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.

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

Excerpts from Hulkster Company's December 31, 2021 and 2020, financial statements are presented below: Accounts receivable Merchandise inventory Net sales Cost of goods sold Total assets Total shareholders' equity Net income Hulkster's 2021 average collection period is: Multiple Choice O 109 days. O 128 days. 2021 $ 40,000 $ 28,000 O 73 days. 190,000 114,000 425,000 240,000 32,500 2020 $ 36,000 35,000 186,000 108,000 405,000 225,000 28,000

pate Selected information from the accounting records of Gavina Company is as follows: P 2,000,000 Net sales for 2021 500,000 Cost of goods sold for 2021 Inventory on December 31, 2020 600,000 Inventory on December 31, 2021 200,000 Gavina's inventcxy for 2021 is: Inventory turnover = Cost of goods sold Average inventory a. 1.25 times b. 3.66 times O c. 4.0 times d. 10.00 times

This information is available for Sunland's Photo Corporation for 2020, 2021, and 2022. \table[[, 2020, 2021,2022], [Beginning inventory, $110,000, $316,000,$ 411,000 Calculate inventory turnover for 2020, 2021 and 2022 Calculate days in inventory for 2020, 2021 and 2022 Calculate gross profit rate flr 2020, 2021 and 2022

Bergo Bay's accounting system generated the following account balances on December 31. The company's manager knows something is wrong with this list of balances because it does not show any balance for Work in Process Inventory, and the accrued factory payroll (Factory Wages Payable) has not been recorded. Cash Accounts receivable Raw materials inventory Work in process inventory Finished goods inventory Prepaid rent Accounts payable Notes payable Common stock Retained earnings (prior year) Sales Cost of goods sold Factory overhead General and administrative expenses Totals Debit Credit $ 79,000 48,000 29,000 0 12,000 4,000 $ 9,200 12,200 40,000 82,000 197,600 107,000 27,000 35,000 $ 341,000 $ 341,000 These six documents must be processed to bring the accounting records up to date. Materials requisition 10: Materials requisition 11: Materials requisition 12: Labor time ticket 52: Labor time ticket 53: Labor time ticket 54: $ 4,100 direct materials to Job 402. $ 7,400 direct materials…

Condensed income statements for Jennifer Corporation are shown below for two years. Sales Cost of Goods Sold Gross Profit Operating Expense Net Income 2021 $90,000 54,000 $36,000 18,000 $18,000 Corrected net income Compute the corrected net income for 2021 and 2022 assuming that the inventory at the end of 2021 was mistakenly overstated by $6,000. 2021 2022 $108,000 64,800 $43,200 18,000 $25,200 S 2022 S