Required Information[The following information applies to the questions displayed below]Vitamix reports the following information for its year ended December 31:Cash salesSales on creditGeneral and administrative expensesSales returnsCost of goods soldSales discountsSelling expenses$ 92,000122,00033,00014,20088,0005,20056,000Use the above information, to compute (a) net sales and (b) gross profit.a. Net salesb. Gross profit

The income statement is prepared to record the revenue and expense of the current period. It tells…

Vitamix reports the following information for its year ended December 31: Cash sales $ 92,000 122,000 Sales on credit 33,000 General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses 14,200 88,000 5,200 56,000 Use the above information, to compute (a) net sales and (b) gross profit. Net sales b. Gross profit

Vitamix reports the following information for its year ended December 31: Cash sales $ 92,000 122,000 Sales on credit 33,000 General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses 14,200 88,000 5,200 56,000 Use the above information, to compute (a) net sales and (b) gross profit. Net sales b. Gross profit

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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Presented below are certain account balances of Splish Products Co. Rent revenue $6,810 Sales discounts $8,080 Interest expense 13,280 Selling expenses 99,900 Beginning retained earnings 114,710 Sales revenue 404,200 Ending retained earnings 134,920 Income tax expense 26,028 Dividend revenue 71,170 Cost of goods sold 200,378 Sales returns and allowances 12,960 Administrative expenses 79,380 Allocation to noncontrolling interest 20,680 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Splish has allocation to noncontrolling interest of $20,680. (a) Total net revenue $enter total net revenue in dollars (b) Net income $enter net income in dollars (c) Income attributable to controlling stockholders $enter income attributable to controlling stockholders in dollars
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Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense 2-a. Gross Profit 2-b. Gross Profit Percentage $ 169,000 18,940 248,000 43,600 19,400 2-a. What was the dollar amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) % 7,290 41,800
i. Use the information available in Income and Financial position statementin Part A and calculate the following ratios for DavidCompetitors Average• Net profit margin 28%• Gross profit margin 65%• Current ratio 2.10x• Acid test ratio 1.50x• Accounts receivable collection period 47 days• Accounts payable payment period 65 days Net Profit Margin = Net Income/ Sales = 350/2300 = 15.22% Gross Profit = Sales Revenue + Ending Inventory - Purchases less purchase returns = 2300 + 250 - 1100 = 1450 Gross Profit Margin = Gross Profit/ Sales = 1450/2300 = 63.04% Current Ratio = Current Assets/ Current Liabilities Current Assets = Cash + Bank + Accounts Receivable + Inventory = 4050 + 17100 + 400 + 250 = 21800 Current Liabilities = Accounts Payable = 700 Current Ratio = 21800/700 = 31.14:1 please answer this QUESTION :ii. Assuming David’s competitor’s ratio averages are as stated above:Analyse his performance with reference to each of the ratios calculatedin comparison to those of her…
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