Presented below is financial information for two different companies.Compute the missing amounts.Blue CompanyKingbird CompanySales revenue85,600(d)Sales returns and allowances(a)4,670Net sales84,280103,570Cost of goods sold56,670(e)Gross profit(b)36,830Operating expenses15,06022,370Net income(c)14,460 Sandra Robinson, D.D.S., opened a dental practice on January 1, 2020. During the first month of operations, the followingtransactions occurred.Performed services for patients who had dental plan insurance. At January 31, $784 of such services was performed butnot yet billed to the insurance companies.1.2.Utility expenses incurred but not paid prior to January 31 totaled $477.Purchased dental equipment on January 1 for $72,000, paying $22,000 in cash and signing a $50,000, 3-year note payable.(a) The equipment depreciates $361 per month. (b) Interest is $550 per month.Purchased a one-year malpractice insurance policy on January 1 for $13,080.3.4.5.Purchased $1,493 of dental supplies. On January 31, determined that $470 of supplies were on hand.Prepare the adjusting entries on January 31. Account titles are Accumulated Depreciation-Equipment, Depreciation Expense,Service Revenue, Accounts Receivable, Insurance Expense, Interest Expense, Interest Payable, Prepaid Insurance, Supplies, SuppliesExpense, Utilities Expenses, and Accounts Payable. (Credit account titles are automatically indented when amount Is entered. Do notIndent manually. If no entry is requlred, select "No entry" for the account titles and enter O for the amounts.)

Name: Presented below is financial information for two different companies.
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: Presented below is financial information for two different companies.Compute the missing amounts.Blue CompanyKingbird CompanySales revenue85,600(d)Sales returns and allowances(a)4,670Net sales84,280103,570Cost of goods sold56,670(e)Gross profit(b)36

Hi student Since there are multiple questions, we will answer only first question.

Business

Accounting

Presented below is financial information for two different companies. Compute the missing amounts. Blue Company Kingbird Company Sales revenue 85,600 (d) Sales returns and allowances (a) 4,670 Net sales 84,280 103,570 Cost of goods sold 56,670 (e) Gross profit (Ь) 36,830 Operating expenses 15,060 22,370 Net income (c) 14,460

Presented below is financial information for two different companies. Compute the missing amounts. Blue Company Kingbird Company Sales revenue 85,600 (d) Sales returns and allowances (a) 4,670 Net sales 84,280 103,570 Cost of goods sold 56,670 (e) Gross profit (Ь) 36,830 Operating expenses 15,060 22,370 Net income (c) 14,460

