6. The following is the adjusted trial balance data for Nino's Pizzeria as of December 31,2019.NINO'S PIZZERIAAdjusted Trial BalanceYear Ended December 31, 2019DebitCreditCash$ 775,984Accounts Receivable45,688BuildingsMerchandise InventoryAccounts Payable200,460135,624$437,880Common Stock410,542Sales555,696Interest Revenue84,652Rent Revenue86,900Sales Salaries ExpenseOffice Supplies Expense24,5006,270Sales Discounts102,890Interest Expense4,577Sales Returns and Allowances105,854122,853Cost of goods soldRent ExpenseDepreciation Expense: Office EquipmentInsurance Expense20,00010,5552,780Advertising Expense17,635Totals$1,575,670$1,575,670A. Use the data provided to compute net sales for 2019.B. Compute the gross margin for 2019.C. Compute the gross profit margin ratio (rounded to nearest hundredth).D. Prepare a simple income statement for the year ended December 31, 2019.E. Prepare a multi-step income statement for the year ended December 31, 2019.||

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6. The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019. NINO'S PIZZERIA Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $ 775,984 Accounts Receivable 45,688 Buildings Merchandise Inventory Accounts Payable 200,460 135,624 $437,880 Common Stock 410,542 Sales 555,696 84,652 86,900 Interest Revenue Rent Revenue Sales Salaries Expense Office Supplies Expense 24,500 6,270 Sales Discounts 102,890 Interest Expense 4,577 Sales Returns and Allowances 105,854 Cost of goods sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense 122,853 20,000 10,555 2,780 17,635 Totals $1,575,670 $1,575,670 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth).

6. The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019. NINO'S PIZZERIA Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $ 775,984 Accounts Receivable 45,688 Buildings Merchandise Inventory Accounts Payable 200,460 135,624 $437,880 Common Stock 410,542 Sales 555,696 84,652 86,900 Interest Revenue Rent Revenue Sales Salaries Expense Office Supplies Expense 24,500 6,270 Sales Discounts 102,890 Interest Expense 4,577 Sales Returns and Allowances 105,854 Cost of goods sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense 122,853 20,000 10,555 2,780 17,635 Totals $1,575,670 $1,575,670 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth).

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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