Just Beachy is a retail business located on the coast of Florida where it sells a variety of beach apparel, T-shirts, and beach-related souvenir items. They purchase all of their inventory from wholesalers and distributors. For the year ending December 31, 2017, they reported the following revenues and expenses. Sales revenue $665,000 Building rent 46,000 Advertising 52,000 Sales staff salaries 83,000 Cost of goods sold 305,000 Utilities 25,000 Supplies 9,000 Using this information, prepare an income statement for Just Beachy for 2017. Just Beachy Income Statement For Year Ending 2017 Previous Next

Just Beachy is a retail business located on the coast of Florida where it sells a variety of beach apparel, T-shirts, and beach-related souvenir items. They purchase all of their inventory from wholesalers and distributors. For the year ending December 31, 2017, they reported the following revenues and expenses. Sales revenue $665,000 Building rent 46,000 Advertising 52,000 Sales staff salaries 83,000 Cost of goods sold 305,000 Utilities 25,000 Supplies 9,000 Using this information, prepare an income statement for Just Beachy for 2017. Just Beachy Income Statement For Year Ending 2017 Previous Next

Name: Just Beachy is a retail business located on the coast of Florida wher
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Description: Just Beachy is a retail business located on the coast of Florida where it sells a variety of beach apparel, T-shirts, and beach-related souvenir items. They purchase all of theirinventory from wholesalers and distributors. For the year ending Decemb

