Homework Answers
| 1- | 2015 | 2016 | 2017 | |
| cost of goods sold | ||||
| beginning balance of inventory | 13000 | 11300 | 14700 | |
| Add purchases | 146000 | 145000 | 129000 | |
| total of goods available for sale | 159000 | 156300 | 143700 | |
| less year end balance in inventory | 11300 | 14700 | 12200 | |
| cost of goods sold | 147700 | 141600 | 131500 | |
| 2- | ||||
| sales | 239000 | 237000 | 235000 | |
| less cost of goods sold | 147700 | 141600 | 131500 | |
| gross profit | 91300 | 95400 | 103500 | |
| 3- | ||||
| beginning balance | 20000 | 31000 | 15000 | |
| add purchases | 146000 | 145000 | 129000 | |
| total value of accounts payable during the year | 166000 | 176000 | 144000 | |
| less payment made to supplier | 135000 | 161000 | 127000 | |
| year end value of accounts payable | 31000 | 15000 | 17000 | |
| 4- | ||||
| Gross profit ratio = gross profit/sales | 38.20% | 40.25% | 44.04% | |
| Gross profit shows the relationship between gross profit and value of sales. A decline in sales does not mean gross profit will also decline as there may be more decline in cost of goods sold due to which decline in value of gross profit would be less than decline in sales thus gross profit ratio will increase |
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0.00 DJ Revenue Sales Returns and Allowances Additional facts: 1. Merchandise inventory on December 31, 2017,...
Alana Inc. operates a retail operation that purchases and sells home entertainment products
Alana Inc. operates a retail operation that purchases and sells home entertainment products. The company purchases all merchandise inventory on credit and uses a periodic inventory system. The Accounts Payable account is used for recording inventory purchases only; all other current liabilities are accrued in separate accounts. You are provided with the following selected information for the fiscal years 2017 through 2020, inclusive. Calculate missing amounts and assess profitability. Instructions a. Calculate the missing amounts. b. Sales declined over the 3-year fiscal period, 2018-2020....
Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014)....
Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014). 2,180 units at $36; purchases, 7,830 units at $38; expenses (excluding income taxes) $193,500; ending inventory per physical count at December 31, 2015, 1730; sales, 8,280 units; sales price per unit, $78; and average income tax rate, 32 percent. 2. value: 10.00 points Required 1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods....
Martha's Beauty Products Ltd. reported the figures below at December 31, 2017, 2016, and 2015. The...
Martha's Beauty Products Ltd. reported the figures below at December 31, 2017, 2016, and 2015. The business has declared bankruptcy. You have been asked to review the business and explain why it failed. (Click the icon to view financial information.) Requirement Evaluate the trend of Martha's Beauty Products's results of operations during 2015 through 2017. Consider the trends of sales, gross profit, and net income. Track the gross profit percentage (to three decimal places) and the rate of inventory turnover...
PRACTICE PROBLEM - PERIODIC Adjustment Data: For the Year Ended December 31, 2014 1) A physical merchandise inventory t...
PRACTICE PROBLEM - PERIODIC Adjustment Data: For the Year Ended December 31, 2014 1) A physical merchandise inventory taken on December 31 amounted to $8,000 2) Accrued Salesman Salary, $7,000 3) The store machinery purchased has an estimated useful life of 5 years 4) Unusued office supplies at year end $3,000. Required a) Prepare Worksheet as of December 31, 2014 - Place accounts in Financial Statement Order d) Prepare All Financial Statements (Income Statement, Capital Statement, Balance Sheet) e) Prepare...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable; $285,000; Accounts receivable, $300,000, Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
2. The following balances were reported by Mack Co. at December 31, 2017 and 2016: Inventory Accounts Payable 12/31...
2. The following balances were reported by Mack Co. at December 31, 2017 and 2016: Inventory Accounts Payable 12/31/17 $120,000 40,000 12/31/16 $160,000 25,000 Mack Co. paid vendors $240,000 during the year ended December 31, 2017. What amount should Mack Co. report for cost of goods sold in 2017? $185,000 $215,000 $265,000 $240,000 $295,000 The CQ Company uses the periodic method for inventory. All sales and purchases are on credit. How does CQ account for a return of merchandise to...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fis...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable, $285,000, Accounts receivable. $300,000. Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
Solve the Average Merchandise Inventory and Inventory Turnover for 2017, 2018, and 2019. 2018 $ 2017...
Solve the Average Merchandise Inventory and Inventory Turnover
for 2017, 2018, and 2019.
2018 $ 2017 $ $ 214,000 166,000 177,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale $ $ 26,000 140,000 $ 31,000 106,000 47,000 92,000 166,000 35,000 137,000 26,000 139,000 31,000 Less: Ending Merchandise Inventory Cost of Goods Sold 131,000 111,000 108,000 Gross Profit Operating Expenses 83,000 57,000 26,000 55,000 30,000 25,000 69,000 30,000 39,000...
