Presented below is information for Carla Vista Co. for the month of January 2017. Cost of goods sold $220,100 Rent expense $33,000 Freight-out 9,500 Sales discounts 9,100 Insurance expense 13,400 Sales returns and allowances 20,000 Salaries and wages expense 63,100 Sales revenue 399,500 Income tax expense 5,000 Other comprehensive income (net of $400 tax) 2,000 Prepare an income statement using the multi-step format. CARLA VISTA CO.Income Statementchoose the accounting period For the Month Ended January 31, 2017For the Year Ended January 31, 2017January 31, 2017 Select a closing name for section one DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss) Enter an income statement item $Enter a dollar amount select between addition and deduction AddLess : Enter an income statement item $Enter a dollar amount Enter an income statement item Enter a dollar amount Enter a subtotal of the two previous amounts Select a closing name for section one Dividends Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, January 31 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income Before Income Taxes Net Other Comprehensive Income / (Loss) Comprehensive Income / (Loss) Enter a total amount for section one Enter an income statement item Enter a dollar amount Select a summarizing line for the first part DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss) Enter a total amount for the first part Select an opening name for section two DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss) Enter an income statement item Enter a dollar amount Enter an income statement item Enter a dollar amount Enter an income statement item Enter a dollar amount Enter an income statement item Enter a dollar amount Select a closing name for section two Dividends Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, January 31 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income Before Income Taxes Net Other Comprehensive Income / (Loss) Comprehensive Income / (Loss) Enter a total amount for section two Select a summarizing line for the second part DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss) Enter a total amount for two parts Enter an income statement item Enter a dollar amount Select a closing name for this statement DividendsNet Income / (Loss)Retained Earnings, Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss) $Enter a total net income or loss amount Prepare a comprehensive income statement. CARLA VISTA CO.Comprehensive Income Statementchoose the accounting period For the Month Ended January 31, 2017For the Year Ended January 31, 2017January 31, 2017 Select an opening name for this statement DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss) $Enter a dollar amount Enter an income statement item DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss) Enter a dollar amount Select a closing name for this statement DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss) $Enter a total Comprehensive Income or loss amount Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.) Profit margin enter Profit margin in percentages rounded to 1 decimal place % Gross profit rate enter Gross profit rate in percentages rounded to 1 decimal place %

Presented below is information for Carla Vista Co. for the month of January 2017. Cost of goods sold $220,100 Rent expense $33,000 Freight-out 9,500 Sales discounts 9,100 Insurance expense 13,400 Sales returns and allowances 20,000 Salaries and wages expense 63,100 Sales revenue 399,500 Income tax expense 5,000 Other comprehensive income (net of $400 tax) 2,000 Prepare an income statement using the multi-step format. CARLA VISTA CO.Income Statementchoose the accounting period For the Month Ended January 31, 2017For the Year Ended January 31, 2017January 31, 2017 Select a closing name for section one DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss) Enter an income statement item $Enter a dollar amount select between addition and deduction AddLess : Enter an income statement item $Enter a dollar amount Enter an income statement item Enter a dollar amount Enter a subtotal of the two previous amounts Select a closing name for section one Dividends Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, January 31 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income Before Income Taxes Net Other Comprehensive Income / (Loss) Comprehensive Income / (Loss) Enter a total amount for section one Enter an income statement item Enter a dollar amount Select a summarizing line for the first part DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss) Enter a total amount for the first part Select an opening name for section two DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss) Enter an income statement item Enter a dollar amount Enter an income statement item Enter a dollar amount Enter an income statement item Enter a dollar amount Enter an income statement item Enter a dollar amount Select a closing name for section two Dividends Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, January 31 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income Before Income Taxes Net Other Comprehensive Income / (Loss) Comprehensive Income / (Loss) Enter a total amount for section two Select a summarizing line for the second part DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss) Enter a total amount for two parts Enter an income statement item Enter a dollar amount Select a closing name for this statement DividendsNet Income / (Loss)Retained Earnings, Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss) $Enter a total net income or loss amount Prepare a comprehensive income statement. CARLA VISTA CO.Comprehensive Income Statementchoose the accounting period For the Month Ended January 31, 2017For the Year Ended January 31, 2017January 31, 2017 Select an opening name for this statement DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss) $Enter a dollar amount Enter an income statement item DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss) Enter a dollar amount Select a closing name for this statement DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss) $Enter a total Comprehensive Income or loss amount Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.) Profit margin enter Profit margin in percentages rounded to 1 decimal place % Gross profit rate enter Gross profit rate in percentages rounded to 1 decimal place %

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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Presented below is information for Carla Vista Co. for the month of January 2017.

Cost of goods sold	$220,100	Rent expense	$33,000
Freight-out	9,500	Sales discounts	9,100
Insurance expense	13,400	Sales returns and allowances	20,000
Salaries and wages expense	63,100	Sales revenue	399,500
Income tax expense	5,000	Other comprehensive income (net of $400 tax)	2,000

Prepare an income statement using the multi-step format.

CARLA VISTA CO. Income Statement choose the accounting period For the Month Ended January 31, 2017For the Year Ended January 31, 2017January 31, 2017
Select a closing name for section one DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss)
Enter an income statement item		$Enter a dollar amount
select between addition and deduction AddLess :
Enter an income statement item	$Enter a dollar amount
Enter an income statement item	Enter a dollar amount
		Enter a subtotal of the two previous amounts
Select a closing name for section one Dividends Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, January 31 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income Before Income Taxes Net Other Comprehensive Income / (Loss) Comprehensive Income / (Loss)		Enter a total amount for section one
Enter an income statement item		Enter a dollar amount
Select a summarizing line for the first part DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss)		Enter a total amount for the first part
Select an opening name for section two DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss)
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Enter an income statement item	Enter a dollar amount
Select a closing name for section two Dividends Net Income / (Loss) Retained Earnings, January 1 Retained Earnings, January 31 Sales Total Revenues Net Sales Gross Profit Operating Expenses Total Operating Expenses Income Before Income Taxes Net Other Comprehensive Income / (Loss) Comprehensive Income / (Loss)		Enter a total amount for section two
Select a summarizing line for the second part DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss)		Enter a total amount for two parts
Enter an income statement item		Enter a dollar amount
Select a closing name for this statement DividendsNet Income / (Loss)Retained Earnings, Operating ExpensesIncome Before Income TaxesNet Other Comprehensive Income / (Loss)Comprehensive Income / (Loss)		$Enter a total net income or loss amount

Prepare a comprehensive income statement.

CARLA VISTA CO. Comprehensive Income Statement choose the accounting period For the Month Ended January 31, 2017For the Year Ended January 31, 2017January 31, 2017
Select an opening name for this statement DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)		$Enter a dollar amount
Enter an income statement item DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)		Enter a dollar amount
Select a closing name for this statement DividendsNet Income / (Loss)Retained Earnings, January 1Retained Earnings, January 31SalesTotal RevenuesNet SalesGross ProfitOperating ExpensesTotal Operating ExpensesIncome Before Income TaxesOther Comprehensive Income / (Loss)Comprehensive Income / (Loss)		$Enter a total Comprehensive Income or loss amount

Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.)

Profit margin		enter Profit margin in percentages rounded to 1 decimal place	%
Gross profit rate		enter Gross profit rate in percentages rounded to 1 decimal place	%

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