Question

The following is a listing of some of the balance sheet accounts and all of the...

The following is a listing of some of the balance sheet accounts and all of the income statement accounts for Aldine Inc. as they appear on the company’s adjusted trial balance.

Accounts Payable $10,000
Accounts Receivable 11,000
Inventory 20,000
Advertising Expense 12,000
Cost of Goods Sold 89,000
Delivery Expense 6,000
Income Tax Expense 2,000
Insurance Expense 1,000
Rent Expense 12,000
Sales Revenue 160,000
Sales Discounts 11,000
Sales Returns & Allowances 19,000

2.

Required information

Use the information above to answer the following question. Gross profit would be:

$37,000.

$71,000.

$35,000.

$41,000.

3.

Required information

Use the information above to answer the following question. Income from operations would be:

$6,000.

$11,000.

$10,000.

$12,000.

4.

Required information

Use the information above to answer the following question. Net income would be:

$9,000.

$8,000.

$10,000.

$14,000.

5.

Required information

Use the information above to answer the following question. The gross profit percentage would be closest to:

25.6%.

55.6%.

31.5%.

68.5%.

Homework Answers

Answer #1

2) Gross profit = Net sales-Cost of goods sold

Net sales = 160000-11000-19000 = 130000

Gross profit = 130000-89000 = 41000

so answer is d) $41000

3) Income from operation = Gross profit-Advertising expense-delivery expense-insurance expense-Rent expense

                                          = 41000-12000-6000-1000-12000

Income from operation = 10000

so answer is c) $10,000

4) Net income = Income from operation -income tax

                       = 10000-2000

Net income = 8000

so answer is b) $8000

5) Gross profit percentage = 41000*100/130000 = 31.5%

so answer is c) 31.5%

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