1.ROGERS COMPANYIncome StatementFor the Year Ended April 30, 2020$7,700,000Sales revenueCost of goods soldBeginning inventory $1,900,000Purchases4,400,000Goods available for sale6,300,000Ending inventory1,400,000Total cost of goods sold4,900,000Gross profit2,800,000Operating expenses1,150,000Net income$1,650,000Additional information:1. Accounts receivable increased $300,000 during the year, and inventory decreased$250,000.2. Prepaid expenses increased $150,000 during the year.3. Accounts payable to suppliers of merchandise decreased $340,000 during the year.4. Accrued expenses payable decreased $100,000 during the year.5. Operating expenses include depreciation expense of $55,000.(a) Prepare the operating activities section of the statement of cash flows for the yearended April 30, 2020, for Rogers Company, using the indirect method.

Cashflow statement prepared using the indirect method adjust net income to calculate the cashflow…

Income Statement For the Year Ended April 30, 2020 $7,700,000 Sales revenue Cost of goods sold Beginning inventory $1,900,000 Purchases 4,400,000 Goods available for sale 6,300,000 Ending inventory 1,400,000 Total cost of goods sold 4,900,000

Income Statement For the Year Ended April 30, 2020 $7,700,000 Sales revenue Cost of goods sold Beginning inventory $1,900,000 Purchases 4,400,000 Goods available for sale 6,300,000 Ending inventory 1,400,000 Total cost of goods sold 4,900,000

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

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 8P: Comprehensive The following information for 2019 is available for Marino Company: 1. The beginning...

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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?
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The data shown below were obtained from the financial records of the BST Corporation for the year ended December 31, 2020. Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other…
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