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Business Accounting FINANCIAL AND MANAGERIAL ACCOUNTING

The missing amounts in the income statement. Introduction: The income statement is the financial statement of the company that shows the profit earned or loss incurred during a given period of time. The sales of A are $40,500. Cost of goods sold of A is $22,000. Sales returns and allowances of B are $3,000. Gross profit of B is $2,500. Net sales of C are $81,000. Cost of goods sold of C is $60,000. Missing figures are calculated as follows- A B C Sales $40,500 $20,000 $90,000 Sales discounts 1,500 500 2,000 Sales returns and allowances 4,000 $3,000 7,000 Net sales 35,000 16,500 81,000 Cost of goods sold $22,000 14,000 60,000 Gross profit 13,000 $2,500 21,000 Table (1) Sales of A is calculated as follows: Sales = Net Sales + Sales discounts + Sales Returns and Allowances = $ 35 , 000 + $ 1 , 500 + $ 4 , 000 = $ 40 , 500 Sales are $40,500. Cost of goods sold of A is calculated as follows: Cost of Goods Sold = Net Sales − Gross Profit = $ 35 , 000 - $ 13 , 000 = $ 22 , 000 Cost of goods sold is $22,000. Sales returns and allowances of B is calculated as follows: Sales Returns and Allowances = Sales − Sales Discounts − Net Sales = $ 20 , 000 - $ 500 - $ 16 , 500 = $ 3 , 000 Sales returns and allowances are $3,000. Gross profit of B is calculated as follows: Gross Profit = Net Sales − Cost of Goods Sold = $ 16 , 500 - $ 14 , 000 = $ 2 , 500 Gross profit is $2,500. Net sales of C are calculated as follows: Net Sales = Sales - Sales discounts − Sales Returns and Allowances = $ 90 , 000 − $ 2 , 000 − $ 7 , 000 = $ 81 , 000 Net sales are $81,000. Cost of goods sold of C is calculated as follows: Cost of Goods Sold = Net Sales − Gross Profit = $ 81 , 000 - $ 21 , 000 = $ 60 , 000 Cost of goods sold is $60,000

The missing amounts in the income statement. Introduction: The income statement is the financial statement of the company that shows the profit earned or loss incurred during a given period of time. The sales of A are $40,500. Cost of goods sold of A is $22,000. Sales returns and allowances of B are $3,000. Gross profit of B is $2,500. Net sales of C are $81,000. Cost of goods sold of C is $60,000. Missing figures are calculated as follows- A B C Sales $40,500 $20,000 $90,000 Sales discounts 1,500 500 2,000 Sales returns and allowances 4,000 $3,000 7,000 Net sales 35,000 16,500 81,000 Cost of goods sold $22,000 14,000 60,000 Gross profit 13,000 $2,500 21,000 Table (1) Sales of A is calculated as follows: Sales = Net Sales + Sales discounts + Sales Returns and Allowances = $ 35 , 000 + $ 1 , 500 + $ 4 , 000 = $ 40 , 500 Sales are $40,500. Cost of goods sold of A is calculated as follows: Cost of Goods Sold = Net Sales − Gross Profit = $ 35 , 000 - $ 13 , 000 = $ 22 , 000 Cost of goods sold is $22,000. Sales returns and allowances of B is calculated as follows: Sales Returns and Allowances = Sales − Sales Discounts − Net Sales = $ 20 , 000 - $ 500 - $ 16 , 500 = $ 3 , 000 Sales returns and allowances are $3,000. Gross profit of B is calculated as follows: Gross Profit = Net Sales − Cost of Goods Sold = $ 16 , 500 - $ 14 , 000 = $ 2 , 500 Gross profit is $2,500. Net sales of C are calculated as follows: Net Sales = Sales - Sales discounts − Sales Returns and Allowances = $ 90 , 000 − $ 2 , 000 − $ 7 , 000 = $ 81 , 000 Net sales are $81,000. Cost of goods sold of C is calculated as follows: Cost of Goods Sold = Net Sales − Gross Profit = $ 81 , 000 - $ 21 , 000 = $ 60 , 000 Cost of goods sold is $60,000

