The income statement of Sweet Company is shown below. Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale SWEET COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Ending inventory Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. 2. 3. 4. 5. $1,880,000 4,360,000 6,240,000 1,500,000 460,000 630,000 $7,410,000 4,740,000 2,670,000 1,090,000 $1,580,000 Accounts receivable decreased $300,000 during the year. Prepaid expenses increased $170,000 during the year. Accounts payable to suppliers of merchandise decreased $280,000 during the y Accrued expenses payable decreased $130,000 during the year. Administrative expenses include depreciation expense of $60,000.

The income statement of Sweet Company is shown below. Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale SWEET COMPANY INCOME STATEMENT FOR THE YEAR ENDED DECEMBER 31, 2020 Ending inventory Cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. 2. 3. 4. 5. $1,880,000 4,360,000 6,240,000 1,500,000 460,000 630,000 $7,410,000 4,740,000 2,670,000 1,090,000 $1,580,000 Accounts receivable decreased $300,000 during the year. Prepaid expenses increased $170,000 during the year. Accounts payable to suppliers of merchandise decreased $280,000 during the y Accrued expenses payable decreased $130,000 during the year. Administrative expenses include depreciation expense of $60,000.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

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
For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses: Salaries Expense Rent Expense Advertising Expense Total Selling Expenses Administrative Expenses: Salaries Expense Insurance Expense Rent Expense Deprecaition Expense Total Administrative Expenses Total Operating Expenses Operating Income Other Income and Expenses Sales Discounts Forfeited 125,466 45,167 80,299 2,615 725 3,340 12,543 2,563 1,562 1,253 17,921 21,261 59,038 1,575 (265) Interest Expenses Total Other Income and Expenses Net Income 1,310 57.728 What type of financial statement is this? Statement of Owner's Equity Multiple-step Income Statement Balance Sheet O Single-step Income Statement
Prepare the statement of financial position as at 31 December 2020.
Compute for the net sales that would be reported in LIVA company's Income Statemen
Given: Below are some data of the Income Statement accounts of Wishing Well Company for the year ended December 31, 2021: Gross Purchases 543,100 Freight - in 59,402 Inventory, end 182,400 Merchandise Available for Sale 798,400 Net purchases 611,340 Required: How much is the Inventory, beginning?
Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.) Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $271,000 $200, 500 Less: Sales Returns 14,200 12,400 and Allowances Net Sales 256,800 188,100 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Available for Sale 92,200 89,300 Less: Merchandise 43,000 60,200 Inventory, Dec. 31 Cost of Goods Sold 49,200 29,100 207,600 159,000 Gross Margin
Supply the missing dollar amounts for the income statement of Williamson Company for each of the following independent cases: Sales Revenues, gross Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit $ Case A 8,500 200 6,000
The income statement of Bob Christiana Company is presented here. BOB CHRISTIANA COMPANY Income Statement For the Year Ended November 30, 2012 Sales revenue $7,700,000 Cost of goods sold Beginning inventory Purchases $1,900,000 4,400,000 Goods available for sale Ending inventory 6,300,000 1,400,000 Total cost of goods sold 4,900,000 Gross profit 2,800,000 Operating expenses 1,150,000 Net income $1,650,000 Additional information: Accounts receivable increased $380,000 during the year, and inventory decreased $250,000. Prepaid expenses increased $170,000 during the year. Accounts payable to suppliers of merchandise decreased $340,000 during the year. Accrued expenses payable decreased $50,000 during the year. Operating expenses include depreciation expense of $110,000. Instructions Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2012, for…
The following information in the table is available for Huge Corporation in 2018. Huge’s cost of goods sold for 2018 is Sales $ 1,500,000 Beginning Inventory $ 360,000 Ending Inventory $ 190,000 Purchase $ 430,000 a. $400,000 b. $600,000 c. $690,000 d. $880,000
Compute for the net sales that would be reported in LIVA company's Income Statement. You are assigned to prepare the financial statements of LIVA Company for the year 2021. The following data were made available for you: Ending Inventory at Cost 739,160 3,930,000 16,000 Goods Available for Sale at retail Sales Discount Net markdowns 48,500 Net markups 30,000 1,450,000 2,422,000 Beginning inventory at retail Purchases at retail The company adopts the ayverage cost approach to estimate the value of its inventory and the cost ratio is computed at 68%.
Given: Below are some data of the Income Statement accounts of Wishing Well Company for the year ended December 31, 2021: Inventory, beginning 430,800 Inventory, end 399,500 Freight - in 36,780 Purchase discount 22,500 Merchandise Available for Sale 1,230,500 Required: How much is the Cost of Goods Sold?
Required: Compute the net sales, cost of goods sold and gross profit for the following information provided by Cruz Company on December 31,2020. P 301,000 16,000 9,000 91,300 Sales Sales Returns & Allowances Sales Discounts Purchases Purchases Returns and Allowances 2,000 Purchases Discounts 3,000 2,200 Transportation In Merchandise Inventory, 01/01/2020 19,450 Merchandise Inventory, 12/31/2020 21,870