Answered: Prepare the necessary disclosures…

Business

Accounting

Prepare the necessary disclosures required by GAAP

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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----- Simon Company's year-end balance sheets follow. At December 31 Current Yr 1 Yr Ago 2 Yrs Ago Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net $ 24,930 71,524 89,927 8, 109 232,313 $29,435 $ 30,652 49,965 69,429 7,881 211,224 38,886 42,258 3,307 185,497 Total assets $426,803 $ 367,934 $ 300,600 Liabilities and Equity Accounts payable Long-term notes payable secured by mortgages on plant assets Common stock, $10 par value Retained earnings $105,211 $ 62,803 $ 40,473 81,844 162,500 77,248 $426,803 82,932 162,500 59,699 $ 367,934 $ 300,600 68,426 162,500 29,201 Total liabilities and equity The company's income statements for the Current Year and 1 Year Ago, follow. 1 Yr Ago $ 437,841 For Year Ended December 31 Sales Cost of goods sold other operating expenses Interest expense Income tax expense Total costs and expenses Current Yr $554,844 $338,455 172,002 9,432 7,213 $284,597 110,774 10,070 6,568 527,102 $ 27,742 412,009 $ 25,832 Net…
22 Calculate the missing amounts. a b d e Net sales Cost of goods sold Gross profit from sales Operating expenses Profit (loss) $ 208,800 $ 165,000 $ 73,800 41,600 303,000 205,600 108,200 75,200 91,600 93,000 106,000 (31,000) (5,900) 57,000 (28,400)
How much is the total cost of inventories purchased? A. 989,000 B. 1,006,000 C. 954,000 D. 826,000
Sales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end. 28,000 Purchases 120,000 Freight-in 5,000 Purchases discounts 3,000 Purchase returns 2,000 How much is the gross profit? 89,000 82,000 99,000 94,000 How much is the cost of goods sold? Choices: 114,000 126,000 119,000 109,000
Urmilaben
Sales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end. 28,000 Purchases 120,000 Freight-in 6,000 Purchases discounts 3,000 Purchase returns 2,000 How much is the cost of goods sold?
A B C D E Sales revenue $40,400 $75,400 $573,700 $34,800 $54,100 Cost of goods sold 19,200 50,500 273,600 19,400 30,500 Operating expenses 9,800 39,800 230,700 11,800 17,900 Total expenses 29,000 90,300 504,300 31,200 48,400 Operating profit (loss) $11,400 $(14,900) $69,400 $3,600 $5,700 Identifiable assets $34,500 $80,000 $501,100 $64,700 $50,400 Sales of segments B and C included intersegment sales of $20,000 and $101,000, respectively. (a) Determine which of the segments are reportable based on the: 1. Revenue test. 2 Operating profit (loss) test. 3. Identifiable assets test. Reportable Segment
Sales Cost of goods sold Gross profit Operating expenses Salaries expense Depreciation expense Rent expense Amortization expenses-Patents Utilities expense Gain on sale of equipment Net income $ 2,134,000 1,045,660 1,088,340 $ 292,358 51,216 57,618 6,402 23,474 431,068 657,272 8,536 $ 665,808 Accounts receivable Inventory $ 47,650 increase Accounts payable 34,400 increase Salaries payable $ 8,025 decrease 2,550 decrease Prepare the operating activities section of the statement of cash flows using the indirect method. Note: Amounts to be deducted should be indicated with a minus sign. Statement of Cash Flows (partial) Cash flows from operating activities es Adjustments to reconcile net income to net cash provided by operating activities Income statement items not affecting cash Changes in current operating assets and liabilities + ก
Sales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end. 28,000 Purchases 120,000 Freight-in 6,000 Purchases discounts 3,000 Purchase returns 2,000 How much is the gross profit?
solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
1.6 Calculate cost of sales Website maintenance 7900 Distribution costs 400 Fares 2400 Markets 47000 Final stock of goods 63000 Marketing expenses 10700 Initial inventory of goods 8600
Sales revenue Variable cost of goods sold Fixed cost of goods sold Gross profit Variable operating expenses Fixed operating expenses Common fixed costs Operating income (a) $1,360,000 Q Search Baseball V V 919,000 V 123,800 317,200 183,800 85,200 65,000 ($16,800) Soccer $3,900,000 2,535,000 $ 202,200 $ 1,162,800 624,000 91,000 139,000 Basketball $2,560,000 2,065,600 178,000 316,400 Baseball 256,000 78,900 104,900 $308,800 ($123,400) Doug is concerned that two of the company's divisions are showing a loss, and he wonders if the company should stop selling baseball and basketball gear to concentrate solely on soccer gear. Prepare a segment margin income statement. Fixed cost of goods sold and fixed operating expenses can be traced to each division (If the amount is negative then enter with a negative sign preceding the number, e.g.-5.125 or parenthesis, eg (5,125)) C $ Total $7,820,000 5,519,600 $ 504,000 F 1,796,400 1,063,800 255,100 308,900 $168,600 Soccer $ B: