Demolish Co. uses the “cost recovery method” (traditional accounting based on old US GAAP). The records of Demolish Co. show the following information:   20x1 20x2 sales 10,000 15,000 cost of sales 8,000 9,000 cash collection:     -from 20x1 sales 7,000 3,000 -from 20x2 sales   12,000 How much is the gross profit recognized by Demolish in 20x2

Q: Using Carrot Corp. What is the Average collection period for year 2?   a. 20 days b. 22.50 days c.…

A: The average collection period is calculated by dividing 360 days by the account receivable turnover…

Q: 1. Prepare Income Statement 2. Prepare schedule for net sales

A: Income statement is a component of financial reports which shows the operational results of a…

Q: Provide correct solution

A: Answer : LIFOFIFONet Income$14,700$21,000Calculation : LIFOFIFOSales$86,000$86,000Less : Cost of…

Q: Income statement in $ Sales COGS Gross profit 300000 Operating expenses 200000 EBIT Interest…

A: The cost of goods sold is the cost of producing or acquiring the goods sold during the year. Direct…

Q: Question: 1) Determine the profit/loss figure from the information given below: Sales : $90 000 cost…

A: Profit or loss is the differential between an organization's revenue and all other income, as well…

Q: Sales Sales Revenue Less : Sales Returns and Allowances Sales Discounts Net Sales Cost of Goods Sold…

A: Gross profit from the trading account is taken to the credit side of this account along with other…

Q: Calculate net profit from the following? Net sales OMR 100000, Cost of goods sold OMR 40000, Rent…

A: Gross profit = sales - cost of goods sold = 100000 - 40000 = OMR 60000

Q: Please provide correct solution

A: Step 1: Introduction to the Net IncomeNet income shows the ultimate profit made by the company from…

Q: ASG Corporation has the following data in their accounting böoks Sales - P1,000,000 Cost of Sales -…

A: Accounts receivable and cash are balance sheet items and they are not required while computing net…

Q: Below you see the income statement, where the items are incorrectly mixed. You are required to fill…

A: Net profit means the difference between the income and expenses. Financial statement means the…

Q: Use the following information to answer this question. Windswept, Incorporated 2022 Income Statement…

A: Days sales in receivable is calculated by dividing number of days in a year by account  receivable…

Q: Calculate the value of the EBT.

A: An income statement is s financial statement that is prepared to know the amounts of income earned…

Q: The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance…

A: Accounting Equation:- It is the equation where total assets are equal to the sum of total…

Q: 1. Sales Less: Cost of Sales 2. GROSS PROFIT Add: Other Income Consultation Service Revenue Gain on…

A: Cash flow statement :— It is one of the financial statement that shows change in cash & cash…

Q: Need Help

A: Gross Profit=Sales Revenues−Cost of Goods Sold.Given:Sales Revenues = $450,000.Cost of Goods Sold =…

Q: Calculate net profit from the following? Net sales OMR 50000, Cost of goods sold OMR 20000, Rent…

A: Net profit is the amount remain after payment of all expenses.it can be calculated         Net…

Q: The Simmons Corporation's income statement is given below. SIMMONS CORPORATION Sales Cost of goods…

A: The times interest earned ratio is a measure of a company's ability to meet its interest…

Q: The Weymire Corporation provides you with the following information for the year ended 12/3120:…

A: Cash Flow A/c

Q: Presented below is information for Novak Depot for 2022. Interest expense   $35,500   Operating…

A: Answer: Single-step Income Statement

Q: need answers thank you.

A: The question is based on the concept of Financial Accounting.

Q: Jackson, Inc. has the following information is available: Cost of goods sold $148500 Dividend…

A: Multiple income statements are prepared to segregate the income and expenses into different…

Q: repare a corrected income statement, including the appropriate per share disclosures. (R JAL

A: In income statement it shows the company's revenues, expenses and profit/loss at a given time…

Q: Extract of Balance sheet items as at 31 December 2020 OR Equipment 20000 Goodwill 4500 Creditors…

A: It is the equation where total assets are equal to the sum of total liabilities and total…

Q: Alpha limited has the following events for the current year . Revenues $10,000 Cost of goods sold…

A: Net profit means the difference of total revenues and total expenses of the business. It means how…

Q: $175,000 $2,800 $297,000 $42,000 $7,400 $10,000 Cost of goods sold: Investment income: Net sales:…

A: Retained earnings = Net income- Dividends Gross Profit= Sales- COGS

Q: 7)Refemng to the following table, what is Net sales revemue? $460,000 Sales revenue Cost of goods…

A: Formula: Net sales revenue = Sales revenue - sales discounts - sales returns and allowances

Q: Crane Company operates a small factory in which it manufactures two products: A and B. Production…

A: Calculation of Fixed Costs : Fixed Costs = No. of units of Product A and B * Fixed cost per unit=…

Q: I need help correct solution for correct answer

A: Step 1: Introduction to the Gross Profit Margin:The gross profit margin is the ratio of the…

Q: ASG Corporation has the following data in their accounting books Sales-P1,000,000 Cost of…

A: Introduction: Income statement: All revenues and expenses are to be shown in Income statement. It…

Q: None

A: Step 1: Introduction to the Selling ExpensesSelling expenses are period costs that are necessary to…

Q: Below you see the income statement, where the items are incorrectly mixed. You are required to fill…

A: The profit of an organization is categorized into various types. This helps the organization in the…

Q: WHAT IS THE COST OF SALES?

A: Cost of sales in the business means all costs that are directly incurred for the manufacturing of…

Q: If sales are OMR 90,000, cost of sales is OMR 65,000, selling expenses are OMR 30,000 and…

A: Gross profit = Sales - cost of sales = OMR 90,000 - OMR 65,000 = OMR 25,000

Q: XYZ company provided the following information: Sales $30,000 3,000 Accounts payable Selling…

A: Gross profit is the income earned by a company after covering the cost of goods sold from the sales…

Q: 2. From the following data, calculate (a) Gross profit ratio (b) Net profit ratio. RO 300,000 RO…

A: Gross Profit Ratio: It is the relationship between the gross profit and net sales Net Profit Ratio:…

Q: For Mortenson Company, the following information is available: Cost of goods sold P  60,000; Sales…

A: Income statement of a company  shows its gross profit or gross loss and net profit or net loss.…

Q: Use the following information for Ingersoll, Incorporated (assume the tax rate is 25 percent): Sales…

A: Cash flows refer to the movement of money into or out of a business, investment, or individual's…

Q: Reconciliation of Broadway's cash to be received to its net profit: The cash amount to be received…

A: The reconciliation of the cash balance is sometimes made by the company in order to get the actual…

Q: following account balances: Sales - P120,000; Cost of goods sold - P60,00O; Salary expense P10,000;…

A: The income before tax is calculated as income before deduction of any income tax on the income.

Q: Calculate the net profit from the following? Net sales OMR 100000, Cost of goods sold OMR 40000,…

A: Net sales = OMR 100000 COGS = OMR 40000 Rent received = OMR 20000 Salaries = OMR 10000 Insurance =…

Q: The following are information for XYZ Company: • Gross sales - P3,000,000 Items returned by…

A: Transportation cost does not reduce sales becuase these are operating expenses.

Q: a. Fill in the missing numbers in the following income statement: Note: Do not round intermediate…

A: In this question, we are required to calculate the EBIT, taxes, Net Income, Operating Cash Flow, and…