Provide answer the following requirements for this accounting question XYZ company made $210,000 in sales to customers ofwhich $150,000 was collected in cash. XYZ companyincurred 75,500 in expenses of which $40,200 waspaid in cash.(A). What is the Accrural Basis Net Income and theCash Basis Net income?(B). Determine the Return on Sales ratio for eachmethod.Explain answers.

Step 1:- Introduction to the Accrual basis and cash basis of accountingThe accrual basis of…

Answered: XYZ company made $210,000 in sales to…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

See similar textbooks

Similar questions

The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
Juroe Company provided the following income statement for last year: Juroes balance sheet as of December 31 last year showed total liabilities of 10,250,000, total equity of 6,150,000, and total assets of 16,400,000. Required: 1. Calculate the return on sales. (Note: Round the percent to two decimal places.) 2. CONCEPTUAL CONNECTION Briefly explain the meaning of the return on sales ratio, and comment on whether Juroes return on sales ratio appears appropriate.
What is the net income from the following statement?
Please answer very fast then i ll upvote Calculate EBIT. Revenue 1,061,751.0 Cost of sales 690,135.0 Selling, general and administration 53,087.0 Other income 11,796.0 Operating income 330,325.0 Interest expense 19,874.0 Profit before tax 310,451.0 Tax expense 46,500.0 Net income 263,951.0 The footnotes mention the following: Cost of sales includes inventory write off costs 39,677.0 Cost of sales includes distribution costs 120,458.0 SG&A includes corporate restructuring expenses 15,570.0 Responses 385,572.0 275,078.0 330,325.0 506,030.0
Direction: Answer the problem below and forecasts the income statement using percent of sales method. (Please refer to the picture)
Answer pleaser with calculatiin
Stockton Co. prepared its income statement containing the information below. Using vertical analysis, what percentages would apply to cost of sales, gross profit, and interest expense, respectively? Net Sales Revenue $ 649,000 Cost of Sales 431,000 Gross Profit 218,000 Operating and Other Expenses 88,500 Interest Expense 32,500 Income Tax Expense 35,500 Net Income $ 61,500 Cost of Sales Gross Profit Interest Expense A) 73.4 % 100.0 % 16.3 % B) 49.7 % 60.7 % 39.7 % C) 100.0 % 50.6 % 8.2 % D) 66.4 % 33.6 % 5.0 % Multiple Choice Option B Option C Option A Option D
Use the following information to construct an income statement. Interest Expense Cost of Goods Sold Other Operating Expenses $350,196 $11,519,888 $244,807 Sales Depreciation Expense Flat Tax Rate $19,244,808 $467,723 21% What was the firms Net Profit Margin? (answer in decimal form and round to three decimal places; 7.6% = .076)
Prepare common size income statements Which company earns more net income? Which companies net income has a higher percentage of its net sales revenue?
(This is what is in between the 1st and 2nd screenshot) Using these data, determine the following: Earnings per share. Round your answer to two decimal places. Price-to-earnings ratio. Round your answer to two decimal places. Book value per share. Round your answer to two decimal places. Market-to-book ratio. Round your answer to two decimal places. EV-EBITDA multiple. Assume the cost of sales includes $14 million in depreciation expenses. Assume there are no amortization expenses. Round your answer to two decimal places. How much of the retained earnings total was added during Year 1? Enter your answer in millions. For example, an answer of $1.2 million should be entered as 1.2, not 1,200,000. Round your answer to two decimal places.$ million Show Eastland’s new balance sheet after the company sells 1 million new common shares in early Year 2 to net $28 a share. Part of the proceeds, $12 million, is used to reduce current liabilities, and the remainder is temporarily…

SEE MORE QUESTIONS

Recommended textbooks for you

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

Principles of Accounting Volume 1

Accounting

ISBN:

9781947172685

Author:

OpenStax

Publisher:

OpenStax College

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Managerial Accounting: The Cornerstone of Busines…

Accounting

ISBN:

9781337115773

Author:

Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS