Magio Company manufactures kitchen equipment used in hospitals. They distribute their products directly to the customer and, for the year ending 2019, they reported these revenues and expenses. Use this information to calculate the gross profit for the year 2019. Magio Company data Revenue and Expenses Sales revenue Cost of Goods Sold Operating expenses Amount $864,183 $496,357 $196,815
Q: he direct cost to manufacture a replacement auto part for a 2001 vehicle is $24.97 and indirect…
A: The replacement auto part means a part that is manufactured by the company for the replacement of…
Q: 5 Questions: Cost of goods sold Cash Depreciation Interest expense Selling & Administrative Accounts…
A: Income Statement :— An income statement is a financial report detailing a company's income and…
Q: use excel Please only the last three sub-parts for me II. On December 1, 20x1, AVS Company issued…
A: Here provide the solution for last three sub parts as requested by the Student (4,5 & 6) Bond…
Q: A manufacturing company applies factory overhead based on direct labor hours. At the beginning of…
A: Overhead cost is applied in the manufacturing firm on the basis of direct labor hours. Estimated…
Q: . On December 31, 2019, Opgenorth Company listed the following items in its adjusted trial balance:…
A: The income statement shows the net income or net loss calculated by deducting the expenses from the…
Q: 1) In most cases, book value reasonably approximates the current market value. This will not be the…
A: Since you have asked multiple question, we will solve the first question for you. If you want any…
Q: Sept. 1 Snare invested cash amounting to P 550,000 and furniture worth P85,000. Paid rent for…
A: Journal entries refers to recording of the business transactions into the books of accounts and it…
Q: Problem #10 The accounts of Ramon Woo Milk Products follow: Accounts Payable Accounts Receivable P…
A: Statement of changes in equity:— It is the one of the financial statement that shows change in…
Q: Costco Wholesale Corporation is an American multinational corporation which operates a chain of…
A: Transaction General Journal Debit Credit (1) Accounts Receivable $40,000 Service…
Q: Spiffy Shades Corporation manufactures artistic frames for sunglasses. Talia Demarest, controller,…
A: Budgets are the forecasts or estimates that is being used by the business. Production overhead means…
Q: Nicole's bookkeeper records three items: • $5,000 of unearned revenue being earned. $1,000 cash…
A: Unearned Revenue :— It is the money that is received in advance for the delivery of goods or…
Q: QUESTION FOUR An accounting assistant of yours has been criticized over a piece of assessed work…
A: Answer:- International Accounting Standards Board meaning:- Creating and approving International…
Q: Account Analysis Method Penny Hassan runs the Shear Beauty Salon near a college campus. Several…
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three…
Q: Forgiven corporation had 700,000, P10 par value ordinary shares authorized and 300,000 shares…
A: The journal entries are prepared to keep the record of day to day transactions of the business on…
Q: Why would a company want to use account numbers on its Chart of Accounts? Multiple Choice To be able…
A: A chart of accounts is a list of the names of the accounts that a company has identified and made…
Q: Measures of liquidity, solvency, and profitability The comparative financial statements of Marshall…
A: Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the question…
Q: On December 12, 2021, Sandberg Sundries purchased merchandise on account from suppliers. On December…
A: Current assets = Current assets are the assets which can be converted into cash within one year…
Q: Justine Industries is calculating its Cost of Goods Manufactured at year-end. The company's…
A: The cost of goods manufactured is the total amount incurred to produce the product. It can be…
Q: A finance lease for 6 years has an annual payment in arrears of R24,000. The fair value of the lease…
A: Lease is an arrangement where the assets of an entity can be used by another entity in exchange of a…
Q: Discuss the following methods used in measuring cost and rent recoveries (i)…
A: Cost measurement is necessary to know that how much cost is incurred either to manufacture or a…
Q: Suppose Moody's bond rating agency downgraded the risk rating of the bonds motivating Tanner-UNF to…
A: Journal entries refers to recording of the business transactions into the books of accounts and it…
Q: During 2020, Sage Furniture Company purchases a carload of wicker chairs. The manufacturer sells the…
A: Gross Profit :— Gross profit is the profit a business makes after subtracting all the costs that…
Q: Belleterre Tiles makes tiles for flooring and other applications. The CFO of the company provides…
A: A. Average selling price per tile = Total revenue/Total quantity sold
Q: A company reports the following: Sales Average accounts receivable (net) $511,000 73,000 Determine…
A: Sales = 511,000 Average Accounts Receivables (net) = 73,000
Q: Raw materials inventory Work in process inventory. Finished goods inventory.. Purchases of direct…
A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred to sold goods to the customers. It…
Q: Presented below are selected transactions on the books of Swifty Corporation. June 1, 2020. Dec 31…
A: Bonds payable :— It is the face value of bond issued. Discount on bonds Payable : — It is the…
Q: Champ received a $13,200 distribution from NeatCo, a U.S. C corporation. NeatCo's earnings and…
A: Dividend income :— It is the distribution of Company's earnings and profit to the shareholders.…
