Homework Answers
Total sales = Cash Sales + Credit sales
= 84,000+114,000
= $198,000
| VITAMIX | ||
| Income Statement | ||
| For Year Ended December 31 | ||
| Sales revenue | 198,000 | |
| Less: | ||
| Sales returns | 13,400 | |
| Sales discount | 4,400 | -17,800 |
| Net Sales | 180,200 | |
| Less:Cost of goods sold | -86,000 | |
| Gross profit | $94,200 | |
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Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit...
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
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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
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Fit-for-Life Foods reports the following income statement
accounts for the year ended December 31.
Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales staff wages $ 6,240 240 Depreciation expense-Office Uffice copier 750 Sales discounts 1,270 Sales returns and allowances 227,000 TV advertising expense 33, 000 Interest revenue 11, 400 Cost of goods sold 23, 800 Sales commission expense $ 560 15, 700 4,000 3,800 660 91,000 13, 200 Prepare a...
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