Use the following to answer questions 30 – 35Find the missing amounts:Case 1Case 2Case 3Net SalesS687,000 $922,500COGS?478,500 654,000Gross profit324.100456.000|Operating expense 299,500 354,200Operating income??94.50030. $soldFor case 1, determine cost of goods31. $For case 1, determine operating income(include “-“ if needed)32. $For case 2, determine gross profit33. $(includeFor case 2, determine operating income“_“ if needed)34. $For case 3, determine net sales35.$Forcase 3, determine operatingexpense

Ans. 30. $ 362,900 31. $ 24,600 32. $ 444,000 33. $ 89,800 34. $ 1,110,000 35. $ 361, 500

Use the following to answer questions 30 – 35 Find the missing amounts: Case 1 Case 2 Case 3 Net Sales IS687,000 $922,500 ? COGS 478,500 654,000 456,000 Gross profit Operating expense 299,500 354,200 Operating income 324,100 ? 94,500 30. $ sold For case 1, determine cost of goods For case 1, determine operating income if needed) 31. $ (include 32. $ For case 2, determine gross profit 33. $ (include For case 2, determine operating income if needed) 34. $ For case 3, determine net sales 35. For case 3, determine operating expense

Use the following to answer questions 30 – 35 Find the missing amounts: Case 1 Case 2 Case 3 Net Sales IS687,000 $922,500 ? COGS 478,500 654,000 456,000 Gross profit Operating expense 299,500 354,200 Operating income 324,100 ? 94,500 30. $ sold For case 1, determine cost of goods For case 1, determine operating income if needed) 31. $ (include 32. $ For case 2, determine gross profit 33. $ (include For case 2, determine operating income if needed) 34. $ For case 3, determine net sales 35. For case 3, determine operating expense

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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Cherokee Incorporated is a merchandiser that provided the following information: Amount 11,000 $ 17 $1 $1 Number of units sold Selling price per unit Variable selling expense per unit Variable administrative expense per unit Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement. 2. Prepare a contribution format income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement. Cherokee, Incorporated Traditional Income Statement Selling and administrative expenses: $ 18,000 $ 14,000 $ 8,000 $ 25,000 $ 85,000
locs.google.com/forms/d/e/1FAlpQLSdhx7wkRBg-SysLm-AeX919m2L5F4)xzbwov4D68WUmofzSg/formResponse?pli=1 1. Gross profit margin is impacted by sales and cost of goods sold changes." O A) True O B) False 2. The income statement comes in only one basic formats, the multiple-step which is used to analyze the financial performance of the company. * O A) True O B) False 3. Gross profit margin and operating profit margin are complements of each other and the two percentages add up to 100%.* O A) True O B) False 9.58 AM Borrowing mone for short term period is a financingLcash outflow. O d0 ENG 22-Dec-2021 TOSHIBA
46. What would the amount of cost of sales be in the following scenario? Purchases returns, R8 000; Freight costs, R4 800; Sales, R320 000; Closing inventory, R25 000; Purchases, R40 000 and Opening inventory, R25 000. A. R32 000 B. R36 800 C. R40 000 D. R283 200
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Please answer numbers 8-10 only. Put the formula
A 2 Category 3 Sales 4 Cost of Goods Sold 15 a. Calculate ROA for current values. 16 Note: Round your answers to 2 decimal places. 17 18 SPM Outputs 19 Gross Profit 20 B Current Input Values $3,237,000.00 $2,490,000.00 $415,000.00 $161,850.00 $465,000.00 $162,000.00 $546,000.00 $492,000.00 5 Variable Expenses 6 Fixed Expenses 7 Inventory 8 Accounts Receivable 9 Other Current Assets 10 Fixed Assets 11 12 Required: 13 Note: Use cells A2 to C10 from the given information to complete this question. 14 Total Expenses 21 Net Profit 22 Net Profit Margin 23 Current Assets 24 Total Assets 25 Asset turnover 26 ROA (%) 27 28 b. Calculate ROA for new values. 29 Note: Round your answers to 2 decimal places. 30 31 SPM Outputs 32 Gross Profit 33 Total Expenses 34 Net Profit 35 Net Profit Margin 36 Current Assets 37 Total Assets 38 Asset turnover 39 ROA (%) 40 41 42 C New Input Values $3,560,700.00 $2,490,000.00 $383,875.00 $161,850.00 $395,250.00 $162,000.00 $546,000.00 $492,000.00 D E F TI G H I J K…
The following information is taken from the records of four different companies in the same in- dustry: A в C D Sales $300 $150 $ ? $ 90 Opening Inventory Purchases 40 40 12 240 ? ? (60) ? 63 Cost of Goods Available for Sale 320 190 Ending Inventory ? (60) (15) Cost of Goods Sold ? 100 130 60 $100 ? $ ? $ 65 ? Gross Profit Gross Profit percentage Required: a. Calculate the missing amounts. b. Which company seems to be performing best? Why?
TRUE OR FALSE 1. All transactions must be posted before preparing a trial balance. 2. A manual worksheet is usually prepared in pencil.
('$) ('$) Unit Total Balance Date Explanation Units Cost Cost in Units Jun-01 Beginning inventory 50 1.0 50 50 Jun-06 Purchase 50 1.2 60 100 Jun-10 Sales 60 40 Jun-13 Purchase 150 1.4 210 190 Jun-20 Purchase 100 1.6 160 290 Jun-25 Purchase 150 1.8 270 440 Jun-30 Sales 150 290 Round your answer to the nearest dollar. (eg $54.4 ....input as 54 , $54.5 input as 55 ) (do not input comma "," , dollar sign "$" for numerical figures) FIFO Periodic System COGS $ Ending Inventory $ Average Cost Periodic System COGS $ Ending Inventory $ FIFO Perpetual System COGS $ Ending Inventory $ Average Cost Perpetual System COGS $ Ending Inventory $ ('$) ('$) Unit Total BalanceDate Explanation Units Cost Cost in UnitsJun-01 Beginning inventory 50 1.0 50 50Jun-06 Purchase 50 1.2 60 100Jun-10 Sales 60 40Jun-13 Purchase 150 1.4 210 190Jun-20 Purchase 100 1.6 160…