Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,000 $ $410,000 Sales returns and allowances (11,000) (13,000)

Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,000 $ $410,000 Sales returns and allowances (11,000) (13,000)

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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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13, please answer the following question, thanks
DCI & Co. reported the following 2021 balances: December 31 P1,950,000 P562,500 During the year, the company paid its suppliers the amount of P3,675,000. What should be the amount to January 1 P2,175,000 P375,000 Inventory Accounts Payable be reported for cost of goods sold in 2021?
Following information is available for Nick Company for the year ended 2020: Additional information: Amount for accounts receivable (net) at the end of 2019 was $57,000. The inventory as of 01st of January 2020 is calculated as $22,000. Required: Calculation of the following for the year ended 2020: a) Working capital b) Quick ratio c) Inventory turnover ratio. d) Accounts receivable turnover ratio and number of days in the collection assuming 366 days a year.
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,000 $410,000 Sales returns and allowances (11,000) (13,000) Net sales 347,000 Beginning inventory 20,000 32,000 Ending inventory Purchases 260,000 298,000 Purchase returns and allowances (5.000) (8,000) (10.000) Freight-in 8,000 9,000 12.000 Cost of goods sold (233,000) (293,000) Gross profit on sales 46,000 91,000 97,000
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,800 $ $410,870 Sales returns and allowances (9,930) (14,280) Net sales 349,576 Beginning inventory 20,720 29,710 Ending inventory Purchases 257,850 296,191 Purchase returns and allowances (5,220) (8,750) (10,050) Freight-in 7,680 8,820 12,740 Cost of goods sold (232,550) (294,284) Gross profit on sales 48,320 96,770 99,800
2.2. During 2021, Gamma Ltd discovered that some of their products sold during 2020 were incorrectly included in inventory as 31 December 2020 at R6 500. Assume a tax rate of 30%. Assume that the prior period error effect is considered to be material. Gamma Ltd.'s accounting records are as follows: 2021 Sales Cost of sales Profit before tax 208 000 (173 500) 35 000 (10 500) 24 500 2020 147 000 (107 000) 40 000 (12 000) 28 000 Taxation Profit The profit for 2021 includes R13 500 for the error made in opening inventory Additional information: 2020 opening retained earnings was R40 000 and closing retained earnings was R68 000. Gamma's income tax rate was 30% in 2021 as well as in 2020. It had no other income or expenses. Gamma Ltd has R10 000 of share capital throughout 2020 and 2021, as well as retained earnings. REQUIRED: Disclose the effect of the error in the financial statements for the year ended 31 December 2021
What is the statement of comprehensive income for the year Dec. 2020 showing the ratio of each item to sales expressed as a percentage (vertical analysis)? Additional information: • There are only 300 business days during the year. The annual amortization of long term notes is 250,000.
E8.6 (LO 2) (Determining Merchandise Amounts-Periodic) Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. 2019 2020 2021 Sales revenue $290,000 $ ? $410,000 Sales returns and allowances 11,000 13,000 ? Net sales 347,000 Beginning inventory Ending inventory 20,000 32,000 ? ? ? ? Purchases ? 260,000 298,000 Purchase returns and allowances 5,000 8,000 10,000 Freight-in Cost of goods sold Gross profit on sales 8,000 9,000 12,000 233,000 ? 293,000 46,000 91,000 97,000
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