Zales company, Inc. had revenue of $421,000 during December 2019. Experience has shown that merchandise equaling...
Homework Answers
| Zales Company, Inc. | ||
| Profit and Loss Statement | ||
| Sales Revenue | 421000 | |
| Less: Sales return | 12630 | |
| Less: Discount | 8420 | |
| Net Sales | 399950 | |
| Less: Cost of Goods sold | 280000 | |
| Gross Profit | 119950 | |
| Less: Expenses | ||
| INSURANCE | 12000 | |
| SALARIES | 42000 | |
| RENT | 35000 | |
| FREIGHT | 7000 | |
| Total Operating Expense | 96000 | |
| Net INCOME | 23950 | |
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Zales company, Inc. had revenue of $421,000 during December
2019. Experience has shown
that merchandise equaling...
Explain when adding and substracting Zales company, Inc. had revenue of $421,000 during December 2019. Experience...
Explain when adding and substracting
Zales company, Inc. had revenue of $421,000 during December 2019. Experience has shown that merchandise equaling 3% of sales will be returned within 30 days. Also, due to high competition, Zales offer customers a discount on the products. It was found that the discount is equal 2% of revenue. Cost of goods sold is 280,000, insurances expenses is 12,000, salaries at the end of the month is 42,000, December store rent is 35000, shipment fright...
Fox Stores, Inc. had sales of $1,000,000 during December, Year 9. Experience has shown that merchandise...
Fox Stores, Inc. had sales of $1,000,000 during December, Year 9. Experience has shown that merchandise equaling 7% of sales will be returned within 30 days and an additional 3% will be returned within 90 days. The sales for Year 10 and Year 11 are $1,000,000 and $2,000,000, respectively. What amount should Fox report for net sales in its income statement for the month of December, Year 9?
QUESTION 12 Presented below is information for Zales Company for the month of January 2014 Cost...
QUESTION 12 Presented below is information for Zales Company for the month of January 2014 Cost of goods sold $280,000 Freight-out 7,000 Insurance expense 12,000 Salaries and wages expense 42,000 Rent expense Sales discounts Sales returns and allowances Sales revenue $35,000 8,000 13,000 421,000 Instructions (a) Prepare a multiple-step income statement. (b) Calculate the profit margin and the gross profit rate.
The income statement of Bridgeport Company is shown below. BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR...
The income statement of Bridgeport Company is shown below. BRIDGEPORT COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,910,000 Cost of goods sold Beginning inventory $1,910,000 Purchases 4,420,000 Goods available for sale 6,330,000 Ending inventory 1,610,000 Cost of goods sold 4,720,000 Gross profit 2,190,000 Operating expenses Selling expenses 460,000 Administrative expenses 690,000 1,150,000 Net income $1,040,000 Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $190,000 during the year. 3. Accounts...
The income statement of Sunland Company is shown below. $6,840,000 SUNLAND COMPANY INCOME STATEMENT FOR THE...
The income statement of Sunland Company is shown below. $6,840,000 SUNLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,920,000 Purchases 4,390,000 Goods available for sale 6,310,000 Ending inventory 1,580,000 Cost of goods sold Gross profit Operating expenses Selling expenses 460,000 Administrative expenses 710,000 Net income 4,730,000 2,110,000 1,170,000 $940,000 Additional information: 1. Accounts receivable decreased $350,000 during the year. 2. Prepaid expenses increased $160,000 during the year. 3. Accounts...
Exercise 23-4 The income statement of Crane Company is shown below CRANE COMPANY INCOME STATEMENT FOR...
Exercise 23-4 The income statement of Crane Company is shown below CRANE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,930,000 Cost of goods sold Beginning inventory $1,900,000 4,350,000 Purchases Goods available for sale 6,250,000 1,610,000 Ending inventory Cost of goods sold 4,640,000 2,290,000 Gross profit Operating expenses Selling expenses 460,000 700,000 Administrative expenses 1,160,000 $1,130,000 Net income Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $150,000 during the year....
Allen Products. Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost...
Allen Products. Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold Gross profits Less: operating expenses Operating profits Less: interest expense Net profit before taxes Less: taxes (rate 30%) Net profits after taxes $936,700 443,996 5492,704 211,694 $281,010 29,038 5251,972 75,592 $176,380 Allen Products, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold 936,700 271,115 172,881 $492,704 Fixed Variable Gross profits Less: operating expenses...
Using the below information: Allen Products, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue ...