Joanne Products Ltd. reported the figures below at December 31, 2017, 2016, and 2015.The business has...
Joanne Products Ltd. reported the figures below at December 31,
2017, 2016, and 2015.The business has declared bankruptcy. You
have been asked to review the business and explain why it
failed.
Requirement EVALLA hatred of Kannas Realty Productos results of operations during 2015 through 2017. Consider the tranda of rare, grees prodit, and net income. Track the grass profit percentage to the cecinAI PACAR) And the rate clinerary tumar tocne deciA SACAI Asch year 2015 2016 and 2017. 4 ,...
2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant...
2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 28,394 $ 33,515 $ 79,066 56,943 102,454 72,989 9,654 8,712 252,845 234,576 $ 471,813 $ 406,735 $ 32,898 44,302 45,771 3,582 205,747 332,300 $ 115, 132 $ 66,676 $ 43,425 91,362 92,614 72,704 163,500...
Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014). 2,180 units at $36; purchases, 7,830 units at $38; expenses (excluding income taxes) $193,500; ending inventory per physical count at December 31, 2015, 1730; sales, 8,280 units; sales price per unit, $78; and average income tax rate, 32 percent. 2. value: 10.00 points Required 1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods....
Martha's Beauty Products Ltd. reported the figures below at December 31, 2017, 2016, and 2015. The business has declared bankruptcy. You have been asked to review the business and explain why it failed. (Click the icon to view financial information.) Requirement Evaluate the trend of Martha's Beauty Products's results of operations during 2015 through 2017. Consider the trends of sales, gross profit, and net income. Track the gross profit percentage (to three decimal places) and the rate of inventory turnover...
PRACTICE PROBLEM - PERIODIC Adjustment Data: For the Year Ended December 31, 2014 1) A physical merchandise inventory taken on December 31 amounted to $8,000 2) Accrued Salesman Salary, $7,000 3) The store machinery purchased has an estimated useful life of 5 years 4) Unusued office supplies at year end $3,000. Required a) Prepare Worksheet as of December 31, 2014 - Place accounts in Financial Statement Order d) Prepare All Financial Statements (Income Statement, Capital Statement, Balance Sheet) e) Prepare...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, Its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable; $285,000; Accounts receivable, $300,000, Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
2. The following balances were reported by Mack Co. at December 31, 2017 and 2016: Inventory Accounts Payable 12/31/17 $120,000 40,000 12/31/16 $160,000 25,000 Mack Co. paid vendors $240,000 during the year ended December 31, 2017. What amount should Mack Co. report for cost of goods sold in 2017? $185,000 $215,000 $265,000 $240,000 $295,000 The CQ Company uses the periodic method for inventory. All sales and purchases are on credit. How does CQ account for a return of merchandise to...
Capwell Corporation uses a periodic inventory system. The company's ending inventory on December 31, 2018, its fiscal-year end, based on a physical count, was determined to be $341,000. Capwell's unadjusted trial balance also showed the following account balances Purchases, $770,000, Accounts payable, $285,000, Accounts receivable. $300,000. Sales revenue, $950,000 The internal audit department discovered the following items 1. Goods valued at $47,000 held on consignment from Dix Company were included in the physical count but not recorded as a purchase....
Solve the Average Merchandise Inventory and Inventory Turnover
for 2017, 2018, and 2019.
2018 $ 2017 $ $ 214,000 166,000 177,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Net Cost of Purchases Cost of Goods Available for Sale $ $ 26,000 140,000 $ 31,000 106,000 47,000 92,000 166,000 35,000 137,000 26,000 139,000 31,000 Less: Ending Merchandise Inventory Cost of Goods Sold 131,000 111,000 108,000 Gross Profit Operating Expenses 83,000 57,000 26,000 55,000 30,000 25,000 69,000 30,000 39,000...
Joanne Products Ltd. reported the figures below at December 31,
2017, 2016, and 2015.The business has declared bankruptcy. You
have been asked to review the business and explain why it
failed.
Requirement EVALLA hatred of Kannas Realty Productos results of operations during 2015 through 2017. Consider the tranda of rare, grees prodit, and net income. Track the grass profit percentage to the cecinAI PACAR) And the rate clinerary tumar tocne deciA SACAI Asch year 2015 2016 and 2017. 4 ,...
2017 2016 2015 At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings Total liabilities and equity $ 28,394 $ 33,515 $ 79,066 56,943 102,454 72,989 9,654 8,712 252,845 234,576 $ 471,813 $ 406,735 $ 32,898 44,302 45,771 3,582 205,747 332,300 $ 115, 132 $ 66,676 $ 43,425 91,362 92,614 72,704 163,500...
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