Homework Answers
Income statement
| Sales revenue | 423,000 | |
| Sales discount | - 5,100 | |
| Sales returns and allowances | - 9,000 | |
| Net sales | 408,900 | |
| Cost of goods sold | - 274,000 | |
| Gross profit | 134,900 | |
| Operating expenses: | ||
| Rent expense | 36,000 | |
| Insurance expense | 12,300 | |
| Freight out | 6,600 | |
| Salaries and wages expense | 41,000 | |
| Total Operating expenses | - 95,900 | |
| Net income | $39,000 |
Profit margin = Net income/Net sales
= 39,000/408,900
= 9.54%
Gross profit rate = Gross profit/Net sales
= 134,900/408,900
= 32.99%
Kindly give a positive rating if you are satisfied with the answer. Feel free to ask if you have any doubt. Thanks.
Add Answer to:
Question 21 View Policies Current Attempt in Progress Presented below is information for Wildhorse Company for...
Question 1 View Policies Current Attempt in Progress Presented below is information for Concord Corporation for...
Question 1 View Policies Current Attempt in Progress Presented below is information for Concord Corporation for the month of March 2019. Cost of goods sold $31,270 Freight-out 7,240 $215,090 6,220 5,180 56,180 Rent expense Sales discounts Sales returns and allowances Sale revenue Insurance expense 12,620 Salaries and wages expense 388,710 Prepare a multiple-step income statement. (if there is a net loss then enter the amount using either a negative sign preceding the numbers. 45 parentheses es. (451) MacBook Air Search...
Financial information for two companies are presented below. Fill in the missing amounts. Wildhorse Company Sandhill...
Financial information for two companies are presented below. Fill in the missing amounts. Wildhorse Company Sandhill Company $95,400$ Sales revenue Sales returns and allowances Net sales Cost of goods sold Gross proft Operating expenses Net income $4,000 81,600 150,000 55,800 49,000 14,680 18,000 List of Accounts Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, eg. 15.5%) Wildhorse Company Sandhill Company Net income 18,000 List of Accounts Calculate the profit margin...
Question 5 --/1 View Policies Current Attempt in Progress In its income statement for the year...
Question 5 --/1 View Policies Current Attempt in Progress In its income statement for the year ended December 31, 2017, Crane Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $450,000 Loss on disposal of plant assets 1,231,200 Sales revenue 69,000 Income tax expense 102,700 Sales discounts 310,000 Utilities expense $83,500 2,410,000 25,000 130,000 100,000 CRANE COMPANY Income Statement $ Calculate the profit margin and gross profit rate. (Round...
The following selected accounts from the Blue Door Corporation's general ledger are presented below for the...
The following selected accounts from the Blue Door Corporation's general ledger are presented below for the year ended December 31, 2022 Advertising expense $55,000 Interest revenue Common stock 250,000 Inventory $ 30,000 67.000 24,000 Cost of goods sold 1,085,000 Rent revenue Depreciation expense 125,000 Retained earnings 535,000 Dividends 150,000 Salaries and wages expense 675,000 8,500 Freight-out 25,000 Sales discounts Income tax expense 70,000 Sales returns and allowances 41,000 2,400,000 Insurance expense Sales revenue 15,000 70,000 Interest expense Prepare a multiple-step...
help!!! Question 2 --/3 View Policies Current Attempt in Progress At the beginning of the current...
help!!!
Question 2 --/3 View Policies Current Attempt in Progress At the beginning of the current season on April 1, the ledger of Blossom Pro Shop showed Cash $3,110; Inventory $4,110; and Common Stock $7.220. The following transactions occurred during April 2022. bs, and balls on account from Arnie Co. $1,830, terms 4/10, 1/60 purchases $98. nie Co. for merchandise returned $530. ount to members $1,635, terms n/30. Teaters, and other accessories on account from Woods Sportswear $1,013, terms 1/10,n/30....
QUESTION 12 Presented below is information for Zales Company for the month of January 2014 Cost...
QUESTION 12 Presented below is information for Zales Company for the month of January 2014 Cost of goods sold $280,000 Freight-out 7,000 Insurance expense 12,000 Salaries and wages expense 42,000 Rent expense Sales discounts Sales returns and allowances Sales revenue $35,000 8,000 13,000 421,000 Instructions (a) Prepare a multiple-step income statement. (b) Calculate the profit margin and the gross profit rate.
Current Attempt in Progress Financial information for two companies are presented below. Fill in the missing amounts. W...
