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Homework Answers
Net sales :
| Cash sales | 60,000 | |
| sales on credit | 90,000 | |
| Total sales | 150,000 | |
| Less : Sales Returns | 11,000 | |
| Sales Discount | 2,000 | 13,000 |
| Net Sales | 137,000 |
Gross Profit = Net sales - cost of Goods Sold
Gross Profit = 137,000 -80,000 = 57,000
Answers:
| Net sales | 137,000 |
| Gross Profit | 57,000 |
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Required information [The following information applies to the questions displayed below.] Vitamix reports the following information...
Required information [The following information applies to the questions displayed below.] Vitamix reports the following information...
Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 84,000 $114,000 $ 29,000 $ 13,400 $ 86,000 $ 4,400 $ 48,000 Use the above information, to compute (a) net sales and (b) gross profit. a. Net sales b. Gross profit
6 Required information [The following information applies to the questions displayed below.) Tisdale Incorporated reports the...
6 Required information [The following information applies to the questions displayed below.) Tisdale Incorporated reports the following amount in its December 31, 2018, income statement Part 1 of 2 0.78 points Sales revenue Non-operating revenue Selling expenses General expenses $ 290,000 Income tax expense 108,000 Cost of goods sold 58,000 Administrative expenses 48,000 $ 28,000 188,000 38,000 Required: 1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.) Answer is not complete. TISDALE INCORPORATED Multiple step...
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Required Information [The following Information applies to the questions displayed below.) A company reports the following amount In its December 31, Year 1, Income statement. Sales revenue Non-operating revenue Selling expenses General expenses $315,000 113,089 63,00 53, eee Income tax expense Cost of goods sold Administrative expenses $ 33,00 193, eee 43,00 . The company does not appear to have much profit-generating potential. True False
Required information The following information applies to the questions displayed below.] Tungsten Company, Inc., sells heavy...
Required information The following information applies to the questions displayed below.] Tungsten Company, Inc., sells heavy construction equipment. There are 14,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year: Credit Debit $ 34,500 14,700 53,200 41,700 Account Titles Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, Current Year Sales revenue...
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Required information [The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods,...
Required information [The following information applies to the questions displayed below.] Tisdale Incorporated reports the following...
Required information [The following information applies to the questions displayed below.] Tisdale Incorporated reports the following amount in its December 31, 2021, income statement. Sales revenue Non-operating revenue Selling expenses General expenses $265,000 103,000 53,000 43,000 Income tax expense Cost of goods sold Administrative expenses $ 23,000 183,000 33,000 Required: 1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.) TISDALE INCORPORATED Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating...
Required information The following information applies to the questions displayed below.] The following calendar year-end information...
Required information The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories $34,700 Direct labor $ 676,500 254,600 59,300 10,800 69,000 937,000 26,000 25,900 79,900 37,800 4,485,700 394,200 11,000 Income taxes expense 10,500 Indirect labor 35,000 Miscellaneous production costs 128,900 Office...
UNLICHE FUDel 1 Saved Required information The following information applies to the questions displayed below.) The...
UNLICHE FUDel 1 Saved Required information The following information applies to the questions displayed below.) The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. $ Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods,...
Required information [The following information applies to the questions displayed below.) The following calendar year-end information...
Required information [The following information applies to the questions displayed below.) The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company $ Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished...
[The following information applies to the questions displayed below.] Valley Company’s adjusted trial balance on August...
[The following information applies to the questions displayed below.] Valley Company’s adjusted trial balance on August 31, 2016, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 38,000 Other (noninventory) assets 152,000 Total liabilities $ 43,890 Common stock 51,152 Retained earnings 74,433 Dividends 8,000 Sales 259,920 Sales discounts 3,977 Sales returns and allowances 17,155 Cost of goods sold 100,577 Sales salaries expense 35,609 Rent expense—Selling space 12,216 Store supplies expense 3,119 Advertising expense 22,093 Office salaries expense 32,490 Rent expense—Office...
Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 84,000 $114,000 $ 29,000 $ 13,400 $ 86,000 $ 4,400 $ 48,000 Use the above information, to compute (a) net sales and (b) gross profit. a. Net sales b. Gross profit
6 Required information [The following information applies to the questions displayed below.) Tisdale Incorporated reports the following amount in its December 31, 2018, income statement Part 1 of 2 0.78 points Sales revenue Non-operating revenue Selling expenses General expenses $ 290,000 Income tax expense 108,000 Cost of goods sold 58,000 Administrative expenses 48,000 $ 28,000 188,000 38,000 Required: 1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.) Answer is not complete. TISDALE INCORPORATED Multiple step...
Required Information [The following Information applies to the questions displayed below.) A company reports the following amount In its December 31, Year 1, Income statement. Sales revenue Non-operating revenue Selling expenses General expenses $315,000 113,089 63,00 53, eee Income tax expense Cost of goods sold Administrative expenses $ 33,00 193, eee 43,00 . The company does not appear to have much profit-generating potential. True False
Required information The following information applies to the questions displayed below.] Tungsten Company, Inc., sells heavy construction equipment. There are 14,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, Current Year: Credit Debit $ 34,500 14,700 53,200 41,700 Account Titles Cash Accounts receivable (net) Inventory, ending Operational assets Accumulated depreciation Liabilities Capital stock Retained earnings, January 1, Current Year Sales revenue...
Required information [The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2019, adjusted trial balance and other records of Leone Company Advertising expense Depreciation expense-office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2018 Raw materials, December 31, 2019 Work in process, December 31, 2018 Work in process, December 31, 2019 Finished goods, December 31, 2018 Finished goods,...
Required information [The following information applies to the questions displayed below.] Tisdale Incorporated reports the following amount in its December 31, 2021, income statement. Sales revenue Non-operating revenue Selling expenses General expenses $265,000 103,000 53,000 43,000 Income tax expense Cost of goods sold Administrative expenses $ 23,000 183,000 33,000 Required: 1. Prepare a multiple-step income statement. (Losses should be indicated by a minus sign.) TISDALE INCORPORATED Multiple-step Income Statement For the year ended December 31, 2021 Total operating expenses Operating...
Required information The following information applies to the questions displayed below.] The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories $34,700 Direct labor $ 676,500 254,600 59,300 10,800 69,000 937,000 26,000 25,900 79,900 37,800 4,485,700 394,200 11,000 Income taxes expense 10,500 Indirect labor 35,000 Miscellaneous production costs 128,900 Office...
UNLICHE FUDel 1 Saved Required information The following information applies to the questions displayed below.) The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company. $ Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods,...
Required information [The following information applies to the questions displayed below.) The following calendar year-end information is taken from the December 31, 2017, adjusted trial balance and other records of Leone Company $ Advertising expense Depreciation expense-Office equipment Depreciation expense-Selling equipment Depreciation expense-Factory equipment Factory supervision Factory supplies used Factory utilities Inventories Raw materials, December 31, 2016 Raw materials, December 31, 2017 Work in process, December 31, 2016 Work in process, December 31, 2017 Finished goods, December 31, 2016 Finished...
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