Use the following information for the next two (3) questions: Jaybo Co. incurred the following expenses below: Interest expense 12 Cost of inventories sold 300 Insurance expense Advertising expense 50 10 Freight out Freight in Loss on sale of equipment 5 2 1 Legal and other professional fees Rent expense (one half occupied by sales department) Sales commission expense Doubtful accounts expense 6 4 8 What total amount of expense classified as distribution costs or selling expenses? A. 64 С. 26 В. 24 D. 22 What total amount of expense classified as administrative expenses? В. 16 C. 56 A. 64 D. 66 Assuming Jaybo earned sales revenue amounting to P500 during the current year, what is the net income? A. 95 B. 97 С. 200 D. 66.5 7,

Use the following information for the next two (3) questions: Jaybo Co. incurred the following expenses below: Interest expense 12 Cost of inventories sold 300 Insurance expense Advertising expense 50 10 Freight out Freight in Loss on sale of equipment 5 2 1 Legal and other professional fees Rent expense (one half occupied by sales department) Sales commission expense Doubtful accounts expense 6 4 8 What total amount of expense classified as distribution costs or selling expenses? A. 64 С. 26 В. 24 D. 22 What total amount of expense classified as administrative expenses? В. 16 C. 56 A. 64 D. 66 Assuming Jaybo earned sales revenue amounting to P500 during the current year, what is the net income? A. 95 B. 97 С. 200 D. 66.5 7,

College Accounting (Book Only): A Career Approach

13th Edition

ISBN:9781337280570

Author:Scott, Cathy J.

Publisher:Scott, Cathy J.

Chapter12: Financial Statements, Closing Entries, And Reversing Entries

Section: Chapter Questions

Problem 3E: Identify each of the following items relating to sections of an income statement as Revenue from...

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Identify each of the following items relating to sections of an income statement as Revenue from Sales (S), Cost of Goods Sold (CGS), Selling Expenses (SE), General Expenses (GE), Other Income (OI), or Other Expenses (OE). a. Utilities Expense b. Advertising Expense c. Purchases Discounts d. Sales Returns and Allowances e. Interest Income f. Freight In g. Depreciation Expense, Equipment h. Interest Expense i. Rent Expense j. Sales
questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense E6-17 (Algo) Part 2 2-a. What was the dollar amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) 2-a. Gross Profit 2-b. Gross Profit Percentage MERCA Prev % 78 of 13 $ 171,000 19,530 252,000 44,400 19,600 7,410 42,600 Next > #
he questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: applies to th Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense E6-17 (Algo) Part 1 Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement
es Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement 0 0 0 $ 165,000 17,600 240,000 42,000 19,000 7,000 40,200
! Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense Required: 1. Prepare a multistep income statement for external reporting purposes. MYSTERY INCORPORATED Income Statement 0 $ 165,000 17,600 240,000 42,000 19,000 7,000 40,200
Prepare the nature of expense SCI for the following accounts below: Account titles Balance Account titles Balance Sales return P 5,555 Sales P 764,953 Sales discount 13,800 Purchases 467,532 Depreciation Expense 25,600 Purchase return and allowances 5,087 Amortization Expense 10,200 Gain on sale of PPE 5,800 Advertising Expense 40,000 Interest Income 8528 Purchase discount 8,000 Interest Expense 4,968 Freight In 9,800 Salaries Expense 70,000 Utilities Expense 50,000 Rent Expense 56,000 Increase in Inventory 35,800 Bad Debts 4% of net sales
! Required information [The following information applies to the questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: $ 175,000 20,700 260,000 46,000 20,000 7,650 44,200 Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense 2-a. What was the dollar amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) 2-a. Gross Profit 2-b. Gross Profit Percenta EX: This is a numeric cell, so please enter numbers only.
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The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT CREDIT |Sales Purchase Discount Purchase Returns and allowances Purchases Freight-in P764,985 8,200 5,465 459,990 9,180 13,300 5,455 25,000 Sales discount Sales returns and allowances Depreciation Expense Amortization expense Salaries Expense Utilities Expense Advertising Expense Rent Expense Interest Income Interest Expense Gain on sale of PPE Bad Debts Expense 10,000 80,000 55,000 35,000 60,000 5,444 5,677 5,465 ??? • Based on actual physical count, inventory balance are as follows: January 1, 20X2 December 31, 20X2 P25,455 P20,765 Bad debts expenso is 4% of net sales. Classify the bad debt expense as general and administrative expense. Determine the following by preparing a multi-step form of SCI. a. Net Sales b. Net Purchases c. Cost of goods sold d. Bad debts expense e. Gross Profit. f. Total Expenses g. Net Income/Loss
Teal Mountain Company had the following normal account balances on selected accounts: Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Freight-Out Advertising Expense Interest Expense Salaries and Wages Expense Utilities Expense Depreciation Expense Interest Revenue (a) $776,000 60,000 47,600 476,800 2,400 18,000 23,200 101,200 28,400 4,800 30,000 Use the above information to prepare a multiple-step income statement for the year ended December 31, 2027. (List Other Revenues before Other Expenses.)
PA10. O 6.6 The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019. NINO'S PIZZERIA Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit $ 775,984 Cash Accounts Receivable Buildings Merchandise Inventory Accounts Payable Common Stock 45,688 200,460 135,624 $437,880 410,542 Sales 555,696 Interest Revenue 84,652 Rent Revenue 86,900 Sales Salaries Expense Office Supplies Expense Sales Discounts Interest Expense Sales Returns and Allowances 24,500 6,270 102,890 4,577 105,854 122,853 Cost of goods sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 20,000 10,555 2,780 17,635 $1,575,670 $1,575,670 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multistep income statement for the year ended…
You were given the following data for the VIDA Trading Company as of April 30, 201A: Sales P155 000 Purchases (merchandise) 68 000 Transportation 5 000 Taxes and Licenses 900 1 100| Utility Expense Office Supplies 900 Rent Expense 5 000 4000 Salary Expense Miscellaneous Expense 1 300 2 000 Interest Income 800 Prepare a financial statement to compute for gross profit, operating profit and net profit. Interest Expense