Homework Answers
Working:-
Net Sales = Sales Revenue - Sales discount - Sales return and allowances
Cost of goods sold = Beginning inventory + Purchase - Purchase discount - Purchase returns + Freight-in - Ending Inventory
Selling expense = Selling expense + Advertising expense + Delivery expense + Depreciation expense(Sales) + Salary and wages (Sales) + Sales commissions + Telephone and internet expense
Administrative Expense = Accounting and legal services + Insurance expense + Depreciation expense (office) + Salary and wages (office) + Utility expense + Miscellaneous office expense
* Earnings per share = Net Income / Weighted average shares outstanding
If you still have any query feel free to ask in comment section. Thanks
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The following are selected ledger accounts of Bonita Corporation at December 31, 2020. Cash $196,100 Salaries...
The following are selected ledger accounts of Concord Corporation at December 31, 2020. Cash $181,300 Inventory...
The following are selected ledger accounts of Concord Corporation at December 31, 2020. Cash $181,300 Inventory 524,300 Sales revenue 4,189,500 Unearned sales revenue 114,660 Purchases 2,730,280 Sales discounts 33,320 Purchase discounts 26,460 Selling expenses 67,620 Accounting and legal services 32,340 23,520 Insurance expense (office) Advertising expense 52,920 Delivery expense 91,140 Depreciation expense (office equipment) 47,040 35,280 Depreciation expense (sales equipment) Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales...
The following are selected ledger accounts of Sunland Corporation at December 31, 2020. Cash Inventory Sales...
The following are selected ledger accounts of Sunland Corporation at December 31, 2020. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $210.900 609,900 4,873,500 133,380 3,176,040 38,760 30,780 78,660 37,620 27,360 61,560 106,020 54.720 41,040 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales...
_ Cr. $ 319,400 181,000 BONITA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. _ Accounts...
_ Cr. $ 319,400 181,000 BONITA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. _ Accounts payable Accounts receivable $ 469,000 Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock Allowance for doubtful accounts Bonds payable Buildings 1,328,000 Cash 208,000 Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory 547,000 387,000 Preferred stock ($50 par) Prepaid expenses 37,000 Retained earnings Treasury stock (common at cost) 179,000 Totals $3,155,000 1,198,000 167,000 28,000 277,000 184,000 3,600 Land 500,000 297,000...
II. Presented below are selected ledger accounts of Metro Inc. at December 31, 20x1. Cash Merchandise...
II. Presented below are selected ledger accounts of Metro Inc. at December 31, 20x1. Cash Merchandise inventory Sales Advances from customers Purchases Sales discounts Purchase discounts Sales salaries Office salaries Purchase returns Sales returns Transportation-in Accounts receivable Sales commissions (paid) 185,000 | Travel and entertainment 535,000 Accounting services 4,275,000 Insurance expense 117,000 Advertising 2,786,000 Prepaid income tax 34,000 Depreciation of office equipment 27,000 Depreciation of sales equipment 284,000 Telephone - sales 346,000 | Utilities - office 15,000 Unearned rent 79,000...
Prepare a Condensed Income Statement View Policies Current Attempt in Progress The following are selected ledger...
Prepare a Condensed Income Statement
View Policies Current Attempt in Progress The following are selected ledger accounts of Blue Corporation at December 31, 2020. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $244,200 706,200 5,643,000 154,440 3,677,520 44,880 35,640 91,080 43,560 31,680 71,280 122,760 63,360 47,520 Salaries and wages expense (sales) Salaries and wages expense...
On December 31, 2019, the balances of selected accounts appearing in the ledger of Supreme Interiors...
On December 31, 2019, the balances of selected accounts appearing in the ledger of Supreme Interiors Company, a furniture wholesaler, are as follows: Administrative Expenses $ 105,000 Building 512,500 Cash 48,500 Cost of Goods Sold 750,000 Gain on disposal of Capital Asset 5,000 Interest Expense 7,500 Paul Pear, Capital 568,580 Paul Pear, Withdrawals 25,000 Inventory 130,000 Notes Payable 25,000 Office Supplies 10,600 Salaries Payable 3,220 Sales 1,300,000 Sales Discounts 25,000 Sales Returns and Allowances 60,000 Selling Expenses 195,000 Store Supplies...
Runner Corporation reports the following selected accounts (in thousands) at December 31, 2018: Accounts payable $1,974...
Runner Corporation reports the following selected accounts (in thousands) at December 31, 2018: Accounts payable $1,974 Income tax receivable $89 Accounts receivable, gross 1,628 Interest revenue 109 Accumulated depreciation—buildings 952 Inventory 1,914 Accumulated depreciation—equipment 478 Land 1,047 Allowance for doubtful accounts 35 Notes receivable (current) 2,491 Bad debts expense 125 Notes receivable (non-current) 105 Buildings 2,734 Sales 12,717 Cash 568 Sales discounts 339 Cost of goods sold 9,769 Supplies 90 Equipment 755 Held for trading investments 186 Prepare the assets...
Presented below are selected ledger accounts of Crane Corporation as of December 31, 2020. Cash $40,000...
Presented below are selected ledger accounts of Crane
Corporation as of December 31, 2020.
