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College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 10, Problem 3SEB
To determine
Ascertain the net sales from the given information.
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Computing Net Sales
Based on the following information, compute net sales.
Gross sales
$3,860
Sales returns and allowances
410
Sales discounts
80
Net sales: $?
Using the accounts and amounts below, calculate Net Sales:
Account
Amount
Sales Revenue
$142,055
Purchase Discounts
1,886
Sales Discounts
Sales Returns and Allowances
2,881
2,515
Cost of Goods Sold
40,889
Review the following:
Data Table
Cost of Goods Sold
$101
Gross Sales
181
Sales Returns and Allowances
16
Sales Discounts
21
Operating Expenses
47
From the information provided, calculate:
a. Gross profit
b. Net income or net loss
Calculate (a) Gross profit.
-
=
Gross profit
-
=
Calculate (b) Net income or net loss. (Use parentheses or a minus sign to show a net loss.)
-
=
Net income or net loss
-
=
Chapter 10 Solutions
College Accounting, Chapters 1-27
Ch. 10 - Prob. 1TFCh. 10 - All sales, for cash or on credit, can be recorded...Ch. 10 - Sales Tax Payable is a liability account that is...Ch. 10 - Prob. 4TFCh. 10 - Prob. 5TFCh. 10 - A credit sale of 250 plus a 6% sales tax would...Ch. 10 - When 25 of merchandise is returned for a credit on...Ch. 10 - Prob. 3MCCh. 10 - Prob. 4MCCh. 10 - Prob. 5MC
Ch. 10 - Prob. 1CECh. 10 - Prepare journal entries for the following sales...Ch. 10 - Prob. 3CECh. 10 - On March 24, MS Companys Accounts Receivable...Ch. 10 - Prob. 1RQCh. 10 - What is the purpose of a credit memo?Ch. 10 - Prob. 3RQCh. 10 - Prob. 4RQCh. 10 - Prob. 5RQCh. 10 - Prob. 6RQCh. 10 - What steps are followed in posting cash receipts...Ch. 10 - What steps are followed in posting cash receipts...Ch. 10 - Prob. 9RQCh. 10 - Prob. 1SEACh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEACh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEACh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - Prob. 7SEACh. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS J. K. Bijan owns a retail...Ch. 10 - Prob. 11SPACh. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Sourk...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - Prob. 1SEBCh. 10 - SALES TRANSACTIONS AND T ACCOUNTS Using T accounts...Ch. 10 - Prob. 3SEBCh. 10 - SALES RETURNS AND ALLOWANCES ADJUSTMENT At the end...Ch. 10 - Prob. 5SEBCh. 10 - JOURNALIZING SALES TRANSACTIONS Enter the...Ch. 10 - JOURNALIZING SALES RETURNS AND ALLOWANCES Enter...Ch. 10 - JOURNALIZING CASH RECEIPTS Enter the following...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE From the accounts...Ch. 10 - SALES TRANSACTIONS T. M. Maxwell owns a retail...Ch. 10 - CASH RECEIPTS TRANSACTIONS Color Florists, a...Ch. 10 - SALES AND CASH RECEIPTS TRANSACTIONS Paul Jackson...Ch. 10 - SCHEDULE OF ACCOUNTS RECEIVABLE Based on the...Ch. 10 - You and your spouse have separate charge accounts...Ch. 10 - Prob. 1ECCh. 10 - Geoff and Sandy Harland own and operate Wayward...Ch. 10 - Enter the following transactions in a general...
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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?arrow_forwardFrom the following data, compute net sales. Sales $537,000 Sales returns and allowances 6,315 Sales discounts 715 Net sales: $arrow_forwardUsing the accounts and amounts below, calculate Gross Profit: Account Amount Sales Revenue $124,357 Net Sales 124,835 Sales Returns and Allowances 2,971 Cost of Goods Sold 37,343 Operating Expenses 20,156arrow_forward
- Using the information below, calculate Gross Profit: Sales Revenue $5,000 Sales Discounts $664 Sales Returns and Allowances $357 Cost of Goods Sold $1,306 Inventory $1,451arrow_forwardUsing the following information, what is the amount of gross profit? Purchases $ 31,501 Selling expenses $ 788 Merchandise inventory, September 1 6,486 Merchandise inventory, September 30 9,529 Administrative expenses 1,194 Sales 49,224 Rent revenue 588 Interest expense 1,105 a. $20,766 Ob. $49,224 Oc. $19,978 Od. $77,682arrow_forwardDetermining Gross Profit During the current year, merchandise is sold for $821,000. The cost of merchandise sold sold is $599,330. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number.% c. When will the income statement necessarily report a net income?arrow_forward
- Using the following information, what is the amount of gross profit? Purchases $ 27,259 Selling expense $984 Inventory, September 1 6,502 Inventory, September 30 9,589 Administrative expense 820 Sales 52,189 Rent revenue 1,212 Interest expense 988 O $28,017 O $25,949 O $24,172 S886 Prearrow_forwardBased on the information that follows: Sales $86,900 Sales Returns and Allowances 2,200 Sales Discounts 1,738 Required: Prepare the revenue section of a multiple-step income statement.arrow_forwardQuestion: The cost of goods sold as a percentage of net sales revenue is (round your answer to two decimal places). Sales Revenue $420,000 Sales Returns and Allowances 1,400 Sales Discounts Net Sales Revenue Cost of Good Sold a) 62.45% b) 62.58% c) 61.90% d) 62.24% 850 417,750 260,000arrow_forward
- Using the following information, what is the amount of gross profit? Purchases $30,118 Selling expenses $697 Merchandise inventory, September 1 5,063 Merchandise inventory, September 30 9,860 Administrative expenses 984 Sales 51,408 Rent revenue 879 Interest expense 1,010 a.$51,408 b.$25,390 c.$26,087 d.$76,729arrow_forwardPerform a vertical analysis for the entry "Gross Sales" on the portion of an income statement shown below. (Round to nearest tenth.) Revenue Gross Sales Less: Sales Returns and Allowances $182,000 ??? 11,900 170,100 Net Sales Cost of Goods Sold Merchandise Inventory, Jan. 1 70,150 Net Purchases 58,300 Goods Available for Sale 128,450 Less: Merchandise Inventory, Dec. 31 85,000 Cost of Goods Sold 43,450 Gross Margin 126,650arrow_forwardAns.arrow_forward
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