Prince Company had cash sales of $94,900, credit sales of $83,825, sales returns andallowances of $1,950, and sales discounts of $3,725. Prince's net sales for this periodequal:

INCOME STATEMENTIncome Statement is one of the Important Financial Statements of the Company. Income…

Answered: Prince Company had cash sales of…

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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o. Horner Corporation reported net sales of $150.000, cost of goods sold of $96,000, operating expenses of $35,000, other expenses of $10,000, net income of $9,000. Calculate the following values. 1. Profit margin. 2. Gross profit rate.
A company reports the following sales-related information. Sales, gross Sales discounts $ 265,000 Sales returns and allowances 5,300 Sales salaries expense $ 16,000 11,300 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales Cost of goods sold Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income
9 )
Sunburst Electronics reported the following sales information: Cash sales: $82,750 Credit sales: $65,300 Sales returns and allowances: $9,450 Sales discounts: $5,600 Calculate Sunburst Electronics' net sales for this period. a. $133,000 b. $148,050 c. $138,600 d. $143,650 e. $127,400
The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold $ 155,000 Income Tax Expense 14,820 Merchandise Sales (gross revenue) for Cash 220,000 Merchandise Sales (gross revenue) on Credit 38,000 Office Expense 18,000 Sales Returns and Allowances 6,450 Salaries and Wages Expense 36,200 1. What was the gross profit percentage? (round your percentage to 1 decimal place)
A company reports the following sales-related information. Sales, gross Sales discounts $ 260,000 Sales returns and allowances 5,200 Sales salaries expense $ 15,000 11,200 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
Below are Income Statement data for Baker Corporation: Operating expenses $124,000, Other expenses $12,000, Income taxes $29,000, Cost of goods sold $101,000, and the Net revenue $333,000. What is the company's return on sales? A. 69.67% B. 16.92% C. 32.43% D. 20.12%
Cushman Company had $814,000 in sales, sales discounts of $12,210, sales returns and allowances of $18,315, cost of goods sold of $386,650, and $280,015 in operating expenses. Gross profit equals: O Multiple Choice $396,825. O $415,140. $409,035. $783,475. $116,810.
Given below are the account balances for Charlie Company: Gross sales - $92,000 Sales returns and allowances - $6,000 Selling expenses - $12,000 Cost of goods sold - $42,000 Interest expense - $3,000 How much is the gross profit margin?
The financial statements of the Sunland Company report net sales of $384000 and accounts receivable of $50400 and $33600 at the beginning of the year and the end of the year, respectively. What is the average collection period for accounts receivable in days?
Monroe Milk Company has a gross margin of 31.7% on net sales of $9,865,214 and total assets of $7,125,852. The company has a current ratio of 2.7 times, accounts receivable of $1,715,363, cash of $315,488, and current liabilities of $870,938. Based on the information above, what are the days of sales outstanding?

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Prince Company had cash sales of $94,900, credit sales of $83,825, sales returns and allowances of $1,950, and sales discounts of $3,725. Prince's net sales for this period equal: