From the following information prepare an income statement for the year ended December 31st, 2013. Beginning inventory (at sales price) Rs. 65,000 Purchases (at cost price) Rs. 450,000 Closing inventory (at sales price) Rs. 75,000 Sales (Sale price) Rs. 590,000 Selling expenses amounted to 3% of sales and general administrative expenses amounted to 2% of sales REQUIRED: An income statement for the year 2013

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A: Formula: Net purchases = Gross purchases - Purchase discounts - Purchase returns and allowances.…

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A: The ending inventory is the cost of goods that remains unsold at the end of the accounting period.…

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A: Solution:- 1)calculation of the gross profit margin as follows under:- Gross profit =Net sales-Cost…

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A: Gross Margin = Sales - Cost of goods sold

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

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A: 1. Lewis = 295,200Clark = 116,0002.Lewis = 12.3Clark = 2.003. Lewis = 29.67 daysClark = 182.5 days4.…

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A: Reference:Njeri, R. (2022, August 26). How to calculate gross profit percentage. How to Calculate.…

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A: The inventory turnover ratio is calculated as cost of goods sold divided by average inventory.

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A: Formula: Gross margin = Total sales - Cost of goods sold

Q: Provide Correct answer please

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A: 1:  Lewis:Cost of goods sold: $266,200 Clark:Cost of goods sold: $173,600  2: Lewis: Inventory…

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A: Lets understand the basics. Days payable outstanding is a also known as age of account payable. It…

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A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory