Question

Problem 5-06A (Video) At the end of Novak Department Store’s fiscal year on November 30, 2020,...

Problem 5-06A (Video)

At the end of Novak Department Store’s fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance.

Freight-In $7,700
Inventory 38,300
Purchases 569,700
Purchase Discounts 6,500
Purchase Returns and Allowances 3,000
Sales Revenue 1,042,000
Sales Returns and Allowances 19,400


Additional facts:

1. Merchandise inventory on November 30, 2020, is $51,900.
2. Novak Department Store uses a periodic system.


Prepare an income statement through gross profit for the year ended November 30, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Income Statement :

Revenue
Sales revenue 1042000
Less: Sales Returns and Allowances -19400
Net Sales 1022600
Cost of goods sold
Beginning inventory 38300
Purchase 569700
Less: Purchase discount -6500
Less:
Purchase Returns and Allowances
-3000
Net Purchase 560200
Add: Freight in 7700
Cost of purchase 567900
Cost of goods available for sale 606200
Less: Ending inventory -51900
Cost of goods sold -554300
Gross profit 468300
0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Emile Kokott, a former disc golf star, operates Emile’s Discorama, SA uses a periodic inventory system....
Emile Kokott, a former disc golf star, operates Emile’s Discorama, SA uses a periodic inventory system. At the beginning of the current season on November 1, the ledger of Emile’s Discorama showed Cash $21,850, Inventory $42,150, and Share Capital—Ordinary $44,000. At the end of fiscal year November 30, 2019, these accounts appeared in its adjusted trial balance. Purchases                        $585,000 Purchase Discounts                    5,100 Purchase Returns and Allowances           ...
To prepare the store’s financial statements at June 30, 2017, you obtain the following data. Cost...
To prepare the store’s financial statements at June 30, 2017, you obtain the following data. Cost Selling Price Inventory, January 1 $32,700 $41,600 Markdowns 11,400 Markups 8,700 Markdown cancellations 6,500 Markup cancellations 3,400 Purchases 99,228 152,600 Sales revenue 153,200 Purchase returns 2,700 3,700 Sales returns and allowances 8,300 Without prejudice to your solution to part (a), assume that you computed the June 30, 2017, inventory to be $54,000 at retail and the ratio of cost to retail to be 78.61%....
As of January 1, 2020, Bramble Inc. adopted the retail method of accounting for its merchandise...
As of January 1, 2020, Bramble Inc. adopted the retail method of accounting for its merchandise inventory. To prepare the store’s financial statements at June 30, 2020, you obtain the following data. Cost Selling Price Inventory, January 1 $33,000 $42,800 Markdowns 9,800 Markups 9,800 Markdown cancellations 6,000 Markup cancellations 3,200 Purchases 96,328 152,400 Sales revenue 151,900 Purchase returns 2,800 4,100 Sales returns and allowances 7,700 Compute Bramble’s June 30, 2020, inventory under the conventional retail method of accounting for inventories....
In its income statement for the year ended December 31, 2020, Novak Company reported the following...
In its income statement for the year ended December 31, 2020, Novak Company reported the following condensed data. Operating expenses $731,780 Interest revenue $30,980 Cost of goods sold 1,303,500 Loss on disposal of plant assets 18,110 Interest expense 74,730 Net sales 2,413,600 Other comprehensive loss 8,200 Prepare a single-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) NOVAK COMPANY Income Statement December 31, 2020For the Month Ended December 31,...
Presented below is information for Concord Company for the month of March 2020. Cost of goods...
Presented below is information for Concord Company for the month of March 2020. Cost of goods sold $221,920 Rent expense $33,370 Freight-out 6,410 Sales discounts 8,470 Insurance expense 5,440 Sales returns and allowances 12,520 Salaries and wages expense 55,970 Sales revenue 390,680 Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) CONCORD COMPANY Income Statement March 31, 2020For the Month Ended March 31, 2020For the Year Ended...
Problem 5-4A (Part Level Submission) Wolford Department Store is located in midtown Metropolis. During the past...
Problem 5-4A (Part Level Submission) Wolford Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company’s fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance. Accounts Payable $ 38,592 Accounts Receivable 24,768 Accumulated Depreciation—Equipment 97,920 Cash 11,520 Common Stock 50,400 Cost of Goods Sold 884,592 Freight-Out 8,928 Equipment 226,080 Depreciation...
Exercise 5-11 (Part Level Submission) An alphabetical list of Blossoms Company's adjusted accounts at its fiscal...
Exercise 5-11 (Part Level Submission) An alphabetical list of Blossoms Company's adjusted accounts at its fiscal year end, August 31, 2017, follows. All accounts have normal balances. Accounts payable $15,500 Notes payable $42,000 Accumulated depreciation—equipment 14,000 Prepaid insurance 575 Accumulated depreciation—furniture 17,500 R. Smistad, capital 65,750 Cash 25,450 R. Smistad, drawings 70,000 Cost of goods sold 271,500 Rent expense 24,000 Depreciation expense 7,000 Salaries expense 50,000 Equipment 35,000 Salaries payable 2,250 Furniture 42,000 Sales 465,000 Insurance expense 3,575 Sales returns...
Problem 5-4A Wolford Department Store is located in midtown Metropolis. During the past several years, net...
Problem 5-4A Wolford Department Store is located in midtown Metropolis. During the past several years, net income has been declining because suburban shopping centers have been attracting business away from city areas. At the end of the company’s fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance. Accounts Payable $ 34,840 Accounts Receivable 22,360 Accumulated Depreciation—Equipment 88,400 Cash 10,400 Common Stock 45,500 Cost of Goods Sold 798,590 Freight-Out 8,060 Equipment 204,100 Depreciation Expense 17,550 Dividends...
Exercise 5-09 a-b (Part Level Submission) Presented below is information for Kaila Company for the month...
Exercise 5-09 a-b (Part Level Submission) Presented below is information for Kaila Company for the month of March 2020. Cost of goods sold $215,000 Rent expense $30,000 Freight-out 7,000 Sales discounts 8,000 Insurance expense 6,000 Sales returns and allowances 13,000 Salaries and wages expense 58,000 Sales revenue 380,000 (a) Your answer is correct. Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).) KAILA COMPANY Income Statement For...
Problem 7-2A a-c (Video) The management of Shatner Manufacturing Company is trying to decide whether to...
Problem 7-2A a-c (Video) The management of Shatner Manufacturing Company is trying to decide whether to continue manufacturing a part or to buy it from an outside supplier. The part, called CISCO, is a component of the company’s finished product. The following information was collected from the accounting records and production data for the year ending December 31, 2020. 1. 7,900 units of CISCO were produced in the Machining Department. 2. Variable manufacturing costs applicable to the production of each...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT