30 Company XYZ showed the following additional information regarding merchandising activities for 2020:3132 Invoice cost of merchandise purchases33 Purchase discounts34 Purchase returns and allowances35 Transportation - in361. Use the additional information to calculate the total cost of merchandise purchases38 2. Prepare'a 2020 classified multi-step income statement for internal use. (Use the example in your text book)=9 3. Present a single step income statement for 2020. (Use the example in the textbook)4. Calculate the gross profit ratio for Company XYZ, round to 2 decimal places.137,0002,6003,2003,950371 ВEH.1Use the following adjusted trial balance and additional information to complete the requirements:Company XYZAdjusted Trial BalanceDecember 31, 20204.19,20051,0006.CashMerchandise InventoryStore SuppliesEquipment10 Accumulated depreciation, equipmentAccounts payableSalaries payableClaire Smith, Capital78.9506.43,50015,4008,9501,20068,00011121314Claire Smith, Withdrawals7,00015Interest Income40016Sales326,000Sales Discounts6,1004,000150,0003,8501,60028,30029,80013,50027,0005,7501718Sales Returns and Allowances19Cost of Goods Sold20 Depreciation expense, store equipment21 Depreciation expense, office equipment22 Sales salaries expenseOffice salaries expense2324Insurance expenseRent expense (70% is store, 30% is office)Store supplies expense27 Advertising expense252628,400419,95028Totals419,95029

An income statement is the one that is prepared by the company as a part of a financial statement by…

1. Use the additional information to calculate the total cost of merchandise purchases 2. Prepare a 2020 classified multi-step income statement for internal use. (Use the example in your text book) 3. Present a single step income statement for 2020. (Use the example in the textboolk) 4. Calculate the gross profit ratio for Company XYZ, round to 2 decimal places.

1. Use the additional information to calculate the total cost of merchandise purchases 2. Prepare a 2020 classified multi-step income statement for internal use. (Use the example in your text book) 3. Present a single step income statement for 2020. (Use the example in the textboolk) 4. Calculate the gross profit ratio for Company XYZ, round to 2 decimal places.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

UMET's Stores had the following inventory transactions in 2020: Transaction Units Cost per unit 1/1 Balance 50 $6 2/14 Sale 25 5/23 Purchase 100 8 8/21 Sale 50 11/5 Purchase 25 12 11/18 Sale 95 Required: Compute tge cost of goods sold and the ending inventory using the periodic inventory system for each of the following cost flow assumptions: a. FIFO b. LIFO c. Weighted average
The following are the transactions for the month of July. Units Unit Cost Unit Selling Price July 1 Beginning Inventory 55 $ 10 July 13 Purchase 275 11 July 25 Sold (100 ) $ 14 July 31 Ending Inventory 230 Calculate cost of goods available for sale and ending inventory, then sales, cost of goods sold, and gross profit, under FIFO. Assume a periodic inventory system is used. How would i creat a FIFO periodic table?
vs
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…
Katelyn is the Purchasing Manager at Polo Industries, Inc. She asked you to help her determine what the Ending Balance for Inventory and the Cost of Goods Sold total would be using the three (3) valuation methods: (a) LIFO (last in first out), (b) FIFO (first in first out), and Weighted Average. The purchase information is below: O-Matic Inventory Purchase Saturday, June 6, 2020 Sunday, June 14, 2020 Thursday, June 18, 2020 Tuesday, June 30, 2020 Items Cost per Item 107 85.10 158 79.50 87 %24 95.00 24 93 445 92.40 Katelyn told you that 300 items were sold and 145 remained in inventory. (c) Calculate the valuations using Weighted Average (2 answers required). Round to the nearest 2 decimal places. HTML Editor B IUA-囚、1三三=E x I 12pt Paragraph
Please help me with required 1 and 2.
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
Partial income statements for Sherwood Company summarized for a four-year period show the following: 2018 2019 2020 2021 $ 2,300,000 1,472,000 $ 2,700,000 1,701,000 $ 2,800,000 1,820,000 $ 3,300,000 2,112,000 Net Sales Cost of Goods Sold Gross Profit $ 828,000 $ 999,000 $ 980,000 $ 1,188,000 An audit revealed that in determining these amounts, the ending inventory for 2019 was overstated by $21,200. The inventory balance on December 31, 2020, was accurately stated. The company uses a periodic inventory system. Required: 1. Restate the partial income statements to reflect the correct amounts, after fixing the inventory error. 2-a. Compute the gross profit percentage for each year (a) before the correction and (b) after the correction. 2-b. Do the results lend confidence to your corrected amounts?
You have the following information for Bramble Inc. for the month ended June 30, 2022. Bramble uses a periodic inventory system. Date Description Quantity Unit Cost orSelling Price June 1 Beginning inventory 40 $31 June 4 Purchase 135 34 June 10 Sale 110 61 June 11 Sale return 15 61 June 18 Purchase 55 37 June 18 Purchase return 10 37 June 25 Sale 65 67 June 28 Purchase 35 41
Problem Hans Inc. is a merchandising company that resells equestrian saddles. The company's inventory data is as follows: Cost of Goods Available for Sale Jan. 1 Beginning Balance 2 units @ $200 $400 Jan. 5 Purchase 3 units @ $400 = $1,200 4 units @ $500 $2,000 Jan. 20 Purchase Retail Sales of Goods Jan. 15 Sales 3 units @ $900 = $2,700 Jan. 31 Sales 2 units @ $1,000 = $1,800 Assume Hans Inc. uses a perpetual inventory system. For the January 15th sale, the units sold consisted of 2 units from January 5th purchase and 1 unit from January 1st inventory balance. For the January 31st sale, the units sold consisted of 1 unit from the January 1st inventory balance and 1 unit from the January 20th purchase.
Subject - account Please help me. Thankyou.