வடி Shilow Company Income Statement For the Quarter Ended June 30 Cost of goods sold: בן Selling and administrative expenses: The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31e Cash Accounts receivable Inventory E Building and equipment, net Accounts payable Retained earnings $7.300 $38,400 $ 124,898 $22,800 $ 150,000 316-999 a. The gross margin is 25% of sales. b. Actual and budgeted sales data March (actual) May July בוה 21 11 $ 48,498 $69-898 94,000 $45,898 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales. d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e. One-half of a month's inventory purchases is paid for in the month of purchase, the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. f. Monthly expenses are as follows: commissions, 12% of sales, rent, $2,100 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $936 per month (includes depreciation on new assets). g. Equipment costing $1,300 will be purchased for cash in April. h. Management would like to maintain a minimum cash balance of at least $4,000 at the end of each month. The company has an agreement with a local bank that allows the company to borrow in increments of $1,000 at the beginning of each month, up to a total loan balance of $20,000. The interest rate on these loans is 1% per month and for simplicity we will assume that interest is not compounded. The company would, as far as it is able, repay the loan plus accumulated interest at the end of the quarter Required: Using the preceding data: 1. Complete the schedule of expected cash collections. 2 Complete the merchandise purchases budget and the schedule of expected cash disbursements for merchandise purchases. 3. Complete the cash budget. 4. Prepare an absorption costing income statement for the quarter ended June 30 5. Prepare a balance sheet as of June 30. ווה וו STILE

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.)

The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.

ANALYSIS OF ACTIVITY MEASURES Based on the financial statement data in Exercise 24-1B, compute the following activity measures for 20-2 (round all calculations to two decimal places): (a) Accounts receivable turnover (b) Merchandise inventory turnover (c) Asset turnover

Sellall Department Stores reported the following amounts as of its December 31 year-end: Administrative Expenses, $1,800; Cost of Goods Sold, $19,440; Income Tax Expense, $2,790; Interest Expense, $1,400; Interest Revenue, $160; General Expenses, $2,000; Net Sales, $32,580; and Delivery (freight-out) Expense, $240.Prepare a multistep income statement for distribution to external financial statement users.

Create a common-sized income statement given the following income statement data for the General Machine Truck Co. for the year ending December 31, 2021: Percent of Sales Sales $236,000 Cost of goods sold $150,980 Gross profit $85,020 Operating expenses $63,400 Operating profit $21,620 Interest expense $5,390 Pretax profit $16,230 Income taxes $4,058 Net income $12,172

Use the following financial statements of Precision Co. to complete these requirements.

The following is selected information relating to the operations of Ramblewood Plc a wholesaledistributer.Current Assets as at 31 MarchCash 8 000Accounts receivable 20 000Inventory 36 000Plant and Equipment net 120 000Accounts Payable 21 750Capital Stock 150 000Retained earnings 12 250a.) Gross profit is 25% of salesb.) Actual and budgeted sales data:March (actual) 50 000April 60 000May 72 000June 90 000July 48 000 c.) Sales are 60% for cash and 40% on credit. Credit sales are collected in the monthfollowing the sale. The account receivables at March 31 are a result of March credit sales.d.) At the end of each month , inventory is to be on hand equal to 80% of the followingmonths sales needs, stated at cost.e.) One half of a month’s inventory purchases is paid for in the following month. Theaccounts payable at March 31 are a result of March purchases of inventory.f.) Monthly expenses are as follows: salaries and wages, 12% of sales; rent, $2500 permonth; other expenses (excluding…

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

Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average $1,390,000 100 % Sales 736,700 59 Cost of merchandise sold $653,300 41 % Gross profit $417,000 25 % Selling expenses Administrative expenses 152,900 10 Total operating expenses $569,900 35 % Income from operations $83,400 6 % Other revenue and expense: Other revenue 27,800 2 Other expense (13,900) 1 Income before income tax expense $97,300 7 % Income tax expense 41,700 Net income $55,600 2 % a. Prepare a common-sized income statement comparing the results of operations for Tannenhill Company with the industry average. If required, round percentages to one decimal place. econ.docx Show all Type here to search 6:05 AM 59 F 局 10/30/2021 12 prt sc 00 5.