1. Fill in the blanks (a. - d.) of the following income statement.Jason's Furniture GalleryIncome StatementDecember 31, 2021Sales RevenuesCost of Goods SoldGross Profitge 1 of 4Operating ExpensesSelling expensesAdministrative expensesTotal Operating ExpensesEarnings Before TaxesIncome TaxesNet IncomeThis problem is not related to the above problem1 30°FClearSales-Cost of goods sold= Gross profitOperating expenses=Earnings Before TaxesIncome Taxes (50%)Net income307 words2. Fill in the missing amounts in all of the blanks on the four income statements.mText Predictions: On$(b)a.$50,00034,00016,0009,0003,500b.60,000Accessibility: Investigate$80,00050,00040,00020,000C.$75,00010,00015,00015,000(a)$(c)$(d)--▬▬▬▬ Q Searchd.$455,000$210,000165,00021,000$100,00040,00060,00020,000I

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1. Fill in the blanks (a. - d.) of the following income statement. Jason's Furniture Gallery Income Statement December 31, 2021 Sales Revenues Cost of Goods Sold Gross Profit Operating Expenses Selling expenses Administrative expenses Total Operating Expenses Earnings Before Taxes Income Taxes Net Income This problem is not related to the above problem Sales Cost of goods sold =Gross profit Operating expenses Earnings Before Taxes Income Taxes (50%) Net income $(b) 2. Fill in the missing amounts in all of the blanks on the four income statements. a. $50,000 34,000 16,000 9,000 3,500 60,000 b. $80,000 50,000 40,000 20,000 C. $75,000 10,000 $(c) $(d) 15,000 15,000 d. $455,000 $210,000 165,000 21,000 $100,000 40,000 60,000 20,000 н I

1. Fill in the blanks (a. - d.) of the following income statement. Jason's Furniture Gallery Income Statement December 31, 2021 Sales Revenues Cost of Goods Sold Gross Profit Operating Expenses Selling expenses Administrative expenses Total Operating Expenses Earnings Before Taxes Income Taxes Net Income This problem is not related to the above problem Sales Cost of goods sold =Gross profit Operating expenses Earnings Before Taxes Income Taxes (50%) Net income $(b) 2. Fill in the missing amounts in all of the blanks on the four income statements. a. $50,000 34,000 16,000 9,000 3,500 60,000 b. $80,000 50,000 40,000 20,000 C. $75,000 10,000 $(c) $(d) 15,000 15,000 d. $455,000 $210,000 165,000 21,000 $100,000 40,000 60,000 20,000 н I

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following income statement items are given in mixed order and with certain information missing. Gross sales Selling Expenses Cost of Goods Sold ? ? Net Sales Sales Returns & Allowances Net Income ? ? $750 400 Interest expense Gross Margin Income from Operations General & Administrative Expenses 250 1.800 200 240 Required: By calculating the missing information, prepare the Multi-step Income Statement in proper format
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The following financial statement information for Peal Company as for the year 2021: Required Fill the missing amounts. (Hint: There are 6 missing amounts) Note: Write only the final amount. Do not show your calculation. Peal Company Income Statement For the year ended 2021 Net Sales $20,000 -1- Cost of goods sold Gross profit 10,500 Operating expenses -2- Selling expenses General and administrative 2,800 expense S Total operating expenses Income from operations Other expenses Interest expense Net income Moving to another question will save this response. 7,300 3,200 1,200 $2,000 Peal Company Statement of Owner's equity For 2021 $4,000 6,000 2,000 -3- 8,000 Capital, Beginning balance Add Investment Net income Less: Drawings Capital, Ending balance LG Assets Cash Prepaid rent Office Furniture Computer Equipment Total Assets $35,000 10,000 10,000 5,000 $60,000 Peal Company Balance Sheet As of Dec 31, 2021 Liabilities and Equity Notes Payable -6- Owner's equity Owner's capital -5- Total…
Debit $ 3,580 31,400 1,715 Credit Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen Woodstock, withdrawals Rental revenue 645 3,960 57,615 $ 6,750 13,100 6,550 4, 000 52, 000 31, 500 14,600 501,520 Sales Sales returns and allowances 2,915 5,190 331, 315 Sales discounts Purchases 2,140 4,725 Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense Insurance expense Depreciation expense, office equipment 3,690 34,710 24,080 6,400 27,630 13,000 Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies…
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Help me only with question b) Financial statements: Income Statement For the Month Ended October 31, 2021 Revenue Sales 5,600 Less: Cost of Goods Sold Purchases Less: Purchase Return Inventory, October 31, 2021 5,400 (250) (320) (4,830) Gross Profit 770 Rent Revenue 800 Total Revenue 1,570 Expenses: Repairs Expense Wages Expense Rent Expense 110 820 850 (1,780) Net Income (Loss) (210) Statement of Financial Position October 31, 2021 ASSETS Current Assets Cash Cash in Bank Accounts Receivable Inventory, October 31, 2021 Total Current Assets 7,340 8,030 150 320 15,840 Non-Current Assets Office Equipment Flat Car Total Non-Current Assets 2,700 45,000 12,000 59,700 TOTAL ASSETS 75,540 TOTAL LIABILITIES AND OWNER'S EQUITY Liabilities: Accounts Payable…
Part 2 of 7 Luxe Mobile Homes reported the following in its financial statements for the year ended December 31, 2024: (Click the icon to view the financial statements) Read the requirements. Data table Requirement 1. Compute the collections from customers. Collections from customers are $ 24,444 Requirement 2. Compute payments for merchandise inventory. Payments for merchandise inventory are Help me solve this Income Statement Net Sales Revenue Cost of Goods Sold Depreciation Expense Other Operating Expenses Income Tax Expense Net Income Balance Sheet Cash $ Accounts Receivable Merchandise Inventory Property, Plant, and Equipment, net Accounts Payable Accrued Liabilities Long-term Liabilities Common Stock, no par Retained Earnings Demodocs example Get more help - Copyright Print O ☐ 2024 $ 24,623 $ 18,097 269 4,411 535 1,311 S 795 3,487 4,341 1,546 935 483 676 5,005 2023 HW X 21,674 15.458 233 4,283 488 1,212 19 616 2,840 3,424 1,362 467 3,778 Done on Education Inc. All rights 3 hp
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