Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold $254,000 Rent expense $36,000 Freight-out 7,500 Sales discounts 8,800 Insurance expense 5,000 Sales returns and allowances 11,000 Salaries and wages expense 75,000 Sales revenue 425,000 (a) Your Answer Correct Answer Partially correct answer iconYour answer is partially correct. Prepare a multiple-step income statement. OAKLEY COMPANY Income Statement For the Year Ended March 31, 2016March 31, 2020For the Month Ended March 31, 2020 Owner's Capital, March 31Operating ExpensesNet Income / (Loss)RevenuesGross Profit / (Loss)InvestmentsOwner's Capital, March 1Net SalesTotal Operating ExpensesDrawings $ LessAdd: $ DrawingsOwner's Capital, March 31Gross Profit / (Loss)Net SalesRevenuesTotal Operating ExpensesOperating ExpensesInvestmentsOwner's Capital, March 1Net Income / (Loss) Operating ExpensesOwner's Capital, March 31Gross Profit / (Loss)Owner's Capital, March 1Total Operating ExpensesNet SalesSales RevenuesNet Income / (Loss)DrawingsInvestments Sales RevenuesNet Income / (Loss)Net SalesInvestmentsOwner's Capital, March 31DrawingsOperating ExpensesTotal Operating ExpensesGross Profit / (Loss)Owner's Capital, March 1 Net SalesOperating ExpensesGross Profit / (Loss)Total Operating ExpensesSales RevenuesOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss)InvestmentsDrawings Total Operating ExpensesOperating ExpensesGross Profit / (Loss)Sales RevenuesDrawingsNet SalesInvestmentsOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss) $ (b) Compute the gross profit rate. (Round answer to 1 decimal places, e.g. 52.7%.) Gross profit rate %
Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold $254,000 Rent expense $36,000 Freight-out 7,500 Sales discounts 8,800 Insurance expense 5,000 Sales returns and allowances 11,000 Salaries and wages expense 75,000 Sales revenue 425,000 (a) Your Answer Correct Answer Partially correct answer iconYour answer is partially correct. Prepare a multiple-step income statement. OAKLEY COMPANY Income Statement For the Year Ended March 31, 2016March 31, 2020For the Month Ended March 31, 2020 Owner's Capital, March 31Operating ExpensesNet Income / (Loss)RevenuesGross Profit / (Loss)InvestmentsOwner's Capital, March 1Net SalesTotal Operating ExpensesDrawings $ LessAdd: $ DrawingsOwner's Capital, March 31Gross Profit / (Loss)Net SalesRevenuesTotal Operating ExpensesOperating ExpensesInvestmentsOwner's Capital, March 1Net Income / (Loss) Operating ExpensesOwner's Capital, March 31Gross Profit / (Loss)Owner's Capital, March 1Total Operating ExpensesNet SalesSales RevenuesNet Income / (Loss)DrawingsInvestments Sales RevenuesNet Income / (Loss)Net SalesInvestmentsOwner's Capital, March 31DrawingsOperating ExpensesTotal Operating ExpensesGross Profit / (Loss)Owner's Capital, March 1 Net SalesOperating ExpensesGross Profit / (Loss)Total Operating ExpensesSales RevenuesOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss)InvestmentsDrawings Total Operating ExpensesOperating ExpensesGross Profit / (Loss)Sales RevenuesDrawingsNet SalesInvestmentsOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss) $ (b) Compute the gross profit rate. (Round answer to 1 decimal places, e.g. 52.7%.) Gross profit rate %
Chapter6: Merchandising Transactions
Section: Chapter Questions
Problem 15EB: The following select account data is taken from the records of Carnival Express for 2019. A. Use the...
Related questions
Question
Presented below is information for Oakley Company for the month of March 2020.
Cost of goods sold | $254,000 | Rent expense | $36,000 | |||
Freight-out | 7,500 | Sales discounts | 8,800 | |||
Insurance expense | 5,000 | Sales returns and allowances | 11,000 | |||
Salaries and wages expense | 75,000 | Sales revenue | 425,000 |
(a)
- Your Answer
- Correct Answer
Partially correct answer iconYour answer is partially correct.
Prepare a multiple-step income statement.
OAKLEY COMPANY
Income Statement For the Year Ended March 31, 2016March 31, 2020For the Month Ended March 31, 2020 |
||
Owner's Capital, March 31Operating ExpensesNet Income / (
|
||
|
$
|
|
LessAdd:
|
||
|
$
|
|
|
|
|
|
||
DrawingsOwner's Capital, March 31Gross Profit / (Loss)Net SalesRevenuesTotal Operating ExpensesOperating ExpensesInvestmentsOwner's Capital, March 1Net Income / (Loss)
|
|
|
|
|
|
Operating ExpensesOwner's Capital, March 31Gross Profit / (Loss)Owner's Capital, March 1Total Operating ExpensesNet SalesSales RevenuesNet Income / (Loss)DrawingsInvestments
|
|
|
Sales RevenuesNet Income / (Loss)Net SalesInvestmentsOwner's Capital, March 31DrawingsOperating ExpensesTotal Operating ExpensesGross Profit / (Loss)Owner's Capital, March 1
|
||
|
|
|
|
|
|
|
|
|
|
|
|
Net SalesOperating ExpensesGross Profit / (Loss)Total Operating ExpensesSales RevenuesOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss)InvestmentsDrawings
|
|
|
Total Operating ExpensesOperating ExpensesGross Profit / (Loss)Sales RevenuesDrawingsNet SalesInvestmentsOwner's Capital, March 1Owner's Capital, March 31Net Income / (Loss)
|
$
|
(b)
Compute the gross profit rate. (Round answer to 1 decimal places, e.g. 52.7%.)
Gross profit rate | % |
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
This is a popular solution!
Trending now
This is a popular solution!
Step by step
Solved in 3 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning
Principles of Accounting Volume 1
Accounting
ISBN:
9781947172685
Author:
OpenStax
Publisher:
OpenStax College
Managerial Accounting: The Cornerstone of Busines…
Accounting
ISBN:
9781337115773
Author:
Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:
Cengage Learning
Intermediate Accounting: Reporting And Analysis
Accounting
ISBN:
9781337788281
Author:
James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:
Cengage Learning