Exercise 5-11 Calculating income statement components LO1, 5Calculate the missing amounts. (Loss amounts should be indicated with a minus sign and input all other amounts as positivevalues. Do not round intermediate calculations. Round "Gross profit ratio" to 2 decimal places.)Company ACompany B2023202220232022Sales$Sales discounts265,0002,650$189,000$52,900$49,5001,100590Sales returns and allowances16,9006,400Net sales262,350170,65051,21046,500Cost of goods sold158,10057,900Gross profit from sales51,90049,30022,700Selling expenses18,82019,90025,900Administrative expenses26,50030,6009,900Total operating expenses45,32047,800Profit (loss)58,93015,3002,900Gross profit ratio39.75 %%%%

Follow this standard formula for computing and working back on the missing amounts.Sales- Sales…

Answered: Exercise 5-11 Calculating income…

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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Exercise 5-11 Calculating income statement components LO1, 5 Calculate the missing amounts. (Loss amounts should be indicated with a minus sign and input all other amounts as positive values. Do not round intermediate calculations. Round "Gross profit ratio" to 2 decimal places.) Sales Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit (loss) Gross profit ratio 69 2023 Company A 256.000 2.560 153.600 51.000 17.920 25.600 $ 2022 180.000 16.000 163.000 19.000 46.000 14.400 % 2023 Company B 1.100 5.500 57.000 48.400 25.000 29.700 $ 2022 45,000 500 42.000 20.000 9.000 2.000
Exercise 4-17 (Algo) Computing net sales for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross $ 210,000 Sales returns and allowances 4,200 Sales salaries expense Sales discounts Prepare the net sales portion only of this company's multiple-step income statement. Net sales Multiple-Step Income Statement (Partial) $ 13,000 10, 200
Homework i A company reports the following sales-related information. Sales, gross Sales discounts $295,000 Sales returns and allowances 5,900 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Net sales Multiple-Step Income Statement (Partial) Saved < Prev. $ 22,000 11,900 10 of 10 HH hp n
A 2 Category 3 Sales 4 Cost of Goods Sold 15 a. Calculate ROA for current values. 16 Note: Round your answers to 2 decimal places. 17 18 SPM Outputs 19 Gross Profit 20 B Current Input Values $3,237,000.00 $2,490,000.00 $415,000.00 $161,850.00 $465,000.00 $162,000.00 $546,000.00 $492,000.00 5 Variable Expenses 6 Fixed Expenses 7 Inventory 8 Accounts Receivable 9 Other Current Assets 10 Fixed Assets 11 12 Required: 13 Note: Use cells A2 to C10 from the given information to complete this question. 14 Total Expenses 21 Net Profit 22 Net Profit Margin 23 Current Assets 24 Total Assets 25 Asset turnover 26 ROA (%) 27 28 b. Calculate ROA for new values. 29 Note: Round your answers to 2 decimal places. 30 31 SPM Outputs 32 Gross Profit 33 Total Expenses 34 Net Profit 35 Net Profit Margin 36 Current Assets 37 Total Assets 38 Asset turnover 39 ROA (%) 40 41 42 C New Input Values $3,560,700.00 $2,490,000.00 $383,875.00 $161,850.00 $395,250.00 $162,000.00 $546,000.00 $492,000.00 D E F TI G H I J K…
Exercise 4-16 (Algo) Computing net sales for multiple-step income statement LO P4 A company reports the following sales-related information. $ 275,000 Sales returns and allowances 5,500 Sales salaries expense $ 18,000 11,500 Sales, gross Sales discounts Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
Brief Exercise 5-10 Assume Cheyenne Corp. has the following reported amounts: Sales revenue $708,900, Sales returns and allowances s20,850, Cost of goods sold $458,700, and Operating expenses $152,900. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit (c) Compute income from operations. Income from operations (d) Compute the gross profit rate. (Round answer to1 decimal place, e.g. 25.2%.) Gross profit rate
QUESTION 6 Determine the missing amounts for Operating Income in the following multi-step income statement: Sales Revenue $2,000 Cost of Goods Sold 1,400 Gross Profit Operating Expenses Operating Income Interest Expense 100 10 Net Income O $600 O Unable to be determined $3,300 O $500 O $700 Click Save and Submit to save and submit. Click Save All Answers to save all answers. JAN 18 J étv S MacBook Air 80 D00 D00 E7
Exercise 4-11 Computing net sales for multiple-step income statement LO P4 A company reports the following sales-related information. Sales, gross Sales discounts $ 205,000 Sales returns and allowances 4,100 Sales salaries expense $ 12,000 10,100 Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
chapter 3 4. Given the information below, what is the profit percent? Round your answer to two decimal places and add a percent sign (i.e. 15.37%) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140
Flip Sound System Financial Statement Data Beginning Item Ending Balance Balance Inventory 10,650 12,813 Accounts 6,068 7,666 Receivable Accounts 8,475 |10,981 Payable Net Sales 99,105 Cost of Goods Sold 59,601 What is Flip's Operating Cycle? (Round answers to 1 decimal place. Do not round intermediate calculations)
Question Fill in the blanks: FILL - UP THE MISSING AMOUNTS: Sales CGS GP 40% Expenses 421,800 Net Profit 58,200 INSTRUCTIONS: DO NOT USE PESO SIGN AND COMMA IN ENCC COMMA. ALL ANSWERS ARE IN WHOLE AMOUNT, NO CENTS.
A company shows the following balances: Sales $1,000,000 225,000 25,000 600,000 13 Sales Returns and Allowances Sales Discounts Cost of Goods Sold What is the gross profit rate? a. 60% b. 80% c. 40% d. 20% Explore

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