The following list of partial account balances is provided:
The following list of partial account balances is provided:
Sales returns and allowances $797
Sales discounts $978
Sales revenue $63,951
Allowance for doubtful accounts $560
What will be the net sales shown on the income statement?
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Stephen Company had the following partial list of account balances at year-end: Accounts Receivable: $9,000 &nbs
Stephen Company had the following partial list of account balances at year-end: Accounts Receivable: $9,000 Cost of Goods Sold: $34,100 Sales Revenue: $57,200 Accounts Payable: $7,500 Sales Discounts: $1,600 Merchandise Inventory: $5,900 Operating Expenses: $8,400 Sales Returns and Allowances: $4,300 The amount of Gross Profit shown on the income statement would be: A) $ 26,200 B) $ 8,800 C) $ 17,200 D) $ 8,200 E) $ 11,300
Thank you. thumbs up! Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts...
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Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To dose accounts with...
The following are selected account balances for Streamline Services: Selling Expenses $500 Interest Expense 42 Purchases...
The following are selected account balances for Streamline Services: Selling Expenses $500 Interest Expense 42 Purchases 2,300 Sales 7,900 Accounts Payable 90 Ending Inventory ? Prepaid Insurance 84 Net Sales 7,430 Purchase Discounts 158 Beginning Inventory 300 Sales Returns and Allowances ? Purchase Returns and Allowances 180 Cost of Goods Sold 1,500 Sales Discounts 260 Required: Prepare a partial income statement through gross profit on sales. Do not prepare the heading.
The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable...
The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable 25,000 Freight-In 2,400 8,300 Inventory, December 31, 2019 Prepaid Rent 8,000 Purchases 69,700 Purchases Discounts Purchases Returns and Allowances $1,500 2,350 Sales Discounts 4,550 Sales Revenue 115,000 Sales Salaries Expense 15,000 Required: Prepare a partial income statement through gross profit. The beginning inventory balance was $10,000. ROBERTS COMPANY Income Statement For Year Ended December 31, 2019
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
The account balances of Oriole Company at December 31, 2017, the end of the current year,...
The account balances of Oriole Company at December 31, 2017, the
end of the current year, show Accounts Receivable $147,600;
Allowance for Doubtful Accounts $1,804 (credit); Sales $1,164,400;
Sales Returns and Allowances $41,000; and Sales Discounts
$16,400.
Record the adjusting entry at December 31, 2017, assuming bad
debts are estimated to be (1) 10% of accounts receivable, and (2)
1.50% of net sales.
No.
Date
Account Titles and Explanation
Debit
Credit
(1)
Dec. 31
(2)
Dec. 31
Calculate the net...
CALCULATOR PRINTER VERSIONイBACK NEX Exercise 6-11 The adjusted account balances of Carla Vista Company show these...
CALCULATOR PRINTER VERSIONイBACK NEX Exercise 6-11 The adjusted account balances of Carla Vista Company show these data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $902,300; Freight-Out $12,700; Sales Returns and Allowances $19,000; and Sales Discounts $13,900. Prepare the sales section of the income statement, CARLA VISTA COMPANY Income Statement (Partial)
The following balances were taken from the books of Bramble Corp. on December 31, 2020. Interest...
The following balances were taken from the books of Bramble Corp. on December 31, 2020. Interest revenue $87.650 Accumulated depreciation equipment $41,650 Cash 52,650 Accumulated depreciation-buildings 29,650 Sales revenue 1,381,650 Notes receivable 156,650 Accounts receivable 151,650 Selling expenses 195,650 Prepaid insurance 21,650 Accounts payable 171,650 Sales returns and allowances 151,650 Bonds payable 101,650 Allowance for doubtful accounts 8,650 Administrative and general expenses 98,650 Sales discounts Accrued liabilities 33,650 46,650 101,650 Land Interest expense 61,650 Equipment 201.650 Notes payable 101.650 Buildings...
Base your answer to Problem 1 on the following information. 1. The list of accounts below...
