Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $ 6,160 Depreciation expense-Office copier $ Office supplies expense 720 Sales discounts Insurance expense 1,250 Sales returns and allowances Sales 224,000 TV advertising expense Office salaries expense 31,400 Interest revenue Rent expense-Selling space 10,800 Cost of goods sold Sales staff wages 22,200 Sales commission expense Prepare a multiple-step income statement. 470 16,300 4,200 3,900 650 90,700 12,200 Che

Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $ 6,160 Depreciation expense-Office copier $ Office supplies expense 720 Sales discounts Insurance expense 1,250 Sales returns and allowances Sales 224,000 TV advertising expense Office salaries expense 31,400 Interest revenue Rent expense-Selling space 10,800 Cost of goods sold Sales staff wages 22,200 Sales commission expense Prepare a multiple-step income statement. 470 16,300 4,200 3,900 650 90,700 12,200 Che

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Similar questions

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Cost of goods sold and related items The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 20Y8: Estimated returns of current year sales 11,600 Inventory, May 1, 20Y7 380,000 Inventory, April 30, 20Y8 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the Cost of goods sold section of the income statement for the year ended April 30, 20Y8, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 20Y8. c. Would gross profit be different if the perpetual inventory system was used instead of the periodic inventory system?
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of $ 6,260 equipment Depreciation expense- Office copier $ 490 Office supplies expense 740 Sales discounts 16,600 Sales returns and Insurance expense 1,220 4,100 allowances Sales Office salaries expense Rent expense-Selling space Sales salaries expense 229,000 TV advertising expense 2,900 32,200 Interest revenue 710 10,700 Cost of goods sold 91,300 23,400 Sales commission expense 12,000 Prepare a multiple-step income statement. FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 Expenses Selling expenses Total selling expenses General and administrative expenses Total general and administrative expenses Total expenses Other revenues, gains, expenses and losses Total other revenues, gains, expenses and losses 0 0 0 0 0 0 0 0
The following information summarizes the company's operating activities for the year: Utilities for the store $ 9500 Sales commissions 10,500 Sales revenue 164,200 Purchases of merchandise 89,300 January 1 inventory 27,100 Rent for store 14,400 December 31 inventory 23,300 What is operating income?
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales salaries expense Prepare a multiple-step income statement. $ 6,290 Depreciation expense-Office copier 770 Sales discounts 1,250 219,000 TV advertising expense 31,200 Interest revenue Sales returns and allowances 10,300 Cost of goods sold 22,100 Sales commission expense $ 550 15,800 4,000 4,000 730 91,000 14,000
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense Insurance expense Sales Office salaries expense Rent expense-Selling space Sales salaries expense Prepare a multiple-step income statement. Expenses Selling expenses $ 6,290 Depreciation expense-Office copier 750 Sales discounts 1,210 Sales returns and allowances 215,000 TV advertising expense 31,500 Interest revenue 11,300 Cost of goods sold 22,300 Sales commission expense FIT-FOR-LIFE FOODS Income Statement For Year Ended December 31 $ 550 15,000 4,100 4,000 790 91,900 12,300
Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.
Save-the-Earth Co. reports the following Income statement accounts for the year ended December 31. Sales discounts 870 Office salaries expense 3, 200 Rent expense-Office space Advertising expense 2,700 740 Sales returns and allowances 370 Office supplies expense 740 Cost of goods sold Sales 11,400 44, 000 2,200 3,700 Insurance expense Sales staff salaries
The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 32,000.00 31,000.00 Sales 324,000.00 Sales Returns and Allowances 13,310.00 Sales Discounts 7,700.00 Purchases 126,360.00 Purchases Returns and Allowances 1,200.00 Purchases Discounts 1,300.00 Freight In 7,500.00 Selling Expenses 61,560.00 General Expenses 50,884.00 299,314.00 357,500.00 Net Income 58,186.00 357,500.00 357,500.00 From the information given, prepare an income statement for the company. Ralley Company Income Statement For Year Ended August 31, 20-- Revenue from Sales: $fill in the blank 2 $fill in the blank 4 fill in the blank 6 fill in the blank 7 Net Sales $fill in…
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment $ 6,250 Depreciation expense—Office copier $ 420 Office supplies expense 790 Sales discounts 15,200 Insurance expense 1,240 Sales returns and allowances 3,900 Sales 225,000 TV advertising expense 3,000 Office salaries expense 32,100 Interest revenue 660 Rent expense—Selling space 10,500 Cost of goods sold 88,800 Sales staff wages 22,400 Sales commission expense 13,600 Prepare a multiple-step income statement.
A company reports the following amounts at the end of the year: Sales revenue Cost of goods sold Net income $ 310,000 210,000 53,000 Compute the company's gross profit ratio. (Round your final answe Gross profit ratio %
Sales Cost of goods sold Sales returns and allowances Operating expenses: Thompson's Company Income Statement For the Month Ended August 31, 2021 Net income $ 6,700 1,100