PA11. LO 6.6 The following is the adjusted trial balance data for Emma's Alterations as of December 31, 2019.EMMA'S ALTERATIONSAdjusted Trial BalanceYear Ended December 31, 2019DebitCreditCash$ 600,538Accounts ReceivableEquipmentMerchandise InventoryAccounts Payable50,689199,430169,744$ 234,893502,200393,426100,97665,500Common StockSalesInterest RevenueRent RevenueSales Salaries ExpenseOffice Supplies Expense26,7504,903Sales Discounts61,347Interest Expense3,570Sales Returns and Allowances55,43290,333Cost of Goods SoldRent Expense10,4008,5603,421Depreciation Expense: Office EquipmentInsurance ExpenseAdvertising ExpenseTotals11,878$1,296,995$1,296,995A. 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.

Net sales is the aggregate or sum of the gross sales of the company less any allowances, returns and discounts. The computations are not transparent always externally. Note: We'll will answer upto 3 subparts as exact one was not specified, please submit new question mentioned the one you would like answered.A. Computing the net sales for 2019 as: Sales $393,426 Deduct: Sales Discount ($61,347) Sales return and allowances ($55,432) Net Sales $276,647 B. Computing Gross margin for 2019 as: Sales $276,647 Deduct: Cost of goods sold ($90,333) Gross Margin $186,314 C. Computing the gross profit margin ratio as: Gross Profit margin ratio =Gross margin Net Sales×100=$186,314$276,647×100=67.35% or 67%

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Accounting

PA11. LO 6.6 The following is the adjusted trial balance data for Emma's Alterations EMMA'S ALTERATIONS Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $ 600,538 Accounts Receivable 50,689 Equipment Merchandise Inventory Accounts Payable 199,430 169,744 $ 234,893 502,200 Common Stock Sales 393,426 100,976 65,500 Interest Revenue Rent Revenue Sales Salaries Expense Office Supplies Expense 26,750 4,903 Sales Discounts 61,347

PA11. LO 6.6 The following is the adjusted trial balance data for Emma's Alterations EMMA'S ALTERATIONS Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit Cash $ 600,538 Accounts Receivable 50,689 Equipment Merchandise Inventory Accounts Payable 199,430 169,744 $ 234,893 502,200 Common Stock Sales 393,426 100,976 65,500 Interest Revenue Rent Revenue Sales Salaries Expense Office Supplies Expense 26,750 4,903 Sales Discounts 61,347

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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uncollectible accounts in each age category are as follows: Age Class Balance Percent Uncollectible Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 $1,420,700 Estimate what the proper balance of the allowance for doubtful accounts should be as of December 31. Estimated Estimated Uncollectible Accounts Uncollectible Accounts Age Class Balance Percent Not past due $902,000 3/4% 1-30 days past due 292,000 1 31-60 days past due 98,500 8 61-90 days past due 68,000 16 91-180 days past due 44,700 50 Over 180 days past due 15,500 80 Total $1,420,700 Check My Work Amount
bled: Assignment 1 i Craigmont uses the allowance method to account for uncollectible accounts. Its year-end unadjusted trial balance shows Accounts Receivable of $142,500 and sales of $1,115,000. If uncollectible accounts are estimated to be 0.9% of sales, what is the amount of the bad debts expense adjusting entry? Multiple Choice $10,035 $8,990 $11,080
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Prepare the entries for transaction below and indicate what journal it is 21 august issued a $600 credit memo to ultracity co. For an allowance on good sold on august 19, 2020
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Journal adjusting entry for Office supplies on hand at 30 Sept is $6,050 incl. GST.