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 2021Sales revenue $290,800 $ $410,870Sales returns and allowances (9,930) (14,280) Net sales 349,576 Beginning inventory 20,720 29,710 Ending inventory Purchases 257,850 296,191Purchase returns and allowances (5,220) (8,750) (10,050)Freight-in 7,680 8,820 12,740Cost of goods sold (232,550) (294,284)Gross profit on sales 48,320 96,770 99,800

The gross profit is calculated as difference between sales and cost of goods sold.

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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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 $ ? $410,000Sales returns and allowances11,00013,000? Net sales? 347,000? Beginning inventory20,00032,000? Ending inventory? ? ? Purchases? 260,000298,000Purchase returns and allowances5,0008,00010,000Freight-in8,0009,00012,000Cost of goods sold233,000? 293,000Gross profit on sales46,00091,00097,000
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 horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.) Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $271,000 $200, 500 Less: Sales Returns 14,200 12,400 and Allowances Net Sales 256,800 188,100 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Available for Sale 92,200 89,300 Less: Merchandise 43,000 60,200 Inventory, Dec. 31 Cost of Goods Sold 49,200 29,100 207,600 159,000 Gross Margin
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This information is available for Monty Inc. for 2021 and 2022. (in millions) Beginning inventory Ending inventory Cost of goods sold Sales Days in inventory 2021 2022 $2.540 2,971 24,351 23,097 43,483 42,105 Inventory tumover ratio Gross profit rate $2,163 Calculate the inventory turnover, days in inventory, and gross profit rate for Monty Inc. for 2021 and 2022. (Round gross profit rate to 2 decimal places, e.g. 0.25 and all other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 2,540 2021 26 140.4 44 times days 2022 21 1738 45.14 times days
The following information was available for the year ended December 31, 2019: Net sales $821,250 Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end 602, 250 39,100 30,400 166,000 157,575 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.) d. Calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.) a. Inventory turnover b. Number of days' sales in Inventory c. Accounts receivable turnover d. Number of days' sales in accounts receivable times days times days
i. Describe three (3) techniques of constructing accounts from incomplete records ii. The following figures are for the year 2020: Inventory 1.1.2020 Inventory 31.12.2020 $4000 6000 Purchases 52,000 A uniform rate of markup of 20% is applied. Required: Calculate the gross profit and the sales figures using the income statement approach.
An error understated Golden Flash Company’s December 31, 2018, ending inventoryby $27,000. What effect will this error have on net income for 2019?a. Understate itb. Have no effect on itc. Overstate it
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	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