Homework Answers
| Company | Sales | Cogs | gross profit | operating costs | net income |
|---|---|---|---|---|---|
| Lennon | 8,900 | 4,500 | 4,400 | 2,100 | 2,300 |
| Harrison | 8,000 | 3,400 | 4,600 | 1,500 | 3,100 |
| McCartney | 8,400 | 3,300 | 5,100 | 3,100 | 2,000 |
| Starr | 7,800 | 1,900 | 5,900 | 2,100 | 3,800 |
Sales - Cost of Goods Sold = Gross Profit
Gross profit - Operating expenses = Net income
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For each company, calculate the missing amount. Company Sales Cost of Goods Sold $ Lennon Harrison McCartney Starr 8,90...
For each company, calculate the missing amount. Company Net Income $ $ Sales 8,800 8,900 8,000 7,200 Operating Expe...
For each company, calculate the missing amount. Company Net Income $ $ Sales 8,800 8,900 8,000 7,200 Operating Expenses $ 2,800 1,600 Lennon Harrison McCartney Starr Cost of Goods Sold Gross Profit $ 4,400 3,300 3,300 4,700 1,300 5,900 1,600 4,000 1,500 Rol 2,800 < Prev 18 of 40 Next >
For each company, calculate the missing amount. Company Cost of Goods Sold Net Income GrOSS Profit...
For each company, calculate the missing amount. Company Cost of Goods Sold Net Income GrOSS Profit $ 6,100 Lennon Harrison McCartney $ Sales Revenue $ 14,2007 14,300 9.200 12. 200 Operating Expenses $ 2,550 4.100 3,550 1.100 9,100 7.100 4,100 2.100 8,100 Starr 5 ,550
t accounts recelvable at their net realizable value? 43) What does it mean to repor 44) For each company, calculate the missing amount. Sales Cost of Goods Gross ProfitOperating Net Income Expens...
t accounts recelvable at their net realizable value? 43) What does it mean to repor 44) For each company, calculate the missing amount. Sales Cost of Goods Gross ProfitOperating Net Income Expenses Sold $1,000 4,000 2,000 $3,000 $8,000 9,000 8,000 8,000 $4,000 Lennon 2,000 3,000 3,000 3,000 Harrison McCartney Starr 5,000 3,000 5,000 45) Beasley Inc., reports the following amounts in its December 31, 2018, income statement Sales Income tax revenue $300,000 expense Interest expense12,000 sold Salaries expense $38,000 Cost...
Quick Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,150 9,650 Cost of goods sold (5,...
Quick Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,150 9,650 Cost of goods sold (5,500) (5,200) Gross profit 4,650 4,450 Selling and administrative expenses (2,800) (2.700) Income from operations 1,850 1.750 Interest expense (300) (250) Income before income taxes 1,550 1,500 Income tax expense (420) (400) Net income 1,130 1,100 Smith and Sons, Inc. Balance Sheet (in millions) 2016 2015 Assets Current assets Cash and cash equivalents 300 500 Accounts receivable 900 800 Inventory...
(in millions) 2016 2015 Net sales 10,400 9,900 Cost of goods sold (5,500) (5,200) Gross profit...
(in millions) 2016 2015 Net sales 10,400 9,900 Cost of goods sold (5,500) (5,200) Gross profit 4,900 4,700 Selling and administrative expenses (2,800) (2,700) Income from operations 2,100 2,000 Interest expense (300) (250) Income before income taxes 1,800 1,750 Income tax expense (420) (400) Net income 1,380 1,350 Smith and Sons, Inc. Balance Sheet 2016 2015 (in millions) Assets Current assets Cash and cash equivalents 550 750 Accounts receivable 900 800 Inventory 850 1,000 Other current assets 400 250 Total...
Kanban company estimated sales of 40 000 units at R6 each. Budgeted cost of goods sold...
Kanban company estimated sales of 40 000 units at R6 each. Budgeted cost of goods sold per unit includes R1,20 of direct materials, six minutes of direct labour time at R15 per hour, and unit overhead cost of R1,30. Kanban pays a sales commission of 10% of sales revenue. Fixed selling and administrative expenses are budgeted at R25 000. Prepare a budgeted income statement showing Sales, Less cost of sales =gross profit, less operating expenses, sales commission, fixed selling and...
Traditional Format Sales Cost of goods sold $12,000 Selling and administrative expenses: Selling Administrative Net operating...
Traditional Format Sales Cost of goods sold $12,000 Selling and administrative expenses: Selling Administrative Net operating income $3,100 1,900 Contribution Format $12,000 Sales 6,000 Variable expenses 6,000 Cost of goods sold $6,000 Variable selling 600 Variable administrative 400 5,000 Contribution margin $ 1,000 Fixed expenses: Fixed selling 2,500 Fixed administrative 1,500 Net operating income 7,000 5,000 4,000 $ 1000 For a manufacturing company, the cost of goods sold would include some variable costs, such as direct materials, direct labor, and...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) dep...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 160,000 $115,000 $275,000 Cost of goods sold 78,400 71,300 149,700 Gross profit 81,600 43,700 125,300 Direct expenses Sales salaries 20,000 7,300 27,300 Advertising 1,700 600 2,300 Store supplies used 550 500 1,050 Depreciation Equipment 1,900 900 Total direct expenses 24,150 9,300 Allocated...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000,...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000, and total operating expenses of $167,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations? 1. Gross profit on sales 2. Net income from operations 2 A firm had merchandise Inventory of $39,000 on January 1, 2019. During the year the firm had purchases of $51,000, freight in of...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office)...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 200,000 $115,000 $ 315,000 Cost of goods sold 98,000 71,300 169,300 Gross profit 102,000 43,700 145,700 Direct expenses Sales salaries 21,000 7,500 28,500 Advertising 1,600 700 2,300 Store supplies used 650 350 1,000 Depreciation-Equipment 1,900 2,100 Total direct expenses 25, 1508,750 33,900...
