Homework Answers
Answer
-- Workings are included for calculation
| Sales | $107,600 | |
| Sales return & Allowances | $4,100 | [$107600 - 3700 - 99800] |
| Sales Discount | $3,700 | |
| Net Sales | $99,800 | [$46100 + 53700] |
| Cost of Goods Sold | $46,100 | |
| Gross Profits | $53,700 | |
| Selling expenses | $10,200 | [$20500 - 10300] |
| General & Admin expenses | $10,300 | |
| Total Operating expenses | $20,500 | |
| Net Income | $33,200 | [$53700 - 20500] |
Add Answer to:
Long Company has the following account balances, extracted from its multiple-step income statement for the current...
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in...
Multiple-step income statement and balance sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 20Y7: Cash $109,100 Retained Earnings $480,800 Accounts Receivable 290,900 Dividends 65,300 Inventory 331,600 Sales 3,995,800 Estimated Returns Inventory 5,000 Cost of Goods Sold 2,311,300 Office Supplies 10,300 Sales Salaries Expense 649,900 Prepaid Insurance 8,000 Advertising Expense 178,700 Office Equipment 240,100 Depreciation Expense— Store Equipment 34,800 Accumulated Depreciation— Office Equipment 163,100 Miscellaneous Selling...
Prepare the net sales portion only of this company’s multiple-step income statement. A company reports the...
Prepare the net sales portion only of this company’s multiple-step
income statement.
A company reports the following sales-related information. Sales, gross Sales discounts $ 300,000 Sales returns and allowances 6,000 Sales salaries expense $23,000 12,000 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
Exercise 4-11 Computing net sales for multiple-step income statement LO P4 A company reports the following...
Exercise 4-11 Computing net sales for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross $ 245,000 Sales returns and allowances $ 20,000 Sales discounts 4,900 Sales salaries expense 10,900 Prepare the net sales portion only of this company’s multiple-step income statement. Multiple- Step Income Statement (partial) _________________________________ ______________ ______________ _________________________________ ______________ ______________ _________________________________ _______________ __________0____ Net Sales_________________________ _______________ ______________
Exercise 4-11 Net sales computation for multiple-step income statement LO P4 A company reports the following...
Exercise 4-11 Net sales computation for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross $ 250,000 Sales returns and allowances $ 21,000 Sales discounts 5,000 Sales salaries expense 11,000 Prepare the net sales portion only of this company’s multiple-step income statement.
Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger...
Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation—Building $770,550 Merchandise Inventory $1,016,500 Administrative Expenses 525,200 Notes Payable 242,100 Building 2,430,000 Office Supplies 19,400 Cash 173,350 Salaries Payable 8,350 Cost of Merchandise Sold 3,902,400 Sales 6,331,900 Interest Expense 10,300 Selling Expenses 726,300 Kathy Melman, Capital 1,634,750 Store Supplies 86,800 Kathy Melman, Drawing 174,650 a. Prepare a multiple-step income statement for the...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
Help solving Cengage Accounting I exercise Multiple-Step Income Statement On March 31, 2019, the balances of...
Help solving Cengage Accounting I exercise
Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $756,350 Merchandise Inventory $976,750 Administrative Expenses 550,500 Notes Payable 253,300 Building 2,503,250 Office Supplies 19,600 Cash 170,350 Salaries Payable 7,600 Cost of Merchandise Sold 3,983,050 Sales 6,615,600 Interest Expense 10,300 Selling Expenses 724,050 Kathy Melman, Capital 1,540,050 Store Supplies 89,500 Kathy Melman, Drawing 179,500 a. Prepare...
Use the following multi-step income statement of Cullumber Company to prepare a single-step version. Income Statement...
Use the following multi-step income statement of Cullumber Company to prepare a single-step version. Income Statement For the Year Ended December 31, 2022 Sales Sales revenue $97,500 Less: Sales returns and allowances 2,300 Net sales $95,200 Cost of goods sold 48,000 Gross profit 47,200 Operating expenses 14,900 Income from operations 32,300 Other revenues and gains Interest revenue 1,200 Other expenses and losses Loss on sale of equipment 600 Net income $32,900 Income Statement
Presented below is financial information that would be presented on a multi-step income statement for two...
