SOLUTION:
PROBLEM 1:COMPUTATION OF NET SALES
NET SALES=GROSS SALES - SALES RETURN - SALES DISCOUNT
HERE IT IS GIVEN THAT SALES REVENUE=3565000
SALES RETURN =175000
SALES DISCOUNT=155000
THEREFORE NET SALES=3565000-175000-155000
=3235000
PROBLEM 2:COMPUTAION OF COST OF GOODS SOLD
COST OF GOODS SOLD=BEGINING INVENTORY+NET PURCHASES+FREIGHT IN -ENDING INVENTORY
HERE BEGINING INVENTORY=365000
NET PURCHASES = PURCHASES-PURCHASES DISCOUNT
=1750225-60000
=1690225
FREIGHT IN=65000
ENDING INVENTORY = 559100
THEREFORE COST OF GOODS SOLD=365000+1690225+65000-559100
=1561125
PROBLEM 3:COMPUTATION OF SHARES OUTSTANDING
OUTSTANDING SHARES=ISSUED STOCK-TREASURY STOCK
SINCE HERE THE TREASURY STOCK IS NOT AVAILABLE IT IS TAKEN AS 0.
SO,SHARES OUTSTANDING=125000-0
=125000
Note: Problems 1-4 relate to the trial balance below. Note: Problems 5 and 6 are independent...
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value $0.05 APIC Retained Earnings Dividends Sales Revenue...
Note: Problems 1-4 relate to the trial balance below. Note: Problems 5 and 6 are independent (use information provided for each of these problems only). Marcel Sports Acct 311 - Quix 3 of 6 - Trial Balance s Det 140,000 475,000 s 28, 225 50,000 17.000 365,000 1,305,000 265,000 1,500,000 550,000 1,325,000 Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory 1/1/17 Equipment Accumulated Depercialion - Equipment Buildir Accumulated Depercialion - Building Land Accounts Payable Salaries and Wax Payable...
Calculate Shares Outstanding in Steps .
COGS = $1,561,125
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock,...
COGS = $1,561,125
Prepare the Income Statement
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value...
Calculate Cost of Good Solds in Steps
Note: Problems 1-4 relate to the trial balance below. Marcell Sports Inc. Acct 311 - Quiz 3 of 6 - Trial Balance Credit Debit 140,000 475,000 $ 28,225 50,000 17,000 365,000 1,385,000 265,000 1,500,000 550,000 1,325,000 Cash Accounts Receivable Allowance for Doubtful Accounts Notes Receivable Supplies Inventory, 1/1/17 Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Accounts Payable Salaries and Wages Payable Notes Payable Mortgage Payable Common Stock, Par Value...
Problem 5 - In 2019, Useh Corporation reported a discontinued operations loss of $900,000, net of tax. It declared and paid preferred stock dividends of $120,000 and common stock dividends of $360,000. During 2017, Useh Corp. had a weighted average of 200,000 common shares outstanding. As a result of the discontinued operations loss, net of tax, the earnings per share would decrease by Problem 6 - Discontinued Operations Using the following information (below) complete the Income Statement. Discontinued operations Pre-Tax...
Using the following information (below) complete the Income Statement. Discontinued operations Loss from operations of discontinued plastics division Gain from disposal of plastics division Pre-Tax $ (450,000) $1,150,000 Note: Common Shares Outstanding: 1,000,000 Note: Tax Expense Rate is 35% Company Name Income Statement For the Year Ended December 31, 2017 $ 10,565,100 Sales revenue Sales discounts Sales returns and allowances Net Sales COGS Gross Profit $ 10,565,100 6,250,000 $ 4,315, 100 Selling & Administrative Selling expenses Administrative expenses 650,000 257,000...
Part A -Using the trial balance provided below, prepare the following: 1. Multiple-Step Income Statement (4 points) 2. Retained Earnings Statement (1 points) 3. Classified Balance Sheet (10 points) Part A-Trial Balance S Cash Accounts Receivable Allowance for Doubtful Accounts Inventory Trading Securities (cost $ 145,000) Equipment Accumulated Deperciation - Equipment Building Accumulated Deperciation - Building Land Franchises Patents Debt Investments (long-term) Equity Investments (long-term) Accounts Payable Salaries and Wages Payable Notes Payable (short-term) Dividends Payable Accrued Liabilities Notes Payable...
COGS
X1
Inventory
1/1/2018
950000
X2
Purchases
1060000
X3
Less:
Purchase Discounts
21000
Net
Purchase
1039000
X4:
Add:
Freight-In
19000
1058000
Inventory
available for sale
200800
Less:
Inventory 12/31/2018
864070
COGS
Total
1143930
Rapid Roller Inc. Adjusted Trial Balance December 31, 2018 Credit $ Debit 140,000 275,000 Part A - Calculate the following (show your work). $ 22,000 10,000 23,000 1. Calculate Net Sales 2. Calculate Net Accounts Receivable 3. Calculate Shares Outstanding 950,000 1,250,000 300,000 2,000,000 Part B -...
Problem 4-1
The following is a partial trial balance for Apex Computer
Corporation as of December 31, 2016:
Apex Computer Corporation
Partial Trial Balance
December 31, 2016
Account Title
Debits
Credits
Sales Revenue
3,400,000
Interest Revenue
35,000
Gain on sale of investments
30,000
Cost of goods sold
2,250,000
Restructuring costs
400,000
Administrative expense
450,000
Selling expense
150,000
Interest expense
20,000
500,000 shares of common stock were outstanding throughout 2016.
Income tax expense has not yet been accrued. The income tax...