Hereunder are the nominal or temporary accounts of Lydia Merchandising on December31, 2019.SalesP1800.000.0040,000.0012,000 00Interest IncomeGainsInventory, BeginningPurchasesFreight InPurchase Returns and AlowancesPurchase DiacountsFreight OutSales CommissionAdvertising ExpensesSalaries ExpensesRent ExpensesDepreciation EpenseUtilites ExpensesSupplies ExpenseTransportation and Travel ExpensesInsuranceTaxes and LicensesInterest ExpenseMiscellaneous ExpensesLoss on Sale o Equipment75,000 00480,000.009,000 0012,000 009,000 0032,000.0060,000 0030,000.00320,000.0036,000 0050,000.0030,000.0012,000.0010,000 0012.000 0048,000 005,000 0012,000 006,000 00Additional information:1. Ending inventory is P90,000.002. One-fourth of the salaries, rent and depreciation are attributable to the non-salesdepartment. The Sales Department does not share in the other expenses. 1. How much is the Net Purchases?2 How much is the changes in Invenlory?3. How much is the Cost of Goods Sold?4 How much is the Total Selling Expenses?S. How much is the Total General and Administrative Expenses?

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Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 48E

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The accounting records of Nettle Distribution show the following assets and liabilities as of December 31,2018 and 2019.December 31 2018 2019Cash . . . . . . . . . . . . . . . . . . . . . . . . $ 64,300 $ 15,640Accounts receivable . . . . . . . . . . . 26,240 19,100Office supplies . . . . . . . . . . . . . . . . 3,160 1,960Office equipment . . . . . . . . . . . . . . 44,000 44,000Trucks . . . . . . . . . . . . . . . . . . . . . . . 148,000 157,000December 31 2018 2019Building . . . . . . . . . . . . . . . . . . . . . $ 0 $80,000Land . . . . . . . . . . . . . . . . . . . . . . . . 0 60,000Accounts payable . . . . . . . . . . . . . 3,500 33,500Note payable . . . . . . . . . . . . . . . . . 0 40,000Required1. Prepare balance sheets for the business as of December 31, 2018 and 2019. Hint: Report only total equityon the balance sheet and remember that total equity equals the difference between assets and liabilities.2. Compute net income for 2019 by comparing total equity amounts for these…
Question Completion Status: The following select account data is taken from the records of Reese Industries for 2019. Sales Merchandise inventory sales discounts interest expense Sales return and allowances Interest revenue Cost of goods sold Rent expense Depreciation expense: office equipment Insurance expense Advertising expense Accounts receivable Office supplies expense rent revenue sales salaries expense accounts payable common stock Marketing expense 640,363 582,620 58,040 3,677 90,232 10,232 224,598 15,080 3,200 2,450 12,906 100,440 1,600 23,622 30,410 135,404 59,419 31,000 1. Use the data provided to compute net sales for 2019. 2. Prepare a simple income statement for the year ended December 31, 2019. 3.Compute the gross margin for 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
PA10. O 6.6 The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019. NINO'S PIZZERIA Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit $ 775,984 Cash Accounts Receivable Buildings Merchandise Inventory Accounts Payable Common Stock 45,688 200,460 135,624 $437,880 410,542 Sales 555,696 Interest Revenue 84,652 Rent Revenue 86,900 Sales Salaries Expense Office Supplies Expense Sales Discounts Interest Expense Sales Returns and Allowances 24,500 6,270 102,890 4,577 105,854 122,853 Cost of goods sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 20,000 10,555 2,780 17,635 $1,575,670 $1,575,670 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multistep income statement for the year ended…
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The following selected information is for Cullumber Company for the year ended January 31, 2024: Delivery expense Freight in Insurance expense Interest expense Merchandise inventory, beginning Merchandise inventory, ending O.G. Williams, capital O.G. Williams, drawings Purchases (a) $7,300 6,400 11.800 6,500 61,000 40,000 105,000 42,300 213,000 Purchase discounts Purchase returns and allowances Rent expense Salaries expense Salaries payable Sales Sales discounts Sales returns and allowances Unearned revenue $12,400 16,300 20,400 60,500 2,500 321,000 14,100 20,300 4,500 Prepare a multiple-step income statement. (Enter negative amounts using either a negative sign preceding the number 45 or parentheses eg. (45))
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The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
The following select account data is taken from the records of Carnival Express for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.

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