Tinnell Industries has gross sales of $30,000 for the year. Its cost for the goods sold is $18,000. Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?

Tinnell Industries has gross sales of $30,000 for the year. Its cost for the goods sold is $18,000. Returns and allowances amounted to $2,000. It purchased equipment normally selling for $10,000 at a 20% discount. Based on these facts, what is its gross income for the year?

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 2MC: The following information is available for Cooke Company for the current year: The gross margin is...

See similar textbooks

Related questions

Q: Subject:- General Account

A: Ending Inventory under Variable CostingTo compute the value of ending inventory under variable…

Q: I need this financial accounting question

A: Step 1: Define Interest RateThe interest rate depicts the rate at which the bank offers to pay a…

Q: I need this question answer general accounting

A: Step 1: Define Payback MethodsPayback methods like simple and discounted payback periods help assess…

Q: Answer this Problem

A: Explanation of Book Value of Shareholders' Equity:The book value of shareholders' equity is the…

Q: Given answer accounting questions

A: Step 1: Define Material VarianceMaterial variance includes material price and quantity variance.…

Q: Financial Accounting

A: Step 1:Dividend yield shows the relationship between dividend per share and the current price per…

Q: general Account posted

A: The correct answer is:(c) have no effect on net operating income for the period. ExplanationUnder…

Q: ACCOUNTING 3.7

A: Explanation of Basis:The basis of an asset refers to the original value of the asset for tax…

Q: ? ANSWER

A: Explanation of Outstanding Checks:Outstanding checks refer to payments your business has issued but…

Q: General accounting

A: Step 1: Define AnnuityAn annuity if a security that pays a sum of money over a scheduled period of…

Q: Explain the role of the conservatism principle in Accounting

A: The Conservatism Principle in AccountingAccounting is all about presenting a company's financial…

Q: What is the amount of Cash Collection in August?

A: Explanation of Cash Collections: Cash collections represent the actual receipt of money from…

Q: Please given answer general accounting

A: Step 1: Formula Future value = Principal amount x (1 + interest rate)number of years Step 2: Given…

Q: Question data is below

A: Explanation of Direct Labor Cost Variance: This represents the difference between the standard labor…

Q: Can you please give me true answer this general accounting question?

A: Step 1: Define Days sale uncollectedDays sale uncollected is a liquidity ratio. This ratio tells us…

Q: Provide correct solution general accounting

A: To figure out the cash flow to creditors during 2023, we need to take into account both the interest…

Q: Please provide answer general accounting

A: Step 1: Define Annualized Rate Of ReturnThe annualized rate of return represents an investment's…

Q: Question 2 financial accounting

A: Explanation of Property, Plant, and Equipment (PPE):PPE includes tangible long-term assets used in…

Q: Asset a will have a useful life solve this accounting questions

A: Step 1: Define Straight Line DepreciationThe straight-line method of calculating depreciation is a…

Q: Give answer. subject is general account

A: Step 1: Key InformationInventory CategoryCost ($)Market Value…

Q: General Accounting

A: Step 1: Define Depreciation And AmortizationDepreciation and amortization are non-cash expenses that…

Q: answer me this accounting problem

A: a) Straight-line over contract period: INCORRECT• This method is mostly applied in Companies owning…

Q: Irene is disabled and receives payments from a number of sources. The interest payments are from…

A: 1. Interest, Bonds Issued by City of Austin, Texas ($3,050)Interest on municipal bonds issued by…

Q: The cost of replacing a high-definition television production line in 6 years is estimated to be…

A: To determine the uniform deposit required every 6 months into a sinking fund, we use the Future…

Q: what is solution?

A: Assessment:All failure rates are within their respective acceptable thresholds.Conclusion:The plant…

Q: posting in General Account

A: Step 1: Understand the Concept of LCMThe Lower-of-Cost-or-Market (LCM) method is a conservative…

Q: provide answer of this Question with General Accounting method pls give fast not use ai

A: Step 1: Standard quantityHardwood in finished product11board feetAdd: Allowance for scrap lumber…

Q: What is your total return for last year on these financial accounting question?

