PA10. O 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$ 775,984CashAccounts ReceivableBuildingsMerchandise InventoryAccounts PayableCommon Stock45,688200,460135,624$437,880410,542Sales555,696Interest Revenue84,652Rent Revenue86,900Sales Salaries ExpenseOffice Supplies ExpenseSales DiscountsInterest ExpenseSales Returns and Allowances24,5006,270102,8904,577105,854122,853Cost of goods soldRent ExpenseDepreciation Expense: Office EquipmentInsurance ExpenseAdvertising ExpenseTotals20,00010,5552,78017,635$1,575,670$1,575,670A. 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 multistep income statement for the year ended December 31, 2019. The following select account data is taken from therecords of Reese Industries for 2019.SalesMerchandise inventorySales discountsInterest expenseSales returns and allowancesInterest revenueCost of goods soldRent expenseDepreciation expense: office equipmentInsurance expenseAdvertising expenseAccounts receivableOffice supplies expenseRent revenueSales salaries expenseAccounts payableCommon stockMarketing expense$640,363582,62058,0403,67790,23210,268224,59815,0803,2002,45012,906100,4401,60023,62230,410135,40459,41931,000A. Use the data provided to compute net sales for2019.B. Prepare a simple income statement for the yearended December 31, 2019.C. Compute the gross margin for 2019.D. Prepare a multi-step income statement for theyear ended December 31, 2019.

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PA10. 6.6 The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019. NINO'S PIZZERIA Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit $ 775,984 45, 688 200,460 Cash Accounts Receivable Buildings Merchandise Inventory Accounts Payable Common Stock 135,624 $437,880 410,542 Sales 555,696 Interest Revenue 84,652 86,900 Rent Revenue Sales Salaries Expense Office Supplies Expense Sales Discounts 24,500 6,270 102.890 Interest Expense Sales Returns and Allowances Cost of goods sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 4,577 105,854 122,853 20,000 10,555 2,780 17,635 $1,575,670 $1,575,670 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).

PA10. 6.6 The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019. NINO'S PIZZERIA Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit $ 775,984 45, 688 200,460 Cash Accounts Receivable Buildings Merchandise Inventory Accounts Payable Common Stock 135,624 $437,880 410,542 Sales 555,696 Interest Revenue 84,652 86,900 Rent Revenue Sales Salaries Expense Office Supplies Expense Sales Discounts 24,500 6,270 102.890 Interest Expense Sales Returns and Allowances Cost of goods sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 4,577 105,854 122,853 20,000 10,555 2,780 17,635 $1,575,670 $1,575,670 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).

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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