Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing.201920202021Sales revenue$290,000$410,000Sales returns and allowances(11,000)(13,000)Net sales347,000Beginning inventory20,00032,000Ending inventoryPurchases260,000298,000Purchase returns and allowances(5.000)(8,000)(10.000)Freight-in8,0009,00012.000Cost of goods sold(233,000)(293,000)Gross profit on sales46,00091,00097,000

Income statement: Income statement refers to the statement used for recording the revenue and…

Answered: Two or more items are omitted in each…

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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Enter the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B, work from the bottom up.) Net sales revenue Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) $ Case A 11,000 4,880 10,210 $ 7,630 200 $ 1,760 $ Case B 6,560 15,200 11,030 $ 1,330 (530) $ Case C $ 3,910 9,430 13,340 $ 6,090 4,420 700 970
Prepare the statement of financial position as at 31 December 2020.
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory 2024 $288,820 $ 11,060 2025 13,430 348,998 19,210 33,650 2026 $410,020 Purchases 261,470 298,835 Purchase returns and allowances 5,040 7,800 10,240 Freight-in 8,110 8,410 12,600 Cost of goods sold 235,200 293,080 Gross profit on sales 42,560 95,570 96,640 eTextbook and Media
Perform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below (as a %). (Round to nearest tenth.) *Chart is attached with the information*
This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning inventory $ 106,000 $ 318,500 $ 410,000 Ending inventory 318,500 410,000 470,000 Cost of goods sold 894,000 1,127,500 1,292,500 Net sales 1,206,500 1,608,500 1,907,500 (a1) Calculate inventory turnover for Kingbird, Inc. for 2017, 2018, and 2019. (Round answers to 2 decimal places, e.g. 1.52.) 2017 2018 2019 Inventory turmover
Taylor Company uses a periodic inventory system. The following is partial information from its income statements for 2019 and 2020: Beginning inventory Sales Purchases Purchase returns Ending inventory Gross profit Cost of goods sold Expenses Net income 2019 $ (b) 250,000 115,000 2,000 50,000 (a) 101,000 60,000 (c) 2020 $ (d) (f) 140,000 3,000 70,000 83,000 (e) 62,000 21,000 Required Fill in the blanks lettered a through f. (Hint: It probably is easiest to work through the blanks according to the sequential letters.) (a) Gross profit (b) Beginning inventory (c) Net income (d) Beginning inventory of 2020 $ (e) Cost of goods sold (f) Sales
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
This information is available for Sunland's Photo Corporation for 2020, 2021, and 2022. \table[[, 2020, 2021,2022], [Beginning inventory, $110,000, $316,000,$ 411,000 Calculate inventory turnover for 2020, 2021 and 2022 Calculate days in inventory for 2020, 2021 and 2022 Calculate gross profit rate flr 2020, 2021 and 2022
The following data were taken from the financial records of Sunland Company. Net Sales Beginning inventory Purchases Ending inventory (a1) 2022 $6,480,000 Inventory turnover 1,000,000 4,363,000 1,020,000 Your answer is incorrect. 2021 2022 $6,250,000 850,000 4,590,000 Compute for each year the inventory turnover. (Round answers to 1 decimal place, e.g. 1.6.) 1,000,000 times 2021 times
This information is available for Kingbird, Inc. for 2017, 2018, and 2019. 2017 2018 2019 Beginning inventory $ 106,000 $ 318,500 $ 410,000 Ending inventory 318,500 410,000 470,000 Cost of goods sold 894,000 1,127,500 1,292,500 Net sales 1,206,500 1,608,500 1,907,500 (a1) (a2) Your answer is partially correct. Try again. Calculate days in inventory for Kingbird, Inc. for 2017, 2018, and 2019. (Round answers to 1 de 2017 2018 2019 Days in inventory 86.9 days 117.7 days 125.8 days
A company's inventory on December 31, 2024, was $247,000 based on a physical count priced at cost, and before any necessary adjustment for the following: Inventory costing $ 12,000, shipped f.o. b. shipping point from a vendor on December 30, 2024, was received on January 5, 2025. Inventory costing $14, 000, shipped f.o. b. destination from a vendor on December 28, 2024, was received on January 3, 2025. Inventory costing $70,000 was shipped to a customer f.o. b. destination on December 28, arrived at the customer's location on January 6, 2025. Inventory costing $54,000 was being held on consignment by another company. What amount should the company report as inventory in its December 31, 2024, balance sheet? Please explain your answer in detail of why you included or excluded?
Condensed income statements for Jennifer Corporation are shown below for two years. Sales Cost of Goods Sold Gross Profit Operating Expense Net Income 2021 $90,000 54,000 $36,000 18,000 $18,000 Corrected net income Compute the corrected net income for 2021 and 2022 assuming that the inventory at the end of 2021 was mistakenly overstated by $6,000. 2021 2022 $108,000 64,800 $43,200 18,000 $25,200 S 2022 S

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