FINANCIAL AND MANAGERIAL ACCOUNTING

FINANCIAL AND MANAGERIAL ACCOUNTING

9th Edition

ISBN: 2818440048890

Author: Wild

Publisher: MCG CUSTOM

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Ch. 4 - Prob. 1QS Ch. 4 - Prob. 2QS Ch. 4 - Merchandise accounts and computations C2 Use the...Ch. 4 - Computing net invoice amounts P1 Compute the...Ch. 4 - Recording purchases, returns, and discounts taken...Ch. 4 - Prob. 6QS Ch. 4 - Prob. 7QS Ch. 4 - Prob. 8QS Ch. 4 - Prob. 9QS Ch. 4 - Prob. 10QS

Ch. 4 - Prob. 11QS Ch. 4 - Prob. 12QS Ch. 4 - Prob. 13QS Ch. 4 - Prob. 14QS Ch. 4 - Prob. 15QS Ch. 4 - Prob. 16QS Ch. 4 - Prob. 17QS Ch. 4 - Prob. 18QS Ch. 4 - Prob. 19QS Ch. 4 - Prob. 20QS Ch. 4 - Prob. 21QS Ch. 4 - Prob. 22QS Ch. 4 - Prob. 23QS Ch. 4 - Prob. 24QS Ch. 4 - Prob. 25QS Ch. 4 - Prob. 26QS Ch. 4 - Prob. 27QS Ch. 4 - Prob. 28QS Ch. 4 - Prob. 29QS Ch. 4 - Prob. 30QS Ch. 4 - Prob. 31QS Ch. 4 - Prob. 1E Ch. 4 - Prob. 2E Ch. 4 - Exercise 4-3 Recording purchase, purchase returns...Ch. 4 - Prob. 4E Ch. 4 - Prob. 5E Ch. 4 - Exercise 4-4 Recording sales, sales returns and...Ch. 4 - Prob. 7E Ch. 4 - Prob. 8E Ch. 4 - Prob. 9E Ch. 4 - Prob. 10E Ch. 4 - Prob. 11E Ch. 4 - Prob. 12E Ch. 4 - Prob. 13E Ch. 4 - Prob. 14E Ch. 4 - Prob. 15E Ch. 4 - Prob. 16E Ch. 4 - Prob. 17E Ch. 4 - Prob. 18E Ch. 4 - Prob. 19E Ch. 4 - Prob. 20E Ch. 4 - Prob. 21E Ch. 4 - Prob. 22E Ch. 4 - Prob. 23E Ch. 4 - Prob. 24E Ch. 4 - Prob. 25E Ch. 4 - Prob. 26E Ch. 4 - Prob. 27E Ch. 4 - Prob. 28E Ch. 4 - Prob. 29E Ch. 4 - Prob. 1PSA Ch. 4 - Prob. 2PSA Ch. 4 - Prob. 3PSA Ch. 4 - Prob. 4PSA Ch. 4 - Prob. 5PSA Ch. 4 - Prob. 1PSB Ch. 4 - Prob. 2PSB Ch. 4 - Prob. 3PSB Ch. 4 - Prob. 4PSB Ch. 4 - Prob. 5PSB Ch. 4 - Prob. 4SP Ch. 4 - Prob. 1GLP Ch. 4 - The General Ledger tool in connect several of the...Ch. 4 - Prob. 3GLP Ch. 4 - Prob. 1.1AA Ch. 4 - Prob. 1.2AA Ch. 4 - Prob. 1.3AA Ch. 4 - Prob. 1.4AA Ch. 4 - Prob. 2.1AA Ch. 4 - Prob. 2.2AA Ch. 4 - Prob. 2.3AA Ch. 4 - Prob. 3.1AA Ch. 4 - Prob. 3.2AA Ch. 4 - Prob. 3.3AA Ch. 4 - Prob. 1DQ Ch. 4 - Prob. 2DQ Ch. 4 - Prob. 3DQ Ch. 4 - Prob. 4DQ Ch. 4 - How does a company that uses a perpetual inventory...Ch. 4 - Prob. 6DQ Ch. 4 - Prob. 7DQ Ch. 4 - Prob. 8DQ Ch. 4 - Prob. 1BTN Ch. 4 - COMMUNICATING IN PRACTICE C2 P3 P5 BTN 4-4 You are...Ch. 4 - Prob. 4BTN

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