Rickey’s Retail has the following financial information for the most recent accounting period. Prepare an income statement.   Gross Sales= $864,740   Sales Returns & Allowances= $47,399   Cost of Goods Sold= $483,237   Rent Expense= $86,705   Interest Expense= $1,156   Income Tax Expense= $16,185   Depreciation Expense= $5,780   Salaries Expense= $98,266   Utility Expense= $28,902

The following percentages apply to Zachary Company for Year 3 and Year 4: Sales Cost of goods sold Gross margin Selling and administrative expense Interest expense Total expenses Income before taxes Income tax expense Net income ZACHARY COMPANY Income Statements Sales Cost of goods sold Gross margin Selling and administrative expenses Interest expense Total expenses Income before taxes Income tax expense Net income Required Assuming that sales were $515,000 in Year 3 and $585,000 in Year 4, prepare income statements for the two years. $ Year 4 100.0 % 61.1 38.9 26.5 2.7 29.2 9.7 5.5 4.2 % Year 4 0 0 0 $ Year 3 100.0 % 63.9 36.1 20.3 1.9 Year 3 22.2 13.9 7.2 6.7 % 0 0 0

Based on the following data, what is the accounts receivable turnover? Line Item Description Amount Sales on account during year $481,916 Cost of goods sold during year 220,075 Accounts receivable, beginning of year 44,464 Accounts receivable, end of year 52,698 Inventory, beginning of year 82,460 Inventory, end of year 110,155 a. 4.4 b. 9.9 c. 2.2 d. 10.8

NEED ANSWER WITH EXPLANATION

Using the accounts and amounts below, calculate Gross Profit: Account Amount Sales Revenue $124,357 Net Sales 124,835 Sales Returns and Allowances 2,971 Cost of Goods Sold 37,343 Operating Expenses 20,156

Following are the income statement and some additional information for Carolina Consulting Company.   Carolina Consulting Company Income Statement For the Year Ended December 31, 2021 Net sales       $ 14,000     Cost of goods sold         (2,300 )   Gross margin         11,700     Operating expenses $ 2,800           Depreciation expense   1,300     (4,100 )   Income before taxes         7,600     Income taxes         (2,400 )   Net income       $ 5,200         All sales were on credit and accounts receivable decreased by $980 in 2021 compared to 2020. Merchandise purchases were on credit with a decrease in accounts payable of $780 during the year. Ending inventory was $580 larger than beginning inventory. Income taxes payable increased $380 during the year. All operating expenses were paid for in cash.  Required:Prepare the cash flows from operating activities section of the statement of cash flows using the direct method. (Amounts to be deducted should be…

Using the following data for the current year, determine the accounts receivable turnover. Net sales on account during the year $ 457,065 Cost of merchandise sold during the year 461,280 Accounts receivable, beginning of year 75,290 Accounts receivable, end of year 26,280 Inventory, beginning of year 185,000 Inventory, end of year 169,570 a.7 b.8 c.10 d.9

Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales   Cost of goods sold   Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income

The following data were provided by Mystery Incorporated for the year ended December 31:   Cost of Goods Sold $ 155,000 Income Tax Expense 14,820 Merchandise Sales (gross revenue) for Cash 220,000 Merchandise Sales (gross revenue) on Credit 38,000 Office Expense 18,000 Sales Returns and Allowances 6,450 Salaries and Wages Expense 36,200 1. What was the gross profit percentage? (round your percentage to 1 decimal place)

Given below are the account balances for Charlie Company: Gross sales - $92,000 Sales returns and allowances - $6,000 Selling expenses - $12,000 Cost of goods sold - $42,000 Interest expense - $3,000 How much is the gross profit margin?