pt. 16 iGross salesSales returns and allowancesNet salesCost of merchandise (goods) soldGross profitOperating expenses:DepreciationSelling and administrativeResearchLOGIC COMPANYComparative Income StatementFor Years Ended December 31, 2022 and 2023MiscellaneousTotal operating expensesIncome before interest and taxesInterest expenseIncome before taxesProvision for taxesNet income$$$$GAGA$$$$202319,000 $1,00018,000 $12,0006,000 $700 $2,200550360LA LA3,810 $2,190 $5601,630640990$$202215,00010014,9009,0005,9006002,0005003003,4002,5005002,0008001,200Increase (Decrease)AmountPercent pt. 16SpongeBob in the S...https://youtu.be/25...SavedHelp SaComplete the comparative income statement and balance sheet for Logic Company.Note: Input all answers as positive values except decrease answers which should be indicated by a minus sign. Round your"percent" answers to the nearest hundredth percent.

Horizontal or comparative statement analysis is the one which is prepared by the entity for the…

Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Comparative Income Statement For Years Ended December 31, 2022 and 2023 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $ $ $ $ $$ $ $ 2023 19,000 $ 1,000 18,000 $ 12,000 6,000 $ 700 $ 2,200 550 360 3,810 $ 2,190 $ 560 1,630 $ 640 990 $ 2022 15,000 100 14,900 9,000 5,900 600 2,000 500 300 3,400 2,500 500 2,000 800 1,200 Increase (Decrease) Amount Percent

Gross sales Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research Comparative Income Statement For Years Ended December 31, 2022 and 2023 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes Net income $ $ $ $ $$ $ $ 2023 19,000 $ 1,000 18,000 $ 12,000 6,000 $ 700 $ 2,200 550 360 3,810 $ 2,190 $ 560 1,630 $ 640 990 $ 2022 15,000 100 14,900 9,000 5,900 600 2,000 500 300 3,400 2,500 500 2,000 800 1,200 Increase (Decrease) Amount Percent

College Accounting, Chapters 1-27 (New in Accounting from Heintz and Parry)

22nd Edition

ISBN:9781305666160

Author:James A. Heintz, Robert W. Parry

Publisher:James A. Heintz, Robert W. Parry

Chapter14: Adjustments And The Work Sheet For A Merchandising Business

Section: Chapter Questions

Problem 1MC

See similar textbooks

Similar questions

Exercise ER The Income statement of Vince Gill Company Is shown below. VINCE GILL COMPANY INCOME STATENENT FOR THE YEAR ENDED DECENBER 31, 2020 $6,900,000 Sales revenue Cost of goods sold Purchases uauanur Bபrப்பம்Sg: 000 0000 Goods available for sale 6,300,000 Ending Inventory Cost of goods sold 4,700,000 Gross profit Operating expenses Selling expenses Administratve expenses ఈ50,000 700,000 1,150,000 $1,050,000 Net Income. Additional Information: 1. Accounts recelvable decreased $360,000 durIng the year. 2. Prepald expenses Increased S170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased S275,000 during the year. 4. Accrued expenses payable decreased $100,000 durIng the year. 5. Administrative expenses Include depredatlon expense of $60,000. Prepare the operating activities secton of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the Indirect method parenthesis e.g. (15,000 VINCE GILL COMPANY Statement of…
Activity 11-5. VAT ( Compute for tne VAT and write the appropriate accounting entry: 1. Invoice Price, gross of VAT Entry: (If Sale) P 11,200 2. Invoice Price, net of VAT Entry: (If Purchase) P 11,200 P 25,000 3. Gross Selling Price, including VAT Entry: (If Sale) 4. Gross Purchase Price, excluding VAT P Entry: (If Purchase) 20,000 5. Compute the VAT Payable:
Sales revenue Cost of goods sold Beginning inventory Purchases Goods available for sale Ending inventory Total cost of goods sold Gross profit Operating expenses Selling expenses Administrative expenses Net income Additional information: 1. MUNSUN COMPANY Income Statement For the Year Ended November 30, 2022 2. 3. 4. 5. $1,900,000 4,400,000 6,300,000 1,600,000 450,000 700,000 $7,600,000 4,700,000 2,900,000 1,150,000 $1,750,000 Accounts receivable decreased $380,000 during the year, and inventory decreased $300,000. Prepaid expenses increased $150,000 during the year. Accounts payable to suppliers of inventory decreased $350,000 during the year. Accrued expenses payable decreased $100,000 during the year. Administrative expenses include depreciation expense of $110,000.
Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44
( Appendix 6B) Inventory Costing Methods Grencia Company uses a periodic inventory system. For 2018 and 2019, Grencia has the following data (assume all purchases and sales are for cash): Required: 1. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using FIFO. 2. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using LIFO. 3. Compute cost of goods sold, the cost of ending inventory, and gross margin for each year using the average cost method. ( Note: Use four decimal places for per unit calculations and round all other numbers to the nearest dollar.) 4. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes? 5. CONCEPTUAL CONNECTION Which method produces the most realistic amount for income? For inventory? Explain your answer. 6. CONCEPTUAL CONNECTION What is the effect of purchases made later in the year on the gross margin when LIFO is employed? When FIFO is employed? Be sure to explain why any differences occur. 7. CONCEPTUAL CONNECTION If you worked Problem 6-68B, compare your answers. What are the differences? Be sure to explain why any differences occurred.
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
Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold Gross profit would be O $126400. O $144500. O $113700. O $24200. $ 89500 18100 12700 319200 174700
Consider the following financial statement information: Item Beginning Year Ending Inventory € 9.780 € 11.380 € 4.108 € 4.938 € 7.636 € 7.927 Accounts Receivable Accounts Payable Credit Sales Cost of Goods Sold € 89.804 € 56.384 Calculate the operating and cash cycles. How do you interpret your answer?
Given the following information, what is the cost of goods sold? Purchases Inventory, September 1 Administrative expense Rent revenue Selling expense Inventory, September 30 Sales Interest expense Oa. $29,893 Ob. $33,205 c. $16,982 Od. $1,128 $30,807 5,504 961 1,071 $971 3,106 51,148 1,128
еВook Print Item Revenue Section, Multiple-Step Income Statement Instructions Income Statement Instructions Based on the information that follows: Sales $86,300 Sales Returns and Allowances 2,330 Sales Discounts 1,726 Required: Prepare the revenue section of a multiple-step income statement. %3D
Company X (A)S 105,200 Sales revenue Beginning inventory Net purchases Ending inventory Cost of goods sold Groes profit Oporating expenses Income before taxes 350,600 104,400 (B). 190,600 (C) 12,000
Calculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $850.00 5 $ 0 0 $