Wildhorse Inc. had sales of $2,300,000 for the first quarter of 2020. In making the sales, the company incurred the following costs andexpenses.VariableFixedCost of goods sold$966,000 $471,000Selling expenses109,00057,000Administrative expenses93,000107,000Prepare a CVP income statement for the quarter ended March 31, 2020.WILDHORSE INC.CVP Income StatementFor the Quarter Ended March 31, 2020>$$

Step 1: Meaning of CVP Income StatementThe Cost-Volume-Profit Income Statement shows the net income…

Answered: Wildhorse Inc. had sales of $2,300,000…

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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Sharp Co. has generated these data for the 2 most recent years where 2021 sales price was 10% lower than 2020: 2021 2020 Sales P1,944,000 Cost of Sales 1,152,000 Gross Profit P 792,000 P1,900,800 1,113,600 P787,200 Change in gross profit due to change in cost price must be A. P95,232 F C. P151,896 F E. P151,896 U B. P113,495 U D. P113,495 F
Presented here is the income statement for Big Sky Incorporated for the month of February: Sales $ 60,000 Cost of goods sold 51,900 Gross profit $ 8, 100 Operating expenses 15,200 Operating loss $ (7,100) Based on an analysis of cost behavior patterns, it has been determined that the company's contribution margin ratio is 19%. Required: Rearrange the preceding income statement to the contribution margin format. If sales increase by 10%, what will be the firm's operating income (or loss)? Calculate the amount of revenue required for Big Sky to break even.
During August, 2020, Sheffield’s Supply Store generated net sales of $60100. The company’s expenses were as follows: cost of goods sold of $35000 and operating expenses of $4500. The company also had rent revenue of $1000 and a loss on the sale of a delivery truck of $1700. Sheffield’s operating income for the month of August 2020 is $20600.$21600.$19900.$25100.
Linden Watch Company reported the following income statement data for a 2-year period 2019 2020 Sales $280,000 $320,000 Cost of goods sold Beginning inventory 32,000 44,000 Cost of goods purchased 193,000 225,000 Cost of goods available for sale 225,000 269,000 Ending inventory 44,000 52,000 Cost of goods sold 181,000 217,000 Gross profit $ 99,000 $103,000 Linden uses a periodic inventory system. The inventories on January 1, 2019, and December 31, 2020, are correct. However, the ending inventory on December 31, 2019, was overstated by $5,000.
None
Sisyphus Inc. records total sales of $657,500 in the current period, with a cost of goods sold of $389,000 . Sisyphus expects 4% of sales to be returned. How much in net sales will Sisyphus recognize for the current period? Group of answer choices $373,400 $268,500 $631,200 $657,500 $257,760 The Sisyphus Inc’s (SSY) Company’s annual statement of cash flows reported the following (in millions): Net cash from financing activities $63,864 Net cash from investing activities -62,512 Cash at the beginning of the year 13,152 Cash at the end of the year 18,948 What did SSY report for “Net cash from operating activities” during the year? Group of answer choices $71,220 million cash inflow None of the above $4,444 million cash outflow $4,444 million cash inflow $71,220 million cash outflow
The GAAP income statement for Carla Vista Company for the year ended December 31, 2022,s shows sale $930,000, cost of good sold $555,000, and operating expenses $235,000. Assuming all costs and expenses are 70% variable and 30% fixed, prepare a CVP income statement through contribution margin.
Burger Shack, Inc. Product Line Income Statement For the Year Ended December 31, 2023 Hamburgers Hot Dogs Tacos Sales $120,000 $110,000 $90,000 Cost of Goods Sold (Variable) $56,000 $48,000 $60,000 Gross Profit $64,000 $62,000 $30,000 Selling and Administrative Expenses (Variable) $11,000 $14,000 $15,000 Income from Operations $53,000 $48,000 $15,000 Fixed Expenses* Net Income
According to the producer price index database maintained by the Bureau of Labor Statistics, the average cost of computer equipment fell 3.8 percent between January and December 2018. Let's see whether these changes are reflected in the income statement of Gonzalez Industries for the year ended December 31, 2018. Sales Revenue Cost of Goods Sold Gross Profit Selling, General, and Administrative Expenses Interest Expense Income before Income Tax Expense Income Tax Expense Net Income Required 1 Required 2 Required 3 2018 $ 105,000 62,500 Required: 1. Compute the gross profit percentage for each year. Assuming the change from 2017 to 2018 is the beginning of a sustained trend, is Gonzalez likely to earn more or less gross profit from each dollar of sales in 2019? 2. Compute the net profit margin for each year. Did Gonzalez do a better or worse job of controlling operating expenses in 2018 relative to 2017? 3. Gonzalez reported average net fixed assets of $54,700 in 2018 and $45,600 in…

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