Cash
$40,000
Administrative expenses
80,000
Selling expenses
64,000
Net sales
432,000
Cost of goods sold
168,000
Cash dividends declared (2020)
16,000
Cash dividends paid (2020)
12,000
Discontinued operations (loss before income taxes)
32,000
Depreciation expense, not recorded in 2019
24,000
Retained earnings, December 31, 2019
72,000
Effective tax rate 20%
Compute net income for 2020.
Selected accounts for Tamarisk, Inc. a private company following ASPE, as at December 31, 2020, are...
Selected accounts for Tamarisk, Inc. a private company following ASPE, as at December 31, 2020, are as follows: Inventory FV-NI Investments Retained Earnings Dividends Sales Revenue Sales Discounts $60,000 24,600 45,000 18,200 388,000 5,300 Sales Returns and Allowances Cost of Goods Sold Administrative Expenses Income Tax Expense Investment Income $2,020 214,000 30,450 29,100 2,990 Prepare closing entries for Tamarisk, Inc. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Presented below are selected ledger accounts of Marigold Corporation as of December 31, 2020. Cash Administrative...
Presented below are selected ledger accounts of Marigold Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $43,000 86,000 68,800 464,400 180,600 17,200 12,900 34,400 25,800 Compute net income for 2020. Net income $ Prepare a partial income statement beginning with income from...
The following are selected ledger accounts of Concord Corporation at December 31, 2020. Cash $181,300 Inventory 524,300 Sales revenue 4,189,500 Unearned sales revenue 114,660 Purchases 2,730,280 Sales discounts 33,320 Purchase discounts 26,460 Selling expenses 67,620 Accounting and legal services 32,340 23,520 Insurance expense (office) Advertising expense 52,920 Delivery expense 91,140 Depreciation expense (office equipment) 47,040 35,280 Depreciation expense (sales equipment) Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales...
The following are selected ledger accounts of Sunland Corporation at December 31, 2020. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $210.900 609,900 4,873,500 133,380 3,176,040 38,760 30,780 78,660 37,620 27,360 61,560 106,020 54.720 41,040 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales...
_ Cr. $ 319,400 181,000 BONITA CORPORATION POST-CLOSING TRIAL BALANCE DECEMBER 31, 2020 Dr. _ Accounts payable Accounts receivable $ 469,000 Accumulated depreciation-buildings Additional paid-in capital in excess of par-common From treasury stock Allowance for doubtful accounts Bonds payable Buildings 1,328,000 Cash 208,000 Common stock ($1 par) Dividends payable (preferred stock-cash) Inventory 547,000 387,000 Preferred stock ($50 par) Prepaid expenses 37,000 Retained earnings Treasury stock (common at cost) 179,000 Totals $3,155,000 1,198,000 167,000 28,000 277,000 184,000 3,600 Land 500,000 297,000...
II. Presented below are selected ledger accounts of Metro Inc. at December 31, 20x1. Cash Merchandise inventory Sales Advances from customers Purchases Sales discounts Purchase discounts Sales salaries Office salaries Purchase returns Sales returns Transportation-in Accounts receivable Sales commissions (paid) 185,000 | Travel and entertainment 535,000 Accounting services 4,275,000 Insurance expense 117,000 Advertising 2,786,000 Prepaid income tax 34,000 Depreciation of office equipment 27,000 Depreciation of sales equipment 284,000 Telephone - sales 346,000 | Utilities - office 15,000 Unearned rent 79,000...
Prepare a Condensed Income Statement
View Policies Current Attempt in Progress The following are selected ledger accounts of Blue Corporation at December 31, 2020. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $244,200 706,200 5,643,000 154,440 3,677,520 44,880 35,640 91,080 43,560 31,680 71,280 122,760 63,360 47,520 Salaries and wages expense (sales) Salaries and wages expense...
Presented below are selected ledger accounts of Crane
Corporation as of December 31, 2020.
Cash
$40,000
Administrative expenses
80,000
Selling expenses
64,000
Net sales
432,000
Cost of goods sold
168,000
Cash dividends declared (2020)
16,000
Cash dividends paid (2020)
12,000
Discontinued operations (loss before income taxes)
32,000
Depreciation expense, not recorded in 2019
24,000
Retained earnings, December 31, 2019
72,000
Effective tax rate 20%
Compute net income for 2020.
Selected accounts for Tamarisk, Inc. a private company following ASPE, as at December 31, 2020, are as follows: Inventory FV-NI Investments Retained Earnings Dividends Sales Revenue Sales Discounts $60,000 24,600 45,000 18,200 388,000 5,300 Sales Returns and Allowances Cost of Goods Sold Administrative Expenses Income Tax Expense Investment Income $2,020 214,000 30,450 29,100 2,990 Prepare closing entries for Tamarisk, Inc. on December 31, 2020. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no...
Presented below are selected ledger accounts of Marigold Corporation as of December 31, 2020. Cash Administrative expenses Selling expenses Net sales Cost of goods sold Cash dividends declared (2020) Cash dividends paid (2020) Discontinued operations (loss before income taxes) Depreciation expense, not recorded in 2019 Retained earnings, December 31, 2019 Effective tax rate 20% $43,000 86,000 68,800 464,400 180,600 17,200 12,900 34,400 25,800 Compute net income for 2020. Net income $ Prepare a partial income statement beginning with income from...
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