#24
Tuity Fruity Beverage Company's operating activities for the
year are listed below.
Purchases
$140,300
Operating...
#24
Tuity Fruity Beverage Company's operating activities for the
year are listed below.
Purchases
$140,300
Operating expenses
80,200
Beginning inventory
12,800
Ending inventory
18,300
Sales revenue
300,200
What is the cost of goods sold for the year?
#25
Lie Around Furniture manufactures two products: Futons and
Recliners. The following data are available:
Futons
Recliners
Sales price
$ $530
$ $710
Variable costs
$ $390
$ $415
The company can manufacture either
3
futons per machine hour or
1
recliner(s) per...
Given:
Beginning WIP $ 70,000
Ending WIP $ 10,000
Beginning finished goods $ 80,000
Ending finished...
Given:
Beginning WIP $ 70,000
Ending WIP $ 10,000
Beginning finished goods $ 80,000
Ending finished goods $ 60,000
Adjusted gross profit $ 230,000
Sales revenue $ 500,000
Selling and administrative expenses $ 145,000
Underapplied Overhead $ 70,000
Calculate the cost of goods manufactured.
1.Jackson Manufacturing Company had a beginning inventory of
$30,000. During the year, the company recorded inventory...
1.Jackson Manufacturing Company had a beginning inventory of
$30,000. During the year, the company recorded inventory purchases
of $90,000 and cost of goods sold of $100,000. The ending inventory
must equal:
a.$54,000.
b.$52,000.
c.$20,000.
d.$50,000.
2.Assuming the perpetual inventory system is used, which of the
following statements about the multistep income statement is
correct?
a.Contra-revenue accounts increase Other Expenses.
b.Sales discounts affect the calculation of Gross Profit.
c.Sales discounts are a Selling, General, and Administrative
Expense.
d.Contra-accounts affect the Cost...
Balance Sheet
2016
2015
2014
Cash
50,000
45000
40,000
Accounts receivable
80,000
70000
60,000
Inventories
180,000...
Balance Sheet
2016
2015
2014
Cash
50,000
45000
40,000
Accounts receivable
80,000
70000
60,000
Inventories
180,000
145000
110,000
Plant & equipment
300,000
280000
260,000
Less accumulated depreciation
-40,000
-30000
-20,000
Total assets
570,000
510000
450,000
Accounts payable
100,000
125000
150,000
Accrued liabilities
70,000
60000
50,000
Mortgage payable
80,000
40000
60,000
Common stock
130,000
110000
90,000
Retained earnings
190,000
175000
160,000
Total liabilities and equity
570,000
510000
450,000
Income Statement
2014
2015
2016
Net Sales
680,000
600,000
640000
Cost of goods...
13.If sales are $100,000, fixed expenses are $30,000, and
variable expenses are $57,000, then the contribution...
13.If sales are $100,000, fixed expenses are $30,000, and
variable expenses are $57,000, then the contribution margin must
be:
14. If the cost of goods sold is $95,000, beginning merchandise
inventory is $8,000, and merchandise purchases are $110,000, then
the ending merchandise inventory must be:
15. If sales are $100,000, selling and administrative expenses
are $29,500, and the gross margin is $40,000, then the net
operating income must be:
The income statement of Sheffield Company is shown below.
SHEFFIELD COMPANY INCOME STATEMENT FOR THE YEAR...
The income statement of Sheffield Company is shown below.
SHEFFIELD COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31,
2017 Sales revenue $7,430,000 Cost of goods sold Beginning
inventory $2,090,000 Purchases 4,770,000 Goods available for sale
6,860,000 Ending inventory 1,440,000 Cost of goods sold 5,420,000
Gross profit 2,010,000 Operating expenses Selling expenses 440,000
Administrative expenses 690,000 1,130,000 Net income $880,000
Additional information: 1. Accounts receivable decreased $350,000
during the year. 2. Prepaid expenses increased $150,000 during the
year. 3. Accounts...
P13-3A Prepare the
operating activities section - indirect method
The income statement of
Whitlock Company is...
P13-3A Prepare the
operating activities section - indirect method
The income statement of
Whitlock Company is presented here.
WHITLOCK COMPANY
Income Statement
For the Year Ended November 30, 2015
Sales revenue
$7,700,000
Cost of goods sold
Beginning inventory
$1,900,000
Purchases
4,400,000
Goods available for sale
6,300,000
Ending inventory
1,400,000
Total cost of goods sold
4,900,000
Gross profit
2,800,000
Operating expenses
1,150,000
Net income
1,650,000
Additional information:
1.
Accounts receivable increased $200,000 during the
year, and inventory...
Haywood Inc. reported the following information for 2019:
Beginning inventory $25,000
Ending inventory 50,000
Sales revenue...
Haywood Inc. reported the following information for 2019:
Beginning inventory $25,000
Ending inventory 50,000
Sales revenue 1,000,000
Cost of goods sales 620,000
A physical count of inventory at the end of the year showed that
ending inventory was actually $65,000
Required:
1. What is the correct cost of goods sold and gross profit for
2019?
2. Assuming the error was not corrected, what is the effect on
the balance sheet at December 31, 2019? At December 31, 2020?
QUESTION 27
Here are some items that appear on an income statement.
Operating expenses $2,300 Income...
QUESTION 27
Here are some items that appear on an income statement.
Operating expenses $2,300 Income taxes $650
Net other (other revenues and gains netted
against other expenses and losses) $800
If the gross profit was $3,000, how much is net income on a
multi-step income statement?
$850
$50
$2,350
$(750)
QUESTION 28
Entity A reported the following items on its balance sheet at
the end of the current year. All accounts are listed.
Cash $45,000
Accounts payable 80,000
Property,...
Q9. The income statement of Jeter Company includes the items
listed below:
Sales  
Q9. The income statement of Jeter Company includes the items
listed below:
Sales
$915,000
Gross
profit
320,000
Beginning
inventory
80,000
Sales
discounts
10,000
Purchase
discounts
15,000
Sales returns and
allowances
5,000
Purchase returns and
allowances
8,000
Freight-in
10,000
Operating
expenses
300,000
Purchases
540,000
Compute the ending inventory.
$25,000
$27,000
$29,000
$30,000
10. The Marie Daughters, Inc.
started and ended the year with unearned revenue account balances
of $500,000 and $415,000....