Last month Bims, a wedding dress retaller, had total sales of $3,000,000. selling expenses of S315,000, and administrative expenses of $385.000. The company had beginning merchandise Inventory of $250.000. purchased additional merchandise Inventory for $950,000, and had ending merchandise inventory of $100,000. Required: Prepare an Income statement for the company for the month in good form. BIMS

Last month Bims, a wedding dress retaller, had total sales of $3,000,000. selling expenses of S315,000, and administrative expenses of $385.000. The company had beginning merchandise Inventory of $250.000. purchased additional merchandise Inventory for $950,000, and had ending merchandise inventory of $100,000. Required: Prepare an Income statement for the company for the month in good form. BIMS

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter7: Inventories

Section: Chapter Questions

Problem 4CP: Golden Eagle Company began operations on April 1 by selling a single product. Data on purchases and...

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Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
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In July, XYZ, Inc., a merchandising company, had sales of $295,000, selling expenses of $24,000, and administrative expenses of $29,000. The cost of merchandise purchased during the month was $215,000. The beginning balance in the merchandise inventory account was $25,000 and the ending balance was $30,000. Required: 1. Prepare an Income Statement in good form for July.2. Is the operating income good or bad, and why?
In April, Holderness Incorporated, a merchandising company, had sales of $286,000, selling expenses of $20,500, and administrative expenses of $31,500. The cost of merchandise purchased during the month was $168,000. The beginning balance in the merchandise inventory account was $40,500 and the ending balance was $54,500 Required: Prepare a traditional format income statement for April. Holderness Incorporated For the month of April Traditional Format Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses Selling expense Administrative expense $ 20,500 31,500 5 286.000 154.000 132.000 52.000 $ 80,000 4
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Blake Distributors had a beginning inventory for June of $100,000. They purchased $25,000 in goods during the month. Their income from sales was $200,000 with $10,000 in returns. Their ending inventory was $30,000. Their operating expenses were $50,000. What was the net sales? What was the gross profit?
Haab Inc. is a merchandising company. Last month the company's cost of goods sold was $96,000. The company's beginning merchandise inventory was $15,700 and its ending merchandise inventory was $22,500. What was the total amount of the company's merchandise purchases for the month?
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