Homework Help is Here – Start Your Trial Now!
Business
Accounting
Percise 5-10 Calculating expenses and cost of goods sold-perpetual LO1, 3, 5, 6 Westlawn Company discloses the following for the year ended May 31, 2020: Sales Sales discounts. Sales returns. Gross profit from sales. Loss 91500 $486,000 5,000 12,100 115,000 23,500 Required Calculate (a) net sales, (b) total operating expenses, (c) cost of goods sold, and (d) gross profit ratio (round to two decimal places). 025 Analysis Component: Refer to your answer in part (d). Westlawn experienced a gross profit ratio for the year ended May 31, 2019, of 22%. Is the change in the ratio favourable or unfavourable?

Percise 5-10 Calculating expenses and cost of goods sold-perpetual LO1, 3, 5, 6 Westlawn Company discloses the following for the year ended May 31, 2020: Sales Sales discounts. Sales returns. Gross profit from sales. Loss 91500 $486,000 5,000 12,100 115,000 23,500 Required Calculate (a) net sales, (b) total operating expenses, (c) cost of goods sold, and (d) gross profit ratio (round to two decimal places). 025 Analysis Component: Refer to your answer in part (d). Westlawn experienced a gross profit ratio for the year ended May 31, 2019, of 22%. Is the change in the ratio favourable or unfavourable?

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
See similar textbooks
icon
Related questions
Question

I can't solve exercises 5-10,5-11 and 5-12. Could you please assist with me this. Thankyou I'm advanced !

Assume that Happy uses count the balance day of the d round all eriod. ds. shrinkage. Analysis Component: You are the inventory manager and have reviewed these numbers. Comment on the Exercise 5-10 Calculating expenses and cost of goods sold-perpetual LO1, 3, 5, 6 Westlawn Company discloses the following for the year ended May 31, 2020: ng price ht. Set up ctivities 0.25 Required Calculate (a) net sales, (b) total operating expenses, (c) cost of goods sold, and (d) gross profit ratio (round to two decimal places). Sales Sales discounts. Sales returns.. Gross profit from sales. Loss. Sales Sales discounts. Sales returns and allowances Net sales. Cost of goods sold. Gross profit from sales. Selling expenses Analysis Component: Refer to your answer in part (d). Westlawn experienced a gross profit ratio for the year ended May 31, 2019, of 22%. Is the change in the ratio favourable or unfavourable? Administrative expenses. Total operating expenses. Profit (loss). Gross profit ratio. Exercise 5-11 Calculating income statement components LO1, 5 Referring to Exhibit 5.15, calculate the missing amounts (round to two decimal places). 2020 $263,000 2,630 ? ? 157,100 51,700 18,620 26,300 91500 ? 11 Company A $486,000 5,000 12,100 115,000 23,500 2019 $187,000 ? 16,700 168,950 ? ? 19,700 ? 47,400 15,100 ? 2020 ? 1,200 6,200 ? 57,700 49,100 25,700 30,400 ? $ 11 Company B 2019 $48,500 570 ? 45,500 ? 22,100 ? 9,700 ? 2,700 ? Analysis Component: Company A and Company B are in similar industries. Comment on their comparative performances. Exercise 5-12 Preparing an income statement-perpetual LO5 CHECK FIGURE: a. Profit = $7,815 The following is account information listed in alphabetical order for Compu-Soft for the month ended November 30, 2020. Required Prepare a multiple-step income statement for the month ended November 30, 2020. 369
Transcribed Image Text:Assume that Happy uses count the balance day of the d round all eriod. ds. shrinkage. Analysis Component: You are the inventory manager and have reviewed these numbers. Comment on the Exercise 5-10 Calculating expenses and cost of goods sold-perpetual LO1, 3, 5, 6 Westlawn Company discloses the following for the year ended May 31, 2020: ng price ht. Set up ctivities 0.25 Required Calculate (a) net sales, (b) total operating expenses, (c) cost of goods sold, and (d) gross profit ratio (round to two decimal places). Sales Sales discounts. Sales returns.. Gross profit from sales. Loss. Sales Sales discounts. Sales returns and allowances Net sales. Cost of goods sold. Gross profit from sales. Selling expenses Analysis Component: Refer to your answer in part (d). Westlawn experienced a gross profit ratio for the year ended May 31, 2019, of 22%. Is the change in the ratio favourable or unfavourable? Administrative expenses. Total operating expenses. Profit (loss). Gross profit ratio. Exercise 5-11 Calculating income statement components LO1, 5 Referring to Exhibit 5.15, calculate the missing amounts (round to two decimal places). 2020 $263,000 2,630 ? ? 157,100 51,700 18,620 26,300 91500 ? 11 Company A $486,000 5,000 12,100 115,000 23,500 2019 $187,000 ? 16,700 168,950 ? ? 19,700 ? 47,400 15,100 ? 2020 ? 1,200 6,200 ? 57,700 49,100 25,700 30,400 ? $ 11 Company B 2019 $48,500 570 ? 45,500 ? 22,100 ? 9,700 ? 2,700 ? Analysis Component: Company A and Company B are in similar industries. Comment on their comparative performances. Exercise 5-12 Preparing an income statement-perpetual LO5 CHECK FIGURE: a. Profit = $7,815 The following is account information listed in alphabetical order for Compu-Soft for the month ended November 30, 2020. Required Prepare a multiple-step income statement for the month ended November 30, 2020. 369
CHAPTER 5 Accounting for Merchandising Activities 201 106 166 101 X502 X612 301 302 406 413 415 414 165 690 623 Account Accounts payable Accounts receivable.......... Accumulated depreciation, store equipment.. Cash............ Cost of goods sold.. Depreciation expense, store equipment Peter Delta, capital.... Peter Delta, withdrawals.... Rent revenue........ Sales ......... Sales discounts....... Sales returns and allowances. Store equipment........... Utilities expense...... Wages expense....... Totals...... Adjusted Trial Balance Debit $ 1,200 2,100 14,800 120 4,600 45 720 7,200 2,100 6,300 $39,185 Credit $ 750 4,600 1,935 2,500 29,400 $39,185 Analysis Component: Assume that for the month ended October 31, 2020, net sales were $32,000, cost of goods sold was $19,200, and income from operations was $8,000. Calculate and compare the company's gross profit ratios for October and November.
Transcribed Image Text:CHAPTER 5 Accounting for Merchandising Activities 201 106 166 101 X502 X612 301 302 406 413 415 414 165 690 623 Account Accounts payable Accounts receivable.......... Accumulated depreciation, store equipment.. Cash............ Cost of goods sold.. Depreciation expense, store equipment Peter Delta, capital.... Peter Delta, withdrawals.... Rent revenue........ Sales ......... Sales discounts....... Sales returns and allowances. Store equipment........... Utilities expense...... Wages expense....... Totals...... Adjusted Trial Balance Debit $ 1,200 2,100 14,800 120 4,600 45 720 7,200 2,100 6,300 $39,185 Credit $ 750 4,600 1,935 2,500 29,400 $39,185 Analysis Component: Assume that for the month ended October 31, 2020, net sales were $32,000, cost of goods sold was $19,200, and income from operations was $8,000. Calculate and compare the company's gross profit ratios for October and November.
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 2 steps with 2 images

SEE SOLUTIONCheck out a sample Q&A here
Blurred answer
Knowledge Booster
Money Management and Achieving Financial Goals
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
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