GRS, Inc., reported the following amounts at the end of the year: $1,050,000 Total sales Accounts receivable $92,000 Sales allowances $1,250 Allowance for $5,400 uncollectible accounts Sales discounts $12,800 $1,750 Sales returns Determine total contra revenues for the company. Determine net sales for the company.

GRS, Inc., reported the following amounts at the end of the year: $1,050,000 Total sales Accounts receivable $92,000 Sales allowances $1,250 Allowance for $5,400 uncollectible accounts Sales discounts $12,800 $1,750 Sales returns Determine total contra revenues for the company. Determine net sales for the company.

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 51E: Juroe Company provided the following income statement for last year: Juroes balance sheet as of...

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Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
RTE, Inc., reported the following amounts at the end of the year: Total sales Accounts receivable Sales allowances $970,000 80,000 $950 Allowance for uncollectible accounts 4,200 Sales discounts Sales returns $10,700 $1,300 1. Determine total contra revenues for the company. 2. Determine net sales for the company.
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A company had the following information taken from various accounts at the end of the year: Sales discounts Deferred revenues $ 41,000 Total revenues Purchase discounts Sales allowances Accounts receivable 32,000 459,000 15,000 35,000 205,000 What was the company's net revenues for the year?
A company reported the following amounts at the end of the year: total sales revenue = $518,000; sales allowances = $8,000; sales returns = $21,000; net revenues = $472,000. What amount did the company report for sales discounts for the year?
D Company had cash sales of $89,275, credit sales of $93,450, sales returns and allowances of $2,750, and sales discounts of $4,205. Calculate D's net sales for this period.
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