Baskin-Robbins is one of the world's largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso 'n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2024. $12,800 Salaries expense Inventory (July 1, 2024) Sales returns Utilities expense Income tax expense 1,850 1,100 3,150 5,100 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2024) $65,300 2,400 28,250 5,800 400 1,100 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2024. 2-a. Calculate the inventory turnover ratio for the month of July. 2-b. Would you expect this ratio to be higher or lower in December 2024? 3. Calculate the gross profit ratio for the month of July.

Baskin-Robbins is one of the world's largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso 'n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2024. $12,800 Salaries expense Inventory (July 1, 2024) Sales returns Utilities expense Income tax expense 1,850 1,100 3,150 5,100 Sales revenue Interest income Cost of goods sold Rent expense Interest expense Inventory (July 31, 2024) $65,300 2,400 28,250 5,800 400 1,100 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2024. 2-a. Calculate the inventory turnover ratio for the month of July. 2-b. Would you expect this ratio to be higher or lower in December 2024? 3. Calculate the gross profit ratio for the month of July.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 6EB: Monster Drinks sells twenty-four cases of beverages on October 18 for $120 per case. On October 25,...

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[The following information applies to the questions displayed below.]Baskin-Robbins is one of the world’s largest specialty ice cream shops. The company offers dozens of different flavors, from Very Berry Strawberry to lowfat Espresso ’n Cream. Assume that a local Baskin-Robbins in Raleigh, North Carolina, has the following amounts for the month of July 2021. Salaries expense $ 13,100 Sales revenue $ 66,800 Inventory (July 1, 2021) 2,000 Interest income 2,700 Sales returns 1,100 Cost of goods sold 28,400 Utilities expense 3,300 Rent expense 6,100 Income tax expense 5,400 Interest expense 400 Inventory (July 31, 2021) 1,100 Required: 1. Prepare a multiple-step income statement for the month ended July 31, 2021.
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