Problem #3Missing Elements - ReconstructionTo test your knowledge of the relationships of these items, insert the missing figurethe following income statement. Note that gross profit is 40% of net sales and profs.10% of net sales.Net SalesGross SalesLess: Sales Returns & AllowancesP45,000Sales Discounts15,000Net SalesCost of Goods SoldInventory, Jan. 1, 2020PurchasesP220,000P985,000Less: Purchases Returns & AllowancesP31,000Purchases Discounts20,000Net PurchasesP.Transportation-InNet Cost of Purchases36,000Cost of Goods Available for SaleLess: Inventory, Dec. 31, 2020Cost of Goods Sold260,000Gross Margin from SalesOperating ExpensesP620,000ProfitP.Problem #4

Gross profit 40% of net sales P620000 Net sales 620000/40% P1550000 Gross sales Net Sales…

Answered: income statement.

Business

Accounting

income statement.

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section20.3: Estimating Inventory

Problem 1OYO

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PROBLEM: To test your knowledge of the relationships of these items, insert the missing figures in the following income statement. Note that gross profit is 40% of net sales and profit is 10% of net sales. Net Sales Gross Sales Less: Sales Returns & Allowances P45,000 15,000 Sales Discounts Net Sales P Cost of Goods Sold P220,000 Inventory, Jan. 1, 2018 Purchases P985,000 Less: Purchases Returns &Allowances P31,000 20,000 Purchases Discounts Net Purchases Transportation-In 36,000 Net Cost of Purchases Cost of Goods Available for Sale Less: Inventory, Dec. 31, 2018 Cost of Goods Sold · 260,000 Gross Margin from Sales Operating Expenses P620,000 Profit P REQUIRED: Complete the missing elements by showing your supporting computations. (No need to prepare the income statement.) What should be the amount of the following? a) Gross Sales b) Total of contra-sales accounts
1. Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $350.00 5 $ 0 0 $
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! Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold. Sales discounts Selling expenses VITAMIX Use the above information to prepare the gross profit section of a multiple-step income statement. Income Statement For Year Ended December 31 H $ 60,000 90,000 17,000 11,000 80,000 ▬▬ 2,000 24,000 O < Prev 5 W of 10 M
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Review the following: Data Table Cost of Goods Sold $101 Gross Sales 181 Sales Returns and Allowances 16 Sales Discounts 21 Operating Expenses 47 From the information provided, calculate: a. Gross profit b. Net income or net loss Calculate (a) Gross profit. - = Gross profit - = Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.) - = Net income or net loss - =
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Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 60,000 90,000 17,000 11,000 80,000 2,000 24,000 Use the above information, to compute (a) net sales and (b) gross profit. a. Net sales b. Gross profit < Prev 5 hp of 10
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Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below. (Round to nearest tenth.) Revenue Gross Sales Less: Sales Returns and Allowances $182,000 ??? 11,900 170,100 Net Sales Cost of Goods Sold Merchandise Inventory, Jan. 1 70,150 Net Purchases 58,300 Goods Available for Sale 128,450 Less: Merchandise Inventory, Dec. 31 85,000 Cost of Goods Sold 43,450 Gross Margin 126,650