Mohammed Hamed Al-Waili is presentingWADHHA SUWAIBAO MOHAMMED AL HAR.0)20and 17 moreYoufIA | Untitled - PaintFileHomeViewX Cut試CropWODOGA- Outline .000000 - F -Le CopyORestzePasteSelectr CelorColor1BrushesColorEditcolorsSizeEdit withA Rotate2.Paint 30ClipboardImageToolsShapesColorsCOGS ( cost of Goods Sold )Opening Stock + Purchases + Direct expenses - Closing StockISales - COGS- Gross Profit - IDE + IDR = Net Profit%3DGross Profit = Sales - COGSNet Profit = Gross Profit - IDE + IDRmeet.google..com is sharing your screenStop sharingHide100% -Q 1379 x 647px2:16 PM+ 1006, 85pxAID 40 ENG06/04/2021Type here to searchTurn on microphone (ctrl + d)ccMohammed Hamed Al-WailiTurn on captionsis presentingRaise hand101 Section3 ^

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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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Please answer the two questions attached
Assuming that Merchandise business use simple step income statement. Which of the following will be correct result of Net Income by the business? a. Total expenses will be divided by Total revenue b. Total revenue will be multiplied by cost of goods sold c. Total Expenses will be deducted from Total Revenue d. Total Revenue will be deducted from Total expenses
Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position. a. How much is the total net revenue? b. How much is the total net profit from the operation? c. How much is the total gross profit? d. How much is ?the total cost of goods sold
The following transactions pertain to Year 1, the first-year operations of Walton Company. All inventory was started and completed during Year 1. Assume that all transactions are cash transactions. 1. Acquired $4,700 cash by issuing common stock. 2. Paid $670 for materials used to produce inventory. 3. Paid $1,950 to production workers. 4. Paid $1,475 rental fee for production equipment. 5. Paid $100 to administrative employees. 6. Paid $112 rental fee for administrative office equipment. 7. Produced 390 units of inventory of which 250 units were sold at a price of $13 each. Required Prepare an income statement and a balance sheet in accordance with GAAP. Complete this question by entering your answer in the tabs below. Income Statement Balance Sheet Prepare an income statement. (Do not round your intermediate calculations.) WALTON COMPANY Income Statement for Year 11 $ Sales revenue Cost of goods sold Gross margin Administrative expense Net income $ $ 3,250 2,000 1,250 212 1,038…
Gross profit is A) Cost of goods sold + Opening stock B) Sales cost of goods sold C) Sales Purchases D) Net profit expenses
Please help me
Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Units 3,000 3,000 $ $ 3,000 $ FIFO Inventory Costing Method LIFO 3,000 3,000 3,000 3,000 0 0 0 0 0 0 0 Weighted Average $ $ 0 0 0 0 0
I
2) Sea Travel sells motor boats. One of Sea Travel's most popular models is the Wing. During the current year, Sea Travel purchased 24 Wings at the following costs. Total cost Unit Cost $7000 $7100 $7250 Purchase Date Units Purchased May 2 May 20 May 25 $28,000 14,200 4 8 58000 June 5 10 $7300 73000 24 $173,200 On May 28, Sea Travel sold 11 Wings to the jack Sport racing team. Compute a) the cost of goods sold on May 28 and b) The ending inventory of Wing boats at June 5, using the following cost flow assumptions: c) Prepare journal entries to record the cost of the 11 wings sold on May 28, assuming that the company uses the:
Merchandise Inventory becomes part of Cost of Goods Sold when an entity sells the inventory pays the inventory purchases the inventory receives the payment from customer
Multiple choice
Stanley's inventory turnover ratio is?

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Clipboard Image Tools Shapes COGS ( cost of Goods Sold )= Opening Stock + Purchases + Direct expenses - Closing Stock I Sales - COGS- Gross Profit - IDE + IDR - Net Profit Gross Profit= Sales - COGS Net Profit = Gross Profit - IDE + IDR