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Puzzles, Pranks & Games is a retail business selling children's toys and games as well as a wide selection of jigsaw puzzles and accessories. They purchase their inventory from local and national wholesale suppliers. For the year ending December 31, 2017, they reported these revenues and expenses. Using this information, prepare an income statement for Puzzles, Pranks & Games for 2017. Sales revenue Rent Advertising Sales staff salaries Cost of goods sold Utilities Supplies $415,000 24,000 13,000 45,000 210,000 11,000 4,000 Use the Income Statement you created to answer the following questions: A. What is the amount of gross profit? B. What is the total operating expense? C. What is the amoutn of net income?
Calculator Just Beachy is a retail business located on the coast of Florida where it sells a variety of beach apparel, T-shirts, and beach-related souvenir items. They purchase all of their inventory from wholesalers and distributors. For the year ending December 31, 2017, they reported the following revenues and expenses. Sales revenue $675,000 Building rent 46,000 Advertising 51,000 Sales staff salaries 83,000 Cost of goods sold 305,000 Utilities 23,000 Supplies 8,000 Using this information, prepare an income statement for Just Beachy for 2017. Just Beachy Income Statement For Year Ending 2017 Sales Revenue 2$ 675,000 Cost of Goods Sold 305,000 Gross Profit 370,000 Advertising $ 51,000 Building Rent 46,000 Sales Staff Salaries 83,000 Supplies 8,000 Utilities 23,000 Previous Next All work saved. Email Instructor Submit Test for Grading 5:39 PM 10/2/2020 3 %24 II
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hades of the Caribbean design and manufacture sun-glasses for the tourism sector. The accounting records of the business reflect the following data at June 30, 2018:Inventory 1/7/2017 30/6/2018Raw Materials $230,000 $260,000Factory Supplies $35,000 $24,000Work in Progress $358,000 $213,000Finished Goods $975,400 $585,000Other information:Sales Revenue $5,675,000Factory Supplies Purchased 64,000Direct Factory Labor 792,000Raw Materials Purchased 560,000Plant janitorial service 37,000Depreciation: Plant & Equipment 186,000Total Utilities 1 481,250Production Supervisor’s Salary 450,000Hiring of Specialized Manufacturing Equipment 68,000Insurance on Plant & Equipment 112,000Delivery Vehicle Drivers’ Wages 189,000Depreciation: Delivery Vehicle 53,850Property Taxes 2 240,000Administrative Wages & Salaries 850,750Advertising Expenses 1% of Sales Revenue1 Of the total utilities, 80% relates to manufacturing and 20% relates to general and administrative costs.2 The property taxes…
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One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began the last quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of $153,000. The following transactions took place during the quarter.October 10 100 clocks were purchased on account at a cost of $6,225 each. In addition, One Stop paid $120 cash on each clock to have the inventory shipped from the vendor’s warehouse to their warehouseOctober 31 During the month 90 clocks were sold at a price of $8,300 each. (20 of these clocks sold were on account to a long-standing customer of the business)November 1 A new batch of 60 clocks was purchased at a total cost of $406,500November 10 5 of the clocks purchased on November 1 were returned to the supplier, as they were damagedNovember 30 The sales for November were 58 clocks which yielded total sales revenue of $498,800December 2 Owing to increased demand, a further 110 clocks were purchased at a cost of $7,400 each…
One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began the last quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of $153,000. The following transactions took place during the quarter.October 10 100 clocks were purchased on account at a cost of $6,225 each. In addition, One Stop paid $120 cash on each clock to have the inventory shipped from the vendor’s warehouse to their warehouseOctober 31 During the month 90 clocks were sold at a price of $8,300 each. (20 of these clocks sold were on account to a long-standing customer of the business)November 1 A new batch of 60 clocks was purchased at a total cost of $406,500November 10 5 of the clocks purchased on November 1 were returned to the supplier, as they were damagedNovember 30 The sales for November were 58 clocks which yielded total sales revenue of $498,800December 2 Owing to increased demand, a further 110 clocks were purchased at a cost of $7,400 each…
One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began the last quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of $153,000. The following transactions took place during the quarter.October 10 100 clocks were purchased on account at a cost of $6,225 each. In addition, One Stop paid $120 cash on each clock to have the inventory shipped from the vendor’s warehouse to their warehouseOctober 31 During the month 90 clocks were sold at a price of $8,300 each. (20 of these clocks sold were on account to a long-standing customer of the business)November 1 A new batch of 60 clocks was purchased at a total cost of $406,500November 10 5 of the clocks purchased on November 1 were returned to the supplier, as they were damagedNovember 30 The sales for November were 58 clocks which yielded total sales revenue of $498,800December 2 Owing to increased demand, a further 110 clocks were purchased at a cost of $7,400 each…
Sim-Jo-La Electronics sells a variety of electronic devices including a variety of WIFI SMART camera bulbs. The business began the second quarter (April to June) of 2020 with 15 (V380PRO) camera bulbs at a total cost of $108,750. The following transactions relating to the “V380PRO” camera bulbs were completed during the quarter. April 7 90 bulbs were purchased at a cost of $6,850 each. In addition, the business paid freight charges of $800 cash on each bulb to have the inventory shipped from the point of purchase to their warehouse. April 30 The sales for April were 75 bulbs which yielded total sales revenue of $803,250. (15 of these bulbs were sold on account to longstanding customers of the business) May 6 A new batch of 80 bulbs was purchased at a total cost of $654,800 May 9 Upon inspection of the bulbs purchased on May 6, five (5) of the units were found to be defective and were returned to the supplier. May 31 During the month 62 of the camera bulbs were sold at a price of…
One Stop Electrical Shop are merchandisers of household fixtures & fittings. The business began the last quarter of 2020 (October to December) with 25 Starburst Wall Clocks at a total cost of $153,000. The following transactions took place during the quarter.October 10 100 clocks were purchased on account at a cost of $6,225 each. In addition, One Stop paid $120 cash on each clock to have the inventory shipped from the vendor’s warehouse to their warehouseOctober 31 During the month 90 clocks were sold at a price of $8,300 each. (20 of these clocks sold were on account to a long-standing customer of the business)November 1 A new batch of 60 clocks was purchased at a total cost of $406,500November 10 5 of the clocks purchased on November 1 were returned to the supplier, as they were damagedNovember 30 The sales for November were 58 clocks which yielded total sales revenue of $498,800December 2 Owing to increased demand, a further 110 clocks were purchased at a cost of $7,400 each…