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- 2. Assume that you are the owner of Samuel's Café, a special coffee shop in Victorias City. At the end of June 2020, you collected the ff: a. Sales, per cash register records, totaled P470,000. There was a sale on credit of P7,500. b. With the help of a friend Jefer who is an accountancy student, you determined that the costs of goods sold during June was P160,000. C During the month, you paid P140,000 for salaries, rent, ads. And other expenses. Utilities of P6,800 for June was unpaid because of late billing. What is the profit for June 2021?Kelly is a trader. Her financial year ends on 31st March. The balances remaining on her books on 31st March 2017 after calculating gross profit for the year included the following: $ Gross profit 39 100 Capital 50 000 Drawings 2 340 Wages 18 650 Office expenses 4 470 Motor expenses 1 570 Discount allowed 250 Rent 9 600 Insurance 2 400 Carriage outwards 1 160 Advertising cost 3 110 Discount received 3 000 Prepare Kelly’s Income statement starting with gross profit and calculate the profit or loss for the year ended 31st March 2017.Please see the picture below. I need help making a retained earnings statement, a balance statement, a comprehensive income statement and calculate the profit margin and the gross profit rate for the income statement I've included. Note that I have included the Income statement below. Note that I have included all the information that was made available to me. I need this asap. Big John's Merch Income statement For the month ending February 28, 2022 Sales - $50,000 Costs of goods sold- $12,500 Operating expenses Salaries- $2,500 Rent- $800 Advertising- $500 Depreciation- $300 Utilities- $75 Revenues and Expenses Internet revenues- $2,000 Internet expense- $150 Insurance expense- $400 Other revenues- $3,500
- Consider the revenues and costs in 2019 for Spruce Decor Inc., an Alberta-based furniture company entirely owned by Mr. Harold Buford. Furniture Sales $600,000 Catalogue Salos Labour Costs $13,500 $345,000 $162,000 Materials Costs Advertising Costs Debt-Service Costs $26,000 $34,900 a. What would accountants detormine Spruce Decor's profits to be in 2019? Spruce Decor's profits in 2019 equal $ 45600 b. Suppose Mr. Buford has $375,000 of capital invested in Spruce Decor. Also suppose that oqually risky enterprises ean an 18 percent rate of return on capital. What is the opportunity cost for Mr. Buford's capital? The opportunity cost for Mr. Buford's capital is $ 67500 c. What are the economic profits for Spruce Decor in 2019?Joana's Boutique incur the following amounts for the month of November 2020. Compute for the income statement to determine whether profit or loss given the following information: Sales - 500,00 Cost of Goods Sold - 24,000 Operating Expenses - 12,000Vindows constructs and installs windows for new homes. The sales staff are having a meeting and reviewing the following information to determine how to help reduce days' sales uncollected. Accounts receivable Net sales 2023 2022 2021 $ 634,000 $492,000 $ 414,000 6,590,000 5,714,000 4,985,000 Required: a. Calculate the days sales uncollected for 2021 to 2023 and identify whether the trend is favourable or unfavourable (Round the final answer to 2 decimal places. Do not round intermediate calculation. Use 365 days a year) Days' sales uncollected 2023 + 35 07 days 2022 31 55 days 2021 30 36 days Unfavorable Seve -. What can a salesperson do to improve days' sales uncollected? (You may select more than one answer. Single click the box with me question mark to produce a check mark for a correct answer and double click the box with the question mark to empty the bo or a wrond answer.)
- Using the information provided, prepare an income and expense Use a Worksheet. Chuck and Judy Schwartz are about to construct their income and expense statement for the year ending December 31 2014. They have put together the following income and expense information for 2014. Judy's salary. Reimbursement for travel expenses P 37,000 1,950 Interest on: Savings account Bonds of Alpha Corporation. Groceries 110 .70 4,150 .9,600 960 Ren Utilities Gas and auto expenses Chucks tuition, books, and supplies. Books, magazines, and periodicals Clothing and other miscellaneous expenses Cost of photographic equipment purchased with charge card Amount paid to date on photographic equipment Judy's travel expenses. Purchased of a used car (cost) Outstanding loan balance on car Purchase of bonds in Alpha Corporation 650 .3,300 280 ..2,700 . 2,200 1.600 .1,950 .9,750 .7,300 4,900 statement for the Schwartzes for the year ending December 31, 201During August, 2020, Sheffield’s Supply Store generated net sales of $60100. The company’s expenses were as follows: cost of goods sold of $35000 and operating expenses of $4500. The company also had rent revenue of $1000 and a loss on the sale of a delivery truck of $1700. Sheffield’s operating income for the month of August 2020 is $20600.$21600.$19900.$25100.The following is the 2021 January income statement that Jason prepares for his fashion retail shop which he operates in a shopping mall in Mong Kok. $ Sales 400,000 Cost of goods sold(Note 1) 200,000 Depreciation(Note 2) 15,000 Salary expense(Note 3) 10,000 Rental expense(Note 4) 40,000 Interest expense(Note 5) 1,000 Other administrative expense 12,000 Net Income 122,900 Note 1: The Yen has appreciated somewhat against the Hong Kong Dollar in the past few months. The stock was imported from Japan before the appreciation. Note 2: Jason used $360,000 to furnish the shop. He used straight line depreciation method and assumed two years as the useful life. Note 3: Jason employs a shop assistant for a salary of $10,000. He also works as the shop manager, but he receives nothing as salary. Note 4: As Jason knows the owner of the shop, he used a discount price to rent the space. Note 5: Jason obtained an overdraft credit line of $200,000 from a bank with an annual interest rate of 12% but he…
- Al Flynn has gathered the following information. Could you help Al calculate his gross profit? (format as $1,234.56) Gross sales $25,000 Sales discounts $3,000 Beginning inventory $2,000 Net purchases $4,000 Ending inventory $2,800 Operating expenses $1,8004. Mr.Wang plans to leave his job as a professor of a college to open his own outdoors goods store. He forecasts the income statement of a normal year as follows: Revenues Revenue from sales of goods and services Operating costs and expenses Cost of products and services sold Selling expenses Administrative expenses Total operating costs and expenses Gross margin from operations Interest expense (bank loan) Non-recurring expenses to start business ¥310,000 ¥92,000 ¥6,000 ¥12,000 ¥100,000 ¥100,000 ¥4,000 ¥18,000 Income taxes ¥6,000 Net income ¥72,000 Mr.Wang's teaching job earns him ¥65,000 of annual salary and benefits. To get his outdoors goods store opened, Wang used ¥20,000 of his savings at bank, which is earning a guaranteed 10 percent annual rate of return. Wang's store will use the business floor space he bought before, and the floor space is now rented out in return for the rental of ¥10,000 per year. (1) How much is the estimated total explicit costs for using market-supplied…Flip or Flop is a retail shop selling a wide variety of sandals and beach footwear. In 2019, they had gross revenue from sales totaling $93,200. Their operating expenses for this same period were $34,000. If their Cost of Goods Sold (COGS) was 21% of gross revenue, what was their net operating income for the year?