6. The following is the adjusted trial balance data for Nino's Pizzenia as of December 31,2019.NINO'S PIZZERIAAdjusted Trlal BalanceYear Ended December 31,2019DebitCreditS 775,98445,688200,460135,624CashAccounts ReceivableBuildingsMerchandise InventoryAccounts PayableCommon StockSalesInterest RevenueRent RevenueSales Salaries Expenseoffice Supplies ExpenseSales DiscountsInterest ExpenseSales Returns and Allowances,Cost of goods soldRent ExpenseDepreciation Expense: Office EquipmentInsurance ExpenseAdvertising ExpenseTotals$437,880410,542555,69684,65286,90024,5006,270102,8904,577105.854122,85320.00010.5552,78017:635$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 multi-step income statement for the year ended December 31, 2019.

Name: 6. The following is the adjusted trial balance data for Nino's Pizzen
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: 6. The following is the adjusted trial balance data for Nino's Pizzenia as of December 31,2019.NINO'S PIZZERIAAdjusted Trlal BalanceYear Ended December 31,2019DebitCreditS 775,98445,688200,460135,624CashAccounts ReceivableBuildingsMerchandise Invent

Answered: A. Use the data provided to compute net…

Business

Accounting

A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. noront hundred

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 10PA: The following is the adjusted trial balance data for Ninos Pizzeria as of December 31, 2019. A. Use...

See similar textbooks

Similar questions

The following is the adjusted trial balance data for Ninos Pizzeria as of December 31, 2019. 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 multi-step income statement for the year ended December 31, 2019.
The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. 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 multi-step income statement for the year ended December 31, 2019.
The following selected accounts and their current balances appear in the ledger of Clairemont Co. for the fiscal year ended May 31, 2019: Instructions 1. Prepare a multiple-step income statement. 2. Prepare a statement of owners equity. 3. Prepare a balance sheet, assuming that the current portion of the note payable is 50,000. 4. Briefly explain how multiple-step and single-step income statements differ.
Following is the adjusted trial balance data for Garage Parts Unlimited as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin or 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 multi-step income statement for the year ended December 31, 2019.
The following is the adjusted trial balance data for Emmas Alterations as of December 31, 2019. 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 multi-step income statement for the year ended December 31, 2019.
The following select account data is taken from the records of Carnival Express for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1, 502,695 $1,502,695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020
The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit $ 1,750 47,808 Credit Merchandise inventory Other assets Liabilities $ 43,340 37,690 Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income 3,700 185 Sales 103,400 Sales returns and allowances 8,200 1,195 44, 200 Sales discounts Purchases Purchase returns and allowances Purchase discounts 2,500 970 Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense 5,400 18,500 ,900 3,900 9,708 22,700 8,300 3,648 $188,885 $188,885 Totals A physical count shows that the cost of the ending inventory is $13.30o. Requlred: 1. Calculate the company's net sales for the year. Net sales
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19, 500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247, 605 67,000 Sales 942, eee Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense Office salaries expense 719,000 79, 200 56, 500 33,000 Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 3,00e 1,620 735 Depreciation expense, store equipment Depreciation expense, office equipment 8,910 2,768 Insurance expense 3,39e Totals $1,502, 695 $1,502,695 Requlred: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31 , 2020
E. Accounts receivable P 60,000 Allowance for doubtuful accounts 350 (credit balance) Doubtul of collection % 2% 1. Provide Adjusting Entries by the year end Dec. 31, 2021
Rasheed Company uses net method to record the sales made on credit. On June 30, 2019, it made a sales of OMR 25,000 with term 3/15, n/45. Prepare the required journal entries, if: (a) On July 7 Rasheed company received full payment. (b) On July 22 Rasheed company received full payment.
Assume that Zandile's Boutique registered as a VAT vendor effective 1 March 2019. Zandile's Boutique had a VAT input total amount of R24 760 and a VAT output total amount of R37 860 at 31 March 2019. Which one of the following represents the balance of the VAT control account at 31 March 2019? A) R13 100 debit. B) R13 100 credit. C) R62 620 debit. D) R62 620 credit.