Practice - Income statement - Questions

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explain the image provided the Accounts receivable turn over, days to collect, Inventory turnover,Days to sell, accounts payable turnover,days to pay and give recommendation

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d 1 5 rint GLO401 (Algo) - Based on Problem 4-1A LO P1, P2 erences Prepare journal entries to record the following merchandising transactions of Turner's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Griffin.) Graw July 1 Purchased merchandise from Griffin Company for $10,400 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. July 2 Sold merchandise to Wilson Company for $3,100 under credit terms of 2/10, n/60, FOB shipping point, invoice dated July 2. The merchandise had cost $1,860. July 3 Paid $1,005 cash for freight charges on the purchase of July 1. July 8 Sold merchandise that had cost $3,700 for $6,100 cash. July 9 Purchased merchandise from Lee Company for $4,400 under credit terms of 2/15, n/60, FOB destination, invoice dated July 9. July 11 Returned $900 of merchandise purchased on July 9 from Lee Company and…

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Activity 2 Directions: Compute the uncollectible account expense using the percent of accounts receivable method. The following information needed in the computation of uncollectible accounts expense for March 2021 is available for Parkland Enterprises: Sales Cash Sales Accounts Receivable-ending 200,000.00 50,000.00 5,000.00 Assume that the company decided that five percent (5%) of accounts receivable are deemed uncollectible.

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Number 4

Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $116,600   Gerri Faber, Drawing $69,800 Accounts Receivable 311,000   Sales 4,216,400 Merchandise Inventory 354,500   Cost of Merchandise Sold 2,470,900 Estimated Returns Inventory 14,000   Sales Salaries Expense 694,800 Office Supplies 11,000   Advertising Expense 191,100 Prepaid Insurance 8,500   Depreciation Expense—Store Equipment 37,200 Office Equipment 256,700   Miscellaneous Selling Expense 16,300 Accumulated Depreciation—Office Equipment 174,400   Office Salaries Expense 379,300 Store Equipment 801,200   Rent Expense 56,000 Accumulated Depreciation—Store Equipment 256,700   Insurance Expense 17,400 Accounts Payable 177,600   Depreciation Expense—Office Equipment 28,000 Customer Refunds Payable 28,000   Office Supplies Expense 10,300 Salaries Payable…

Question Content Area Based on the following data for the current year, what is the number of days' sales in receivables (rounded to one decimal place)? Assume 365 days a year. Sales on account during year $591,010 Cost of merchandise sold during year 158,044 Accounts receivable, beginning of year 44,597 Accounts receivable, end of year 46,544 Merchandise inventory, beginning of year 92,783 Merchandise inventory, end of year 119,254

Question Completion Status: The following select account data is taken from the records of Reese Industries for 2019. Sales Merchandise inventory sales discounts interest expense Sales return and allowances Interest revenue Cost of goods sold Rent expense Depreciation expense: office equipment Insurance expense Advertising expense Accounts receivable Office supplies expense rent revenue sales salaries expense accounts payable common stock Marketing expense 640,363 582,620 58,040 3,677 90,232 10,232 224,598 15,080 3,200 2,450 12,906 100,440 1,600 23,622 30,410 135,404 59,419 31,000 1. Use the data provided to compute net sales for 2019. 2. Prepare a simple income statement for the year ended December 31, 2019. 3.Compute the gross margin for 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).

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Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $119,700   Gerri Faber, Drawing $71,600 Accounts Receivable 319,000   Sales 4,325,900 Merchandise Inventory 363,700   Cost of Merchandise Sold 2,535,000 Estimated Returns Inventory 14,350   Sales Salaries Expense 712,900 Office Supplies 11,300   Advertising Expense 196,000 Prepaid Insurance 8,700   Depreciation Expense—Store Equipment 38,200 Office Equipment 263,300   Miscellaneous Selling Expense 16,700 Accumulated Depreciation—Office Equipment 178,900   Office Salaries Expense 389,200 Store Equipment 822,000   Rent Expense 57,500 Accumulated Depreciation—Store Equipment 263,300   Insurance Expense 17,800 Accounts Payable 182,200   Depreciation Expense—Office Equipment 28,700 Customer Refunds Payable 28,700   Office Supplies Expense 10,500 Salaries Payable…

Multiple-Step Income Statement and Report Form of Balance Sheet The following selected accounts and their current balances appear in the ledger of Kanpur Co. for the fiscal year ended June 30, 2019: Cash $119,700   Gerri Faber, Drawing $71,600 Accounts Receivable 319,000   Sales 4,325,900 Merchandise Inventory 363,700   Cost of Merchandise Sold 2,535,000 Estimated Returns Inventory 14,350   Sales Salaries Expense 712,900 Office Supplies 11,300   Advertising Expense 196,000 Prepaid Insurance 8,700   Depreciation Expense—Store Equipment 38,200 Office Equipment 263,300   Miscellaneous Selling Expense 16,700 Accumulated Depreciation—Office Equipment 178,900   Office Salaries Expense 389,200 Store Equipment 822,000   Rent Expense 57,500 Accumulated Depreciation—Store Equipment 263,300   Insurance Expense 17,800 Accounts Payable 182,200   Depreciation Expense—Office Equipment 28,700 Customer Refunds Payable 28,700   Office Supplies Expense 10,500 Salaries Payable…