Use the following information for the Quick Studies below. [The following Information applies to the questions displayed below.] Vitamix reports the following Information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 100,000 130,000 37,000 15,000 90,000 6,000 64,000 QS 4-19 (Algo) Preparing gross profit section of a multiple-step income statement LO P4 Use the above Information to prepare the gross profit section of a multiple-step Income statement. Sales Less: Sales discounts Add: Sales returns Gross profit Gross profit VITAMIX Income Statement For Year Ended December 31 $ 100,000 $ 6,000 15,000 21,000 79,000 $ 79,000

Use the following information for the Quick Studies below. [The following Information applies to the questions displayed below.] Vitamix reports the following Information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 100,000 130,000 37,000 15,000 90,000 6,000 64,000 QS 4-19 (Algo) Preparing gross profit section of a multiple-step income statement LO P4 Use the above Information to prepare the gross profit section of a multiple-step Income statement. Sales Less: Sales discounts Add: Sales returns Gross profit Gross profit VITAMIX Income Statement For Year Ended December 31 $ 100,000 $ 6,000 15,000 21,000 79,000 $ 79,000

Managerial Accounting: The Cornerstone of Business Decision-Making

7th Edition

ISBN:9781337115773

Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Chapter15: Financial Statement Analysis

Section: Chapter Questions

Problem 56P: The following selected information is taken from the financial statements of Arnn Company for its...

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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.
Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns cost of goods sold Sales discounts Selling expenses Use the above information to prepare the gross profit section of a multiple-step income statement. VITAMIX $ 88,000 118,000 31,000 13,800 87,000 4,800 52,000 Income Statement For Year Ended December 31 $ 0 0 0
Sheridan Company provides the following information for the month ended October 31, 2022: sales on credit $366,100, cash sales $108,300, sales discounts $5,100, and sales returns and allowances $12,900.Prepare the sales section of the income statement based on this information.
The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019.B. Prepare a simple income statement for the year ended December 31, 2019.C. Compute the gross margin for 2019.D. Prepare a multi-step income statement for the year ended December 31, 2019.
What is the amount of gross sales for the current year? *Please ajswer in good acctg form. thanks
Domestic
Calculating the CCC from the Financial Statement The following data are taken from the financial statement: Annual Sales ( on Credit ) 1,216,666 Cost of Goods Sold 1,013,889 Average Inventory 250,000 Average Accounts Receivable 300,000 Average Accounts Payable 150,000 COMPUTE FOR THE FOLLOWING and interpret your answer: 1. DIO stands for Days Inventory Outstanding 89.99999014 DIO= (Ave. Inventory/Cost of Goods Sold)*365 =(250,000/1,013,889)*365 =89.99 or 90 days It takes the company approximately 90 days to turn inventory into sales 2. DSO stands for Days Sales Outstanding 90.00004932 DSO=(Ave. Accts. Receivables/Total Credit Sales)*365 =(300,000/1,216,666)*365 =90 days #NAME? 3. DPO stands for Days Payable Outstanding 53.99999408 DPO=(Ave. Accts. Payables/Cost of Goods Sold)*365 =(150,000/1,013,889)*365 =53.99 or 54 days It takes the company approximately 54 days to pay its invoices 4.CASH CONVERSION CYCLE 126.0000454 CCC= DIO + DSO - DPO = 90+90-54 = 126 It takes the company…
Vaughn Company reported the following balances at June 30, 2022:Sales RevenueSales Returns andAllowancesSales DiscountsCost of Goods Sold$164007002907500 Net sales for the month is $ 16400. $7910. $15700. $15410.
Determine the following: 1. The gross sale for the year 2. The net purchases for the year 3. The gross income for the year
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