PA10. LO 6.6 The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019.NINO'S PIZZERIAAdjusted Trial BalanceYear Ended December 31, 2019DebitCredit$ 775,98445,688CashAccounts ReceivableBuildingsMerchandise InventoryAccounts Payable200,460135,624$437,880410,542Common StockSales555,69684,65286,900Interest RevenueRent RevenueSales Salaries Expense24,500Office Supplies Expense6,270Sales Discounts102,890Interest ExpenseSales Returns and Allowances4,577105,854122,853Cost of goods soldRent ExpenseDepreciation Expense: Office EquipmentInsurance ExpenseAdvertising Expense20,00010,5552,78017,635$1,575,670Totals$1,575,670Page 3 of 5PA10 continued..A. Use the data provided to compute net sales for 2019.B. Compute the gross margin for 2019.C. Compute the gross profit margin ratio (rounded to nearest hundredth).D. Prepare a simple income statement for the year ended December 31, 2019.E. Prepare a multi-step income statement for the year ended December 31, 2019.

Name: PA10. LO 6.6 The following is the adjusted trial balance data for Nin
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Description: PA10. LO 6.6 The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019.NINO'S PIZZERIAAdjusted Trial BalanceYear Ended December 31, 2019DebitCredit$ 775,98445,688CashAccounts ReceivableBuildingsMerchandise Inventor

Adjusted trial balance is prepared after recording all adjusting journal entries and the adjust…

Business

Accounting

PA10 continued.... A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.

PA10 continued.... A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.

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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