Q: costs (based on units produced): materials cost manufacturing labor costs et manufacturing costs…
A: a) Direct material units used in production= 3.20 *10,000 fixtures =32,000 pounds Direct material…
Q: Problems Problem 1 The total ingredient (food) cost in a recipe is $4.73; the manager desires a…
A: Contribution Margin is a specific term in the organization because it shows how much money from the…
Q: The Huff Company presents the following partial list of account balances taken from its December 31,…
A: Income statement is the financial statement which is prepared to depict the profitability of an…
Q: a. Journalize the entries to record the following: 1. Issuance of the bonds. 2. First semiannual…
A: Bond :— It is one of the source of capital which gives fixed periodic interest and face value at the…
Q: Prepare a statement of stockholders’ equity for the year ended August 31, 20Y6. If an amount box…
A: Statement of stockholder's equity is a section of balance sheet which shows the performance of the…
Q: Estimate Uncollectible Accounts For several years, EquiPrime Co.'s sales have been on a "cash only"…
A: Allowance for Doubtful Account :— An allowance for doubtful accounts is considered a contra asset…
Q: Due to its experience rating, Ianelli, Inc., is required to pay unemployment taxes on its payroll as…
A: a. SUTA taxes paid to Massachusetts = $17,100 x 4% = $684 b. SUTA taxes paid to New Hampshire =…
Q: Applying and Analyzing Inventory Costing Methods At the beginning of the current period, Chen…
A: FIFO Method :— First In, First Out, Also known as FIFO, is an inventory-management and valuation…
Q: Interpreting the Accounts receivable Footnote Hewlett-Packard Company (HPQ) reports the following in…
A: Account Receivable - It is the amount of balance money due to a firm/person for goods or services…
Q: The following balance sheet for the Hubbard Corporation was prepared by the company: HUBBARD…
A: The balance sheet is a component of the company's financial statement that reports the entity's…
Q: Sales Cost of goods sold Depreciation Profit before interest and taxes Interest Profit before tax…
A: The objective of the projected cash flow statement is to provide information about a company's…
Q: Requirements: 1. Compute the net income for each month using variable costing. 2. Compute the…
A: The financial statement of Warner Bros Co. is given to us for three months, prepared using…
Q: In 20A, Angelu company bought 10,000 shares of Eloisa company at a cost of P360,000. On December 1,…
A: The company may provide dividends in cash or dividend in kind like stock dividends property…
Q: Benson Limited is constructing a Power Plant which was completed on 31st December 2019. The company…
A: Lets understand the basics. As per IAS 23 "Borrowing cost", borrowing costs incurred for the…
Q: Role of controller, role of chief financial officer. George Jimenez is the controller at Balkin…
A: CFO stands for "Chief Financial Officer" which is an important post in any organization.Roles of…
Q: 20. Calculating Internal Growth The most recent financial statements for Mandy Co. are shown here:…
A: Internal growth rate :— It is growth expected only on internal funds available. It is calculated…
Q: Date Explanation July 31 July 31 July 31 Date Explanation July 31 July 31 Owner's Capital Debit…
A: Under closing process, all temporary accounts are being closed at the end of accounting period and…
Q: 13-44 Analyzing statements of cash flows (Learning Objectives 1, 2, & 3) Sears Holding Corporation…
A: “Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…
Q: Tanner-UNF Corporation acquired as a long-term investment $200 million of 6% bonds, dated July 1, on…
A: Investments by an entity During the course of economic activities of a company, it generally comes…
Q: How do you determine the working capital needs of a parts stor
A: Working capital is the amount by which the current assets exceed current liabilites. In…
Q: Cost Item Rent on factory equipment Insurance on factory building Raw materials Utility costs for…
A: Product Cost :— It is total manufacturing cost incurred in the product. It is the sum of direct…
Q: Identify and fully explain any FOUR qualitative characteristics of useful financial information.
A: Lets understand the basics. Financial information means a information which is denominated in the…
Step by step
Solved in 2 steps
- Magio Company manufactures kitchen equipment used in hospitals. They distribute their products directly to the customer and, for the year ending 2019, they reported the following revenues and expenses. Sales Revenue $985,000 Cost of Goods Sold 493,000 Operating Expenses 242,000 Use this information to construct an income statement for the year 2019. Magio Company Income Statement For Year Ending 2019Magio Company manufactures kitchen equipment used in hospitals. They distribute their products directly to the customer and, for the year ending 2019, they reported these revenues and expenses. Use this information to calculate the operating income for the year 2019. Magio Company data Revenue and Expenses Sales revenue Cost of Goods Sold Operating expenses Amount $802,343 $453,875 $174,045Bed Enterprise is engaged in the business of selling beds. During the current year 2019, the total purchases recorded amounted to P1,500,000 on account 3/10, n/30. All purchase return and allowance was made within 7 days of purchase and prior to any payment of account. Particulars Amount Purchase of beds - 1,500,000 Purchase return and allowance - 150,000 Purchase discount lost - 12,150 How much is the purchase discount taken during the year 2019? A. P 12,150. B. P 28,350. C.P 30,000. D. P 40,500.
