CalculatorJust Beachy is a retail business located on the coast of Florida where it sells a variety of beach apparel, T-shirts, and beach-related souvenir items. They purchase all of their inventoryfrom wholesalers and distributors. For the year ending December 31, 2017, they reported the following revenues and expenses.Sales revenue$675,000Building rent46,000Advertising51,000Sales staff salaries83,000Cost of goods sold305,000Utilities23,000Supplies8,000Using this information, prepare an income statement for Just Beachy for 2017.Just BeachyIncome StatementFor Year Ending 2017Sales Revenue2$675,000Cost of Goods Sold305,000Gross Profit370,000Advertising$51,000Building Rent46,000Sales Staff Salaries83,000Supplies8,000Utilities23,000PreviousNextAll work saved.Email InstructorSubmit Test for Grading5:39 PM10/2/20203%24II Supplies8,000Using this information, prepare an income statement for Just Beachy for 2017.Just BeachyIncome StatementFor Year Ending 2017Sales Revenue675,000Cost of Goods Sold305,000Gross Profit370,000Advertising51,000Building Rent46,000Sales Staff Salaries83,000Supplies8,000Utilities23,000Operating Expenses211,000Net Income159,000All work saved.%24%24%24%24

Name: CalculatorJust Beachy is a retail business located on the coast of Fl
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Description: CalculatorJust Beachy is a retail business located on the coast of Florida where it sells a variety of beach apparel, T-shirts, and beach-related souvenir items. They purchase all of their inventoryfrom wholesalers and distributors. For the year end

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Just Beachy is a retail business located on the coast of Florida where it sells a variety of beach apparel, T-shirts, and beach-related souvenir items. They purchase all of their inventory from wholesalers and distributors. For the year ending December 31, 2017, they reported the following revenues and expenses. Sales revenue $675,000 Building rent 46,000 Advertising 51,000 Sales staff salaries 83,000 Cost of goods sold 305,000 Utilities 23,000 Supplies ৪,000 Using this information, prepare an income statement for Just Beachy for 2017.

