Homework Answers
| Income Statement | ||
| Sales revenue | 336,000 | Given |
| Less: Variable Costs: | ||
| Cost of Goods sold | 235,200 | Given |
| Administration Costs | 4,500 | (30,000 x 15% ) |
| Commissions | 16,800 | (336,000 x 5% ) |
| Delivery Costs | 18,000 | (12,000 x 1.50 ) |
| Total Variable Costs | 274,500 | |
| Contribution Margin | 61,500 | |
| Less: Fixed Costs: | ||
| Administration Costs | 25,500 | (30,000 - 4,500 ) |
| Selling | 20,200 | (55,000 - 16,800 - 18,000 ) |
| Total Fixed Costs | 45,700 | |
| Operating Income | 15,800 | |
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Reliable Merchandising Inc. The following data has been taken from the records of the company for...
The following information was taken from the accounting records of Northern Lights for the month of...
The following information was taken from the accounting records of Northern Lights for the month of October, 20--: Sales $344,000 Sales Returns and Allowances 3,410 Sales Discounts 370 Purchases 194,500 Purchases Returns and Allowances 9,740 Purchases Discounts 5,560 Freight-In 1,580 Merchandise Inventory, October 1 42,000 Merchandise Inventory, October 31 33,000 Complete a partial income statement for the month of October, showing gross profit. Northern Lights Income Statement (partial) For the month ended October 31, 20- Sales Sales returns and allowances...
The following income statement was drawn from the records of Gibson Company, a merchandising firm: GIBSON COMPANY Incom...
The following income statement was drawn from the records of Gibson Company, a merchandising firm: GIBSON COMPANY Income Statement For the Year Ended December 31, 2018 Sales revenue (7,000 units X $162) $1,134,000 Cost of goods sold (7,000 units * $85) (595,000 Gross margin 539,000 Sales commissions (108 of sales) (113,400) Administrative salaries expense (87,000) Advertising expense (37,000) Depreciation expense 41,000) Shipping and handling expenses (7,000 units X $2) Net income 246,600 Required a. Reconstruct the income statement using the...
The following income statement was drawn from the records of Campbell Company, a merchandising firm: CAMPBELL...
The following income statement was drawn from the records of Campbell Company, a merchandising firm: CAMPBELL COMPANY Income Statement For the Year Ended December 31, Ye Sales revenue (5,500 units X $163) Cost of goods sold (5,500 units x 581) Gross margin Sales commissions (10% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (5,500 units * $5) Net income $ 896,500 (445,500) 451.000 (89,650) (86,000) (32,000) (46,000) (27,500) $ 169,850 Required a. Reconstruct the income...
The following income statement was drawn from the records of Fanning Company, a merchandising firm: FANNING...
The following income statement was drawn from the records of Fanning Company, a merchandising firm: FANNING COMPANY Income Statement For the Year Ended December 31, Year 1 Sales revenue (5,500 units × $164) $ 902,000 Cost of goods sold (5,500 units × $88) (484,000 ) Gross margin 418,000 Sales commissions (10% of sales) (90,200 ) Administrative salaries expense (87,000 ) Advertising expense (31,000 ) Depreciation expense (50,000 ) Shipping and handling expenses (5,500 units × $2) (11,000 ) Net income...
I wantvto know how can I get the answers Concert Pianos, Inc., purchases pianos from a...
I wantvto know how can I get the answers
Concert Pianos, Inc., purchases pianos from a well-known manufacturer and resells them at its retail store. Needed information for this lab assignment is given below CONCERT PIANOS, INC. $ 5,300 Average sales price of each piano Number o f pianos sold and delivered in March sts Average cost of each piano (cost of goods sold) st Formula 2,800 per piano Sellin Advertising 950 per month Delivery of pianos per piano sold...
The following income statement was drawn from the records of Campbell Company, a merchandising firm: CAMPBELL...
The following income statement was drawn from the records of Campbell Company, a merchandising firm: CAMPBELL COMPANY Income Statement For the Year Ended December 31, 2018 Sales revenue (5,500 units x $163) Cost of goods sold (5,500 units x $83) Gross margin Sales commissions (10% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (5,500 units x $2) Net income $ 896,500 456,500 440,000 (89,650) (83,000) (33,000) (49,000) (11,000) $ 174,350 Required a. Reconstruct the income...
The following income statement was drawn from the records of Campbell Company, a merchandising firm: CAMPBELL COM...
The following income statement was drawn from the records of Campbell Company, a merchandising firm: CAMPBELL COMPANY Income Statement For the Year Ended December 31, 2018 $1,072,500 (559,000) 513,500 (53,625) (84,000) (35,000) (48,000) Sales revenue (6,500 units x $165) Cost of goods sold (6,500 units x $86) Gross margin Sales commissions (58 of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (6,500 units x $2) (13,000) 279,875 Net income Required a. Reconstruct the income statement using...
Tuscarora, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April Sales $54,400.00...
Tuscarora, Inc., a merchandising company, has the following budgeted figures: Jan Feb Mar April Sales $54,400.00 $64,000.00 $88,000.00 $94,000.00 Cost of goods sold 60% of sales Required ending inventory $15,000.00 +25%of nextmonth's sales Inventory on hand on Jan 1 $27,000.00 Calculate the budgeted purchases for the month of January. and also, Arianell, Inc. reports the following information for August: Sales Revenue $800,000 Variable Cost of Goods Sold 170,000 Fixed Cost of Goods Sold 45,000 Variable Selling and Administrative Costs 150,000...