Base your answer to Problem 1 on the following information. 1. The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31, 20X2 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory-April 1, 20X1 Prepaid Insurance Supplies on Hand Equipment Accumulated Depreciation-Equipment Accounts Payable Taxes Payable Capital Stock Retained Earnings $ 3,995 13,240 120 22,800 360 520 15,000 4,500 11,870 390 25,000...
Exercise 5-7 Juan Morales Company had the following account balances at year-end: Cost of Goods Sold...
Exercise 5-7 Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $63,970, Inventory $15,740, Operating Expenses $31,040, Sales Revenue $125,200, Sales Discounts $1,250, and Sales Returns and Allowances $1,670. A physical count of Inventory determines that merchandise inventory on hand is $12,430. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) A nt Titles Esplanation SHOW LIST OF...
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Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To dose accounts with...
The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable 25,000 Freight-In 2,400 8,300 Inventory, December 31, 2019 Prepaid Rent 8,000 Purchases 69,700 Purchases Discounts Purchases Returns and Allowances $1,500 2,350 Sales Discounts 4,550 Sales Revenue 115,000 Sales Salaries Expense 15,000 Required: Prepare a partial income statement through gross profit. The beginning inventory balance was $10,000. ROBERTS COMPANY Income Statement For Year Ended December 31, 2019
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
The account balances of Oriole Company at December 31, 2017, the
end of the current year, show Accounts Receivable $147,600;
Allowance for Doubtful Accounts $1,804 (credit); Sales $1,164,400;
Sales Returns and Allowances $41,000; and Sales Discounts
$16,400.
Record the adjusting entry at December 31, 2017, assuming bad
debts are estimated to be (1) 10% of accounts receivable, and (2)
1.50% of net sales.
No.
Date
Account Titles and Explanation
Debit
Credit
(1)
Dec. 31
(2)
Dec. 31
Calculate the net...
CALCULATOR PRINTER VERSIONイBACK NEX Exercise 6-11 The adjusted account balances of Carla Vista Company show these data pertaining to sales at the end of its fiscal year, October 31, 2017: Sales Revenue $902,300; Freight-Out $12,700; Sales Returns and Allowances $19,000; and Sales Discounts $13,900. Prepare the sales section of the income statement, CARLA VISTA COMPANY Income Statement (Partial)
The following balances were taken from the books of Bramble Corp. on December 31, 2020. Interest revenue $87.650 Accumulated depreciation equipment $41,650 Cash 52,650 Accumulated depreciation-buildings 29,650 Sales revenue 1,381,650 Notes receivable 156,650 Accounts receivable 151,650 Selling expenses 195,650 Prepaid insurance 21,650 Accounts payable 171,650 Sales returns and allowances 151,650 Bonds payable 101,650 Allowance for doubtful accounts 8,650 Administrative and general expenses 98,650 Sales discounts Accrued liabilities 33,650 46,650 101,650 Land Interest expense 61,650 Equipment 201.650 Notes payable 101.650 Buildings...
Base your answer to Problem 1 on the following information. 1. The list of accounts below and the unadjusted balances of these accounts were taken from the ledger of the Manville Corporation at the end of their accounting period, March 31, 20X2 Cash Accounts Receivable Allowance for Doubtful Accounts Inventory-April 1, 20X1 Prepaid Insurance Supplies on Hand Equipment Accumulated Depreciation-Equipment Accounts Payable Taxes Payable Capital Stock Retained Earnings $ 3,995 13,240 120 22,800 360 520 15,000 4,500 11,870 390 25,000...
Exercise 5-7 Juan Morales Company had the following account balances at year-end: Cost of Goods Sold $63,970, Inventory $15,740, Operating Expenses $31,040, Sales Revenue $125,200, Sales Discounts $1,250, and Sales Returns and Allowances $1,670. A physical count of Inventory determines that merchandise inventory on hand is $12,430. Prepare the adjusting entry necessary as a result of the physical count. (Credit account titles are automatically Indented when amount is entered. Do not indent manually.) A nt Titles Esplanation SHOW LIST OF...
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