For each company, calculate the missing amount. Company Net Income $ $ Sales 8,800 8,900 8,000 7,200 Operating Expenses $ 2,800 1,600 Lennon Harrison McCartney Starr Cost of Goods Sold Gross Profit $ 4,400 3,300 3,300 4,700 1,300 5,900 1,600 4,000 1,500 Rol 2,800 < Prev 18 of 40 Next >
For each company, calculate the missing amount. Company Cost of Goods Sold Net Income GrOSS Profit $ 6,100 Lennon Harrison McCartney $ Sales Revenue $ 14,2007 14,300 9.200 12. 200 Operating Expenses $ 2,550 4.100 3,550 1.100 9,100 7.100 4,100 2.100 8,100 Starr 5 ,550
t accounts recelvable at their net realizable value? 43) What does it mean to repor 44) For each company, calculate the missing amount. Sales Cost of Goods Gross ProfitOperating Net Income Expenses Sold $1,000 4,000 2,000 $3,000 $8,000 9,000 8,000 8,000 $4,000 Lennon 2,000 3,000 3,000 3,000 Harrison McCartney Starr 5,000 3,000 5,000 45) Beasley Inc., reports the following amounts in its December 31, 2018, income statement Sales Income tax revenue $300,000 expense Interest expense12,000 sold Salaries expense $38,000 Cost...
Quick Ratio Smith and Sons, Inc. Income Statement (in millions) 2016 2015 Net sales 10,150 9,650 Cost of goods sold (5,500) (5,200) Gross profit 4,650 4,450 Selling and administrative expenses (2,800) (2.700) Income from operations 1,850 1.750 Interest expense (300) (250) Income before income taxes 1,550 1,500 Income tax expense (420) (400) Net income 1,130 1,100 Smith and Sons, Inc. Balance Sheet (in millions) 2016 2015 Assets Current assets Cash and cash equivalents 300 500 Accounts receivable 900 800 Inventory...
(in millions) 2016 2015 Net sales 10,400 9,900 Cost of goods sold (5,500) (5,200) Gross profit 4,900 4,700 Selling and administrative expenses (2,800) (2,700) Income from operations 2,100 2,000 Interest expense (300) (250) Income before income taxes 1,800 1,750 Income tax expense (420) (400) Net income 1,380 1,350 Smith and Sons, Inc. Balance Sheet 2016 2015 (in millions) Assets Current assets Cash and cash equivalents 550 750 Accounts receivable 900 800 Inventory 850 1,000 Other current assets 400 250 Total...
Traditional Format Sales Cost of goods sold $12,000 Selling and administrative expenses: Selling Administrative Net operating income $3,100 1,900 Contribution Format $12,000 Sales 6,000 Variable expenses 6,000 Cost of goods sold $6,000 Variable selling 600 Variable administrative 400 5,000 Contribution margin $ 1,000 Fixed expenses: Fixed selling 2,500 Fixed administrative 1,500 Net operating income 7,000 5,000 4,000 $ 1000 For a manufacturing company, the cost of goods sold would include some variable costs, such as direct materials, direct labor, and...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 160,000 $115,000 $275,000 Cost of goods sold 78,400 71,300 149,700 Gross profit 81,600 43,700 125,300 Direct expenses Sales salaries 20,000 7,300 27,300 Advertising 1,700 600 2,300 Store supplies used 550 500 1,050 Depreciation Equipment 1,900 900 Total direct expenses 24,150 9,300 Allocated...
1 A classified Income statement showed net sales of $445,000, cost of goods sold of $190,000, and total operating expenses of $167,000 for the fiscal year ended June 30, 2019. 1. What was the gross profit on sales? 2. What was the net income from operations? 1. Gross profit on sales 2. Net income from operations 2 A firm had merchandise Inventory of $39,000 on January 1, 2019. During the year the firm had purchases of $51,000, freight in of...
Williams Company began operations in January 2019 with two operating (selling) departments and one service (office) department. Its departmental income statements follow. WILLIAMS COMPANY Departmental Income Statements For Year Ended December 31, 2019 Clock Mirror Combined Sales $ 200,000 $115,000 $ 315,000 Cost of goods sold 98,000 71,300 169,300 Gross profit 102,000 43,700 145,700 Direct expenses Sales salaries 21,000 7,500 28,500 Advertising 1,600 700 2,300 Store supplies used 650 350 1,000 Depreciation-Equipment 1,900 2,100 Total direct expenses 25, 1508,750 33,900...
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