Question
In: Accounting
Prepare an income statement through gross profit for the year ended November 30, 2014.
At the end of Ermler Department Store’s fiscal year on November 30, 2014, these accounts appeared in its adjusted trial balance.
Freight-In ………… $ 5,060
Inventory (beginning)…….. 41,300
Purchases………….. 613,000
Purchase Discounts……….. 7,000
Purchase Returns and Allowances… 6,760
Sales Revenue……….. 902,000
Sales Returns and Allowances….. 20,000
Additional facts:
1. Inventory on November 30, 2014, is $36,200.
2. Note that Ermler Department Store uses a periodic system.
Instructions
Prepare an income statement through gross profit for the year ended November 30, 2014.
Solutions
Expert Solution
Income statement for the year ended 30 november 2014
Particulars Amount Amount
| Sales | ||||
| Sales Revenues | 902000 | |||
| less: sales returns and allowances | 20000 | |||
| Net sales | 882000 | |||
| less:cost of goods sold | ||||
| Inventory(Beginning) | 41300 | |||
| Purchases | 613000 | |||
| less:Purchase returns and allowances | 6760 | |||
| Purchase discounts | 7000 | 13760 | ||
| Net purchases | 599240 | |||
| Add:Freight in | 5060 | |||
| cost of goods purchased | 604300 | |||
| cost of goods available for sale | 645600 | |||
| less:Inventory (Ending) | 36200 | |||
| Cost of goods sold | 609400 | |||
| Gross Profit | 272600 |
Income statement for the year ended 30 november 2014
Shaik sultan answered 3 years agoRelated Solutions
Prepare an income statement for the year ended December 31, through the gross profit for Baxter...
Prepare an income statement for the year ended December 31,
through the gross profit for Baxter Company using the following
information:
Baxter Company sold 8,600 units at $145 per unit. Normal
production is 9,000 units. (Do not round fixed overhead rate
calculation when determining fixed factory overhead volume
variance.)
Standard: 5 yards per unit at $6.30 per yard
Actual yards used: 43,240 yards at $6.25 per yard
Standard: 2.00 hours per unit at $15.00
Actual hours worked: 16,950 at $14.90...
Prepare an income statement for the year ended April 30, 2019.
The revenues and expenses of Chickadee Travel Service for the year ended April 30, 2019, follow:Fees earned $263,200Miscellaneous expense 12,950Office expense 63,000Wages expense 131,700Prepare an income statement for the year ended April 30, 2019.
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2014 and 2015 2015 2014 Gross...
LOGIC COMPANY
Comparative Income Statement
For Years Ended December 31, 2014 and 2015
2015
2014
Gross sales
$
19,000
$
15,000
Sales returns and allowances
1,000
100
Net
sales
$
18,000
$
14,900
Cost
of merchandise (goods) sold
12,000
9,000
Gross profit
$
6,000
$
5,900
Operating expenses:
Depreciation
$
700
$
600
Selling and administrative
2,200
2,000
Research
550
500
Miscellaneous
360
300
Total operating
expenses
$
3,810
$...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2014 and 2015 2015 2014 Gross...
LOGIC COMPANY
Comparative Income Statement
For Years Ended December 31, 2014 and 2015
2015
2014
Gross sales
$
19,000
$
15,000
Sales returns and allowances
1,000
100
Net
sales
$
18,000
$
14,900
Cost
of merchandise (goods) sold
12,000
9,000
Gross profit
$
6,000
$
5,900
Operating expenses:
Depreciation
$
700
$
600
Selling and administrative
2,200
2,000
Research
550
500
Miscellaneous
360
300
Total operating
expenses
$
3,810
$...
Keeper Corporation’s income statement for the year ended June 30, 2014, and its comparative balance sheets...
Keeper Corporation’s income statement for the year ended June
30, 2014, and its comparative balance sheets for June 30, 2014 and
2013 follow.
