Prepare a multi-step income statement for Prestige Traders and General Merchandise for the yearended December 31,2020 using the in formation listed below: Cost of Sales-P 348,000 Depreciation Expense - P 7,350 Taxes - P 1,120 Sales -P 600,000 Sales Discount - P 11,000 Sales Returms and Allowances - P 20,000 Supplies Expense -P 8,750 Rent Expense - P 37,500 Salaries Expense-P 150,000 Use the space provided for your answer.

Prepare a multi-step income statement for Prestige Traders and General Merchandise for the yearended December 31,2020 using the in formation listed below: Cost of Sales-P 348,000 Depreciation Expense - P 7,350 Taxes - P 1,120 Sales -P 600,000 Sales Discount - P 11,000 Sales Returms and Allowances - P 20,000 Supplies Expense -P 8,750 Rent Expense - P 37,500 Salaries Expense-P 150,000 Use the space provided for your answer.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: The following is selected information from Mars Corp. Inventory, February 28, 2018 $455,000…

A: Formula: Net purchases = Gross purchases - Purchase discounts - Purchase returns and allowances.…

Q: Peter Company reported the following amounts for the year ended 31 December 2020: Inventory at 1…

A: 1) Depreciable base = $200,000 (Cost) - $10,000 (Residual Value) = $190,000 Life: 5 years…

Q: The June 30, 2024, year-end trial balance for Askew Company contained the following information:…

A: Cost of goods sold (COGS) is the direct costs incurred in the production of goods that a company…

Q: Wildhorse Retailers reports the following information at the end of the current year: Sales Revenue…

A: The income statement shows the company's revenues and expenses earned during the particular period.…

Q: please step by step solution.

A: AnswersSolutionGuidethe formula for the current ratio is: current assets / current liabilitieshence,…

Q: Item Net Sales Cost of Goods Sold Gross Profit (a) Item Net Sales Cost of Goods Sold 2026 $363.515…

A: Net change in Amount = Ending - Beginning Amount Net change in % = (Ending Amount - Beginning…

Q: Cost of Goods Sold (Cost of sales) $1,000,000 Beginning Merchandise Inventory Ending Merchandise…

A: The inventory turnover ratio is calculated as cost of goods sold divided by average inventory.

Q: Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1,…

A: Sales less Cost of goods sold is gross profit: Gross profit = Sales - Cost of goods sold. First,…

Q: MBI Inc. had sales of $41 million for fiscal 2019. The company's gross profit ratio for that year…

A: COGS : It stands for the cost of goods sold. The cost of goods sold includes all types of direct…

Q: Zebra Company reports the following figures for the years ending December 31, 2019 and 2018:…

A: Given the following information: Net sales:2019: $65,0002018: $40,000 Cost of goods sold2019:…

Q: Presented below is information for Ivanhoe Co. for the month of January 2025. Cost of goods sold…

A: Income statement is a financial statement that shows profitability, total revenue and total expenses…

Q: Presented below is income statement data for Short & Company as of year-end 2019: Income Tax…

A: Prepare a multi-step income statement for 2019.

Q: The following data were extracted from the accounting records of Harkins Company for the year ended…

A: a.Calculate the cost of goods sold of Company H.

Q: Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion…

A: Horizontal analysis is a financial analysis technique that compares financial statements or…

Q: The financial statements of Crane, Inc's. 2025 annual report disclose the following information: (in…

A: The ratio analysis helps to analyse the financial statements of the business on the basis of the…

Question

Prepare a multi-step income statement for Prestige Traders and General Merchandise for the yearended
December 31,2020 using the information listed below:
Cost of Sales - P 348,000
Depreciation Expense - P 7,350
Taxes - P 1,120
Sales -P 600,000
Sales Discount - P 11,000
Sales Retums and Allowances - P 20,000
Supplies Expense - P 8,750
Rent Expense - P 37,500
Salaries Expense - P 150,000
Use the space provided for your answer.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

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.

Similar questions

The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $643,363 Merchandise Inventory 581,620 Sales Discounts 58,030 Interest Expense 3,877 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 227,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,810 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,650 Sales Salaries Expense 30,410 Accounts Payable 136,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. Reese Industries
The following is selected information from Mars Corp. Inventory, February 28, 2018 $456,000 Inventory, March 31, 2018 330,000 Purchase Discounts 12,450 Purchase Returns and Allowances 23,870 Sales 277,900 Sales Discounts 34,650 Gross Purchases 126,200 Compute net purchases, and cost of goods sold for the <) month of March. Assume the perpetual and periodic methods are used. Net purchases $1 Cost of Goods Sold $
Provide the entry for a each given transaction.
Prepare the statement of financial position as at 31 December 2020.
Ayayai Company provides the following information for the month ended October 31, 2020: sales on credit $ 280,100, cash sales $ 100,100, sales discounts $ 5,100, and sales returns and allowances $ 10,100. Prepare the sales section of the income statement based on this information. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) AYAYAI COMPANY Income Statement (Partial) 24 %24
.
Presented below is selected information for Ivanhoe Company for the month of March 2024. Cost of goods sold Delivery expense Insurance expense Salaries expense $218,299 8,117 6,500 57,500 Sales Rent expense Sales discounts Sales returns and allowances Prepare a multiple-step income statement. 29,700 7,700 13,300 440,000
Linden Watch Company reported the following income statement data for a 2-year period 2019 2020 Sales $280,000 $320,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 193,000 225,000 Cost of goods available for sale 225,000 269,000 Ending inventory 44,000 52,000 Cost of goods sold 181,000 217,000 Gross profit $ 99,000 $103,000 Linden uses a periodic inventory system. The inventories on January 1, 2019, and December 31, 2020, are correct. However, the ending inventory on December 31, 2019, was overstated by $5,000.
Selected financial statement data from Western Colorado Stores is shown below 2020. $795,000 640, 000 91,000 89, 000 2021 Net sales Cost of goods sold Operating expenses Inventory $775, 000 620, 000 111, 000 111, 000 Required Compule the gross profit ratio for 2021. (Round your "Percentage" answer to two decimal places (1.e.. 0.1234 shoutd be entered as 12.34) 2. Compute the inventory turnover ratio for 2021 (Rpund your answer to two decimal places.) Gross profit ratie 2 oventory turmover ratio
The following information relates to ELEPHANT INC. for the year ended 2020: Cash purchases - gross P300,000 Trade accounts payable - beginning 500,000 Trade accounts payable - ending 400,000 Trade notes payable decreased by 200,000 Cash payments on payables 1,000,000 Purchase return and discounts (inclusive of P15,000 receipts from suppliers) 20,000 Inventory increased by 100,000 Compute the cost of goods sold under accrual basis of accounting. A. P885,000 B. P950,000 C. P925,000 D. P845,000
Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income Hulkster's 2021 average collection period is: Multiple Choice O 109 days. O 128 days. 2021 $ 40,000 $ 28,000 O 73 days. 190,000 114,000 425,000 240,000 32,500 2020 $ 36,000 35,000 186,000 108,000 405,000 225,000 28,000
Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,244. Ending inventory was $1,596. Note: Input all amounts as positive values. Sales $ 34,500 Sales returns and allowances 1,088 Sales discount 1,148 Purchases 10,312 Purchase discounts 536 Depreciation expense 111 Salary expense 5,000 Insurance expense 2,400 Utilities expense 206 Plumbing expense 246 Rent expense 176