Presented below is financial information that would be presented on a multi-step income statement for two different companies. (a) Determine the missing amounts above. Winter Company Merit Company Sales revenue $190,000 $ (e)_______________ Sales discounts 2,000 2,500 Sales returns (a)_____________ 5,000 Net sales 183,000 210,000 Cost of goods sold 103,000 (f)________________ Gross profit (b)_____________ 80,000 Operating expenses 45,000 (g)_______________ Income from operations (c)______________ 55,000 Other revenues (expenses) 4,000 (h)_______________ Net income (d)______________ 49,000
Multiple-Step Income Statement On March 31, 2009, the balances of the accounts appearing in the edge...
Multiple-Step Income Statement On March 31, 2009, the balances of the accounts appearing in the edge of Royal Furnishings Company, a furniture store as follows: Accounts Receivable $170.000 Inventory $986,700 Accumulated Depreciation-Building 772,650 Notes Povable 290,050 Administrative Expenses 513,300 Office Supplies 19.500 Building 2,409,100 Retained Earnings 1.230,150 170,950 Salaries Pavable 8,050 Common Stock 309,300 Sales 6,600,750 Cost of Goods Sold 3.696.800 Expenses 699.750 Dividends 175,700 Store Supplies 58.400 Interest Expense 10.000 a. Prepare a multiple-step income statement for the fiscal...
Prepare the net sales portion only of this company’s multiple-step
income statement.
A company reports the following sales-related information. Sales, gross Sales discounts $ 300,000 Sales returns and allowances 6,000 Sales salaries expense $23,000 12,000 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
Help solving Cengage Accounting I exercise
Multiple-Step Income Statement On March 31, 2019, the balances of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as follows: Accumulated Depreciation-Building $756,350 Merchandise Inventory $976,750 Administrative Expenses 550,500 Notes Payable 253,300 Building 2,503,250 Office Supplies 19,600 Cash 170,350 Salaries Payable 7,600 Cost of Merchandise Sold 3,983,050 Sales 6,615,600 Interest Expense 10,300 Selling Expenses 724,050 Kathy Melman, Capital 1,540,050 Store Supplies 89,500 Kathy Melman, Drawing 179,500 a. Prepare...
Use the following multi-step income statement of Cullumber Company to prepare a single-step version. Income Statement For the Year Ended December 31, 2022 Sales Sales revenue $97,500 Less: Sales returns and allowances 2,300 Net sales $95,200 Cost of goods sold 48,000 Gross profit 47,200 Operating expenses 14,900 Income from operations 32,300 Other revenues and gains Interest revenue 1,200 Other expenses and losses Loss on sale of equipment 600 Net income $32,900 Income Statement
Multiple-Step Income Statement On March 31, 2009, the balances of the accounts appearing in the edge of Royal Furnishings Company, a furniture store as follows: Accounts Receivable $170.000 Inventory $986,700 Accumulated Depreciation-Building 772,650 Notes Povable 290,050 Administrative Expenses 513,300 Office Supplies 19.500 Building 2,409,100 Retained Earnings 1.230,150 170,950 Salaries Pavable 8,050 Common Stock 309,300 Sales 6,600,750 Cost of Goods Sold 3.696.800 Expenses 699.750 Dividends 175,700 Store Supplies 58.400 Interest Expense 10.000 a. Prepare a multiple-step income statement for the fiscal...
Most questions answered within 3 hours.
-
You are attempting to calculate a firm’s free cash flow to
equity. You know the following...
asked 3 minutes ago -
the following reaction occurs in a balloon containing
N2O2 gas
N2O4(g)=2NO2(g)
will the volume of the...
asked 38 minutes ago -
answer the questions throughout this program
public class Day implements Comparable {
Private Boolean atWork;...
asked 45 minutes ago -
This is C++ code for parking fee management program
#include <iostream>
#include <iomanip>
using namespace std;...
asked 56 minutes ago -
The free energy change for the following reaction at 25 °C, when
[Sn2+] = 1.17 M...
asked 2 hours ago -
An MNE is this kind of industry when competition in one country
is essentially independent of...
asked 4 hours ago -
. For this set of questions, determine what
proportion of a normal distribution is located betweeneach...
asked 4 hours ago -
A college student is employed as a door-to-door newspaper
salesman. Historical data suggests that the student...
asked 5 hours ago -
MATLAB HW 11 problem using Switch Case and Input commands
Write a script file that calculates...
asked 5 hours ago -
Considering gravitational time dilation, calculate the time that
passes in Earth’s surface while 1 hour passes...
asked 6 hours ago -
Minitab Problem: Take the Lake Hume June rainfall data and find
use the processes outlined in...
asked 6 hours ago -
X Company is trying to decide whether to continue using old
equipment to make Product A...
asked 7 hours ago