Find the Cost of goods sold,gross profit on sales, operating expenses and income taxes, net income current year trendpercentage onlyTrend percentages:Sales (net)Solved Case 2A partial list of trend and common-size percentages for ABC Ltd. is given below.March, current yearCost of goods soldGross profit on salesOperating expenses and income taxesNet incomeCommon-size percentages:Sales (net)Cost of goods soldGross profit on salesOperating expenses and income taxes3Net incomeC120????100?402020March, previous year100100100100100100??2510

Trend percentage analysis is the method that evaluated th trend percentage by dividing the current…

Find the Cost of goods sold,gross profit on sales, operating expenses and income taxes, net income current year trend percentage only Solved Case 2 A partial list of trend and common-size percentages for ABC Ltd. is given below. March, current year Trend percentages: Sales (net) Cost of goods sold Gross profit on sales Operating expenses and income taxes Net income Common-size percentages: Sales (net) Cost of goods sold Gross profit on sales Operating expenses and income taxes C Net income 120 ? ? ? ? 100 ? 40 20 20 March, previous year 100 100 100 100 100 100 ? ? 25 10

Find the Cost of goods sold,gross profit on sales, operating expenses and income taxes, net income current year trend percentage only Solved Case 2 A partial list of trend and common-size percentages for ABC Ltd. is given below. March, current year Trend percentages: Sales (net) Cost of goods sold Gross profit on sales Operating expenses and income taxes Net income Common-size percentages: Sales (net) Cost of goods sold Gross profit on sales Operating expenses and income taxes C Net income 120 ? ? ? ? 100 ? 40 20 20 March, previous year 100 100 100 100 100 100 ? ? 25 10

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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gross profit questions. please explain steps used.
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Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory (FIFO cost) Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income $ 22,500 121,000 $215,000 143,500 25,525 117,975 97,025 46,000 51,025 15,308 $ 35,718 Assume that you have been asked to restate the financial statements to incorporate the LC&NRV. You have developed the following data relating to the ending inventory: 1,650 Current Replacement Cost per Unit (Net Realizable Value) $4.25 Purchase Cost Item Quantity Per Unit Total $2.00 $ 3,300 900 3,640 4.50 4,050 2.50 2.50 9,100 2.00 1,650 5.50 9,075 4.50 $25,525 ABCD
(1)Garcon Company | Pepper Company (2) Finished goods inventory, beginning $ 13,200 / $ 16, 750 Work in process inventory, beginning 18,000/ 22,650 Raw materials inventory, beginning 9, 800/12, 750 Rental cost on factory equipment 30, 250/26, 350 Direct labor 19, 400 / 39,400 Finished goods inventory, ending 17,300 / 16, 400 Work in process inventory, ending 26, 200/20, 400 Raw materials inventory, ending 8, 000/ 9,200 Factory utilities 14, 100/13, 750 General and administrative expenses 27, 500/53, 500 Indirect labor 12, 150 / 12, 260 Repairs-Factory equipment 4, 820/2, 350 Raw materials purchases 47,000/67,500 Selling expenses 62, 400 / 54,400 Sales 295, 320/394, 170 Cash 29, 000/24, 200 Accounts receivable, net 15,800 / 23,450
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Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Date Date January 1 January 10 March 14 March 15 July 30 October 5 October 26 a) Cost of Goods Sold using Specific Identification Available for Sale January 1 March 14 July 30 October 26 Less: Equals: Activities Beginning inventory Sales Purchase Sales Purchase Sales Purchase Totals Activity Beginning Inventory Purchase Purchase Purchase # of units b) Gross Margin using Specific Identification Sales 200 350 Hemming uses a periodic inventory system. Ending inventory consists of 45 units from the March 14 purchase, 75 units from the July 30 purchase, and all 100 units from the October 26 purchase. Using the specific identification method, calculate the following. 450 100 1,100 $ 35,200✔ 14,075✔ $ 21,125 Cost Per Unit $ 450 units 100 units 1,100 units 10.00 $ 15.00 $ Units Acquired at Cost 200 units @ $10…
Compute the receivable turnover ratio Also compute the inventory turnover ratio
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[The following information applies to the questions displayed below.] Jaffa Company prepared its annual financial statements dated December 31 of the current year. The company applies the FIFO inventory costing method; however, the company neglected to apply lower of cost or net realizable value to the ending inventory. The preliminary current year income statement follows: Sales revenue $290,000 Cost of goods sold Beginning inventory $ 34,000 194,000 228,000 63,300 Purchases Goods available for sale Ending inventory (FIFO cost) Cost of goods sold Gross profit Operating expenses Pretax income Income tax expense (35%) 164,700 125,300 63,000 62,300 21,805 $ 40,495 Net income Assume that you have been asked to restate the current year financial statements to incorporate lower of cost or NRV. You have developed the following data relating to the current year ending inventory: Acquisition Cost Net Realizable Item Quantity Unit Total Value Per Unit $ 12,600 9,600 18,000 23,100 A 3,150 $ 4.00…