A company reported the following data for the year ending 2018:DescriptionAmountSales$400,000Sales discount$16,000Sales returns and allowances$13,000Cost of goods sold$117,000Operating expense$153,000Income tax expense$23,750Compute the amount of net sales to be reported on the income statement.$384,000$387.000$371.000$397.000Reset AnswerAxF1F2JF3DIIF4#FS%DELLF6包&

Formula:Net Sales = Gross Sales−(Sales Returns and Allowances + Sales Discount) Gross Sales:…

Answered: A company reported the following data…

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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Use the following to answer questions 34 – 39 ST reports the following income statement results: $700,000 221,575 Sales Operating expense Net income 48,800 Sales returns & allowances 25,000 Gross profit 282,825 Interest expense 250 34. $ Calculate Net sales: 35. Calculate Cost of Goods Sold Calculate operating 36. income 37. $ Calculate Income before Income tax (IBT) %. Calculate the gross profit 38. margin (one decimal place) %. Calculate the net profit margin (one 39. decimal place)
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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 20,400 $ 16,050 Sales returns and allowances 900 100 Net sales $ 19,500 $ 15,950 Cost of merchandise (goods) sold 11,650 8,650 Gross profit $ 7,850 $ 7,300 Operating expenses: Depreciation $ 840 $ 670 Selling and administrative 3,250 2,700 Research 690 570 Miscellaneous 500 370 Total operating expenses $ 5,280 $ 4,310 Income before interest and taxes $ 2,570 $ 2,990 Interest expense 700 570 Income before taxes $ 1,870 $ 2,420 Provision for taxes 748 968 Net income $ 1,122 $ 1,452 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 12,700 $…
The following information in the table is available for Huge Corporation in 2018. Huge’s cost of goods sold for 2018 is Sales $ 1,500,000 Beginning Inventory $ 360,000 Ending Inventory $ 190,000 Purchase $ 430,000 a. $400,000 b. $600,000 c. $690,000 d. $880,000
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 22,800 $ 17,850 Sales returns and allowances 900 100 Net sales $ 21,900 $ 17,750 Cost of merchandise (goods) sold 11,050 7,700 Gross profit $ 10,850 $ 10,050 Operating expenses: Depreciation $ 1,080 $ 790 Selling and administrative 5,050 3,900 Research 930 690 Miscellaneous 740 490 Total operating expenses $ 7,800 $ 5,870 Income before interest and taxes $ 3,050 $ 4,180 Interest expense 940 690 Income before taxes $ 2,110 $ 3,490 Provision for taxes 844 1,396 Net income $ 1,266 $ 2,094 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 11,800…
View Policies Current Attempt in Progress A company has the following balances: Sales revenue $312.000: Sales Returns and Allowances $2.000: Sales Discounts $4,000: Cost of Goods Sold $184,000: Operating Expenses $84,000. Assume there are no other revenues, other expenses, or income tax expense. How much is the profit margin? O 16.0% O 12.2% O 12.4% O 41.0 % eTextbook and Media Hint 4 ! Save for Later Using multiple attempts will impact your score 10% soore reduction after attempt 1 Attempts; unlimited Submit Answer
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 21,400 $ 16,800 Sales returns and allowances 1,000 100 Net sales $ 20,400 $ 16,700 Cost of merchandise (goods) sold 11,400 8,400 Gross profit $ 9,000 $ 8,300 Operating expenses: Depreciation $ 940 $ 720 Selling and administrative 4,000 3,200 Research 790 620 Miscellaneous 600 420 Total operating expenses $ 6,330 $ 4,960 Income before interest and taxes $ 2,670 $ 3,340 Interest expense 800 620 Income before taxes $ 1,870 $ 2,720 Provision for taxes 748 1,088 Net income $ 1,122 $ 1,632 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 13,200…
Use the following to answer questions 6 – 7 MC, Inc., reported the following amounts at the end of the year: Total sales $888,000 Accounts receivable Sales allowances 60,000 3,500 Allowance for Uncollectible accounts 1,400 Sales discounts 18,000 9,000 Sales returns Determine total contra revenues for $ the company 6. 7. $ Determine net sales for the company
Data table Valley Source Foods Income Statement (Partial) Year Ended December 31, 2025 $ Net Sales Revenue Cost of Goods Sold Gross Profit $ 116,000 53,000 63,000 - X

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