Last month Mountain high, a mountain sports retailer had total sales of $3,200,000, selling expenses of $110,000, and administrative expenses of $470,000. The company had a beginning merchandise inventory of $140,000, purchased additional merchandise inventory for $2,550,000, and had an ending merchandise inventory of $180,000. Prepare an income statement for the company for the month.
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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?Last month CyberGames, a computer game retailer, had total sales of $1,450,000, selling expenses of$210,000, and administrative expenses of $180,000. The company had beginning merchandise inventory of $240,000, purchased additional merchandise inventory for $950,000, and had ending merchandiseinventory of $170,000.Required:Prepare an income statement for the company for the monthIn 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
- Last month Bims, a wedding dress retaller, had total sales of $3,000,000, selling expenses of $315.000, 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 Income Statement For the Period Ended XXXX Cost of goods sold: Goods available for sale Less operating expenses:Klum's Fashions sold merchandise for $45,000 cash during the month of July. Returns that month totaled $1,000. If the company's gross profit rate is 40%, Compute the following: a) Net sales revenue b) Cost of goods soldBlake 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 amount of goods available for sale during June? What was the cost of goods sold? What was the net sales? What was the gross profit? Was there an excess or a deficit? What was the net profit or net loss?
- Haaker Inc. is a merchandising company. last month the company's cost of goods sold was $87,000. The company's beginning merchandise inventory was $21,000 and its ending merchandise inventory was $19,000. What was the total amount of the company's merchandise purchases for the month? $84,000 $126,000 $85,000 $87,000 Show work and calculationPlease Do both questions Delphino’s has sales for the year of $127,300 and cost of goods sold of $86,700. The firm carries an average inventory of $14,300 and has an average accounts payable balance of $13,600. What is the inventory period? 81.36 days 60.20 days 58.68 days 89.02 days The Lumber Yard has projected sales for April through July of $152,400, $161,800, $189,700, and $196,400, respectively. The firm collects 52 percent of its sales in the month of sale, 46 percent in the month following the month of sale, and the remainder in the second month following the month of sale. What is the amount of the July collections? $181,508 $122,852 $189,819 $192,626Haack Inc. is a merchandising company. Last month the company's cost of goods sold was $61,500. The company's beginning merchandise inventory was $16,200 and its ending merchandise inventory was $21,300. What was the total amount of the company's merchandise purchases for the month? $56,400 $61,500 $99,000 $66,600
- The following income statement was drawn from the records of Munoz, a merchandising firm: MUNOZ COMPANY Income Statement For the Year Ended December 31 Sales revenue (6,500 units x $164) Cost of goods sold (6,500 units x $82) Gross margin Sales commissions (5% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (6,500 units x $3) $1,066,000 (533,000) 533,000 (53,300) (83,000) (33,000) (41,000) (19,500) $ 303,200 Net income Required a. Reconstruct the income statement using the contribution margin format. b. Calculate the magnitude of operating leverage. c. Use the measure of operating leverage to determine the amount of net income Munoz will earn if sales increase by 10 percent. Complete this question by entering your answers in the tabs below. Req A Req B and C Reconstruct the income statement using the contribution margin format. MUNOZ COMPANY Income Statement For the Year Ended December 31 Less: Variable costs Less: Fixed…The following income statement was drawn from the records of Munoz, a merchandising firm: MUNOZ COMPANY Income Statement For the Year Ended December 31 Sales revenue (6,500 units x $164) Cost of goods sold (6,500 units x $82) Gross margin Sales commissions (5% of sales) Administrative salaries expense Advertising expense Depreciation expense Shipping and handling expenses (6,500 units x $3) $1,066,000 (533,000) 533,000 (53,300) (83,000) (33,000) (41,000) (19,500) 8:02 Net income $303,200 nt Required a. Reconstruct the income statement using the contribution margin format. b. Calculate the magnitude of operating leverage. c. Use the measure of operating leverage to determine the amount of net incoome Munoz will earn if sales increase by 10 percent. int Complete this question by entering your answers in the tabs below. Req A Req B and C Reconstruct the income statement using the contribution margin format. MUNOZ COMPANY Income Statement For the Year Ended December 31 Less: Variable costs…In August, Joplin Designs sold $510,000 of merchandise; all sales were in cash.The cost of sales for August was $400,000. Based on past experience, Joplin uses an estimatedreturn rate of 3% of sales. Record the journal entries for the monthly sales, cost of sales,estimated returns, and cost of estimated returns for August.
