Sales RevenueCost of Goods SoldprooperWATERWAY COMPANYIncome StatementFor the Month Ended January 31, 2022+A81000477003330070607060>> Waterway Company uses a standard cost accounting system. During January, the company reported the following manufacturingvariances.Materials price variance$1,220 ULabor quantity variance$870 UMaterials quantity variance740FOverhead variance840ULabor price variance510 UIn addition, 9,000 units of product were sold at $9 per unit. Each unit sold had a standard cost of $5. Selling and administrativeexpenses were $7,060 for the month.Prepare an income statement for management for the month ended January 31, 2022.

Note: Since the total variance of 2,700 is unfavorable, it should be deducted from the gross profit…

Answered: Sales Revenue Cost of Goods Sold pro…

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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Please answer 16-18
Cost of merchandise sold Inventory, end of year Inventory, beginning of the year $894,000 78,000 92,000 Determine the inventory turnover ratio and the days' sales in inventory for Castle Inc. Round to two decimal places. Use a 365-day year. Inventory turnover Days' Sales in Inventory days
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24,600 с. Finished goods RM28,840 Required: O Prepare statement of cost production for the year ended 31 December 2020. O Prepare statement of comprehensive income for the year ended 31 December 2020. Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars Debit RM 1,760 Credit RM Delivery van expenses Lighting and heating: Factory Office Manufacturing wages General expenses: Factory Office Sales representatives : Commission Purchase of raw materials Rent: Factory Office Machinery (Cost : RM40,000) Office equipment (RM9,000) Office salaries Accounts receivables Account payables Bank Sales Van (cost RM6,800) Inventory at 3+December 2020: Raw materials Finished goods Drawings Capital 7,220 1,490 72,100 8,100 1,940 11,688 57,210 6,100 2,700 28,600 8,200 17,740 34,200 9,400 16,142 194,800 6,200 13,260 41,300 24,200 155,950 360,150 360,150 ТОTAL
GE MINDTAP omework 5065600. 6500550 36055055 f6 Complete the balance sheet and sales information using the following financial data: 6 Total assets turnover: 1.1x Days sales outstanding: 73.0 daysa Inventory turnover ratio: 4x Fixed assets turnover: 3.0x Current ratio: 2.0x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales Calculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Balance Sheet Cash Accounts receivable Inventories Fixed assets Total assets Sales Q Search 80000 eBook f7 & 7 f8 * 4+ 8 $ $240,000 fg @MO hp IAA 9 ISBN 9780357517642&nbld-3626933&snap... ✰ f10 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold ▶II O 99+ f11 O f12 S $ B + g ins 60,000 84,000 prt sc @ 0 delete Q Check My Wo backspace Check hor
Q14: What is Music, Inc.’s 2021 Net Income?
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2017 and 2018 2018 2017 Gross sales $ 21,400 $ 16,800 Sales returns and allowances 1,000 100 Net sales $ 20,400 $ 16,700 Cost of merchandise (goods) sold 11,400 8,400 Gross profit $ 9,000 $ 8,300 Operating expenses: Depreciation $ 940 $ 720 Selling and administrative 4,000 3,200 Research 790 620 Miscellaneous 600 420 Total operating expenses $ 6,330 $ 4,960 Income before interest and taxes $ 2,670 $ 3,340 Interest expense 800 620 Income before taxes $ 1,870 $ 2,720 Provision for taxes 748 1,088 Net income $ 1,122 $ 1,632 LOGIC COMPANY Comparative Balance Sheet December 31, 2017 and 2018 2018 2017 Assets Current assets: Cash $ 13,200…
III MT217_Unit... Period Ending Total Sales ABC Company Income Statement 31-Dec-15 Cost of Goods Sold $485,651,000 365,086,000 31-Dec-14 $476,294,000 358,069,000 31-Dec-13 $475,210,000 350,400,000 Gross Profit 120,565,000 118,225,000 124,810,000 Selling Generall and Adminstrative 93,418,000 91,353,000 90,343,000 Operating Profit 27,147,000 26,872,000 34,467,000 Total Other Income/Expenses Net 113,000 119,000 115,000 Earnings before Interest and Taxes 27,034,000 26,753,000 34,352,000 Interest Expense 2,461,000 2,335,000 2,200,000 Income Before Tax 24,573,000 24,418,000 32,152,000 Income Tax Expense 7,985,000 8,105,000 9,800,000 Net Income from Continuing Ops 16,588,000 16,313,000 22,352,000 Discontinued Operations 285,000 Net Income (Net Profit) $16.303,000 144,000 $16,169,000 182,000 $22,170,000 14,000,000 Shares outstanding Market Share price per share $10.00 $9.00 $8.50 Q ABC Company Balance Sheet Period Ending 2015 2014 2013 Assets Current Liabilities Current Assets Accounts Payable…
Data table Valley Source Foods Income Statement (Partial) Year Ended December 31, 2025 $ Net Sales Revenue Cost of Goods Sold Gross Profit $ 116,000 53,000 63,000 - X
i. Inventory at 31 December 2020: RM14,510 a. Raw materials b. Finished goods ii. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200 ii. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rent prepaid RM140 RM44,490 Required: a) Prepare statement of cost production for the year ended 31 December 2020. b) Prepare statement of comprehensive income for the year ended 31 December 2020. c) Prepare statement of financial position as at 31 December 2020. 5. Jojomat Ltd owns a small business making and selling children's toys. The following trial balance was extracted from her books on 31 December 2020: Credit RM Particulars Debit RM Capital Drawings Sales Inventory at 1 January 2020: Raw materials Finished goods Purchased of raw materials Carriage inwards Factory wages Office salaries Jojomat : Salary and expenses General expenses: Factory Office Lighting Rent Insurance Advertising Bad debts Discount received 15,000 2,000 90,000 3,400 6,100 18,000 800 18,500…
Ontario Garden Supplies Income Statement (partial) Year Ended December 31, 2021 Data Table Gross profit Inventory Cost of Goods Sold Sales Revenue Beg bal 12,500 End bal 16,000 Bal 69,000 Bal 122.000 More Info Print Done A year ago, the net realizable value of ending inventory was $12,800, which exceeded the cost of $12,500. Ontario has determined that the net realizable value of the December 31, 2021, ending inventory is $11,500. Print Done
Question 18,19,20,21

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