Accounting
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A:
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- Preparation of SCI for a Merchandising Business Using the Multistep Approach Instructions: Prepare a Statement of Comprehensive Income for the year ended December 31,2020 the using the following account titles listed. Cost of Sales ₱2,675,000 Depreciation expense ₱105,000 Rent expense ₱240,000 Salaries expense ₱360,000 Sales Discount ₱826,500 Sales Returns and Allowances ₱275,500 Sales ₱5,510,000 Supplies expense ₱540,000 Taxes ₱92,400 Utilities expense ₱180,000You are the vice president of finance of Kingbird Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2020. These schedules appear below. Sales ($5 per unit) Cost of Gross Goods Sold Margin Schedule 1 $148,300 $124,674 $23,626 Schedule 2 148,300 130,902 17,398 The computation of cost of goods sold in each schedule is based on the following data. Units Cost per Unit Total Cost Beginning inventory, January 1 11,050 $4.10 $45,305 Purchase, January 10 9,050 4.20 38,010 Purchase, January 30 7,050 4.30 30,315 Purchase, February 11 10,050 4.40 44,220 Purchase, March 17 12,050 4.50 54,225 Michelle Walker, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. As the vice president of finance, you have explained to Ms. Walker that the two schedules are based on different assumptions concerning the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1…Financial Report for Store: A typical annual income statement for a pre-plan Ladbreck store before fixed charges, taxes, and incidentals looks as follows. Sales... Cost of goods sold. Gross profit.... Employee salaries. Profit before fixed charges.. Total 10,000,000 6,300,000 3,700,000 800,000 2,900,000 Percent 100 63 37 8 29 A store also has substantial charges for rent, management salaries, insurance, etc., but they are fixed with respect to the incentive plan. Required a. Suppose the goal of the firm is to now provide superior customer service by having the sales con- sultant identify and sell to the specific needs of the customer. What does this goal suggest about a change in managerial accounting and control systems? b. Provide an estimate of the impact of the incentive plan on sales. c. Did the sales impact occur all at once, or did it occur gradually?
- Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare a traditional income statement for the quarter ended March 31. The Alpine House, Incorporated Traditional Income Statement 138 25 Cost of goods sold Gross margin Selling and administrative expenses: Selling expenses Administrative expenses 1 Required 3 Net operating income $ 1,470,000 $ 420 49 $16 $ 135,000 $ 110,000 HON 1.470 000 $ 65,000 $ 115,000 $ 320,000 0Determining gross profit During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is $5,531,400. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. What is the amount of the gross profit? Round your answer to the nearest dollar. b. Compute the gross profit percentage (gross profit divided by sales). Round your answer to the nearest whole number. C. Will the income statement always report a operating incomne? Yes No Previous earch 542 PM 5/3/2021You are the vice president of finance of Sandy Alomar Corporation, a retail company that prepared two different schedules of gross margin for the first quarter ended March 31, 2020. These schedules appear below. Sales($5 per unit) Cost ofGoods Sold GrossMarginSchedule 1 $150,000 $124,900 $25,100Schedule 2 150,000 129,400 20,600The computation of cost of goods sold in each schedule is based on the following data. Units Costper Unit TotalCostBeginning inventory, January 110,000$4.00$40,000Purchase, January 108,0004.2033,600Purchase, January 306,0004.2525,500Purchase, February 119,0004.3038,700Purchase, March 1711,0004.4048,400Jane Torville, the president of the corporation, cannot understand how two different gross margins can be computed from the same set of data. As the vice president of finance, you have explained to Ms. Torville that the two schedules are based on different assumptions concerning the flow of inventory costs, i.e., FIFO and LIFO. Schedules 1 and 2 were not…
- The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown here. To save time and space, the expenses have been grouped together into two categories. INCOME STATEMENT ACCOUNT NAME DEBIT CREDIT Income Summary 32,000.00 31,000.00 Sales 324,000.00 Sales Returns and Allowances 13,310.00 Sales Discounts 7,700.00 Purchases 126,360.00 Purchases Returns and Allowances 1,200.00 Purchases Discounts 1,300.00 Freight In 7,500.00 Selling Expenses 61,560.00 General Expenses 50,884.00 299,314.00 357,500.00 Net Income 58,186.00 357,500.00 357,500.00 From the information given, prepare an income statement for the company. Ralley Company Income Statement For Year Ended August 31, 20-- Revenue from Sales: $fill in the blank 2 $fill in the blank 4 fill in the blank 6 fill in the blank 7 Net Sales $fill in…Presented below is information for Chivu Company for the month of March 2020: Cost of goods sold s50,000 Salaries and wages Expense S8,000 Sales Revenue Freight-out 7.000 as0,000 Sales Returns and Allowances interest Expense 4,000 3,000 Required: Prepare a multiple-step income statement for the month of March by completing the following Salaries and wages Expense Operating Expense Total Operating ExpenseEducator's Training and Assessment Center Income Statement December 31, 2018 Revenue: PHP 9,033,305 -PHP 580,000 PHP 8,453,305 Gross Sales Less: Sales Returns and Allowances Net Sales Cost of Goods Sold: Beginning Inventory Add: Purchases PHP 900,000 PHP 1,200,500 PHP 350,000 PHP 245,800 Direct Labor Indirect Expenses Cost of Goods Sold 1) Gross Profit 2) Expenses: Advertising Commissions PHP 78,200 PHP 64,000 PHP 32,000 PHP 305,000 PHP 180,200 PHP 80,700 PHP 982,000 PHP 290,000 Delivery Expenses Insurance Office Expenses Professional Fees Property Taxes Wages Total Expenses 3) Operating Income 4) Gain on Sale of Assets PHP 123,800 Income Before Tax 5) -PHP 23,500 Less income tax expenses Net Income 6)
- Presented below is information for Chivu Company for the month of March 2020 Cost of goods sold S50,000 Salaries and wages Expense s8,000 Freight-out 7,000 Sales Revenue is0,000 Interest Expense Sales Returns and Allowances 4,000 3,000 Required: Prepare a multiple-step income statement for the month of March by completing the following Salaries and wages Expense Operating Expense Total Operating ExpensePresented below is information for Conte Company for the month of March 2020: Cost of goods sold $70,000 Insurance Expense $5,000 Freight-out 4,000 Sales Revenue 184,000 Interest Expense 6,000 Sales Returns and 1,000 Allowances Required: Prepare a multiple-step income statement for the month of March by completing the following:A shoe store developed the following estimated regression equation relating sales to inventory investment and advertising expenditures. ŷ= 29+ 10x1 + 6x2 where x=inventory investment ($1,000s) X2 y advertising expenditures ($1,000s) sales ($1,000s). (a) Predict the sales (in dollars) resulting from a $14,000 investment in inventory and an advertising budget of $11,000. $ 15,000 (b) Interpret b, and b₂ in this estimated regression equation. Sales can be expected to increase by $ 10,000 expected to increase by $231,000 X for every dollar increase in inventory investment when advertising expenditure is held constant. Sales can be X for every dollar increase in advertising expenditure when inventory investment is held constant.