The following information was taken from the records of Metlock Inc. for the year 2020: Income...
The following information was taken from the records of Metlock
Inc. for the year 2020: Income tax applicable to income from
continuing operations $183,260; income tax applicable to loss on
discontinued operations $24,990, and unrealized holding gain on
available-for-sale securities (net of tax) $14,700.
Gain on sale of equipment
$93,100
Cash dividends declared
$147,000
Loss on discontinued operations
73,500
Retained earnings January 1, 2020
1,560,000
Administrative expenses
235,200
Cost of goods sold
833,000
Rent revenue
39,200
Selling expenses
294,000
Loss...
The following income statement was drawn from the records of Baird Company, a merchandising firm: BAIRD...
The following income statement was drawn from the records of Baird Company, a merchandising firm: BAIRD COMPANY Income Statement For the Year Ended December 31, Year 1 Sales revenue (7,000 units X $168) Cost of goods sold (7,000 units X $81) Gross margin Sales commissions (5% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (7,000 units X $4) Net income $1,176,000 (567,000) 609,000 (58, 800) (80,000) (37,000) (49,000) (28,000) $ 356,200 Required a. Reconstruct the...
The following information was taken from the accounting records of Northern Lights for the month of October, 20--: Sales $344,000 Sales Returns and Allowances 3,410 Sales Discounts 370 Purchases 194,500 Purchases Returns and Allowances 9,740 Purchases Discounts 5,560 Freight-In 1,580 Merchandise Inventory, October 1 42,000 Merchandise Inventory, October 31 33,000 Complete a partial income statement for the month of October, showing gross profit. Northern Lights Income Statement (partial) For the month ended October 31, 20- Sales Sales returns and allowances...
The following income statement was drawn from the records of Gibson Company, a merchandising firm: GIBSON COMPANY Income Statement For the Year Ended December 31, 2018 Sales revenue (7,000 units X $162) $1,134,000 Cost of goods sold (7,000 units * $85) (595,000 Gross margin 539,000 Sales commissions (108 of sales) (113,400) Administrative salaries expense (87,000) Advertising expense (37,000) Depreciation expense 41,000) Shipping and handling expenses (7,000 units X $2) Net income 246,600 Required a. Reconstruct the income statement using the...
The following income statement was drawn from the records of Campbell Company, a merchandising firm: CAMPBELL COMPANY Income Statement For the Year Ended December 31, Ye Sales revenue (5,500 units X $163) Cost of goods sold (5,500 units x 581) Gross margin Sales commissions (10% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (5,500 units * $5) Net income $ 896,500 (445,500) 451.000 (89,650) (86,000) (32,000) (46,000) (27,500) $ 169,850 Required a. Reconstruct the income...
I wantvto know how can I get the answers
Concert Pianos, Inc., purchases pianos from a well-known manufacturer and resells them at its retail store. Needed information for this lab assignment is given below CONCERT PIANOS, INC. $ 5,300 Average sales price of each piano Number o f pianos sold and delivered in March sts Average cost of each piano (cost of goods sold) st Formula 2,800 per piano Sellin Advertising 950 per month Delivery of pianos per piano sold...
The following income statement was drawn from the records of Campbell Company, a merchandising firm: CAMPBELL COMPANY Income Statement For the Year Ended December 31, 2018 Sales revenue (5,500 units x $163) Cost of goods sold (5,500 units x $83) Gross margin Sales commissions (10% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (5,500 units x $2) Net income $ 896,500 456,500 440,000 (89,650) (83,000) (33,000) (49,000) (11,000) $ 174,350 Required a. Reconstruct the income...
The following income statement was drawn from the records of Campbell Company, a merchandising firm: CAMPBELL COMPANY Income Statement For the Year Ended December 31, 2018 $1,072,500 (559,000) 513,500 (53,625) (84,000) (35,000) (48,000) Sales revenue (6,500 units x $165) Cost of goods sold (6,500 units x $86) Gross margin Sales commissions (58 of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (6,500 units x $2) (13,000) 279,875 Net income Required a. Reconstruct the income statement using...
The following information was taken from the records of Metlock
Inc. for the year 2020: Income tax applicable to income from
continuing operations $183,260; income tax applicable to loss on
discontinued operations $24,990, and unrealized holding gain on
available-for-sale securities (net of tax) $14,700.
Gain on sale of equipment
$93,100
Cash dividends declared
$147,000
Loss on discontinued operations
73,500
Retained earnings January 1, 2020
1,560,000
Administrative expenses
235,200
Cost of goods sold
833,000
Rent revenue
39,200
Selling expenses
294,000
Loss...
The following income statement was drawn from the records of Baird Company, a merchandising firm: BAIRD COMPANY Income Statement For the Year Ended December 31, Year 1 Sales revenue (7,000 units X $168) Cost of goods sold (7,000 units X $81) Gross margin Sales commissions (5% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (7,000 units X $4) Net income $1,176,000 (567,000) 609,000 (58, 800) (80,000) (37,000) (49,000) (28,000) $ 356,200 Required a. Reconstruct the...
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