Allico Co.'s new accounting clerk left several items off of the income statement he was preparing: sales returns of $248,000, interest revenue of $2,629,000, R&D expense of $1,052,000, and dividends of $3,023,000. What will be the amount of the net change to Allico Co's gross profit when these items are properly added? (AC 26) O $1,329,000 $1,694,000 O $248,000 $6,952,000

Allico Co.'s new accounting clerk left several items off of the income statement he was preparing: sales returns of $248,000, interest revenue of $2,629,000, R&D expense of $1,052,000, and dividends of $3,023,000. What will be the amount of the net change to Allico Co's gross profit when these items are properly added? (AC 26) O $1,329,000 $1,694,000 O $248,000 $6,952,000

Name: Allico Co.'s new accounting clerk left several items off of the incom
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: Allico Co.'s new accounting clerk left several items off of the income statement he waspreparing: sales returns of $248,000, interest revenue of $2,629,000, R&D expense of $1,052,000, anddividends of $3,023,000. What will be the amount of the net ch

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter16: Accounting Periods And Methods

Section: Chapter Questions

Problem 7DQ

See similar textbooks

Similar questions

What is the net income for the BlueDragon company given the following list of accounting itens? note: write the number with at most 2 decimal płaces (eg. 95.17) unsorted Profit & Loss items For the year 2020 (in thousand Php) cost of goods sold (192) wage expense (31) communication expense (5) sales 171 office supplies expense |(6) depreciation & amortization (2) repair & maintenance (10) interest income 49 computer expense (5)
Current Attempt in Progress - Your answer is partially correct. The following information is available for Crane Corp. for the year ended December 31, 2027. Other revenues and gains Other expenses and losses Cost of goods sold Sales discounts Net Sales Sales Revenue Less Sales Returns and Allowances Sales Discounts Prepare a multiple-step income statement for Crane Corp. Cost of Goods Sold Gross Profit Operating Expenses Other Expenses and Losses Income from Operations Other Revenues and Gains Net Income /(Loss) $23,700 eTextbook and Media 3,020 287,400 3,530 Sales revenue Operating expenses Sales returns and allowances CRANE CORP. Income Statement For the Year Ended December 31, 2027 $754,000 217,890 10,500 10500 3530 i 232200 23700 754000 QUROSO 740470 287400 i 453070 217890 i 3020 255900
please solve with full working explanation computation with steps Delta Corporation's income statement for the year ending June 30, 2020 reported profit before tax of $10,300. Cash expenses amounting to $1,500 incurred in the prior year were expensed again in the current year, and deferred income of $1,350 was included in the turnover. What is Delta's correct profit before tax for the year ending June 2020? SELECT ONLY ONE $8,800 $8,950 $10,450
Complete the multiple-step income statement for SoupBowl, Co. from the following data for the year ended December 31, 2022. If any line-row in the statement is missing a heading-description and/or an amount, make sure to fill-in with the appropriate description and/or amount. Sales, $925,000; cost of merchandise sold, $565,000; administrative expenses, $35,000; interest expense, $15,000; rent revenue, $20,000; selling expenses, $110,000. SoupBowl, Co. Income Statement For the Year Ended December 31, 2022 $925,000 Operating Expenses: Total Operating Expenses Income from Operations Other Income and Expense: Net Income $_________
During 2021, Blossom Inc. has the following account balances in Income Statement: Sales 1,630,245 Cost of Sales 646,788 Selling Expense 235,500 Administrative Expense 114,766 Other Expense 57,146 Income Tax Expense 200,400 Other Revenue 65,800 What will be the Net income?
The following data are taken from the financial statements of Sheffield Company. Accounts receivable (net), end of year Net sales on account Terms for all sales are 1/10, n/45 (a1) X Your answer is incorrect. 2022 $555,000 3,997,500 2021 $470,000 3,122,250 Compute for each year the accounts receivable turnover. At the end of 2020, accounts receivable (net) was $435,000. (Round answers to 1 decimal place, e.g. 1.6.)
Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing? 8. Using the information provided, compute the change in operating working captial
You are given the following extract of an income statement: Particulars 2018 (OMR) 2019(OMR) Net sales 120,000 180,000 Cost of goods sold 108,000 120,000 Gross profit 12,000 60,000 Administrative expenses 2,500 3,800 What is the percentage change in administrative expenses if a common size statement is prepared
Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues $ 546,190 Cost of revenues $ 340,275 Inventories as of 31 January 2022 $44,064 Inventories as of 31 January 2021 $41,020 Accounts payable as at 31 January 2022 $58,600 Accounts payable as at 31 January 2021 $51,800 Accounts receivable as at 31 January 2022 $7,482 Accounts receivable as at 31 January 2021 $5,434 Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing?
At the end of the year, Dahl Enterprises estimates the uncollectible accounts expense to be 0.8 percent of net sales of $7,575,000. The current credit balance of Allowance for Uncollectible Accounts is $12,900. Prepare the entry to record the uncollectible accounts expense. What is the balance of Allowance for Uncollectible Accounts after this adjustment? You must show your computations.
The following data were obtained from the books of JOYFUL CORPORATION: Accounts receivable, March 31, 2021 – P110,000; Accounts receivable, September 30, 2021 – P130,000; Purchases, March to September 2021 – P450,000; Inventory, March 31, 2021 – P180,000; Average gross profit rate – 40%; Accounts receivable turnover – 6 to 1. The Inventory at September 30, 2021 should be ______. A. 198,000B. 150,000C. 120,000d. None of these
The following data were obtained from the books of JOYFUL CORPORATION: Accounts receivable, March 31, 2021 – P110,000; Accounts receivable, September 30, 2021 – P130,000; Purchases, March to September 2021 – P450,000; Inventory, March 31, 2021 – P180,000; Average gross profit rate – 40%; Accounts receivable turnover – 6 to 1. The Inventory at September 30, 2021 should be ______. A. 198,000B. 150,000C. 120,000