- LO 2.1 Magio Company manufactures kitchen equipment used in hospitals. They distribute their products directly to the customer and, for the year ending 2019, they reported these revenues and expenses. Use this information to construct an income statement for the year 2019. Sales revenue Cost of goods sold Operating expenses $985,000 489,000 245,000 Magio Company Income Statement for Year Ended 2019 $type your answer... Sales Cost of goods sold Gross profit Operating expenses Operating income $ type your answer.. $ type your answer... $type your answer... $ type your answer...Matthias Medical manufactures hospital beds and other institutional furniture. The company’s comparative balance sheet and income statement for 2019 and 2020 follow. Matthias MedicalComparative Balance SheetAs of December 31 2020 2019 Assets Current assets Cash $397,220 $417,400 Accounts receivable, net 906,800 776,400 Inventory 743,000 681,000 Other current assets 381,300 247,000 Total current assets 2,428,320 2,121,800 Property, plant, & equipment, net 8,678,000 8,440,100 Total assets $11,106,320 $10,561,900 Liabilities and Stockholders’ Equity Current liabilities $2,934,700 $2,846,000 Long-term debt 3,700,600 3,892,600 Total liabilities 6,635,300 6,738,600 Preferred stock, $5 par value 58,900 58,900 Common stock, $0.25 par value 104,600 103,800 Retained earnings 4,307,520 3,660,600 Total…Eng Tat is a manufacturer. His trial balance as at 31 December 2020 is as follows: Particulars DebitRM CreditRMDelivery van expenses 1,760Lighting and heating:FactoryOffice 7,2201,490Manufacturing wages 72,100General expenses:FactoryOffice 8,1001,940Sales representatives : Commission 11,688Purchase of raw materials 57,210Rent:FactoryOffice 6,1002,700Machinery (Cost : RM40,000) 28,600Office equipment ( RM9,000) 8,200Office salaries 17,740Accounts receivables 34,200Account payables 9,400Bank 16,142Sales 194,800Van (cost RM6,800) 6,200Inventory at 31 December 2020:Raw materialsFinished goods 13,26041,300Drawings 24,200Capital 155,950TOTAL 360,150 360,150 Prepared by: Puan Siti Nor Junita Mohd Radzi Additional information:i. Inventory at 31 December 2020:a. Raw materials RM14,510b. Finished goods RM44,490ii. Depreciate machinery RM3,000; office equipment RM6,000; van RM1,200iii. Manufacturing wages due but unpaid at 31 December 2020 RM550; office rentprepaid RM140 Required: c) Prepare…
- Pepare an income statement for Bubba Manufacting for the year ended June 30, 2020 clearly showing cost of goods sold.You are given the information below and you are requested to answer the following questions (keep your calculations at a side paper because you might need them to answer other questions also): Beginning finished goods, 1/1/2019 $ 90,000 Ending finished goods, 31/12/2019 $ 77,000 Cost of goods sold $ 270,000 Sales revenue $ 500,000 Operating expenses $ 155,000 Question: What is gross margin for 2019?Question Completion Status: The following select account data is taken from the records of Reese Industries for 2019. Sales Merchandise inventory sales discounts interest expense Sales return and allowances Interest revenue Cost of goods sold Rent expense Depreciation expense: office equipment Insurance expense Advertising expense Accounts receivable Office supplies expense rent revenue sales salaries expense accounts payable common stock Marketing expense 640,363 582,620 58,040 3,677 90,232 10,232 224,598 15,080 3,200 2,450 12,906 100,440 1,600 23,622 30,410 135,404 59,419 31,000 1. Use the data provided to compute net sales for 2019. 2. Prepare a simple income statement for the year ended December 31, 2019. 3.Compute the gross margin for 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
- PA10. O 6.6 The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019. NINO'S PIZZERIA Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit $ 775,984 Cash Accounts Receivable Buildings Merchandise Inventory Accounts Payable Common Stock 45,688 200,460 135,624 $437,880 410,542 Sales 555,696 Interest Revenue 84,652 Rent Revenue 86,900 Sales Salaries Expense Office Supplies Expense Sales Discounts Interest Expense Sales Returns and Allowances 24,500 6,270 102,890 4,577 105,854 122,853 Cost of goods sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 20,000 10,555 2,780 17,635 $1,575,670 $1,575,670 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multistep income statement for the year ended…The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.