Prepare the nature of expense SCI for the following accounts below: Account titlesBalanceAccount titlesBalanceSales returnP 5,555SalesP 764,953Sales discount13,800Purchases467,532Depreciation Expense 25,600Purchase return and allowances5,087Amortization Expense10,200Gain on sale of PPE 5,800Advertising Expense40,000Interest Income 8528Purchase discount8,000Interest Expense4,968Freight In9,800Salaries Expense70,000Utilities Expense50,000Rent Expense56,000Increase in Inventory35,800Bad Debts4% of net sales

solution : nature of expense statement of comprehensive income is prepared below Revenue…

Answered: pare the nature of expense SCI for the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Using the following information, what is the amount of income from operations? Purchases $32,709 Selling expenses $778 Merchandise inventory, September 1 5,195 Merchandise inventory, September 30 11,250 Administrative expenses 537 Sales 49,321 Rent revenue 906 Interest expense 810 Oa. $21,352 Ob. $23,068 Oc. $22,258 Od. $28,263 Previou
Presented below are certain account balances of Splish Products Co. Rent revenue $6,810 Sales discounts $8,080 Interest expense 13,280 Selling expenses 99,900 Beginning retained earnings 114,710 Sales revenue 404,200 Ending retained earnings 134,920 Income tax expense 26,028 Dividend revenue 71,170 Cost of goods sold 200,378 Sales returns and allowances 12,960 Administrative expenses 79,380 Allocation to noncontrolling interest 20,680 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Splish has allocation to noncontrolling interest of $20,680. (a) Total net revenue $enter total net revenue in dollars (b) Net income $enter net income in dollars (c) Income attributable to controlling stockholders $enter income attributable to controlling stockholders in dollars
Purchases Transactions Barans Company purchased merchandise on account from a supplier for $9,200, terms 2/10, n/30. Barans Company returmed $1,700 of the merchandise and received full credit. a. If Barans Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. What account is credited by Barans Company to record the returm? Merchandise Inventory v
Selected data from Gibson Company follow. Accounts receivable Allowance for doubtful accounts Net accounts receivable Inventories, lower of cost or market Net credit sales Net cash sales Net sales Cost of goods sold Balance Sheets As of December 31 Selling, general, and administrative expenses Other expenses Total operating expenses a. Accounts receivable turnover b. Inventory turnover c. Net margin Income Statement For the Years Ended December 31 Year 3 $395,000 (19,750) $375,250 $480,500 Required a. Compute the accounts receivable turnover for Year 3. b. Compute the inventory turnover for Year 3. c. Compute the net margin for Year 2. (For all requirements, round your answers to 2 decimal places.) times times % Year 2 $371,000 (14,840) $356,160 $442,000 Year 3 $2,006,000 419,000 Year 2 $1,756,000 309,000 2,425,000 2,065,000 1,608,000 1,436,000 240,500 214,100 39,500 22,100 $1,888,000 $1,672,200
Give this Questions answer
Financial information is presented below: Operating Expenses 91400 Sales Returns and 18400 Allowances Sales Discounts 12700 Sales Revenue 320900 Cost of Goods Sold 173100 The amount of net sales on the income statement would be O $ 302500. O $ 308200. O $ 320900. O $ 289800.
The following are taken from the records of ABC Company for the year ended December 31, 20X2: Debit Credit P764,985 Sales Purchase discount 8,200 Purchase returns and allowances 5,465 Purchases 459,990 Freight-in 9,180 Sales discount 13,300 Sales returns and allowances 5,455 Depreciation expense Amortization expense 25,000 10,000 Salaries expense 80,000 Utilities expense 55,000 Advertising expense 35,000 Rent expense 60,000 Interest income 5,444 Interest expense 5,677 Gain on sale of PPE 5,465 Bad debts expense ??? Based on actual physical count, inventory balance are as follows: January 1, 20X2 P25,455 December 31, 20X2 P20,765 Bad debts expense is 4% of net sales. Classify the bad debt expense as a general and administrative expense. 1. Determine the following: a. Net sales b. Net purchases Chapter 2: Statement of Comprehensive Income 55 C. Cost of goods sold d. Bad debts expense 2. Prepare a nature of expense SCI. 3. Prepare a function of expense SCI. Additional information:…
Please answer Letter D, E, F, G. Thankyou
The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000
Given the following information, answer the questions provided in the space below. Cash Gross accounts receivable Allowance for doubtful accounts Inventory Prepaid expenses Total long-term assets (net) Total assets Net credit sales Cost of goods sold Gross profit Net income 2019 $ 14,400 $ $ 106,300 $ $ 98,700 7,200 115,600 $ 108,700 7,000 $ 131,550 $ 140,000 5 363,050 $ 358,700 $ 976,600 $ 902.500 $ 598,000 $ 576,000 $ 378,600 $ 326,500 13,450 17,000 $ $ $ $ 9,800 $ 2018 11,500 5,000 $ Time left 2:15: 1. If target accounts receivable turnover is 30 days, how well is this company managing its accounts receivable in 2019? Be sure to include your calculations. 2. If target inventory turnover is 80 days, how well is this company managing its inventory in 2019? Be sure to include your calculations. 3. All of this company's competitors have a return on assets of 3.2-4,4%. How does this company compare? Are they better or worse?
Sales-Related Transactions After the amount due on a sale of $172,675, terms 2/10, n/30, is received from a customer within the discount period, the seller consents to the return of the entire shipment. The cost of the merchandise returned was $103,605. If required, round your answers to nearest whole value. a. What is the amount of the refund owed to the customer? b. Illustrate the effects on the accounts and financial statements of the return and the refund. If no account or activity is affected, select "No effect" from the dropdown and leave the correspondir number entry box blank. Enter account decreases, net cash outflows, and all negative effects on net income as negative amounts. Balance Sheet Stockholders' Assets Liabilities Equity Cash v + Inventory v Est. Returns Inventory = Customer Refunds Payable v + No effect v Statement of Cash Flows Income Statement Operating v No effect v
Using the following information, what is the amount of net income? Purchases $25,987 Selling expenses $693 Merchandise inventory, September 1 7,575 Merchandise inventory, September 30 8,525 Administrative expenses 955 Sales 50,914 Rent revenue 1,194 Interest expense 848 a.$17,000b.$26,271c.$24,575d.$33,100

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

Account titles	Balance	Account titles	Balance
Sales return	P 5,555	Sales	P 764,953
Sales discount	13,800	Purchases	467,532
Depreciation Expense	25,600	Purchase return and allowances	5,087
Amortization Expense	10,200	Gain on sale of PPE	5,800
Advertising Expense	40,000	Interest Income	8528
Purchase discount	8,000	Interest Expense	4,968
Freight In	9,800	Salaries Expense	70,000
Utilities Expense	50,000	Rent Expense	56,000
Increase in Inventory	35,800	Bad Debts	4% of net sales