Question:Crystal Inc. is a merchandiser of stone ornaments. It sold 15,000 units in2015. The company had provided the following information:Sales Revenue $557,000Purchases (excluding freight in) 300,000Selling and Administrative Expenses 69,000Freight In 15,000Beginning Merchandise Inventory 45,000Ending Merchandise Inventory 55,700How much is the gross profit for 2015?a. $257,000b. $183,700c. $304,300d. $252,700

Given data is:Beginning Merchandise Inventory: 45,000 Purchases (excluding freight in): 300,000…

Answered: Question: Crystal Inc. is a…

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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The following information is available for Bridgeport Corp. for three recent fiscal years. 2015 $325.447 1,285,838 965,338 2017 Inventory $554,103 Net sales - 1,965,543 Cost of goods sold 1.572,196 Calculate the inventory turnover, days in inventory, and gross profit rate for 2017 and 2016. (Round Inventory turnover to 1 decimal place, e.g. 5.2, days in inventory to O decimal places, eg. 125 and gross profit rate to 1 decimal place, e.g. 5.2%) Inventory Turnover Days in Inventory 2016 $572,288 1.739,520 1.307,512 Gross Profit Rate 2017 times days 2016 times days
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The ff info was taken from the 2015 accounting records of HT Company. HT Warehouse HT goods held by Consignees Beg Inventory USD 120,000 USD 15,000 Purchases USD 570,000 USD 68,000 Freight in USD 8,000 - Transpo to consignees - USD 4, 000 Freight Out USD 29,000 USD 10,000 Ending Inventory USD 150,000 USD 17,000 Compute for the HTBC Company’s cost of sales.
The Cullumber Supply Company reported the following information for 2017. Prepare a common-size income statement for the year ended June 30, 2017. (Round answers to 1 decimal place, e.g. 52.7%.) Cullumber Supply CompanyIncome Statement for the Fiscal Year Ended June 30, 2017($ thousands) % of Net Sales Net sales $2,111,000 enter percentages of net sales % Cost of goods sold 1,464,000 enter percentages of net sales % Selling and administrative expenses 312,200 enter percentages of net sales % Nonrecurring expenses 27,600 enter percentages of net sales % Earnings before interest, taxes, depreciation, and amortization (EBITDA) $307,200 enter percentages of net sales % Depreciation 117,000 enter percentages of net sales % Earnings before interest and taxes (EBIT) 190,200 enter percentages of net sales % Interest expense 118,600 enter percentages of net sales % Earnings before taxes (EBT)…
The income statement of Bob Christiana Company is presented here. BOB CHRISTIANA COMPANY Income Statement For the Year Ended November 30, 2012 Sales revenue $7,700,000 Cost of goods sold Beginning inventory Purchases $1,900,000 4,400,000 Goods available for sale Ending inventory 6,300,000 1,400,000 Total cost of goods sold 4,900,000 Gross profit 2,800,000 Operating expenses 1,150,000 Net income $1,650,000 Additional information: Accounts receivable increased $380,000 during the year, and inventory decreased $250,000. Prepaid expenses increased $170,000 during the year. Accounts payable to suppliers of merchandise decreased $340,000 during the year. Accrued expenses payable decreased $50,000 during the year. Operating expenses include depreciation expense of $110,000. Instructions Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2012, for…
Question: Ferris Company began 2016 with 9,000 units of its principal product. The cost of each unit is $8. Merchandise transactions for the month of January 2016 are as follows: Purchases Purchase Unit Total Date Units Cost⭑ Cost Jan. 10 6,000 $9 Jan. 18 9,000 $10 $ 54,000 $90,000 Totals 15,000 $ 144,000 . Includes purchase price and cost of freight. Sales Date Sale Units Jan. 5 5,000 Jan. 12 3,000 Jan. 20 6,000 Total 14,000 10,000 units were on hand at the end of the month. Calculate January's ending inventory and cost of goods sold for the month using each of the following alternatives: a.) FIFO b.) LIFO c.) Weighted Average method
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LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 21,400 $ 16,800 Sales returns and allowances 1,000 100 Net sales $ 20,400 $ 16,700 Cost of merchandise (goods) sold 11,400 8,400 Gross profit $ 9,000 $ 8,300 Operating expenses: Depreciation $ 940 $ 720 Selling and administrative 4,000 3,200 Research 790 620 Miscellaneous 600 420 Total operating expenses $ 6,330 $ 4,960 Income before interest and taxes $ 2,670 $ 3,340 Interest expense 800 620 Income before taxes $ 1,870 $ 2,720 Provision for taxes 748 1,088 Net income $ 1,122 $ 1,632 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 13,200…
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a. net sales for Dec 2018 b. cost of good sold for Dec 2018 c. net income for Dec 2018

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