Please do not give solution in image format thanku Sales revenueCost of goods soldBeginning inventory $1,840,000PurchasesGoods available forsaleEnding inventory$6,630,0004,520,0006,360,0001,530,000Cost of goods sold4,830,000Gross profit1,800,000Operating expensesSelling expenses450,000Administrative660,0001,110,000expenses$690,000Net incomeAdditional information:1. Accounts receivable decreased $290,000 during the year.2. Prepaid expenses Increased $180,000 during the year.3. Accounts payable to suppliers of merchandise decreased $260,000 during the year.4. Accrued expenses payable decreased $120,000 during the year.5. Administrative expenses include depreciation expense of $60,000.Prepare the operating activities section of the statement of cash flows for the year ended December 31, 2017, for Monty Company, using the indirect method. (Show amounts that decrease cash flow with either a -sign e.g. -15,000 or in parenthesis e.g. (15,000).)MONTY COMPANYStatement of Cash Flows (Partial)Adjustments to reconcile net income to$

Under indirect operating cash flow method, we start with the net income or loss for the period. Next…

Answered: Sales revenue Cost of goods sold…

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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Sales Sales Returns & Allowances Sales Discount Purchases Freight in Purchase Renurns & Allowances Purchase Discount Beginning Inventory Ending Inventory Operating expenses Other Income Otber Expenses P 780,000 15,000 19,000 420,000 12,000 8,000 2,000 50,000 80,000 120,000 16,000 3,000 How much is the cost of goods available for sale? P 4E0.000 P 472,000 P448,000 P 470,000
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Cost of Goods Sold Beginning Inventory Add: Purchases Freight-in Direct Labor Indirect Expenses Inventory Available Less: Ending Inventory Cost of Goods Sold Gross Profit (Loss) Sales Budget Actual Sales $ 604,461.00 $ 97,400.00 Less Cost of Sales $ 91,421.57 $ 14,731.24 Net Sales $ 513,039.43 $ 82,668.76 Operating Expenses Accounting $ 53,040.00 $ 8,840.00 Advertising $ 15,000.00 $ 2,400.00 Wages $ 128,000.00 $ 21,500.00 Vehicle Expense $ 3,600.00 $ 700.00 Bank Charges $ 2,400.00 $ 400.00 Printing $ 4,800.00 $ 600.00 Insurance $ 15,600.00 $ 2,600.00 Interest Expense $ 3,600.00 $ 625.00 Taxes $ 12,000.00 $ 2,250.00 Rent $ 28,800.00 $ 4,900.00 Telephone $ 4,800.00…
Income Statement Sales Revenue Cost of Goods Sold* Gross Profit Operating Expenses Income from Operations Income Tax Expense Net Income *Cost of Goods Sold Equation Beginning Inventory Purchases Goods Available for Sale Ending Inventory Cost of Goods Sold Units 3,000 3,000 $ $ 3,000 $ FIFO Inventory Costing Method LIFO 3,000 3,000 3,000 3,000 0 0 0 0 0 0 0 Weighted Average $ $ 0 0 0 0 0
Sales Revenue Cost of Goods Manufactured Beginning Finished Goods Inventory Ending Finished Goods Inventory Selling Expenses Administrative Expenses What is the gross profit? O A. $14,300 OB. $32,800 OC. $23,800 OD. $20,200 $53,000 22,000 1,800 3,600 15,000 3,500
Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. MUNSUN COMPANY Income Statement For the Year Ended November 30, 2022 2. 3. 4. 5. $1,900,000 4,400,000 6,300,000 1,600,000 450,000 700,000 $7,600,000 4,700,000 2,900,000 1,150,000 $1,750,000 Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of inventory decreased $350,000 during the year. Accrued expenses payable decreased $100,000 during the year. Administrative expenses include depreciation expense of $110,000.
Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory (FIFO cost) Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income $ 22,500 121,000 $215,000 143,500 25,525 117,975 97,025 46,000 51,025 15,308 $ 35,718 Assume that you have been asked to restate the financial statements to incorporate the LC&NRV. You have developed the following data relating to the ending inventory: 1,650 Current Replacement Cost per Unit (Net Realizable Value) $4.25 Purchase Cost Item Quantity Per Unit Total $2.00 $ 3,300 900 3,640 4.50 4,050 2.50 2.50 9,100 2.00 1,650 5.50 9,075 4.50 $25,525 ABCD
Given the information below, what is the gross profit? Sales revenue Accounts receivable Ending inventory Cost of goods sold Sales returns Multiple Choice $76,000 $197,000 $79,000 $106,000 $ 345,000 60,000 118,000 239,000 30,000
Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold Gross profit would be O $126400. O $144500. O $113700. O $24200. $ 89500 18100 12700 319200 174700
Find COGS?
What are the sales, beginning inventory, COGP, COGA, Ending inventory, COGS, and Gross Profit as stated on the green sheet.
Exercise ER The Income statement of Vince Gill Company Is shown below. VINCE GILL COMPANY INCOME STATENENT FOR THE YEAR ENDED DECENBER 31, 2020 $6,900,000 Sales revenue Cost of goods sold Purchases uauanur Bபrப்பம்Sg: 000 0000 Goods available for sale 6,300,000 Ending Inventory Cost of goods sold 4,700,000 Gross profit Operating expenses Selling expenses Administratve expenses ఈ50,000 700,000 1,150,000 $1,050,000 Net Income. Additional Information: 1. Accounts recelvable decreased $360,000 durIng the year. 2. Prepald expenses Increased S170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased S275,000 during the year. 4. Accrued expenses payable decreased $100,000 durIng the year. 5. Administrative expenses Include depredatlon expense of $60,000. Prepare the operating activities secton of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the Indirect method parenthesis e.g. (15,000 VINCE GILL COMPANY Statement of…

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