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...
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...
Assume Sheffield Company has the following reported amounts:
Sales revenue $510,000, Sales returns and allowances $26,000,...
Assume Sheffield Company has the following reported amounts:
Sales revenue $510,000, Sales returns and allowances $26,000, Cost
of goods sold $331,500, and Operating expenses $82,000. Compute the
following:
A) Net Sales
B)Gross Profit
C)income from operations
d)Gross profit rate
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...
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.
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
Calculate the missing amounts, and place your answers in the
spaces provided
Sales $95,000
Sales Returns...
Calculate the missing amounts, and place your answers in the
spaces provided
Sales $95,000
Sales Returns and Allowances
?-----------------------------------------
Sales Discounts 5,000
Net Sales 80,000
Beginning Inventory 72,000
Purchases ? --------------------------------------
Purchase Returns and Allowances 7,000
Purchase Discounts 2,000
Freight-in 8,000
Net Purchased 65,000
Goods Available for Sale ?
---------------------------------------
Ending Inventory ?---------------------------------------
Cost of Goods Sold 60,000
Gross Margin 20,000
Operating Expenses ?
----------------------------------------
Net Income $5,000
SHOW WORK.