Question

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Q1. For each of the following, indicate whether the statement relates to managerial accounting (MA) or financial accounting (FA): Statement Applies to MA or FA How reports will affect employee behavior is a concem Summary reports are prepared primarily on the company as a whole, usually on a quarterly or annual basis Relevant information and focus on the future. Primary users include investors, creditors, and government Jauthorities There is no requirement to follow GAAP Q2. New Hope, Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year. The company has provided the following information: Sales Revenue $525.000 Purchases (excluding Freight In 347,000 Selling and Administrative Expenses 36.500 Freicht in 15.500 Beginning Merchandise Inventory 42.000 Ending Merchandise Inventory 55.500 How much is the gross profit for the year? Q3. Planet Manufacturing provided the following information for the month ended March 31: Sales Revenge Beginning Finished Goods Inventory Ending Finished Goods Inventory Cost of Goods Manufactured Selling and Administrative Lispenses S 22.000 7.000 6.500 10.60 5.12 Prepare the income statement.

Answer 1

Q1
MA
FA
MA
FA
MA
Q2
New Hope, Inc. is a merchandiser of stone ornaments. It sold 15,000 units during the year. The company has provided the following information:
Sales Revenue	$ 525,000.00
Purchases(excluding Freight In)	$ 347,000.00
Selling and Administrative Expenses	$   36,500.00
Freight In	$   15,500.00
Beginning Merchandise Inventory	$   42,000.00
Ending Merchandise Inventory	$   55,500.00
How much is the gross profit for the year?
Sales Revenue		$         525,000.00
Cost of Good Sold:
Beginning Merchandise Inventory	$   42,000.00
Purchases(excluding Freight In)	$ 347,000.00
Freight In	$   15,500.00
Ending Merchandise Inventory	$ (55,500.00)
Cost of Good Sold		$         349,000.00
Gross Profit		$         176,000.00
Q3
Planet Manufacturing provided the following information for the month ended March 31:
Sales Revenue	$22,000
Beginning Finished Goods Inventory 7,000	7000
Ending Finished Goods Inventory	6500
Cost of Goods Manufactured	10600
Selling and Administrative Expenses	5125
Prepare the income statement
Planet Manufacturing
Income Statement
Month Ended March 31, 20XX
Revenues:
Sales Revenue		$           22,000.00
Cost of Goods Sold:
Beginning Finished Goods Inventory	$     7,000.00
Cost of Goods Manufactured	$   10,600.00
Cost of Goods Available for Sale	$   17,600.00
Ending Finished Goods Inventory	$   (6,500.00)
Cost of Goods Sold		$           11,100.00
Gross Profit		$           10,900.00
Selling and Administrative Expenses	$           (5,125.00)
Operating Income		$             5,775.00

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