TB Problem 6-187 (Algo) The following is a listing of the income statement...The following is a listing of the income statement accounts for Mulberry Street Sportswear as they appear on the adjusted trial balanceas of December 31.Advertising ExpenseCost of Goods SoldDelivery ExpenseInsurance ExpenseIncome Tax ExpenseRent ExpenseInterest ExpenseSales RevenueSales Discounts$ 10,30087,3004,5007006,64011,3001,000160,0009,60018,700Sales Returns & AllowancesRequired:a. Prepare a multistep income statement. Include all operating expenses in one line item called "Selling, General and AdministrativeExpenses" and all non-operating revenues(expenses) in one line item called "Other Revenue (Expenses), net".b. Compute the gross profit percentage.Complete this question by entering your answers in the tabs below.Required A Required BPrepare a multistep income statement. Include all operating expenses in one line item called "Selling, General andAdministrative Expenses" and all non-operating revenues(expenses) in one line item called "Other Revenue (Expenses), net".MULBERRY STREET SPORTSWEARIncome Statement

Step 1:a. The multistep income statement is prepared as follows: Formula table: Result of the above…

Answered: TB Problem 6-187 (Algo) The following…

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 35E: Appendix 1 Adjusting entry for gross method The following data were extracted from the accounting...

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Appendix 1 Adjusting entry for gross method The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4: a. Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts. b. How would sales and accounts receivable be reported on the financial statements for the year ending June 30, 20Y4?
SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end of year 1, MCs estimates that 2,400 of the current years sales will be returned in year 2. Prepare the adjusting entry at the end of year 1 to record the estimated sales returns and allowances and customer refunds payable for this 2,400. Use accounts as illustrated in the chapter.
explain the image provided the Accounts receivable turn over, days to collect, Inventory turnover,Days to sell, accounts payable turnover,days to pay and give recommendation
Required information Skip to question [The following information applies to the questions displayed below.] Valley Company’s adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 41,000 Other (non-inventory) assets 130,400 Total liabilities $ 25,000 K. Valley, Capital 104,550 K. Valley, Withdrawals 8,000 Sales 225,600 Sales discounts 2,250 Sales returns and allowances 12,000 Cost of goods sold 74,500 Sales salaries expense 32,000 Rent expense—Selling space 8,000 Store supplies expense 1,500 Advertising expense 13,000 Office salaries expense 28,500 Rent expense—Office space 3,600 Office…
Question Content Area Based on the following data for the current year, what is the number of days' sales in receivables (rounded to one decimal place)? Assume 365 days a year. Sales on account during year $591,010 Cost of merchandise sold during year 158,044 Accounts receivable, beginning of year 44,597 Accounts receivable, end of year 46,544 Merchandise inventory, beginning of year 92,783 Merchandise inventory, end of year 119,254
Required information Skip to question [The following information applies to the questions displayed below.] Valley Company’s adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense—selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Adjusted Account Balances Debit Credit Merchandise inventory (ending) $ 34,000 Other (non-inventory) assets 136,000 Total liabilities $ 39,270 K. Valley, Capital 113,619 K. Valley, Withdrawals 8,000 Sales 232,560 Sales discounts 3,558 Sales returns and allowances 15,349 Cost of goods sold 90,401 Sales salaries expense 31,861 Rent expense—Selling space 10,930 Store supplies expense 2,791 Advertising expense 19,768 Office salaries expense 29,070 Rent expense—Office space 2,791…
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1, 502,695 $1,502,695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020
Question Content Area Based on the following data for the current year, what is the number of days' sales in receivables (rounded to one decimal place)? Assume 365 days a year. Sales on account during year $461,647 Cost of merchandise sold during year 196,997 Accounts receivable, beginning of year 41,839 Accounts receivable, end of year 52,205 Merchandise inventory, beginning of year 85,575 Merchandise inventory, end of year 109,714 a.155.7 days b.37.2 days c.77.2 days d.86.7 days
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19, 500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247, 605 67,000 Sales 942, eee Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense Office salaries expense 719,000 79, 200 56, 500 33,000 Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 3,00e 1,620 735 Depreciation expense, store equipment Depreciation expense, office equipment 8,910 2,768 Insurance expense 3,39e Totals $1,502, 695 $1,502,695 Requlred: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31 , 2020
Prepare the company’s Statement of profit or loss for the year ended 31st December 2018 and its Statement of financial position as at that date, in accordance with IAS 1 Presentation of Financial Statements.
The following balances appeared in the general ledger of Vice Traders on 30 June 20.2: Inventory (1 July 20.1) Sales. Net purchases. Customs duties... Carriage on purchases. Carriage on sales. Settlement discount granted Additional information: Inventory on hand on 30 June 20.2 is R20 000. What will the correct statement of profit or loss and other comprehensive income for the year ended 30 June 20.2 be? 148 500 Sales 151 500 VICE TRADERS STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME FOR THE YEAR ENDED 30 JUNE 20.02 Inventory (20 June 20.02) 20 000 1 500 R 60 000 270 000 75 000 1.500 2 000 500 3 000 Carriage on purchases 72 000 Gross profit 231 500 Net purchaseS 2 000 Inventory (1 July 20.1) 267 500 75 000 Revenue Carriage on sales 228 500 (118 500) 267 000 60 000 (38 500) 266 500 Cost of sales R Customs duties (20 000) (60 000) 38 500 Gross loss 270 000 500
Required information [The following information applies to the questions displayed below.] Valley Company's adjusted account balances from its general ledger on August 31, its fiscal year-end, follows. It categorizes the following accounts as selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It categorizes the remaining expenses as general and administrative. Credit 3:21 Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities 2 Common stock Retained earnings Dividends Sales Sales discounts Sales returns and allowances Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense Office salaries expense Rent expense-Office space Office supplies expense Totals Invoice cost of merchandise purchases Purchases discounts received Purchases returns and allowances Costs of transportation-in F2 Beginning merchandise inventory was…

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