5:31 Done FM 1 CHAPTER 3 EXERCISES Illustration: 3 From the following particulars of AVS LLC., for the year 2002 and 2003, you are required to prepare a comparative Income Statement : Statement of Profit and Loss Account Particulars 2002 2003 RO. RO. Net Sales 4,000 5,000 Less : Cost of Goods Sold 3,000 3.750 Gross Profit Less : Operating Expenses Ofice & Administrative Expenses 250 Selling & Distribution Expenses 225 300 Total Operating Expenses 425 550 Net Profit 575 700 Solution:

5:31 Done FM 1 CHAPTER 3 EXERCISES Illustration: 3 From the following particulars of AVS LLC., for the year 2002 and 2003, you are required to prepare a comparative Income Statement : Statement of Profit and Loss Account Particulars 2002 2003 RO. RO. Net Sales 4,000 5,000 Less : Cost of Goods Sold 3,000 3.750 Gross Profit Less : Operating Expenses Ofice & Administrative Expenses 250 Selling & Distribution Expenses 225 300 Total Operating Expenses 425 550 Net Profit 575 700 Solution:

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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E6-21 Analyzing Gross Profit Percentage on the Basis of a Multi-step Income Statement [LO6-5] The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31: Administrative Expense $ 19,000 Cost of Goods Sold 165,000 Income Tax Expense 17,600 Sales Returns and Allowances 7,000 Selling Expense 40,200 Sales of merchandise for cash 240,000 Sales of merchandise on credit 42,000 Required:1. Based on these data, prepare a multi-step income statement for internal reporting purposes. 2-a. What was the amount of gross profit? 2-b. What was the gross profit percentage? 2-c. Which of the following(s) is true? (Select all that apply.) E6-21 Analyzing Gross Profit Percentage on the Basis of a Multi-step Income Statement [LO6-5] The following summarized data were provided by the records of Mystery Incorporated for the year ended December 31:…
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Illustration: 3 From the following particulars of AVS LLC., for the year 2002 and 2003, you are required to prepare a comparative Income Statement : Statement of Profit and Loss Account Particulars 2002 2003 RO. RO. Net Sales 4,000 5,000 Less : Cost of Goods Sold 3,000 3,750 Gross Profit 1,000 1,000 Less : Operating Expenses : Office & Administrative Expenses 200 250 Selling & Distribution Expenses 225 300 Total Operating Expenses 425 550 Net Profit 575 700 Solution:
K The following information relates to Fantastic Clothing, Inc. Net Sales Revenue Cost of Goods Sold Interest Expense Operating Expenses Calculate the net income. OA. $260,700 OB. $265,000 O C. $315,700 OD. $320,000 $550,000 230,000 4,300 55,000
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