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.$371,000$397000$384.000$387.000

Net Sales = Gross Sales - Sales Discount - Sales returns and allowances.Gross sales: 400,000Sales…

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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Hoyt Company provides this information for the month of November, 2022: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. Salarles and Wages Expense Less Sales Discounts Sales Returns and Allowances Net Sales HOYT COMPANY Income Statement (Partial) November 30, 2022 $ 2,000 i 9,000 i $ $ 240,000 11,000 i 229,000
Computing the gross profit percentage Crazy Cookies earned net sales revenue of $66,000,000 in 2018. Cost of goods sold was 539,600,000, and net income reached 57,000,000, the company’s highest ever. Compute the company’s gross profit percentage for 2018.
This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning inventory $ 106,000 $318,500 $ 410,000 Ending inventory 318,500 410,000 470,000 Cost of goods sold 894,000 1,127,500 1,292,500 Net sales 1,206,500 1,608,500 1,907,500 (a1) > (a2) (a3) Calculate gross profit rate for Kingbird, Inc. for 2017, 2018, and 2019. (Round ansv 2017 2018 2019 Gross profit rate V.
Sales revenue Cost of goods sold Gross profit Expenses Pretax income Income tax expense (30%) Net income 2016 $2,033,000 1,487,000 2017 $2,451,000 2018 $2,717,000 2019 $2,994,000 1,617,000 1,768,000 2,093,000 546,000 834,000 949,000 901,000 488,000 494,000 522,000 532,000 58,000 340,000 427,000 369,000 17,400 102,000 128,100 110,700 $40,600 $238,000 $298,900 $258,300 An audit revealed that in determining these amounts, the ending inventory for 2017 was overstated by $19,000. The company uses a periodic inventory system. 2. Compute the gross profit percentage for each year before the correction and after the correction. Note: Round your answers to the nearest whole percent. 2016 2017 2018 2019 Before correction % % % % After correction % % % %
Calculate: ROCE Net profit margin and Average payable days for 2018 and 2019
Calculate the accounts receivable period, accounts payable period, inventory period, and cash conversion cycle for the following firm: Income statement data: Sales 5,000 Cost of goods sold 4,200 Balance Sheet Data: Beginning of Year End of Year Inventory 500 600 Accounts Receivable 100 120 Accounts Payable 250 290
A company reports the following sales-related information. Sales, gross Sales discounts $ 265,000 Sales returns and allowances 5,300 Sales salaries expense $ 16,000 11,300 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
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Presented below is selected information for Bramble Company for the month of March 2022. Cost of goods sold $194, 510 Rent expense $32, 720 Freight - out 7,150 Sales discounts 8, 000 Insurance expense 5, 680 Sales returns and allowances 12, 000 Salaries and wages expense 57, 060 Sales revenue 387,000 complete a multistep income statement
Manero Company included the following information in its annual report: 2018 2017 Sales Cost of goods sold Operating expenses Net income $188,400 115,000 50,000 23,400 $162,500 102,500 50,000 10,000 2016 $150,500 100,000 45,000 5,500 In a common size income statement for 2017, the cost of goods sold are expressed as OA. 115.0% OB. 61.0% OC. 100.0% O D. 63.7%
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 23,800 $ 18,600 Sales returns and allowances 1,000 100 Net sales $ 22,800 $ 18,500 Cost of merchandise (goods) sold 10,800 7,200 Gross profit $ 12,000 $ 11,300 Operating expenses: Depreciation $ 1,180 $ 840 Selling and administrative 5,800 4,400 Research 1,030 740 Miscellaneous 840 540 Total operating expenses $ 8,850 $ 6,520 Income before interest and taxes $ 3,150 $ 4,780 Interest expense 1,040 740 Income before taxes $ 2,110 $ 4,040 Provision for taxes 844 1,616 Net income $ 1,266 $ 2,424 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $…

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