ollowing account balances were included in the trail balance of J.R. Reid Corporation at June 30, 2007. Sales Sales discount Cost of goods sold Sales salaries Sales commissions Travel expense-salespersons Entertainment expense Telephone and Internet expense-sales Depreciation of sales equipment Bond interest expense Dividends declared on common stock The Retained Earnings account had a balance of $437,000 at July 1, 2006. $2,878,500 41,150 896,770 56,260 87,600 38,930 14,820 9,030 4,980 13,000 35,000 Instructions a) Prepare an income statement and a retained earnings statement for the year ended June 30, 2007.
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- Prepare the nature of expense SCI for the following accounts below: Account titles Balance Account titles Balance Sales return P 5,555 Sales P 764,953 Sales discount 13,800 Purchases 467,532 Depreciation Expense 25,600 Purchase return and allowances 5,087 Amortization Expense 10,200 Gain on sale of PPE 5,800 Advertising Expense 40,000 Interest Income 8528 Purchase discount 8,000 Interest Expense 4,968 Freight In 9,800 Salaries Expense 70,000 Utilities Expense 50,000 Rent Expense 56,000 Increase in Inventory 35,800 Bad Debts 4% of net salesThe following are selected ledger accounts of Oriole Corporation at December 31, 2025. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $236,800 684,800 5,472,000 149,760 3,566,080 43,520 34,560 88,320 42,240 30,720 69,120 119,040 61,440 46,080 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales commissions Telephone and Internet expense (sales) Utilities expense (office) Miscellaneous office expenses Rent revenue Casualty loss (before tax) Interest expense Common stock ($10 par) $363,520 442,880 19,200 101,120 92,160 182,400 106,240 21,760 40,960 10,240 307,200 89,600 225,620 683,750 Oriole's effective tax rate on all items is 20%. A physical…Presented below are certain account balances of Novak Products Co. Rent revenue $7,170 Sales discounts $8,240 Interest expense 13,450 Selling expenses 99,740 Beginning retained earnings 114,990 Sales revenue 401,100 Ending retained earnings 134,490 Income tax expense 26,796 Dividend revenue 71,710 Cost of goods sold 166,306 Sales returns and allowances 12,750 Administrative expenses 84,010 Allocation to noncontrolling interest 20,840 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Novak has allocation to noncontrolling interest of $20,840. (a) Total net revenue ($enter total net revenue in dollars) (b) Net income ($enter net income in dollars) (c) Income attributable to controlling stockholders ($enter income attributable to controlling stockholders in dollars)
- Income Statement For the Year Ending December 31, 20X1Sales (on credit)$ 2,106,000Cost of goods sold1,371,000Gross profit$ 735,000Selling and administrative expenses561,000*Note asteriskOperating profit (EBIT)S 174,000Interest expense33,900Earnings before taxes (EBT)S 140,100Taxes83,300Earnings after taxes (EAT)S 56,800*Selling and administrative expenses Note asteriskIncludes $42,700 in lease payments. Using the above financial statements for the Jackson Corporation, calculate the following ratios. Profitability ratios. Note: Do not round intermediate calculations. Input your answers as a percent rounded to 2 decimal places.Presented below are certain account balances of Splish Products Co. Rent revenue $6,810 Sales discounts $8,080 Interest expense 13,280 Selling expenses 99,900 Beginning retained earnings 114,710 Sales revenue 404,200 Ending retained earnings 134,920 Income tax expense 26,028 Dividend revenue 71,170 Cost of goods sold 200,378 Sales returns and allowances 12,960 Administrative expenses 79,380 Allocation to noncontrolling interest 20,680 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Splish has allocation to noncontrolling interest of $20,680. (a) Total net revenue $enter total net revenue in dollars (b) Net income $enter net income in dollars (c) Income attributable to controlling stockholders $enter income attributable to controlling stockholders in dollarsA company reports purchases of $388,000, a beginning accounts payable balance of $27,000, and an ending accounts payable balance of $48,000. All purchases were on account. The company’s accounts payable turnover would be closest to……Select one:a. 10.33b. 8.33c. 7.26d. 14.06
- 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…You were given the following data for the VIDA Trading Company as of April 30, 201A: Sales P155 000 Purchases (merchandise) 68 000 Transportation 5 000 Taxes and Licenses 900 1 100| Utility Expense Office Supplies 900 Rent Expense 5 000 4000 Salary Expense Miscellaneous Expense 1 300 2 000 Interest Income 800 Prepare a financial statement to compute for gross profit, operating profit and net profit. Interest Expensees Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement 0 0 0 $ 165,000 17,600 240,000 42,000 19,000 7,000 40,200
- Presented below are certain account balances of Wildhorse Products Co. Rent revenue $6,540 Sales discounts $7,830 Interest expense 13,260 Selling expenses 99,710 Beginning retained earnings 114,930 Sales revenue 402,000 Ending retained earnings 134,950 Income tax expense 28,702 Dividend revenue 72,000 Cost of goods sold 188,417 Sales returns and allowances 12,740 Administrative expenses 80,660 Allocation to noncontrolling interest 19,720 From the foregoing, compute the following: (a) total net revenue, (b) net income, (c) income attributable to controlling stockholders, if Wildhorse has allocation to noncontrolling interest of $19,720. (a) Total net revenue $enter total net revenue in dollars (b) Net income $enter net income in dollars (c) Income attributable to controlling stockholders $enter income attributable to controlling stockholders in dollarsAnswer the following questions by using the following data taken from the financial statement of 2 companies:Company ABC Company DEFAnnual Sales ( on Credit ) $1,324,600 Annual Sales ( on Credit ) $2,748,308Cost of Goods Sold $936,720 Cost of Goods Sold $1,709,406Average Inventory $225,025 Average Inventory $356,394Average Accounts Receivable $346,007 Average Accounts Receivable $300,000Average Accounts Payable $175,456 Average Accounts Payable $150,000 1. Which company shows a better standing when comparing its DPO? 2. Which company shows a better standing when comparing its CCC?Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: $ 175,000 20,700 260,000 46,000 20,000 7,650 44, Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes.