The University Store, Incorporated is the major bookseller for four nearby colleges. An income statement for the first quarter of the year is presented below: University Store, Incorporated Income Statement. For the Quarter Ended March 31 Sales Cost of goods sold Gross margin Selling and administrative expenses Selling Administrative Net operating income $ 100,000 110,000 $ 800,000 560,000 240,000 210,000 $ 30,000 On average, a book seils for $40.00. Variable selling expenses are $3.00 per book; the remaining selling expenses are fixed. The variable administrative expenses are 5% of sales: the remainder of the administrative expenses are fixed. If 25,000 books are sold during the second quarter and this activity is within the relevant range, the company's expected contribution margin would be:

Question 31?

The following information is from Tejas WindowTint's financial records. Month April May June July Sales $ 72,000 71,000 66,000 88,000 Purchases $ 61,000 60,000 48,000 66,000 Collections from customers are normally 69 percent in the month of sale, 19 percent in the month following the sale, and 10 percent in the second month following the sale. The balance is expected to be uncollectible. All purchases are on account. Management takes full advantage of the 1 percent discount allowed on purchases paid for by the tenth of the following month. Purchases for August are budgeted at $67,000, and sales for August are forecasted at $73,000. Cash disbursements for expenses are expected to be $16,000 for the month of August. The company's cash balance on August 1 was $29,000. Required: 1. Prepare the expected cash collections during August. 2. Prepare the expected cash disbursements during August. 3. Calculate the expected cash balance on August 31. Complete this question by entering your answers…

The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.

Last year, Tobys Hats had net sales of 45,000,000 and cost of goods sold of 29,000,000. Tobys had the following balances: Refer to the information for Tobys on the previous page. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.

The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories.   INCOME STATEMENT ACCOUNT NAME  DEBIT  CREDIT       Income Summary 32,000.00 31,000.00 Sales   324,000.00 Sales Returns and Allowances 13,310.00   Sales Discounts 7,700.00   Purchases 126,360.00   Purchases Returns and Allowances   1,200.00 Purchases Discounts   1,300.00 Freight In 7,500.00   Selling Expenses 61,560.00   General Expenses 50,884.00                         299,314.00 357,500.00 Net Income 58,186.00                         357,500.00 357,500.00 From the information given, prepare an income statement for the company. Ralley Company Income Statement For Year Ended August 31, 20-- Revenue from Sales:               $fill in the blank 2       $fill in the blank 4         fill in the blank 6 fill in the blank 7   Net Sales       $fill in…

Financial Account. Answer . Need

The following information summarizes the company's operating activities for the year: Utilities for the store $ 9500 Sales commissions 10,500 Sales revenue 164,200​ Purchases of merchandise 89,300 January 1 inventory 27,100​ Rent for store 14,400​ December 31 inventory 23,300​ What is operating income?

Given answer Accounting

Subject: financial accounting