The accounting records of Michigan Shoe Store at December 31 list the following: Cash $ 32,100...
The accounting records of Michigan Shoe Store at December 31 list the following: Cash $ 32,100 Accounts Receivable 48,600 Accounts Payable 34,300 Advertising Expense 9,200 Cost of Goods Sold 254,700 Interest Revenue 3,400 Inventory 64,800 Rent Expense 42,000 Salaries Expense 112,300 Sales Revenue 585,000 Sales Discounts 8,400 Sales Returns and Allowances 10,600 Selling Expenses 75,200 a. Compute Net Sales: b. Compute Gross Profit Margin c. Compute Net Income d. Compute the Gross Profit Percentage
Homework Answers
Answers
| Sales Revenue | $585,000 | |
| Sales discount | ($8,400) | |
| Sales return & Allowances | ($10,600) | |
| Net Sales | $566,000 | Answer [a] |
| Cost of Goods Sold | ($254,700) | |
| Gross Profit margin | $311,300 | Answer [b] |
| Adv expense | ($9,200) | |
| Rent Expense | ($42,000) | |
| Salaries expense | ($112,300) | |
| Selling expense | ($75,200) | |
| Interest Revenue | $3,400 | |
| Net Income | $76,000 | Answer [c] |
--Answer [d] Gross margin % = Gross margin / Net Sales
= ($311300 / $ 566000) x 100
= 55% Answer [d]
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The accounting records of Michigan Shoe Store at December 31
list the following: Cash $ 32,100...
The following information was taken from the accounting records of Northern Lights for the month of...
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1.The accounting records of Seattle Outlet include the following for January: A physical count determined the...
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Adjusted Trial Balance December 31, 2018 Debit Credit Cash $12,700 Accounts receivable 21,...
Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,700
Accounts receivable
21,500
Prepaid insurance
2,500
Inventory
104,500
Supplies
7,100
Land
128,200
Buildings
218,400
Accumulated depreciation—buildings
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Equipment
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Accumulated depreciation—equipment
34,000
Accounts payable
61,200
Unearned revenue
8,700
Income tax payable
3,500
Bank loan payable
99,100
Common shares
53,000
Retained earnings
136,300
Sales
1,104,100
Sales returns and allowances
23,800
Sales discounts
15,400
Cost of goods sold
808,000
Administrative expenses
88,900
Selling expenses
39,400
Interest expense
11,600
Interest revenue
2,700
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On January 1, 2019, Sheffield Corp. had inventory of $52,000. At December 31, 2019, Sheffield had...
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accounts for the year ended December 31.
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Stephen Company had the following partial list of account balances at year-end: Accounts Receivable: $9,000 &nbs
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The following information was taken from the accounting records of Northern Lights for the month of October, 20--: Sales $344,000 Sales Returns and Allowances 3,410 Sales Discounts 370 Purchases 194,500 Purchases Returns and Allowances 9,740 Purchases Discounts 5,560 Freight-In 1,580 Merchandise Inventory, October 1 42,000 Merchandise Inventory, October 31 33,000 Complete a partial income statement for the month of October, showing gross profit. Northern Lights Income Statement (partial) For the month ended October 31, 20- Sales Sales returns and allowances...
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Adjusted Trial Balance
December 31, 2018
Debit
Credit
Cash
$12,700
Accounts receivable
21,500
Prepaid insurance
2,500
Inventory
104,500
Supplies
7,100
Land
128,200
Buildings
218,400
Accumulated depreciation—buildings
$92,700
Equipment
$96,300
Accumulated depreciation—equipment
34,000
Accounts payable
61,200
Unearned revenue
8,700
Income tax payable
3,500
Bank loan payable
99,100
Common shares
53,000
Retained earnings
136,300
Sales
1,104,100
Sales returns and allowances
23,800
Sales discounts
15,400
Cost of goods sold
808,000
Administrative expenses
88,900
Selling expenses
39,400
Interest expense
11,600
Interest revenue
2,700
Income...
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Fit-for-Life Foods reports the following income statement
accounts for the year ended December 31.
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