Use the following key account balances from SonJack Company's Balance Sheetand Income Statement as of and for the year ended December 31, 2011 tocompute its Gross Margin. If SonJack Company had a negative Gross Margin,please enter it as a negative number such as -5. Please calculate the gross marginin dollars, NOT the gross margin percentage.Sales Revenue 46 Utilities ExpensePostage Expense3 Cash44Wages Expense 12 Income Tax Expense10Rent Expense8 Cost of Goods Sold 26

Gross margin is the amount of sales revenue left after covering the cost of goods sold. Sales…

Answered: Use the following key account balances…

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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(do not provide image in solution) Suppose that the following information is available for Nike Inc. for the current year. Beginning inventory Ending inventory Cost of goods sold Net sales Inventory turnover Days in inventory $11,570 Gross profit rate 14,360 Calculate the inventory turnover, days in inventory, and gross profit rate for Nike Inc. for the current year. (Round gross profit rate to 2 decimal places, eg. 12.51 and other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 103,720 145,200 times days %
Ashvin Don't upload image please
Selected account balances at December 31, 2014, for Engagement, Etc., follow.Prepare a multistep income statement for the year ended December 31, 2014. Show detail of net sales. The company uses the perpetual inventory system, and Freight-In has not been included in Cost of Goods Sold. Account Name Debit CreditSales $498,000Sales Returns and Allowances $ 23,500Cost of Goods Sold 284,000Freight-In 14,700Selling Expenses 43,000General and Administrative Expenses 87,000
Using the financial information presented for Alexandria Co., compute the missing amounts. Do not include dollar signs or commas in your answers. If an amount is to be deducted, do NOT include parentheses or negative signs. Sales revenue Sales returns and allowances 40,000 Net sales 90,000 Cost of goods sold Gross profit 70,000 Operating expenses Net income 20,000
Note:- Do not provide handwritten solution. Maintain accuracy and quality in your answer. Take care of plagiarism. Answer completely. You will get up vote for sure.
Questions: Does a low return on sales indicate a weak company? (Y/N). Explain your answer. Do greater Net sales always result in greater net income? (Y/N) Why? Examine the financial information above and comment on the item that you find interesting.
Use lean accounting to prepare journal entries for the following transactions. 1. Sold $16,800 of goods on credit. 2. Recorded cost of goods sold of $11,760.
Debit $ 3,580 31,400 1,715 Credit Cash Merchandise inventory Store supplies Office supplies Prepaid insurance Store equipment Accumulated depreciation, store equipment Office equipment Accumulated depreciation, office equipment Accounts payable Zen Woodstock, capital Zen Woodstock, withdrawals Rental revenue 645 3,960 57,615 $ 6,750 13,100 6,550 4, 000 52, 000 31, 500 14,600 501,520 Sales Sales returns and allowances 2,915 5,190 331, 315 Sales discounts Purchases 2,140 4,725 Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Advertising expense Store supplies expense Depreciation expense, store equipment Office salaries expense Rent expense, office space Office supplies expense Insurance expense Depreciation expense, office equipment 3,690 34,710 24,080 6,400 27,630 13,000 Totals $592, 285 $592, 285 a. The balance on January 1, 2020, in the Store Supplies account was $480. During the year, $1,235 of store supplies…
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Vikram
Fill in the missing amounts. Sales revenue Sales returns and allowances (a) Net sales Cost of goods sold Gross profit Operating expenses Net income (b) (c) Pharoah Company $102,000 97,000 65,960 16,490 (d) $ (e) (f) Wildhorse Company 6,200 118,000 40,120 20,060

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