Calculate the missing items in the following. Enter all numbers as positive values. Sales Sales Returns...
Calculate the missing items in the following. Enter all numbers as positive values.
Sales |
Sales Returns and Allowances |
Net Sales |
Beginning Merchandise Inventory |
Net Purchases |
Cost of Goods Available for Sale |
Ending Merchandise Inventory |
Cost of Goods Sold |
Gross Profit |
|
| a. | $242,000 | $6,000 | $ | $152,000 | $170,000 | $ | $136,000 | $186,000 | $ |
| b. | 304,000 | 297,000 | 134,000 | 404,000 | 176,000 | 228,000 | |||
| c. | 10,000 | 628,000 | 416,000 | 486,000 | 89,000 | ||||
Homework Answers
Add Answer to:
Calculate the missing items in the following. Enter all numbers as positive values. Sales Sales Returns...
2021 2020 $305,000 $284, 000 9,000 6,000 $296,000 $278,000 Sales Sales returns and allowances Net sales...
2021 2020 $305,000 $284, 000 9,000 6,000 $296,000 $278,000 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 43,000 152,000 195,000 57,000 138,000 $158,000 36,000 146,000 182,000 43,000 139,000 $139,000 ATC's gross profit ratio (rounded) in 2021 is: 1 0 53.4% 0 51.9%. 0 50.3% 0 None of these answer choices are correct.
In each of the following equations supply the missing term(s): Bold Missing term. a. Net sales...
In each of the following equations supply the missing term(s): Bold Missing term. a. Net sales = Gross sales - (______________________ + Sales returns and allowances). b. Cost of goods sold = Beginning inventory + Net cost of purchases - ________ ________. c. Gross margin = ________ ________ - Cost of goods sold. d. Income from operations = __________ _________ - Operating expenses. e. Net income = Income from operations + _________ ________ - ________ ________.
ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS Using the data provided, determine each of...
ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS
Using the data provided, determine each of the missing numbers in the following situations: Company A Company B Invoice cost of merchandise purchases........... €160,000 €122,000 Purchase discounts received 2,600 Purchase returns and allowances received ........ 6,000 4,400 Cost of transportation-in ....... 14,000 16,000 Merchandise inventory (beginning of period)... 36,000 Total cost of merchandise purchases ..... 158,000 Merchandise inventory (end of period)........... 30,000 Cost of goods sold... 166,400 136,520 Net sales .................
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns...
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances 1,800 Purchases discounts 1,250 1,590 Freight-in Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.
Using the following information, what is the amount of net sales? What is Cost of Goods...
Using the following information, what is the amount of net sales? What is Cost of Goods Sola? $32,000 $960 5,700 Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and allowances P urchases discounts Merchandise inventory September 30 Sales 6,370 910 63,000 1,200 Freight in 1,040
1 x fe Exercise 2 н Exercise 2 In each case, use the following information to...
1 x fe Exercise 2 н Exercise 2 In each case, use the following information to calculate the missing information: ? 19,200 32,000 384,000 Grosales Sales discounts Sales returns and allowances Net sales Merchandise inventory, January 1 Purchases Purchase discounts Purchase returns and allowances Net purchases Transportation in Net cost of purchases Cost of goods available for sale? Merchandise inventory, December 31 Cost of goods sold Gross margin Care2 640,000 $ ? $ 25,600 19,200 44.800 608,000 1,209,600 $ 256,000...
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods...
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods sold, (c) gross margin from sales, and (d) net income. Freight In $ 400 Merchandise Inventory, Jan.1 30,000 Gross Sales 120,000 Purchase Discounts 600 Advertising Expense 8,000 Purchases 40,000 Merchandise Inventory, Dec.31 10,000 Sales Returns and Allowances 1,000 General and Administrative Expenses 14,000 Net Sales a. ____________________ Cost of Goods Sold b. ____________________ Gross Margin from Sales ...
Fill in the missing amounts. Blue Spruce Corp. Kingbird, Inc. Sales revenue $110,000 $ Sales returns...
Fill in the missing amounts. Blue Spruce Corp. Kingbird, Inc. Sales revenue $110,000 $ Sales returns and allowances 7,000 Net sales 104,000 126,000 Cost of goods sold 67,600 Gross profit 46,620 Operating expenses 16,640 Net income 26,460 eTextbook and Media Calculate the profit margin and the gross profit rate for each company. (Round answers to O decimal places, e.g. 15%.) Blue Spruce Corp. Kingbird, Inc. Profit margin Gross profit rate eTextbook and Media
Two or more items are omitted in each of the following tabulations of income statement data....
