Rapid Roller Inc.Adjusted Trial BalanceDecember 31, 2018DebitCredit140,000275,000CashAccounts ReceivableAllowance for Doubtful Accounts$22,000Notes Receivable10,000SuppliesInventory, 1/1/18EquipmentAccumulated Deperciation - Equipment23,000X1950,0001,250,000300,000BuildingAccumulated Deperciation - Building2,000,000450,000Land155,000Accounts Payable365,000Salaries and Wages PayableNotes PayableMortgage PayableCommon Stock24,000125,0001,750,000Par $ 0.0120,000APIC980,000Retained Earnings(110,000)Dividends - Common50,000Sales Revenue2,650,000Sales Discounts35,000Sales Returns and Allowances68,000X2Purchases1,060,000X3Purchase Discounts21,000Freight In19,000195,000X4Selling Expenses$Administrative Expenses$245,000Rent Revenue26,000Income Tax Expense$325,000Gain on Sale of Land177,0006,800,000$6,800,000The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above company has a "periodic" inventory system (they do not keep a continuously updated inventory balance). As an accountant you would identify this with by seeing the accounts that I havehighlighted.Therefore, before you can create an Income Statement you will need to calculate COGS Summary of the December 31, 2018 year-end physical inventory count:ProductUnitsUnit/CostValueProduct A10,5002$1.902$19,950Product B45.0004.32$194,400Product C17,500$9.95174,125Product D19,5005.21101,595Product E5,0004.5522,750Product F2,50012.50$31,250WIP2$195,000Raw Materials125,000X5Total$864,070Prepare COGS schedule below: Completed by your instructor. Please make sure you review and understand the COGS calculation below for future assignments.COGSX1 Inventory 1/1/2018X2 Purchases950,0001,060,000X3 Less: Purchase discounts21,000Net purchasesX4 Add: Freight-in1,039,000$ 19,0001,058,000Inventory available for saleX5 Less: Inventory 12/31/2018Cost of good sold2,008,000$864.0701,143,930Note: The gray accounts (beginning inventory, purchases, purchase discounts, and freight-in) are closed through this COGS calculation process.Required:Part A- Calculate the following (show your work).1. Calculate Net Sales2. Calculate Net Accounts Receivable3. Calculate Shares Outstanding

Net Sales=Gross Sales-Sales Returns & Allowances-Sales Discounts Net Accounts…

Answered: Note: The gray accounts (beginning…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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The following information pertains to Carlton Company. Assume that all balance sheet amounts represent both average and ending balance figures. Assume that all sales were on credit. Assets Cash and short-term investments Accounts receivable (net) Inventory Property, plant and equipment Total Assets Current liabilities Long-term liabilities Stockholders' equity-common Total Liabilities and stockholders' equity Sales Cost of goods sold Gross margin Operating expenses Net income Number of shares of common stock Market price of common stock Dividends per share Cash provided by operations Liabilities and Stockholders' Equity Income Statement What is the current ratio for this company? Round your answer to one decimal point. 0.00 Ob.0.80 Oc 1.16 Od 1.42 $ 40,000 25,000 20,000 210.000 $295.000 60,000 85,000 150.000 $295.000 $85.000 45.000 40,000 20.000 5.20.000 6.000000 $20 0.90 $30,000 D
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The bookkeeper for Novak Corp. has prepared the following statement of financial position as at July 31, 2023: Cash Accounts receivable (net) Inventory Equipment (net) Patents (net) 1. Novak Corp. Statement of Financial Position As at July 31, 2023 2. $84,000 39,800 72,000 217,000 23,000 $435,800 The following additional information is provided: Notes and accounts payable Long-term liabilities Shareholders' equity $52,000 83,000 300,800 $435,800 Cash includes $1,700 in a petty cash fund and $29,000 in a bond sinking fund. The net accounts receivable balance is composed of the following three items: (a) accounts receivable debit balances =SUPPORT
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Data table (Click on the icon in order to copy its contents into a spreadsheet.) Inventory Common stock Cash Operating expenses Short-term notes payable Interest expense Depreciation expense Sales Accounts receivable Accounts payable Long-term debt Cost of goods sold Buildings and equipment Accumulated depreciation Taxes General and administrative expense Retained earnings 6,470 45,070 16,570 1,380 600 870 540 12,740 9,560 4,750 54,860 5,710 122,330 33,960 1,400 870 ? I X
oped Dok H Int 0 ence [The following information applies to the questions displayed below] Forten Company's current year Income statement, comparative balance sheets, and additional Information follow. For the year. (1) all sales are credit sales, (2) all credits to Accounts Receivable reflect cash receipts from customers, (3) all purchases of Inventory are on credit, and (4) all debits to Accounts Payable reflect Sens cash payments for Inventory. FORTEN COMPANY Income Statement For Current Year Ended December 31 Sales Cost of goods sold Gross profit Operating expenses (excluding depreciation) Depreciation expense Other gains (losses) Loss on sale of equipment Income before taxes Income taxes expense Net income Assets Cash FORTEN COMPANY Comparative Balance Sheets December 31 Accounts receivable Inventory Prepaid expenses Total current assets Equipment Accumulated depreciation-Equipment Total assets Liabilities and Equity Accounts payable Long-term notes payable Total liabilities…
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‏Give journal entries for the following , when Stock and Debtors Method is used- ( ANY ( FOUR a ) For Goods sent to Branch b ) For Goods returned by the customer c ) For Bad debts d ) For Remittance from H / o to Branch 1
Indicate the effect of each of the following transactions on total assets, total liabilities, and total stockholders' equity. Select + for increase, for decrease, or No Effect. The first transaction is provided as an illustration. - a. Borrowed cash on a bank loan b. Paid an account payable c. Sold common stock d. Purchased merchandise inventory on account e. Declared and paid dividends f. Collected an account receivable g. Sold merchandise inventory on account at a profit h. Paid operating expenses in cash i. Repaid principal and interest on a bank loan Assets + Liabilities + Stockholders' Equity No Effect
Sarasota Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained earnings Record the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (a) (b) (c) $3,100,000 1,100,000 760,000 (a) Bought 8,200 shares of its common stock at $30 a share. Sold 4,200 treasury shares at $31 a share. Sold 1,800 shares of treasury stock at $26 a share. No. Account Titles and Explanation Debit Credit

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Note: The gray accounts (beginning inventory, purchases, purchase discounts, and freight-in) are closed through this COGS calculation process. Required: Part A- Calculate the following (show your work). 1. Calculate Net Sales 2. Calculate Net Accounts Receivable 3. Calculate Shares Outstanding