A: Step 1: Define Overall Returns on StocksThe total returns on stocks can be bifurcated into dividend…

Q: Chapter job costing

A: Explanation of Cycle Counting:Cycle counting is an inventory management technique that involves…

Q: HEllo please answer me. Tag. General Account

A: To compute the federal income tax liability for Pace Corporation with a taxable income of $300,000,…

Q: Solve this financial accounting question not use ai and chatgpt

A: Step 1: Define Rate of ReturnThe rate of return on investment represents the percentage return for…

Q: General Accounting Question need help please

A: Step 1: Define Applied OverheadManufacturing overhead is applied on the basis of a predetermined…

Q: Subject:- General Account Khidir Company, which has only one product, has provided the following…

A: Step 1: Identify Key DataSelling price per unit: $121Variable production costs per unit:Direct…

Q: Need help with this accounting question

A: Calculation of Total Cost of Oil RigTotal Cost of Oil Rig = Purchase Cost +Present Value of Cost to…

Q: Please given answer general accounting question

A: Step 1: Define Income StatementAn income statement is a financial document that contains information…

Q: General Accounting Question please solve this one

A: Step 1: Define Predetermined Overhead RateThe predetermined overhead rate is rate that is used to…

Q: I want to correct answer accounting questions

A: Gross profit and gross profit percentage are key measures of a company's profitability. Gross profit…

Q: Peach has received a special order for 10,000 units of its product. Please solve this general…

A: Step 1: Define Relevant CostsThe costs that are related to decision-making are relevant costs. These…

Q: Strict warning: no ai

A: Question:1Explanation of Integrated Control Frameworks:An integrated control framework connects…

Q: Given answer accounting questions

A: Step 1: Define Operating incomeAll direct and indirect operational expenses are reduced from the…

Q: Presented below is information related to Blossom Retail Stores, Inc. pension plan for 2026: Service…

A: Part (a): Compute the Unexpected Gain or Loss for 2026 The unexpected gain or loss is based on the…

Q: Financial Accounting can you please give correct answer?

A: Step 1: Define Holding Period ReturnA holding period return, as the name suggests, refers to the…

Q: Consider all data and make sure answer are correct for this account table

A: Compute the lower-of-cost-or-market (LCM) valuation for Carla Vista Co.'s inventory, follow these…

Q: Choose best option and write short explanation. (Account)

A: Detailed Explanation of the Scenario:Cherry Falls Inc. (CFI) prepares financial statements monthly…

Q: The following information relates to Halloran Company's accounts receivable for 2024: Accounts…

A: Accounts receivable is the amount of money that a company has a right to receive because it had…

Q: 4. Swan Textiles Inc. produces and sells a decorative pillow for $98.00 per unit. In the first…

A: Calculate Total Manufacturing Cost per UnitUnder absorption costing, the total manufacturing cost…

Q: I want to correct answer general accounting

A: Let us work around the formula of Gross Profit to get the amount of Cost of Goods Sold.Gross Profit…

Q: Required: 1. Compute the predetermined overhead rate. 2. During the year, Tech Solutions started and…

A: The data is incomplete. This is a similar problem I found online based on the figures provided.…

Q: Cost Account subject questions

A: Step 1: Key InformationUnits produced in Year 2: 2,750Units sold in Year 2: 3,200Variable production…

Q: Need Answer of this General Accounting

A: Step 1: Definition of Free Cash Flow (FCF):Free Cash Flow is the cash generated by a company after…

Question

Hi expart Provide correct calculation and give correct answer the general accounting question

Tinnell Industries has gross sales of $30,000 for the
year. Its cost for the goods sold is $18,000. Returns
and allowances amounted to $2,000. It purchased
equipment normally selling for $10,000 at a 20%
discount.
Based on these facts, what is its gross income for the
year?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Similar questions

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
Brown Glory Corp. has sales revenue of $150,000, sales discounts of $12,000, sales returns allowances of $24,000, and cost of goods sold of $60,000. What would be the net sales revenue of Brown Glory Corp.?
Ulra's net sales are ?
What is its gross income for the year of this general accounting question?
1)Brown Glory Corp. has sales revenue of $150,000, sales discounts of $12,000, sales returns allowances of $24,000, and cost of goods sold of $60,000. What would be the net sales revenue of Brown Glory Corp.?
What is total gross income for the year?
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; Cost of Goods Sold: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? Round to the nearest percentage with one decimal place and include "%" (for example, 12.3%).
How much is the gross profit margin ?
Calculate it's gross profit??
The Happy Auto Shop has the following annual information: gross sales,$700,000; net sales, $696,000; and gross profit, $448,000. What are theshop’s returns and allowances and cost of goods sold?