LO 2.1 Magio Company manufactures kitchen equipment used in hospitals. They distribute their products directly to the customer and, for the year ending 2019, they reported these revenues and expenses. Use this information to construct an income statement for the year 2019. Sales revenue Cost of goods sold Operating expenses $985,000 489,000 245,000 Sales Cost of goods sold Magio Company Income Statement for Year Ended 2019 $type your answer... $ type your answer... Gross profit $ type your answer... Operating expenses Operating income $ type your answer... $ type your answer...

LO 2.1 Magio Company manufactures kitchen equipment used in hospitals. They distribute their products directly to the customer and, for the year ending 2019, they reported these revenues and expenses. Use this information to construct an income statement for the year 2019. Sales revenue Cost of goods sold Operating expenses $985,000 489,000 245,000 Sales Cost of goods sold Magio Company Income Statement for Year Ended 2019 $type your answer... $ type your answer... Gross profit $ type your answer... Operating expenses Operating income $ type your answer... $ type your answer...

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Sales Food Beverage Total Sales Cost of Sales Food Beverage Total cost of goods sold Gross Profit Controllable Expenses Salaries & Wages Occupancy Office & General Utilities Transportation Kitchen supplies Professional fees Advertising Guest Hotel Inc. Income Statement for the period ending June 30, 2021 Vehicle Total Controllable Expenses Net Profit/ Loss 179,178 79,882 77,074 26,752 100.578 27,123 11,364 9.144 5.908 8,035 7,000 7,788 Social Media Expenses 10.750 4,907
to.mheducation.com/ext/map/index.html?_con=con&external_browser=U&launchUn=htt Assignment 3- COGM Margaret Rosenthal, accountant for Russell Manufacturing Company, prepared the following income statement for the quarter ending December 31, 2019. Sales Purchases of materials (1) Payroll (2) Advertising Administrative travel) Manufacturing utilities Facility rental (3) Depreciation (4) Sales commissions Annual insurance (manufacturing) Office utilities Management salaries (5) Net income Notes: (1) 80% of the materials were direct (2) 70% direct labour; 30% indirect labour (3) 80% related to manufacturing (4) 75% related to manufacturing (5) 30% related to manufacturing Direct materials Work in process Finished goods Furthermore, Rosenthal compiled the following information with respect to inventories for the quarter (note that the company does not maintain inventories of indirect materials). Beginning $ 7,120 $1,395,100 248,390 267,500 37,500 28,100 50,400 95,000 64,500 46,000 45,000…
e| MyUSF A My Home CengageNOWv2|Online teachir x engagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker-&takeAssignmentSessionLocator=&inpro. to Product J is one of the many products manufactured and sold by Oceanside Company. An income statement by product line for the past year indicated a net profit for Product J of $2,750. This net profit resulted from sales of $275,000, cost of goods sold of $186,500, and operating expenses of $85,750. It is estimated that 30% of the cost of goods sold represents fixed factory overhead costs and that 40% of the operating expense is fixed. If Product J is retained, the revenue, costs, and expenses are not expected to change significantly from those of the current year. Because of the large number of products manufactured, the total fixed costs and expenses are not expected to decline significantly if Product J is discontinued. Prepare a differential analysis report dated February 8 of the current year. If an amount is zero, enter "0". If…
- Chapter 8 Saved Help Save Selected financial statement data from Western Colorado Stores is shown below. 2021 2020 Net sales Cost of goods sold Operating expenses Inventory $975, 000 780, 000 110,000 130, 000 $995, 000 800,000 90,000 110, 000 Required: 1. Compute the gross profit ratio for 2021. (Round your "Percentage" answer to two decimal places (i.e., 0.1234 should be entered as 12.34).) 2. Compute the inventory turnover ratio for 2021. (Round your answer to two decimal places.) 1Gross profit ratie- 2 Inventory tumover ratio
Financial information is presented below: Operating expenses $ 33000 Sales revenue 211000 Cost of goods sold 129000 Gross profit would be $178000. $ 82000. $ 33000. $ 49000.
