Otley Company does business in two customer segments, Retail and Wholesale. The following annual revenue information was determined from the accounting system’s invoice information: ……………………………………2014…………………2013 Retail…………………………$110,000…………….$ 92,000 Wholesale………………………140,000……………..164,000 Total revenue…………………$250,000……………$256,000 Prepare a horizontal and vertical analysis of the segments. Round to one decimal place. View Solution: Otley Company does business in two customer segments Retail and

The Peter Company's Unadjusted Trial Balance shows the following balances: Accounts Receivable ....................................................... $600,000. (dr.) Allowance for Uncollectible Accounts ...............................$13,000. (dr.) Net Sales ...................................................................... $4,000,000. (cr.) 4.Assume that Peter Company’s aging schedule indicates that 4% of the December 31 receivables will become uncollectible. What amount of bad debt expense will Peter Company report in its income statement? a.$ 9,000. b.$13,000. c.$24,000. d.$37,000. 5.Assume that Peter Company estimates its bad debts expense to be 1% of Net Sales. After the adjustment is made to record bad debts expense, what will be the net carrying value of the accounts receivable in Peter Company's Balance Sheet? a.$600,000. b.$573,000. c.$560,000. d.$547,000.

A company reports the following: Cost of merchandise sold               $3,120,750Average merchandise inventory        182,500 Determine (a) the inventory turnover and (b) the number of days' sales in inventory. Assume a 365-day year. Round your answers to one decimal place.

The income statement of Metallic Item Inc., is as follows:                    Metallic Item               Income Statement For the Month Ended April 30, 2014   Revenue          Service Revenue............................................................................                      $9,500 Expenses          Salaries and Wages Expense.........................................................     $4,200          Depreciation Expense.....................................................................          350          Utilities Expense.............................................................................           400          Rent Expense.................................................................................           600          Supplies Expense...........................................................................        1,050                  Total Expenses........................................................................…

Jaded Corporation has the following account balances for the year-ended December 31, 2024. K In addition, the 12/31/23 balances for Accounts Receivable and Inventory are $45,000 and $95,000, respectively. dr Accounts Receivable Inventory Purchases Freight-In Purchases Discount Purchases Returns Purchase Allowances 32,000 20,000 480,000 5,000 Sales Revenue Interest Revenue Sales Returns & Allowances Sales Discounts Selling Expenses General & Administrative Exp 15,000 30,000 Other Operating Expenses Freight-Out 9,000 Interest Expense 2,000 Loss on Sale of Truck 5,000 What is the operating income for the period? OA. $1,146,000 OB. $1,167,000 OC. $1,156,000 O D. $1,176,000 $8,000 50,000 10,000 cr $ 4,000 3,000 1,000 1,850,000 1,000

Determining Gross Profit During the current year, merchandise is sold for $45,870,000. The cost of the merchandise sold is $33,026,400. a. What is the amount of the gross profit? 12,843,600 b. Compute the gross profit percentage (gross profit divided by sales).   % c. When will the income statement necessarily report a net income?

At December 31, Rolison Consulting’s financial records show the following selected account information. Service revenue..................... $90,000Rent expense......................... $25,000Salaries expense.................... $54,000Supplies expense..................... $3,000Depreciation expense............... $6,000Retained earnings.................. $52,000   (credit balance)Contributed Capital................. $10,000   (credit balance) After all closing entries are recorded and posted, what is the balance of the contributed capital account?

1. During December, A Company started doing business and had gross credit trade sales of $800,000, terms 2/10 Net 30. The cost of goods sold of $480,000, selling general administration costs of $100,000, Interest Expense of $10,000; and an income tax rate of 30%. a. Prepare an income statement b. Prepare journal entries Assuming gross method and all payments for the trade sales were made within 10 days.

What is the amount of gross sales for the current year?

Hoyt Company provides this information for the month of November, 2022: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. V: HOYT COMPANY Income Statement (Partial) $ 4