Name:Date:When the calculations for Net sales, Cost of goods sold, and Net income are correct, the cells will change to yellow.Following is an incomplete curent-year income statement.Determine Net Sales, Cost of goods sold and Net Income. Additional infomation follows:1. Retum on total assets is 16% (average total assets is $68,750).2. Inventory tumover is 5 (average inventory is $6,000).3. Accounts receivable turnover is 8 (average accounts receivable is $6,250).Income StatementNet salesCost of goods soldSelling, general, and administrative expensesIncome tax expenseNet income

•Accounts Receivable Turnover = Net Sales / Average Accounts Receivable 8 = Net Sales / $6,250 Net…

Answered: Name: Date: When the calculations for…

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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Cont of pictures: Calculate gross profit rate under each of the following methods 1. LIFO 2. FIFO 3. Average-cost (Round answers to 1 decimal place, e.g. 51.2%)
Enter the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B, work from the bottom up.) Net sales revenue Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) $ Case A 11,000 4,880 10,210 $ 7,630 200 $ 1,760 $ Case B 6,560 15,200 11,030 $ 1,330 (530) $ Case C $ 3,910 9,430 13,340 $ 6,090 4,420 700 970
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 - =
1. Express the balance sheets in common-size percents. 2. Assuming annual sales have not changed in the last three years, is the change in accounts receivable as a percentage of total assets favorable or unfavorable? 3. Assuming annual sales have not changed in the last three years, is the change in merchandise inventory as a percentage of total assets favorable or unfavorable? Complete this question by entering your answers in the tabs below. Req 1 Req 2 and 3 Express the balance sheets in common-size percents. (Do not round intermediate calculations and round your final percentage answers to 1 decimal place.) Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Common-Size Comparative Balance Sheets December 31 Liabilities and Equity Accounts payable SIMON COMPANY Long-term notes payable Common stock, $10 par Retained earnings Total liabilities and equity Current Year % % % % 1 Year Ago 2 Years Ago
Required information [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year Interest expense Income tax expense Total costs and expenses Net income Earnings per share $ 26,605 89, 200 114,500 8,568 221,258 $ 460,131 $ 112,281 84,775 162,500 100,575 1 Year Ago $ 65,696 89,408 162,500 79,061 $ 460, 131 $ 396,665 Current Year $ 31,099 62,900 85,000 $364,884 185,433 10,169 7,776 8, 163 209,503 $ 396,665 The company's income statements for the current year and one year ago follow. Assume that all sales are on credit: $ 598,170 2 Years Ago $ 32,725 50, 800 58,000 3,636 192, 139 $…
James's Televisions produces television sets in three categories: portable, midsize, and flat-screen. On January 1, 2025, James adopted dollar-value LIFO and decided to use a single inventory pool. The company's January 1 inventory consists of: Category Portable Midsize Flat-screen Category Portable Midsize Quantity Cost per Unit $100 Flat-screen 3,000 4,000 1,500 8,500 Quantity Purchased 7,500 During 2025, the company had the following purchases and sales. 10,000 5,000 250 22,500 400 Cost per Unit $110 300 Total Cost 500 $300,000 1,000,000 600,000 $1,900,000 Quantity Sold 7,000 12,000 3,000 22,000 Selling Price per Unit $150 400 600
Subject: accounting
1
Wildhorse Co. is a retailer operating in Calgary, Alberta. Wildhorse uses the perpetual inventory method. Assume that there are no credit transactions; all amounts are settled in cash. You are provided with the following information for Wildhorse for the month of January 2022. Date Description Quantity Unit Cost or Selling Price Dec. 31 Ending inventory 150 $ 20 Jan. 2 Purchase 100 21 Jan. 6 Sale 180 42 Jan. 9 Purchase 70 25 Jan. 10 Sale 60 42 Jan. 23 Purchase 112 26 Jan. 30 Sale 128 49
Riverbed Vision Inc. opened for business on Jan 1, and uses a perpetual inventory system. During January, the company had the following purchases and sales for one of its products: Date Jan. 1 7 14 16 17 27 30 Purchases Units 1,414 800 925 517 Unit Cost $25 27 35 28 Sales Units Unit Price 614 1,200 1,507 $95 75 75

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