* 00 V R 23 Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z. Enter net loss with a minus sign. Company X Company Y Company Z Net income/(net loss) $85 $ $(20) Sales 1,340 920 Gross profit 275 515 Operating expenses 06 Cost of goods sold 340 780 > MacBook Pro V %24 ) 4. P %3D K. 7. N M >

* 00 V R 23 Complete the following data taken from the condensed income statements for merchandising Companies X, Y, and Z. Enter net loss with a minus sign. Company X Company Y Company Z Net income/(net loss) $85 $ $(20) Sales 1,340 920 Gross profit 275 515 Operating expenses 06 Cost of goods sold 340 780 > MacBook Pro V %24 ) 4. P %3D K. 7. N M >

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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Chapter 9 - Merchandising Business: End of Period Adjustments and Completion of the Accounting Cycle E9-8 Sales Gross Profit Beginning Inventory Net Purchases Cost of goods sold Sales ret & allow Ending inventory Net sales E9-9 1 Required: Solve for the missing items in the partial income statements given below: 3 Sales 2 126,000 356 2009 100,000 5,000 6,000 80,000 70,000 80,000 90,000 70,000 6,000 Sales Net returns 2010 120,000 65,000 117,000 264,800 2011 150,000 44,000 Required: Determine the missing amounts. 120,000 85,000 144,000 2012 160,000 39,000 85,000 100,000 Beg Net Ending Sales Inventory Purchases Inventory 80,000 24,000 130,000 150,000 48,000 145,000 46,500 38,000 2013 167,000 62,800 186,200 18,000 75,000 165,000 135,000 Gross Cost of Goods Profit Sold (Loss) 18,000 ||
FILE Paste Clipboard A1 Ba G 7 HOME r Calibri B Account Titles Cash 4 READY IU V INSERT Accounts Receivable Inventory Prepaid Rent 6 9 Equipment 10 Accumulated Depreciation 11 Accounts Payable 12 Unearned Fees 13 Long-term Notes Payable 14 J. Noodle, Capital Y Font 15 Sales Revenue 16 Sales Returns and Allowances 17 Sales Discounts 18 Cost of Goods Sold 19 Salaries and Wages Expense 20 Depreciation Expense 21 Rent Expense 22 11 Merchandising operations and the multi-step income statement - Excel PAGE LAYOUT DATA VIEW A C 1 Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial balance 2 s for the year ended December 31, 20x1. 3 4 15 www A A Py FORMULAS E % Alignment Number Debits Conditional Format as Cell Formatting Table Styles- Styles ut fix Noodles Unlimited, Inc. sells swimming pool toys. The following adjusted trial 537,500 28,600 43,300 2,000 69,000 4,700 6,000 67,700 25,900 13,800 24,000 Credits Interest Expense 23 Loss on Sale of Equipment 24 Totals 25…
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22 Calculate the missing amounts. a b d e Net sales Cost of goods sold Gross profit from sales Operating expenses Profit (loss) $ 208,800 $ 165,000 $ 73,800 41,600 303,000 205,600 108,200 75,200 91,600 93,000 106,000 (31,000) (5,900) 57,000 (28,400)
MERCHANDISING TRANSACTIONS
Question 7
pvn.4 The following information pertains to inventory for a company:March 1Beginning inventory = 32 units @ $5.60March 3Purchased 21 units @ 4.30March 9Sold 29 units @ 8.10What is the cost of goods sold, assuming the company uses LIFO? (Do not round your intermediate calculations. Round your answer to the nearest dollar amount.)
porat Complete the following data taken from the condensed income statements for merchandising Companies A, B, and C. Condensed Income Statement Company A Company B Company C Net income $370 $ $220 Sales 900 530 Gross profit 410 310 Operating expenses 80 Cost of goods sold 640 365 Previous