Just Beachy is a retail business located on the coast of Florida where it sells a variety of beach apparel, T-shirts, and beach-related souvenir items. They purchase all of their inventory from wholesalers and distributors. For the year ending December 31, 2017, they reported the following revenues and expenses. Sales revenue $675,000 Building rent 46,000 Advertising 51,000 Sales staff salaries 83,000 Cost of goods sold 305,000 Utilities 23,000 Supplies ৪,000 Using this information, prepare an income statement for Just Beachy for 2017.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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So What sells a variety of merchandise, including school sandals for girls. The business began the last quarter of 2013 with 30 pairs of the “Solar” brand at a total cost of $54,000. The following transactions, relating to the “Solar” brand were completed during the quarter: October 3 Purchased 45 pairs of sandals at a cost of $1,900 each. October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. November 14 Owing to an increased demand for this brand, the manager of So What purchased 80 additional pairs of the “Solar” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of sand to Big Buy Company at a price of $3,600 each. November 30 A physical…
Company XYZ is a merchandising business. The company is specialized in selling a specific brand of smartphones. The purchase cost per unit was OMR250. At the beginning of the month of May the company has inventory of 1,200 smartphones. During the month of May, the company purchased additional 1,000 smartphones. By the end of May, the company had 500 smartphones remaining in the store. The selling and general expenses for the company include wages and commissions, which include fixed monthly payment of OMR1,000 plus a OMR2 per unit sold; and depreciation of OMR2,000 per month. Assuming a selling price per unit of OMR500, calculate the total contribution margin. Select one: O a. None of the given answers O b. OMR297,600 O c. OMR418,600 O d. OMR425,000 Oe. OMR421,600
Mower-Blower Sales Co. started business on January 20, 2016. Products sold were snow blowers and lawn mowers. Each product sold for $1,400. Purchases during 2016 were as follows: Blowers Mowers January 21 20@$800 February 3 40 @780 February 28 30760 March 13 20 @ 760 April 6 20@$840 May 22 40860 June 3 40 @880 June 20 60920 August 15 20860 September 20 20840 November 7 20@800 The December 31, 2016 inventory included 10 blowers and 25 mowers. Assume the company uses a periodic inventory system. Required: Compute ending inventory valuation at December 31, 2016 under: a) FIFO b) LIFO (Hint: Compute ending inventory under each method, and then compare results.)
Sandy Chen owns a small specialty store, named Chen's Chattel, whose year-end is June 30. A physical inventory taken on June 30 reveals the following: Cost of merchandise on the showroom floor and in the warehouse $38,300 Goods held on consignment (consignor is National Manufacturer) 6,400 Goods that Chen's Chattel, as the consignor, has for sale at the location of the Grand Avenue Vista 4,600 Sales invoices indicate that merchandise was shipped on June 29, terms FOB shipping point, delivered at buyer's receiving dock on July 3 3,800 Sales invoices indicate that merchandise was shipped on June 25, terms FOB destination, delivered at buyer's receiving dock on July 5 3,100 Determine the total amount that should be included in Chen's Chattel's year-end inventory.
Metlock sells a snowboard, EZslide, that is popular with snowboard enthusiasts. Below is information relating to Metlock's purchases of EZslide snowboards during September. During the same month, 105 EZslide snowboards were sold. Metlock uses a periodic inventory system. Date Explanation Units Unit Cost Total Cost Sept. 1 Inventory 15 $86 $1,290 12 Purchase 45 88 3,960 19 Purchase 50 90 4,500 26 Purchase 20 91 1,820 Total 130 $11,570 Compute the ending inventory at September 30 using the FIFO, LIFO and average-cost methods. Ending inventory at September 30 $ FIFO $ LIFO Compute the cost of goods sold at September 30 using the FIFO, LIFO and average-cost methods. Cost of goods sold $ FIFO $ AVERAGE-COST LIFO AVERAGE-COST $ $
Just Beachy is a retail business located on the coast of Florida where it sells a variety of beach apparel, T-shirts, and beach-related souvenir items. They purchase all of their inventory from wholesalers and distributors. For the year ending December 31, 2017, they reported the following revenues and expenses. Sales revenue $665,000 Building rent 46,000 Advertising 52,000 Sales staff salaries 83,000 Cost of goods sold 305,000 Utilities 25,000 Supplies. 9,000 Using this information, prepare an income statement for Just Beachy for 2017. Just Beachy Income Statement "For Year Ending 2017 Previous Next
So What sells a variety of merchandise, including school sandals for girls. The business began the last quarter of 2013 with 30 pairs of the “Solar” brand at a total cost of $54,000. The following transactions, relating to the “Solar” brand were completed during the quarter: October 3 Purchased 45 pairs of sandals at a cost of $1,900 each. October 15 Sold 55 pairs to Casually Elegant Ltd at a unit price of $2,780 October 26 Purchased 70 pairs at a cost of $2,400 each but these were subject to a trade discount of 5%. November 10 Sold 60 pairs to Best City Store which yielded total sales revenue of $192,000. November 14 Owing to an increased demand for this brand, the manager of So What purchased 80 additional pairs of the “Solar” brand at a unit cost of $2,500, but additionally there was freight charge of $100 on each pair. November 24 Sold 60 pairs of sand to Big Buy Company at a price of $3,600 each. November 30 A physical…
ABC is an online-to-offline platform that sells e-commerce products to offline customers through a network of agents. ABC gives a commission to agents for each sale made. ABC has 4 main product categories: electronics, fashion, supermarket, and others. Please refer to the exhibits for data sets pertaining to the questions below. Today is May 16th. 1. What is the average growth in average sales per agent per month from March to May target? Answer: %2. Which one is the category with the highest and lowest average month-on- month sales growth from March to May target? Answer: Highest: Lowest:3. Today is May We have got the interim result of the sales figures in the first half of May. Typically, the first half of the month constitutes of 40% of sales. Using this assumption, will we reach our May target? What % over the target will we over/under-deliver? Answer: under/over-deliver by % of target4. Using that assumption, which category (or categories) will not reach the targeted sales…