Required information [The following information applies to the questions displayed below.] Sylvester has a bird shop that sells canaries. Sylvester maintains accurate records on the number of birds purchased from its suppliers and the number sold to customers. The records show the following purchases and sales during 2021. Cost per Unit Date Transactions Units Total Cost Beginning inventory Purchase $ 28 $1,036 January 1 April 14 August 22 October 29 37 2,040 3,776 2,822 68 30 Purchase Purchase 118 32 83 34 306 $9,674 Jan. 1-Dec. 31 Sales ($48 each) 272 Sylvester uses a periodic inventory system and believes there are 34 birds remaining in ending inventory. However, Sylvester neglects to make a final inventory count at the end of the year. An employee accidentally left one of the cages open one night and 10 birds flew away, leaving only 24 birds in ending inventory. Sylvester is not aware of the lost canaries 3. What effect will the inventory error have on and (d) net income (ignoring…
(The following information applies to the questions displayed below] Toys "R" Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold $75, see 6,00e 3,900 7,100 2,600 Inventory (Mar. 31, 2021) Insurance expense Sales discounts Salaries expense Income tax expense $1,100 2,100 2,800 9,000 3,800 35,600 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple step Income Statement For the month of March 2021 Net sales Total sales revenue Net sales revenue
it View History M faith@.. tems 37.66% ··· Bookmarks Window AOL Ma.... B E C eBook U Sales Mail - F... Cost of goods sold Help Operating income Expenses: Selling expenses Administrative expenses The following multiple-step, income statement was prepared for Carlsbad Company contains errors: CARLSBAD COMPANY Income Statement For the Year Ended February 28, 2018 Delivery expense Total expenses Other expense: Interest revenue Gross profit R V Portal h... Check My Work 10 more Check My Work uses remaining. % G Chapter... B v2.cengagenow.com Prepare a corrected income statement for Carlsbad Company for the year ended February 28, 2018. Carlsbad Company Income Statement 6 $ 1,800,000 1,350,000 112,500 H C Cengag.. 9,495,000 (5,962,500) $3,532,500 (3,262,500) 270,000 90,000 $180,000 All work saved. N MacBook Pro ** W Activity... 8 M FA 9 K Save and Exit Submit Assignment for Grading 1
[The following information applies to the questions displayed below.] Toys "R" Us sells a variety of children's toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. $75,300 6,000 3,900 7,100 Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold Inventory (Mar. 31, 2021) Insurance expense Sales discounts Salaries expense $1,100 2,100 2,800 9,000 3,800 Income tax expense 2,600 35,600 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple-step lIncome Statement For the month of March 2021 Net sales: Total sales revenue Net sales revenue
! Required information [The following information applies to the questions displayed below.] The Slumber Store (TSS) is a national wholesaler of beds, mattresses, pillows, and sheets. Key totals from TSS's most recent and forecasted financial statements are presented in the table below. From the income statement Sales Revenue Cost of Goods Sold Gross Profit From the balance sheet Inventories Last Year $ 560,000 346,500 213,500 This Year $ 615,000 405, 250 209,750 Last Year This Year $ 88,000 $ 101,808 Next Year $ 770,000 556,300 213,700 Next Year $ 179,825 Required: 1. Use the financial statement totals to compute the company's actual inventory turnover ratio for this year and its forecasted inventory turnover ratio for next year. Also compute the days-to-sell for this year (actual) and next year (forecasted). Is inventory turnover expected to improve or worsen next year? 2. Use the financial statement totals to compute the company's actual gross profit percentage for this year and its…
Gonzales Brush Company sells standard hair brushes.The following Information summarizes Gonzales's operating activities for 2018. Requirements Requirement 1. Calculate the operating income for 2018 Requirements 2. Gonzales sold 6.200 brushes in 2018 Compute the unit cost for one brush
Question 1 Superfan retails one type of premium computer fans which it sells for $72.6 (GST Inclusive) per unit. The following events took place during the month of September 2021: September 8 Superfan purchased 100 fans at $38.5 (GST Inclusive) per unit in cash. September 15 SuperFan purchased 160 fans at $37.4 (GST Inclusive) per unit on credit. September 20 Superfan sold 330 fans to FansAreUs on credit. September 23 FansAreUs returned 30 fans sold on 20 September which were damaged and written off by SuperFan. September 30 Stocktake revealed 28 fans on hand. Additional information: 1. Superfan had 100 fans valued at $3,100 on hand on 1 September 2021. It uses the moving average cost flow assumption and the perpetual inventory method to account for its inventory movement. 2. The opening balance for the allowance for doubtful debts account was $250 credit on 1 September 2021. SuperFan assumes 2% of all monthly net credit sales to be irrecoverable. Required: Record September 2021…