Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position. a. How much is the total net revenue?b. How much is the total net profit from the operation?c. How much is the total gross profit?d. How much is ?the total cost of goods sold Sales Revenue?Purchases698,000.00Freight In3,000.00Sales Return and Allowance12,000.00Net Sales658,000.00Merchandise Inventory Dec. 1100,000.00Purchase Return and Allowance10,000.00Sales Discount1,800.00Selling ExpensesGeneral Expenses4,000.0012,000.00Gross Profit?Net Income for the Month100,000.00Purchase Discount3,400.00Salaries Expenses20.000.00Rent Expenses4,000.00Net Profit from OperationMerchandise Inventory Dec. 31?271,400.00Total Cost of Goods Sold?

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Answered: Prepare a detailed Statement of…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
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.
Financial information is presented below: Operating Expenses $91400 Sales Returns and Allowances 25900 Sales Discounts 12400 Sales Revenue 295000 Cost of Goods Sold 157200 Gross profit would be ○ $99500. O $111900. O $125400.
Financial information is presented below: Operating Expenses $ 90000 Sales Returns and Allowances 22000 Sales Discounts 9000 Sales Revenue 281000 Cost of Goods Sold 157000 The gross profit rate would be 49.3%. 37.2%. 43.1%. 55.2%.
The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase returns and allowances P7,000; Selling Expenses P40,000; General & Administrative expense P45,000; Interest income P5,000. What is the net income? P60,000 P65,000 P55,000 P180,000
Sales Cost of goods sold Operating expenses Sales discounts Sales returns and allowances Interest revenue P 460,000 300,000 85,000 20,000 15,000 5,000 From the details above, compute the net sales.
If the sales revenue 830 000 ID , - 10 sales returns 12 000 ID , sales allowance and discount 28 O00 ID * -: ,the net sales is 709 000 ID . O 790 000 ID . 970 000 ID. O
YE3tcuBfirwShOSzu2prZ7nd44k0L-w/formResponse?pli=1 e following to answer the five questions below: owing accounts are extracted from the worksheet of X Company on ber 31, 2020 Sales Retums and Allowances S 410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales 52,000 Rent Revenue 22,000 Purchases Retums and Allowances 120,000 Purchases 600,000 Loss from write down of Inventory 17,000 Inventory, January 1, 2020 460,000 Interest Expense A 55,000 Gain from Sale of Building 23,000 Freight-out 14,000 Freight-in 30,000 Depreciation Expense - Sales 22,000 Cost of Goods Sold 600,000 n the data above, the inventory account sho ed a holon
Calculate net profit Details Debit(OMR) Credit(OMR) General expenses 11700 Prepaid Rent 5100 Cost of goods sold 99700 Salaries 9300 Depreciation 1560 Account Payable 3575 Net Sales 150000 Other income 2500 Select one: a. OMR 34715 b. OMR 30240 c. OMR 39815 d. OMR 31140
A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O O
Financial information is presented below: Operating expenses $ 60000 Sales returns and allowances 5000 Sales discounts 8000 Sales revenue 142000 Cost of goods sold 110000 Gross Profit would be a.) $19000. b.) $27000. c.) $32000. d.) $37000.
Presented below are the information taken from the books of NMIXX Co. 2022 2023 Sales Regular P 125,000 P 187,500 Installment 62,500 100 000 Cost of goods sold: Regular 75.000 112,500 Installment 31,250 45,000 Selling expenses 25,000 31,250 Collection on accounts from Regular sales 100,000 137,500 Installment sales - 2022 37.500 25,000 Installment sales - 2023 62,500 How much is the Realized gross profit in installment and net income for the year 2023?

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Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position.

a. How much is the total net revenue?
b. How much is the total net profit from the operation?
c. How much is the total gross profit?
d. How much is ?the total cost of goods sold

Prepare a detailed Statement of Comprehensive Income. Arrange the title of the following account in its proper position. a. How much is the total net revenue? b. How much is the total net profit from the operation? c. How much is the total gross profit? d. How much is ?the total cost of goods sold