(b1)Your answer is partially correct.Indicate the income statement reporting by Oriole at March 31, 2025, of the information related to the Blue Spruce salestransaction.Sales RevenueORIOLE COMPANYIncome Statement (Partial)For the Year Ended March 31, 2025Less :Sales Returns and AllowancesNet SalesCost of Goods SoldGross Profit9400658874255803162 On March 10, 2025, Oriole Company sold to Blue Spruce Hardware 200 tool sets at a price of $47 each (cost $30 per set) with termsof n/60, f.o.b. shipping point. Oriole allows Blue Spruce to return any unused tool sets within 60 days of purchase. Oriole estimatesthat (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resoldat a profit. On March 25, 2025, Blue Spruce returned 7 tool sets and received a credit to its account.

Step 1:Sales revenue(200x47)9400Less: Sales returns and allowances(7x47)329Net…

Answered: (b1) Your answer is partially correct.…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
The following select account data is taken from the records of Reese Industries 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 is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns cost of goods sold Sales discounts Selling expenses Use the above information to prepare the gross profit section of a multiple-step income statement. VITAMIX $ 88,000 118,000 31,000 13,800 87,000 4,800 52,000 Income Statement For Year Ended December 31 $ 0 0 0
! Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold. Sales discounts Selling expenses VITAMIX Use the above information to prepare the gross profit section of a multiple-step income statement. Income Statement For Year Ended December 31 H $ 60,000 90,000 17,000 11,000 80,000 ▬▬ 2,000 24,000 O < Prev 5 W of 10 M
The following select account data is taken from the records of Reese Industries 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.
What is the amount of gross sales for the current year? *Please ajswer in good acctg form. thanks
Required Information [The following information applies to the questions displayed below] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 92,000 122,000 33,000 14,200 88,000 5,200 56,000 Use the above information, to compute (a) net sales and (b) gross profit. a. Net sales b. Gross profit
Subject - account Please help me. Thankyou.
Required information [The following information applies to the questions displayed below.] Vitamix reports the following information for its year ended December 31: Cash sales Sales on credit General and administrative expenses Sales returns Cost of goods sold Sales discounts Selling expenses $ 60,000 90,000 17,000 11,000 80,000 2,000 24,000 Use the above information, to compute (a) net sales and (b) gross profit. a. Net sales b. Gross profit < Prev 5 hp of 10
1. The Income statement for STEM Store for the year ended 31 December 2021 with the following data: 192,000 29,700 31,200 13,400 107,000 28,100 Gross Sales P Beginning Inventory Ending Inventory Sales Returns and allowances Net purchases Operating Expenses Determine the STEM Store's: a) Net Sales b) Cost of Goods Sold c) Gross Profit from Sales d) Net Income
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