The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $203,270 $256,120 Work in process 365,890 348,320 Finished goods 351,660 356,010 Advertising expense $173,910 Depreciation expense-office equipment 24,590 Depreciation expense-factory equipment 33,040 Direct labor 394,420 Heat, light, and power-factory 13,060 Indirect labor 46,100 Materials purchased 386,740 Office salaries expense 134,980 Property taxes-factory 10,760 Property taxes-headquarters building 22,280 Rent expense-factory 18,180 Sales 1,810,770 Sales salaries expense 222,310 Supplies-factory 8,960 Miscellaneous costs-factory 5,630

The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $203,270 $256,120 Work in process 365,890 348,320 Finished goods 351,660 356,010 Advertising expense $173,910 Depreciation expense-office equipment 24,590 Depreciation expense-factory equipment 33,040 Direct labor 394,420 Heat, light, and power-factory 13,060 Indirect labor 46,100 Materials purchased 386,740 Office salaries expense 134,980 Property taxes-factory 10,760 Property taxes-headquarters building 22,280 Rent expense-factory 18,180 Sales 1,810,770 Sales salaries expense 222,310 Supplies-factory 8,960 Miscellaneous costs-factory 5,630

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter15: Financial Statements And Year-end Accounting For A Merchandising Business

Section: Chapter Questions

Problem 3SEA: MULTIPLE-STEP INCOME STATEMENT Use the following information to prepare a multiple-step income...

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Statement of Cost of Goods Manufactured and Income Statement for a Manufacturing Company The following information is available for Shanika Company for 20Y6: Inventories January 1 December 31 Materials $266,060 Work in process 478,910 Finished goods 460,280 $324,590 441,440 451,180 Advertising expense Depreciation expense-office equipment Depreciation expense-factory equipment Direct labor Heat, light, and power-factory Indirect labor Materials purchased Office salaries expense Property taxes-factory Property taxes-headquarters building Rent expense-factory Sales Sales salaries expense Supplies-factory Miscellaneous costs-factory $220,400 31,160 41,870 499,870 16,550 58,430 490,130 171,060 13,630 28,240 23,050 2,294,850 281,740 11,360 7,140
Fit-for-Life Foods reports the following income statement accounts for the year ended December 31. Gain on sale of equipment Office supplies expense $ 6,340 Depreciation expense-Office copier 740 Sales discounts 1,360 Sales returns and allowances Insurance expense Sales Office salaries expense Rent expense-Selling space Sales salaries expense Prepare a multiple-step income statement. 228,000 TV advertising expense 31,100 Interest revenue 11,500 Cost of goods sold 22,400 Sales commission expense $ 400 15,700 4,200 3,100 710 90,300 12,100
Required information For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year $ 411, 225 209,550 12, 100 9,525 $ 673,500 642, 400 $31,100 $ 1.90 :. -. - == ....... 9 US Sa M
The following income statements were drawn from the annual reports of Toner Sales Company: Net sales Cost of goods sold Gross margin Less: Operating expense Selling and administrative expenses Net income Year 2* $ 426,100 (259,921) 166,179 (46,871) $ 119,308 Year 3* $ 521,100 (265,761) 255,339 (57,321) $ 198,018 *All dollar amounts are reported in thousands. The president's message in the company's annual report stated that the company had implemented a strategy to increase market share by spending more on advertising. The president indicated that prices held steady and sales grew as expected. Prepare common size income statements and make appropriate references to the differences between Year 2 and Year 3. (Round your final answers for percentage values to 1 decimal place. Enter dollar amounts in thousands, not in whole dollars.)
(1)Garcon Company | Pepper Company (2) Finished goods inventory, beginning $ 13,200 / $ 16, 750 Work in process inventory, beginning 18,000/ 22,650 Raw materials inventory, beginning 9, 800/12, 750 Rental cost on factory equipment 30, 250/26, 350 Direct labor 19, 400 / 39,400 Finished goods inventory, ending 17,300 / 16, 400 Work in process inventory, ending 26, 200/20, 400 Raw materials inventory, ending 8, 000/ 9,200 Factory utilities 14, 100/13, 750 General and administrative expenses 27, 500/53, 500 Indirect labor 12, 150 / 12, 260 Repairs-Factory equipment 4, 820/2, 350 Raw materials purchases 47,000/67,500 Selling expenses 62, 400 / 54,400 Sales 295, 320/394, 170 Cash 29, 000/24, 200 Accounts receivable, net 15,800 / 23,450
Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses Depreciation expense-administrative office Depreciation expense-plant and equipment Depreciation expense-delivery trucks Materials inventory, beginning Materials inventory, ending Direct materials purchases Direct labor Indirect labor Finished goods inventory, beginning Finished goods inventory, ending Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary-plant Supplies-plant Supplies-administrative office Work-in-process inventory, beginning Work-in-process inventory, ending Sales representatives' salaries Sales revenue $ 159,500 78,800 329,500 51,650 25,500 32,250 457,500 550,000 288,000 56,900 46,800 37,700 25,800 40,750 100, 850 133,900 80,850 35,750 42,800 329,750 3,082,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31.
Prepare the Pro-Forma Statement of Financial Position for the year ending 31 December 2023 INFORMATIONSibiya ProjectsStatement of Comprehensive Income for the year ended 31 December 2022 RSales 10 000 000Cost of sales (5 750 000)Gross profit 4 250 000Variable, selling and administrative costs (1 500 000)Fixed selling and administrative costs (500 000)Net profit 2 250 000 Statement of Financial Position for the year ended 31 December 2022ASSETS RNon-current assets 800 000Property, plant and equipment 800 000 Current assets 3 400 000Inventories 1 600 000Accounts receivable 600 000Cash 1 200 000TOTAL ASSETS 4 200 000 EQUITY AND LIABILITIESEquity 3 760 000 Current liabilities 440 000Accounts payable 440 000TOTAL ASSETS AND LIABILITIES 4 200 000 Additional informationA. The sales budget for 2023 is as follows:First Quarter Second Quarter Third Quarter Fourth QuarterR2 625 000 R2 750 000 R2 875 000 R2 750 000 B. 90% of sales is collected in the quarter of the sale and 10% in the quarter…
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View Policies Current Attempt in Progress Assume Sunland Company has the following reported amounts: Sales revenue $1,000,000, Sales returns and allowances $29,000, Cost of goods sold $649.599, and Operating expenses $215,600. (a) Compute net sales. Net sales $ (b) Compute gross profit. Gross profit S (c) Compute income from operations.
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