Using the below information: Allen Products, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue $937,800 Less: cost of good sold 378,871 Gross profits $558,929 Less: operating expenses 223,196 Operating profits $335,733 Less: interest expense 32,823 Net profit before taxes $302,910 Less: taxes (rate 30%) 90,873 Net profits after taxes $212,037 Allen Products LP, wants to do a scenario analysis for the coming year. The pessimistic prediction for sales is $890,000; the most likely amount of sales...
Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014)....
Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014). 2,180 units at $36; purchases, 7,830 units at $38; expenses (excluding income taxes) $193,500; ending inventory per physical count at December 31, 2015, 1730; sales, 8,280 units; sales price per unit, $78; and average income tax rate, 32 percent. 2. value: 10.00 points Required 1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods....
Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the...
Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following inventory transactions occurred: January Transactions: Jan.11 Howard purchased merchandise on account for $12,000. 15 Howard returned some of the merchandise purchased on Jan. 11, and the supplier credited Howard’s account. The cost of the merchandise returned was $700. 20 Howard sold merchandise that cost $3,500 for $5,000 in cash. Required: 1.Assume that Howard uses a perpetual inventory system. Prepare the journal entries to...
Explain when adding and substracting
Zales company, Inc. had revenue of $421,000 during December 2019. Experience has shown that merchandise equaling 3% of sales will be returned within 30 days. Also, due to high competition, Zales offer customers a discount on the products. It was found that the discount is equal 2% of revenue. Cost of goods sold is 280,000, insurances expenses is 12,000, salaries at the end of the month is 42,000, December store rent is 35000, shipment fright...
Fox Stores, Inc. had sales of $1,000,000 during December, Year 9. Experience has shown that merchandise equaling 7% of sales will be returned within 30 days and an additional 3% will be returned within 90 days. The sales for Year 10 and Year 11 are $1,000,000 and $2,000,000, respectively. What amount should Fox report for net sales in its income statement for the month of December, Year 9?
QUESTION 12 Presented below is information for Zales Company for the month of January 2014 Cost of goods sold $280,000 Freight-out 7,000 Insurance expense 12,000 Salaries and wages expense 42,000 Rent expense Sales discounts Sales returns and allowances Sales revenue $35,000 8,000 13,000 421,000 Instructions (a) Prepare a multiple-step income statement. (b) Calculate the profit margin and the gross profit rate.
The income statement of Sunland Company is shown below. $6,840,000 SUNLAND COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue Cost of goods sold Beginning inventory $1,920,000 Purchases 4,390,000 Goods available for sale 6,310,000 Ending inventory 1,580,000 Cost of goods sold Gross profit Operating expenses Selling expenses 460,000 Administrative expenses 710,000 Net income 4,730,000 2,110,000 1,170,000 $940,000 Additional information: 1. Accounts receivable decreased $350,000 during the year. 2. Prepaid expenses increased $160,000 during the year. 3. Accounts...
Exercise 23-4 The income statement of Crane Company is shown below CRANE COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2017 Sales revenue $6,930,000 Cost of goods sold Beginning inventory $1,900,000 4,350,000 Purchases Goods available for sale 6,250,000 1,610,000 Ending inventory Cost of goods sold 4,640,000 2,290,000 Gross profit Operating expenses Selling expenses 460,000 700,000 Administrative expenses 1,160,000 $1,130,000 Net income Additional information: 1. Accounts receivable decreased $360,000 during the year. 2. Prepaid expenses increased $150,000 during the year....
Allen Products. Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold Gross profits Less: operating expenses Operating profits Less: interest expense Net profit before taxes Less: taxes (rate 30%) Net profits after taxes $936,700 443,996 5492,704 211,694 $281,010 29,038 5251,972 75,592 $176,380 Allen Products, Inc. Income Statement for the Year Ended December 31, 2019 Sales revenue Less: cost of good sold 936,700 271,115 172,881 $492,704 Fixed Variable Gross profits Less: operating expenses...
Daniel Company uses a periodic inventory system. Data for 2015: beginning merchandise inventory (December 31, 2014). 2,180 units at $36; purchases, 7,830 units at $38; expenses (excluding income taxes) $193,500; ending inventory per physical count at December 31, 2015, 1730; sales, 8,280 units; sales price per unit, $78; and average income tax rate, 32 percent. 2. value: 10.00 points Required 1. Compute cost of goods sold and prepare income statements under the FIFO, LIFO, and average cost inventory costing methods....
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