Current Attempt in Progress Financial information for two companies are presented below. Fill in the missing amounts. Wildhorse Co. Sheffield Corp. Sales revenue $102,000 $ Sales returns and allowances 6.200 Net sales 96,000 118,000 Cost of goods sold 65.280 Gross profit 40,120 Operating expenses 16,320 Net income 20,060 e Textbook and Media Calculate the profit margin and the gross profit rate for each company. (Round answers to 0 decimal places, e.g. 15%.) Wildhorse Co. Sheffield Corp. Profit margin Gross profit...
Question 3 View Policies Current Attempt in Progress laborations The following is information from Crystal Company's...
Question 3 View Policies Current Attempt in Progress laborations The following is information from Crystal Company's adjusted trial balance at December 31, 2021 ey PLUS port Debit Credit Cash $74.000 Notes receivable Merchandise inventory 102,000 71,000 Equipment 464,200 Accumulated depreciation-equipment $139,260 Unearned revenue 7.700 Notes payable 217,960 231,000 L. Crystal, capital L. Crystal, drawings 160,000 Interest revenue 12.000 search 0 e 9 terlagen Tindred.com G FAIRCHI Shok Notes payable L. Crystal, capital 217,960 231,000 L. Crystal, drawings 160,000 Interest revenue...
Question 6 View Policies Current Attempt in Progress The inventory of Sandhill Co. was destroyed by...
Question 6 View Policies Current Attempt in Progress The inventory of Sandhill Co. was destroyed by fire on June 1. From an examination of the accounting records, the following data for the first five months of the year were obtained: Sales 594,000; Sales Returns and Allowances $1,500: Sales Discounts $1.000: Freight Out $2.500, Parches 552.000 52.00 Returns and Allowances $2,700; and Purchase Discounts $1,300. Determine the inventory lost by fire, assuming a beginning inventory of $25,400 and a gross profit...
Exercise 5-07 Presented below is information for Oriole Co. for the month of January 2022. Cost...
Exercise 5-07 Presented below is information for Oriole Co. for the month of January 2022. Cost of goods sold Freight-out Insurance expense Salaries and wages expense $208,400 Rent expense 9,000 Sales discounts 14,400 Sales returns and allowances 62,700 Sales revenue 400 Other comprehensive income (net of $400 tax) $33,900 8,900 19,500 393,500 2.000 Income tax expense Prepare an income statement using the multiple-step format. ORIOLE CO. Income Statement We were unable to transcribe this imagePrepare a comprehensive income statement. ORIOLE...
Question 1 View Policies Current Attempt in Progress Presented below is information for Concord Corporation for the month of March 2019. Cost of goods sold $31,270 Freight-out 7,240 $215,090 6,220 5,180 56,180 Rent expense Sales discounts Sales returns and allowances Sale revenue Insurance expense 12,620 Salaries and wages expense 388,710 Prepare a multiple-step income statement. (if there is a net loss then enter the amount using either a negative sign preceding the numbers. 45 parentheses es. (451) MacBook Air Search...
Financial information for two companies are presented below. Fill in the missing amounts. Wildhorse Company Sandhill Company $95,400$ Sales revenue Sales returns and allowances Net sales Cost of goods sold Gross proft Operating expenses Net income $4,000 81,600 150,000 55,800 49,000 14,680 18,000 List of Accounts Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, eg. 15.5%) Wildhorse Company Sandhill Company Net income 18,000 List of Accounts Calculate the profit margin...
Question 5 --/1 View Policies Current Attempt in Progress In its income statement for the year ended December 31, 2017, Crane Company reported the following condensed data. Salaries and wages expenses Cost of goods sold Interest expense Interest revenue Depreciation expense $450,000 Loss on disposal of plant assets 1,231,200 Sales revenue 69,000 Income tax expense 102,700 Sales discounts 310,000 Utilities expense $83,500 2,410,000 25,000 130,000 100,000 CRANE COMPANY Income Statement $ Calculate the profit margin and gross profit rate. (Round...
The following selected accounts from the Blue Door Corporation's general ledger are presented below for the year ended December 31, 2022 Advertising expense $55,000 Interest revenue Common stock 250,000 Inventory $ 30,000 67.000 24,000 Cost of goods sold 1,085,000 Rent revenue Depreciation expense 125,000 Retained earnings 535,000 Dividends 150,000 Salaries and wages expense 675,000 8,500 Freight-out 25,000 Sales discounts Income tax expense 70,000 Sales returns and allowances 41,000 2,400,000 Insurance expense Sales revenue 15,000 70,000 Interest expense Prepare a multiple-step...
help!!!
