CA company had sales revenue of $950,000 for the year. In addition, the following information is available related to the cost of the units sold:Total purchase costFreight chargesPurchase discounts.Purchase returnsOperating expenses.What amount would the company report as gross profit?O $285,000O $485,000O $420,000O $535,000O None of the aboveClick Save and Submit to save and submit. Click Save All Answers to save all answers.!1F1AN@2*F2WS#380F3$4DaF4E RFF%5IF5teX x I c I_→>>>>TMacBook Air^6GGF6B&7KH$ 480,00010,00025,00050,000200,000F7* 00U8NDIIF8--9F9K QUESTION 2At December 31, Gill Company reported accounts receivable of $300,000 and an allowance for uncollectible accounts of $1,300 (debit) beforeadjustment. An analysis of accounts receivable suggests that the allowance for uncollectible accounts should be 3% of accounts receivable. The amountof the adjusting entry for uncollectible accounts would be:O $1,300.O $10,300.O $9,000.O $7,700.None of the above

Income statement is a financial statement that shows the profitability, total revenue and total…

Answered: A company had sales revenue of $950,000…

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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Information pertaining to the inventory of Palette Company follows. LIFO Selling Replacement Cost Price Cost Category: Supreme Item A $5,600 $6,400 $4,800 Item B 7,200 7,200 7,680 Item C 17,600 17,600 16,800 Category: Classic Item X 28,800 28,800 30,400 Item Y 35,200 42,400 41,600 Item Z 56,000 48,000 52,800 The company has a normal profit margin of 20% of selling price and has no additional costs to complete or sell the items. What is the lower-of-cost-or-market value of the company's inventory applying the rule to (a) each individual item and (b) to each inventory category? Select one: a. Inventory item: $147,200; Inventory Category: $147,200 b. Inventory item: $150,400; Inventory Category: $150,400 c. Inventory item: $143,520; Inventory Category: $150,400 d. Inventory item: $141,120; Inventory Category: $147,520
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Cherokee Incorporated is a merchandiser that provided the following information Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: . Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 12,000 $ 17 $ 1 $ 3 $ 19,000 $ 15,000 $ 11,000 $ 24,000 $ 86,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses: 0
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Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 11,000 $ 16 $ 1 $ 3 $ 21,000 $ 15,000 $ 10,000 $ 24,000 $ 87,000 Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses:
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Please present your solution in good accounting form. Thank you! 1.) What is the inventory value of the units unsold in the hands ofthe consignee?A. 150,000 C. 154,500B. 153,000 D. 157,500 2.) What is the profit of the consignor for the units sold?A. 24,000 C. 27,000B. 26,000 D. 70,000
Cherokee Incorporated is a merchandiser that provided the following information: Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Amount 12,000 $ 16 $2 $2 $ 19,000 $ 15,000 $ 10,000 $ 25,000 $ 88,000
2. The following data are given on the only one product of Glory Co. 2020 2021Sales volume 3,000. 2,600Unit Selling price. P 8.00. P 11.00Unit cost. 5.00 9.00 Prepare the gross profit statement and analyze the variation in gross profit

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