Keeper
Corporation
Income Statement
For the Year Ended June 30, 2014
Sales
$ 234,000
Cost of goods sold
156,000
Gross margin
$ 78,000
Operating expenses
45,000
Operating income
$ 33,000
Interest expense
2,800
Income before income taxes
$ 30,200
Income taxes expense
12,300
Net income
$ 17,900
Keeper
Corporation
Comparative Balance Sheets
June 30, 2014 and 2013...
income statement for year ended in ded 31 2014 sales 755,000 cogs 543,000 gros profit 212,00...
income statement for year ended in ded 31 2014
sales 755,000
cogs 543,000
gros profit 212,00
operating expenses
selling expenses 52,000
Admin exp 141,000
net income 71,000
addl info
1 a/ r decreaded by 63,000
2 inventory increased 38,000
3 prepaid expensed increased 12,000
4 a/p increased 25,000
5 accrued expense payable 6,000
6 admin expenses include deprecation expenses of 20,000
Instruction: Prepare the operating section of the cash flow
statement using the indirect method.
account name
sign +/-
$amount...
Prepare a multistep income statement for the year ended march 31,2019
On march 31,2019,the balance of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as followsParticularsAmount$Accumulated Depreciation - Building3,00,000Administrative expenses2,16,000Building10,00,000Cash70,000Cost of merchandise sold15,20,000Interest expense4,000Kathy Melman,Capital6,34,800Kathy Melman, Drawing70,000Merchandise inventory3,92,000Notes payable1,00,000Office supplies8,000Salaries payable3,200Sales25,64,000Selling expenses2,86,000Store Supplies36,000Prepare a multiple step income statement for the year ended march 31,2019
(a) Prepare a Statement of Cash Flows for the year ended 30 June 2020 using the...
(a) Prepare a Statement of Cash Flows for the year ended 30 June
2020 using the direct method, ignoring GST.
Show all workings on the Workings page.
(b) Using the relevant information from the question above,
identify two (2) specific items (including their values) which
causes a difference between Net Profit and Net Cash from Operating
Activities and analyse why it causes a difference.
The following financial statements relate to Clarke Ltd
for the financial year ended 30 June 2020....
From the information given below, prepare a November income statement, a November statement of retained earnings,...
From the information given below, prepare a November
income statement, a November statement of retained earnings, and a
November 30 balance sheet. On November 1, of the current
year, Garza Décor Inc. had a beginning retained earnings of
$50,000. On November 30, records for Garza Décor Inc. showed the
following items and amounts.
Cash
$21,200
Revenue
$34,000
Accounts receivable
19,000
Telephone Expense
250
Office Furnishings
40,000
Rent Expense
9,600
Accounts Payable
12,000
Salaries Expense
4,200
Notes Payable...
Prepare a statement of cash flows for the year ended June 30, 2017, using the indirect...
Prepare a statement of cash flows for the year ended June 30,
2017, using the indirect method
Assets
Cash
$
105,700
$
47,000
Accounts receivable, net
69,500
54,000
Inventory
66,800
91,000
Prepaid expenses
4,700
6,000
Total current assets
246,700
198,000
Equipment
127,000
118,000
Accum.
depreciation—Equipment
(28,500
)
(10,500
)
Total assets
$
345,200
$
305,500
Liabilities and Equity
Accounts payable
$
28,000
$
34,500
Wages payable
6,300
15,600
Income taxes payable
3,700
4,400
Total current liabilities
38,000
54,500
Notes payable...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- Calculate the ideal age of a spouse. Enter either m or f from the keyboard in...
- Due to a recession, expected inflation this year is only 4.75%. However, the inflation rate in...
- What are the benefits of doing a pilot program before a full scale rollout of a...
- It is a calm summer day in southeast Iowa at the Ottumwa air traffic control radar...
- 1. Write a detailed article on Evolution of attacks on the internet & web [your article...
- Analyze the role of the contingency plan coordinator (CPC) in the scope of preparing a BIA....
- Amazing Manufacturing, Inc., has been considering the purchase of a new manufacturing facility for $500,000. The...
ADVERTISEMENT