Question 2 --/3 View Policies Current Attempt in Progress At the beginning of the current season on April 1, the ledger of Blossom Pro Shop showed Cash $3,110; Inventory $4,110; and Common Stock $7.220. The following transactions occurred during April 2022. bs, and balls on account from Arnie Co. $1,830, terms 4/10, 1/60 purchases $98. nie Co. for merchandise returned $530. ount to members $1,635, terms n/30. Teaters, and other accessories on account from Woods Sportswear $1,013, terms 1/10,n/30....
QUESTION 12 Presented below is information for Zales Company for the month of January 2014 Cost of goods sold $280,000 Freight-out 7,000 Insurance expense 12,000 Salaries and wages expense 42,000 Rent expense Sales discounts Sales returns and allowances Sales revenue $35,000 8,000 13,000 421,000 Instructions (a) Prepare a multiple-step income statement. (b) Calculate the profit margin and the gross profit rate.
Current Attempt in Progress Financial information for two companies are presented below. Fill in the missing amounts. Wildhorse Co. Sheffield Corp. Sales revenue $102,000 $ Sales returns and allowances 6.200 Net sales 96,000 118,000 Cost of goods sold 65.280 Gross profit 40,120 Operating expenses 16,320 Net income 20,060 e Textbook and Media Calculate the profit margin and the gross profit rate for each company. (Round answers to 0 decimal places, e.g. 15%.) Wildhorse Co. Sheffield Corp. Profit margin Gross profit...
Question 3 View Policies Current Attempt in Progress laborations The following is information from Crystal Company's adjusted trial balance at December 31, 2021 ey PLUS port Debit Credit Cash $74.000 Notes receivable Merchandise inventory 102,000 71,000 Equipment 464,200 Accumulated depreciation-equipment $139,260 Unearned revenue 7.700 Notes payable 217,960 231,000 L. Crystal, capital L. Crystal, drawings 160,000 Interest revenue 12.000 search 0 e 9 terlagen Tindred.com G FAIRCHI Shok Notes payable L. Crystal, capital 217,960 231,000 L. Crystal, drawings 160,000 Interest revenue...
Question 6 View Policies Current Attempt in Progress The inventory of Sandhill Co. was destroyed by fire on June 1. From an examination of the accounting records, the following data for the first five months of the year were obtained: Sales 594,000; Sales Returns and Allowances $1,500: Sales Discounts $1.000: Freight Out $2.500, Parches 552.000 52.00 Returns and Allowances $2,700; and Purchase Discounts $1,300. Determine the inventory lost by fire, assuming a beginning inventory of $25,400 and a gross profit...
Exercise 5-07 Presented below is information for Oriole Co. for the month of January 2022. Cost of goods sold Freight-out Insurance expense Salaries and wages expense $208,400 Rent expense 9,000 Sales discounts 14,400 Sales returns and allowances 62,700 Sales revenue 400 Other comprehensive income (net of $400 tax) $33,900 8,900 19,500 393,500 2.000 Income tax expense Prepare an income statement using the multiple-step format. ORIOLE CO. Income Statement We were unable to transcribe this imagePrepare a comprehensive income statement. ORIOLE...
Most questions answered within 3 hours.
-
A proton is released from rest in a uniform electric field of
magnitude 1.27E+5 N/C. Calculate...
asked 1 minute ago -
Let's say you want to poll a random sample of 150 students on
campus to see...
asked 1 minute ago -
A salt contains only barium and one of the halide ions. A
0.158g sample of a...
asked 8 minutes ago -
Give your answer in SI units and to three significant
figures.
A 2.3 m radius cylinder...
asked 15 minutes ago -
Supply the missing quantities. (Assume P1 =
0.4, P2 = 0.6, P3 =
0.4.)
P(A ∩...
asked 21 minutes ago -
The chapter discusses four types of change that organizations
typically encounter—technological, structural, task, and people
change....
asked 20 minutes ago -
A sample of 12 grams of a substance that does not dissociate is
dissolved in 80...
asked 23 minutes ago -
What is the pH of a solution made by mixing 0.438 moles of HBr
and 0.304...
asked 23 minutes ago -
If it takes 100m to stop a car initially moving at 100 m/s
what distance is...
asked 36 minutes ago -
Two resistors have resistances R1 and R2. When the resistors are
connected in series to a...
asked 37 minutes ago -
Why do scientists infer that there were living organisms as far
back as 3.8 billion years...
asked 39 minutes ago -
if a palladium nanoparticle has a density of 12.0gxcm^3, what is
the mass of a nanoparticle...
asked 41 minutes ago