sales revenue $110,000 $ Sales returns...
Fill in the missing amounts. Blue Spruce Corp. Kingbird, Inc. Sales revenue $110,000 $ Sales returns and allowances 7,000 Net sales 104,000 126,000 Cost of goods sold 67,600 Gross profit 46,620 Operating expenses 16,640 Net income 26,460 eTextbook and Media Calculate the profit margin and the gross profit rate for each company. (Round answers to O decimal places, e.g. 15%.) Blue Spruce Corp. Kingbird, Inc. Profit margin Gross profit rate eTextbook and Media
Calculate the missing items in the following. Enter all numbers as positive values. Sales Sales Returns...
Calculate the missing items in the following. Enter all numbers as positive values. Sales Sales Returns and Allowances Net Sales Beginning Merchandise Inventory Net Purchases Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit a. $242,000 $6,000 $ $152,000 $170,000 $ $136,000 $186,000 $ b. 304,000 297,000 134,000 404,000 176,000 228,000 c. 10,000 628,000 416,000 486,000 89,000
1 x fe Exercise 2 н Exercise 2 In each case, use the following information to calculate the missing information: ? 19,200 32,000 384,000 Grosales Sales discounts Sales returns and allowances Net sales Merchandise inventory, January 1 Purchases Purchase discounts Purchase returns and allowances Net purchases Transportation in Net cost of purchases Cost of goods available for sale? Merchandise inventory, December 31 Cost of goods sold Gross margin Care2 640,000 $ ? $ 25,600 19,200 44.800 608,000 1,209,600 $ 256,000...
Supply the missing dollar amounts for each of the following independent cases: Sales Beginning Revenue Inventory Cases Total Available Purchases Ending Cost of Inventory Goods Sold Gross Profit Income from Operations Selling and General Expenses $ 450 $ 250 A 450 $ 400 250 B 1,200 3,800 $ 1,100 $ 1,510 810 600 1,520 700 700 1,010 с 650 500 D 350 800 1,160
Supply the missing dollar amounts for each of the following independent cases Selling and General Expenses Operations Income from Beginning Purchases Ending Cost of Gross Total Sales Revenue Inventory Cases Available Inventory Goods Sold Profit 250 200 250 300 $450 A $ 1,400 1,030 300$650 800 50 330 200 300 530 300 400 150 960 680
Required: Supply the missing data in the following cases. Each case is independent of the others. Case 2 5,000 $ 3,500 6,500 $ 3,500 4,500 5,500 $ 7,500 4,500 9,500 5,500 19.000 3,000 20,500 3,500 2,250 1,500 3,250 18,500 Direct materials Direct labour Manufacturing overhead Total manufacturing costs Beginning work-in-process inventory Ending work-in-process inventory Cost of goods manufactured Sales Beginning finished goods inventory Cost of goods manufactured Goods available for sale Ending finished goods inventory Cost of goods sold Gross...
E7-2: Inferring missing amounts based on statement of earnings
relationships
supply the missing dollar amounts for the 2018 statement of
earnings of Laurin Retailers for each of the following independent
cases:
CHAPTER 7 Reporting and Interpreting Cost of Sales and Inventory 400 Pretas Total Available s Profit Ending Inventory $1,000 Operating Expenses Cost of Sales $ ? Ex Sales Revenue $1,300 900 Earnings a (L03) Case A Purchases $1,400 800 Gross Profit $ ? Beginning Inventory $200 200 300 ?...
8 Required: Supply the missing data in the following cases. Each case is independent of the others. Case 2 12.5 points 1 6,200 S $ 7,700 $ 4,700 5,700 6,700 $ 8,700 4,700 5,700 10,700 Direct materials Direct labour Manufacturing overhead Total manufacturing costs Beginning work-in-process inventory Ending work-in-process Inventory Cost of goods manufactured 6,700 20,200 21,700 4,700 4,200 2,850 2.700 3.850 19,700 33,800 2,700 20,700 37.700 Sales 29.500 41,700 4,200 20,900 24,600 5,200 3,200 5,700 Beginning finished goods inventory...
Fill in the missing amounts. Blue Spruce Corp. Kingbird, Inc. Sales revenue $110,000 $ Sales returns and allowances 7,000 Net sales 104,000 126,000 Cost of goods sold 67,600 Gross profit 46,620 Operating expenses 16,640 Net income 26,460 eTextbook and Media Calculate the profit margin and the gross profit rate for each company. (Round answers to O decimal places, e.g. 15%.) Blue Spruce Corp. Kingbird, Inc. Profit margin Gross profit rate eTextbook and Media
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