Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on icredit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses Use the above information to prepare the gross profit section of a multiple-step income statement. VITAMIX $ 60,000 90,000 17,000 11,000 80,000 2,000 24,000 Income Statement For Year Ended December 31

Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on icredit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses Use the above information to prepare the gross profit section of a multiple-step income statement. VITAMIX $ 60,000 90,000 17,000 11,000 80,000 2,000 24,000 Income Statement For Year Ended December 31

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

Vikrambhai
i. Use the information available in Income and Financial position statementin Part A and calculate the following ratios for DavidCompetitors Average• Net profit margin 28%• Gross profit margin 65%• Current ratio 2.10x• Acid test ratio 1.50x• Accounts receivable collection period 47 days• Accounts payable payment period 65 days Net Profit Margin = Net Income/ Sales = 350/2300 = 15.22% Gross Profit = Sales Revenue + Ending Inventory - Purchases less purchase returns = 2300 + 250 - 1100 = 1450 Gross Profit Margin = Gross Profit/ Sales = 1450/2300 = 63.04% Current Ratio = Current Assets/ Current Liabilities Current Assets = Cash + Bank + Accounts Receivable + Inventory = 4050 + 17100 + 400 + 250 = 21800 Current Liabilities = Accounts Payable = 700 Current Ratio = 21800/700 = 31.14:1 please answer this QUESTION :ii. Assuming David’s competitor’s ratio averages are as stated above:Analyse his performance with reference to each of the ratios calculatedin comparison to those of her…
Calculate the accounts receivable period, accounts payable period, inventory period, and cash conversion cycle for the following firm: Income statement data: Sales 5,000 Cost of goods sold 4,200 Balance Sheet Data: Beginning of Year End of Year Inventory 500 600 Accounts Receivable 100 120 Accounts Payable 250 290
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $490,000 $446,000 Cost of merchandise sold 289,100 231,920 Selling expenses 78,400 84,740 Administrative expenses 88,200 75,820 Income tax expense 14,700 22,300 a. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount Current year Percent Previous year Amount Previous year Percent Sales $490,000 % $446,000 % Cost of merchandise sold 289,100 % 231,920 % % % Selling expenses 78,400 84,740 % Administrative expenses 88,200 % 75,820 % % % Income tax expense 14,700 % 22,300 % % % b. The vertical analysis indicates that the cost of merchandise sold as a percent of sales - by 7 percentage points, while selling expenses by 3…
NEED ANSWER WITH EXPLANATION
Using the accounts and amounts below, calculate Gross Profit: Account Amount Sales Revenue $124,357 Net Sales 124,835 Sales Returns and Allowances 2,971 Cost of Goods Sold 37,343 Operating Expenses 20,156
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
Required information [The following information applies to the questions displayed below.) Income statements for the current year and one year ago, follow. Assume that all sales are on credit. For Year Ended December 31 Sales Cost of goods sold. Other operating expenses Interest expense Income tax expense Total costs and expenses Net income Earnings per share. Year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Inventory Prepaid rent Machinery, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock Retained earnings Total liabilities and equity Current Year $ 121,756 92,867 162,500 121,838 $ 498,961 $ 395,676 201,081 11,027 8,432 $ 648,649 Current Year 1 Year Ago 2 Years Ago $ 33,723 35, 135 $ 28,850 87,882 107,277 59,015 46,378 80,371 49,388 9,214 9,196 265,756 3,943 220,056 247,816 $ 498,961 $430,139 $ 354,900 $ 74,147 101,900 162,500 91,592 $430,139 616,216 $ 32,433 $ 2.00 $ 45,910 76,080 162,500 70,410 $ 354,900…
Don't give answer in image
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
Administrative Expense Cost of Goods Sold Income Tax Expense Sales Returns and Allowances Selling Expense Sales of merchandise for cash Sales of merchandise on credit 20, 200 171,eee 18,800 7,600 42,600 270, eee 45,000 Required: 1. Based on these data, prepare a multi-step income statement for internal reporting pm MYSTERY INCORPORATED Income Statement For the Year Ended December 31 Operating expenses:
saritaben