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

96. Accounting
Determining amounts for items omitted from income statement One item is omitted in each of the following four lists of income statement data. Determine the amounts of the missing items, identifying them by ietter.
Answer the following questions by using the following data taken from the financial statement of 2 companies: Company ABC Annual Sales ( on Credit ) $1,324,600 $936,720 Company DEF Annual Sales ( on Credit ) Cost of Goods Sold $2,748,308 Cost of Goods Sold $1,709,406 Average Inventory Average Accounts Receivable Average Accounts Payable $225,025 $346,007 $175,456 Average Inventory Average Accounts Receivable Average Accounts Payable $356,394 $300,000 $150,000 How much is the approximate Days Payable Outstanding of Company DEF? 32 1. 95 40 68 How much is the approximate Days Inventory Outstanding for Company АВС? * 88 90 2. 95 76 How much is the approximate Days Sales Outstanding for Company DEF? * 76 95 3. 87 40 How much is the approximate Days Inventory Outstanding for Company DEF? * 76 4. 95 90 88 How much is the approximate Days Payable Outstanding of Company АВС? * 95 5. 68 40 32 How much is the approximate Days Sales Outstanding for Company ABC? * 87 6. 95 76 40 How much is the…
A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses come Statement L Administrative expenses Total expenses Net operating income Interest expense Net income before taxes $ This Year 7,350,000 4,750,000 2,600,000 1,386,000 708,000 2,094,000 506,000 98,000 $408,000 Last Year. $ 5,586,000 3,512,500 2,073,500 1,081,500 608,000 1,689,500 384,000 89,000 $ 295,000 Members of the company's board of directors are surprised to see that net income increased by only $113,000 when sales increased by $1,764,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e..
Supply the missing dollar amounts for the income statement of Williamson Company for each of the following independent cases: Sales Revenues, gross Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit $ Case A 8,500 200 6,000
PLEASE ANSWERED WITH IN THE FORMAT BY PROVIDING FORMULA IN DETAILS Income statements for Thornton Company for Year 3 and Year 4 follow. THORNTON COMPANY Income Statements Year 4 Year 3 Sales $200,900 $180,900 Cost of goods sold 142,300 120,300 Selling expenses 21,600 19,600 Administrative expenses 12,500 14,500 Interest expense 3,200 5,200 Total expenses $179,600 $159,600 Income before taxes 21,300 21,300 Income taxes expense 6,300 3,800 Net income $15,000 $17,500 Required Perform a horizontal analysis, showing the percentage change in each income statement component between Year 3 and Year 4. Perform a vertical analysis, showing each income statement component as a percentage of sales for each year. PLEASE PROVIDE ANSWER IN TEXT
The following income statement contains errors. Curbstone Company Income Statement For the Year Ended August 31, 20Y5 1 Sales $8,595,000.00 2 Cost of merchandise sold 6,110,000.00 3 Income from operations $2,485,000.00 4 Expenses: 5 Selling expenses $800,000.00 6 Administrative expenses 575,000.00 7 Delivery expense 425,000.00 8 Total expenses 1,800,000.00 9 $685,000.00 10 Other expense: 11 Interest revenue 45,000.00 12 Gross profit $640,000.00 Identify the errors by preparing a corrected multiple-step income statement. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For…
A comparative income statement is given below for McKenzie Sales, Limited, of Toronto: McKenzie Sales, Limited Comparative Income Statement Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total expenses Net operating income Interest expense Net income before taxes This Year $ 7,300,000 4,640,000 2,660,000 Sales Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses Total selling and administrative expenses Net operating income Interest expense Net income before taxes 1,391,000 702,500 2,093,500 566,500 106,000 $ 460,500 Members of the company's board of directors are surprised to see that net income increased by only $204,000 when sales increased by $1,752,000. Required: 1. Express each year's income statement in common-size percentages. (Round your percentage answers to 1 decimal place (i.e., 0.1234 should be entered as 12.3).) This Year % % % Last Year $…
Statement of income information is presented here for two companies: (a) Calculate the missing amounts. Sales Cost of goods sold Gross profit Operating expenses Income from operations Other income Other expenses Income before income tax Income tax expense Net income LA Ivanhoe Ltd. $88,100 59,027 19,500 780 O 2,424 Ivanhoe Ltée $100,100 40,040 18,000 0 2,200 $13,013
Refer to the following selected company information to determine the Year 1 and Year 2 common size percentages for operating expenses using Net sales as the base. Year 1 Year 2 Net sales $397,800 $489,400 Cost of goods sold 134,660 210,400 Operating expenses 73,910 76,690 Net earnings 27,490 38,740 Answer: A. 15.3% for Year 1 and 27.3% for Year 2 B. 33.9% for Year 1 and 43% for Year 2 C. 18.6% for Year 1 and 15.7% for Year 2 D. 20.4% for Year 1 and 19.3% for Year 2 E. 100% for Year 1 and 123% for Year 2
Find the missing amounts, and be sure to label your Presented here are the components in Wildhorse Company's income statement. Determine the missing amounts. Sales Revenue $81,000 A Cost of Goods Sold B $69,000 Gross Profit $77,800 $57,000 Operating Expenses C $46,000 Net Income $17,000 D
Given: The Company showed Cost of Goods Sold amounting to P645,750 and its gross profit rate is 40%. The total expenses was P559,400. Required: What is the net profit or net loss of the company. Select the correct response: