21. Financial information is presented below:
Operating expenses
$ 55000
Sales returns and allowances
3000
Sales...
21. Financial information is presented below:
Operating expenses
$ 55000
Sales returns and allowances
3000
Sales discounts
9000
Sales revenue
200000
Cost of goods sold
87000
The profit margin would be
0.54.
0.24.
0.48.
23.Assume Pina Colada Corp. uses the periodic inventory system
and has a beginning inventory balance of $5800, purchases of
$65000, and sales of $112000. Pina closes its records once a year
on December 31. In the accounting records, the inventory account
would be expected to have...
Jan Supplies Inc. had the following account balances at December
31, 2021:
Sales returns and allowances...
Jan Supplies Inc. had the following account balances at December
31, 2021:
Sales returns and allowances
$9,775
Payments to suppliers on account
48,363
Travel and entertainment expense
3,545
Contributions by owners
16,000
Dividends, paid in cash
10,000
Sales revenue
154,400
Cost of goods sold
81,597
Insurance expense
3,500
Office supplies expense
2,260
Deferred revenue
12,350
Advertising expense
10,507
Repairs and maintenance expense
6,745
Cash received from debt
12,000
Collections from customers on account
51,318
Freight expense
6,050
Income tax expense...
1. Purchases, $96; Gross Sales, $176; Sales Returns and
Allowances, $15; Sales Discounts, $24; Operating Expenses,...
1. Purchases, $96; Gross Sales, $176; Sales Returns and
Allowances, $15; Sales Discounts, $24; Operating Expenses,
$55; Net Sales, $137; Freight-In, $9; Beginning Inventory,
$18; EndingInventory, $8; Net Purchases, $62; Cost of Goods
Sold, $ 81
a. The gross profit is __
(Use parentheses or a minus sign to show a net loss.)
b. The net income or net loss is __
2.
Jack's Online Service on April 30 has the following account
balances:
Sales
$27,000
Sales Returns and Allowances...
Newark Company has provided the following information:
Cash sales, $540,000
Credit sales, $1,440,000
Selling and administrative...
Newark Company has provided the following information:
Cash sales, $540,000
Credit sales, $1,440,000
Selling and administrative expenses, $420,000
Sales returns and allowances, $99,000
Gross profit, $1,450,000
Increase in accounts receivable, $64,000
Bad debt expense, $42,000
Sales discounts, $52,000
Net income, $1,030,000
How much are Newark's net sales?
Multiple Choice
$1,829,000.
$1,787,000.
$1,916,000.
$1,980,000.
The following information is available for Shamrock Corp. for
the year ended December 31, 2022. Other...
The following information is available for Shamrock Corp. for
the year ended December 31, 2022. Other revenues and gains $21,400
Other expenses and losses 3,000 Cost of goods sold 279,000 Sales
discounts 3,000 Sales revenue 745,000 Operating expenses 209,000
Sales returns and allowances 8,800 Prepare a multiple-step income
statement for Shamrock Corp. The company has a tax rate of 25%.
The following information is available for Splish Brothers Corp.
for the year ended December 31, 2022....
The following information is available for Splish Brothers Corp.
for the year ended December 31, 2022.
Other revenues and gains
$23,600
Other expenses and losses
4,000
Cost of goods sold
291,000
Sales discounts
4,800
Sales revenue
759,000
Operating expenses
220,000
Sales returns and allowances
10,600
Prepare a multiple-step income statement for Splish Brothers Corp.
The company has a tax rate of 25%.
Account Name Debit Credit
Sales $200,000
Sales Returns & Allowances $10,000
Purchases 88,000
Purchase Returns and...
Account Name Debit Credit
Sales $200,000
Sales Returns & Allowances $10,000
Purchases 88,000
Purchase Returns and Allowances 18,000
Freight In 12,000
Selling Expenses 80,000
The year-end physical inventory counts were: Beginning $15,000,
Ending $10,000. Net Income is:
a) $23,000
b) $47,000
c) $103,000
d) $33,000
e) $28,000