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $291,720 $ $406,940 Sales returns and allowances (11,810) (12,120) Net sales 349,189 Beginning inventory 19,560 30,270 Ending inventory Purchases 258,540 296,630 Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (4,560) 7,200 (233,850) (7,710) 9,660 (9,040) 12,630 (294,728) 46,060 90,160 91,140
2021 2020 $305,000 $284, 000 9,000 6,000 $296,000 $278,000 Sales Sales returns and allowances Net sales Cost of goods sold: Inventory, January 1 Net purchases Goods available for sale Inventory, December 31 Cost of goods sold Gross profit 43,000 152,000 195,000 57,000 138,000 $158,000 36,000 146,000 182,000 43,000 139,000 $139,000 ATC's gross profit ratio (rounded) in 2021 is: 1 0 53.4% 0 51.9%. 0 50.3% 0 None of these answer choices are correct.
ANSWER THE FOLLOWING QUESTIONS BY SHOWING ALL THE DETAILS
Using the data provided, determine each of the missing numbers in the following situations: Company A Company B Invoice cost of merchandise purchases........... €160,000 €122,000 Purchase discounts received 2,600 Purchase returns and allowances received ........ 6,000 4,400 Cost of transportation-in ....... 14,000 16,000 Merchandise inventory (beginning of period)... 36,000 Total cost of merchandise purchases ..... 158,000 Merchandise inventory (end of period)........... 30,000 Cost of goods sold... 166,400 136,520 Net sales .................
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances 1,800 Purchases discounts 1,250 1,590 Freight-in Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.
Using the following information, what is the amount of net sales? What is Cost of Goods Sola? $32,000 $960 5,700 Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and allowances P urchases discounts Merchandise inventory September 30 Sales 6,370 910 63,000 1,200 Freight in 1,040
1 x fe Exercise 2 н Exercise 2 In each case, use the following information to calculate the missing information: ? 19,200 32,000 384,000 Grosales Sales discounts Sales returns and allowances Net sales Merchandise inventory, January 1 Purchases Purchase discounts Purchase returns and allowances Net purchases Transportation in Net cost of purchases Cost of goods available for sale? Merchandise inventory, December 31 Cost of goods sold Gross margin Care2 640,000 $ ? $ 25,600 19,200 44.800 608,000 1,209,600 $ 256,000...
Fill in the missing amounts. Blue Spruce Corp. Kingbird, Inc. Sales revenue $110,000 $ Sales returns and allowances 7,000 Net sales 104,000 126,000 Cost of goods sold 67,600 Gross profit 46,620 Operating expenses 16,640 Net income 26,460 eTextbook and Media Calculate the profit margin and the gross profit rate for each company. (Round answers to O decimal places, e.g. 15%.) Blue Spruce Corp. Kingbird, Inc. Profit margin Gross profit rate eTextbook and Media
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $291,720 $ $406,940 Sales returns and allowances (11,810) (12,120) Net sales 349,189 Beginning inventory 19,560 30,270 Ending inventory Purchases 258,540 296,630 Purchase returns and allowances Freight-in Cost of goods sold Gross profit on sales (4,560) 7,200 (233,850) (7,710) 9,660 (9,040) 12,630 (294,728) 46,060 90,160 91,140
Most questions answered within 3 hours.
-
A fast food meal has 5660 kJ of energy. A person uses energy at
a rate...
asked 7 minutes ago -
The pKb for a generic amine(R-NH2)) in
aqueous solution is 6.30. What is its pKa?
asked 9 minutes ago -
The following reactions have the indicated equilibrium constants
at a particular temperature: N2(g) + O2(g) ⇌...
asked 11 minutes ago -
Please Help ASAP.
1Consider the below code which iterates over a linked
list of n nodes...
asked 27 minutes ago -
Determine the air to fuel ratio of:
Canadian natural gas, with 93.9% methane, 4.2% ethane, 0.3%...
asked 28 minutes ago -
A manufacturer of power tools claims that the average amount of
time required to assemble their...
asked 30 minutes ago -
"electron-withdrawing substituents on carbon encourage back
donation", then on the next page he says that "greater...
asked 41 minutes ago -
On December 31, 2016, the shareholders’ equity section of the
balance sheet of R & L...
asked 49 minutes ago -
16.7
At t=0s a small "upward" (positive y) pulse centered at x = 5.0
m is...
asked 1 hour ago -
Twitter Users and News: A poll conducted in 2013 found that 52%
of U.S. adult Twitter...
asked 1 hour ago -
How
would I know whether a given amino acid has an ionizable group or
not? please...
asked 1 hour ago -
True or false?
True False The function of the enzyme acyl CoA
synthetase is the ATP-dependent coupling...
asked 1 hour ago