Question
In: Accounting
An income statement for Sam's Bookstore for the first quarter of the year is presented below:...
An income statement for Sam's Bookstore for the first quarter of the year is presented below: Sam's Bookstore Income Statement For Quarter Ended March 31 Sales $ 910,000 Cost of goods sold 530,000 Gross margin 380,000 Selling and administrative expenses Selling $ 113,000 Administration 130,000 243,000 Net operating income $ 137,000 On average, a book sells for $70. Variable selling expenses are $5 per book with the remaining selling expenses being fixed. The variable administrative expenses are 3% of sales with the remainder being fixed. The cost formula for selling and administrative expenses with "X" equal to the number of books sold is:
Multiple Choice Y = $164,300 + $5.00X Y = $164,300 + $7.10X Y = $150,700 + $9.20X Y = $150,700 + $7.10X
Solutions
ekkarill92 answered 1 year agoRelated Solutions
An income statement for Iyekqv603 Corp. for the first quarter of the year is presented below:...
An income statement for Iyekqv603 Corp. for the first quarter of
the year is presented below:
Iyekqv603 Corp.
Income Statement
For Quarter Ended March 31
Sales
$
910,000
Cost of goods sold
645,000
Gross margin
265,000
Selling and administrative expenses
Selling
$
103,000
Administration
110,000
213,000
Net operating income
$
52,000
On average, a book sells for $65. Variable selling expenses are
$6 per book with the remaining selling expenses being fixed. The
variable administrative expenses are 5% of sales...
Below is an expert from a company’s income statement for the first quarter. What is the...
Below is an expert from a company’s income statement for the
first quarter. What is the cost behavior associated with each
expense? (Each cost behavior can be used once, multiple times, or
not at all.)
January
February
March
Units Sold
6,000
8,000
5,000
Depreciation Expense
900
1,100
800
Accounting Expense
1,800
2,400
1,500
Advertising Expense
960
960
960
- A.
B. C.
Depreciation Expense
- A.
...
The year end income statement for Sophie Corporation is presented below: Sophie Corporation Income Statement For...
The year end income statement for Sophie Corporation is
presented below:
Sophie Corporation
Income Statement
For the Year Ended December 31, 2019
Sales (600 units)
$36,000
Cost of Goods Sold
Labor
$9,000
Material
$10,800
Fixed Overhead
$1,800
$21,600
Gross Profit
$14,400
Administrative Expense
Fixed
$5,400
Variable
$3,600
$9,000
Operating Income
$5,400
Do not enter dollar signs or commas in the input boxes.
Round all answers to the nearest whole number.
For Unit calculations round your answers up to the nearest...
The year end income statement for Sophie Corporation is presented below: Sophie Corporation Income Statement For...
The year end income statement for Sophie Corporation is
presented below:
Sophie Corporation
Income Statement
For the Year Ended December 31, 2019
Sales (560 units)
$28,000
Cost of Goods Sold
Labor
$7,000
Material
$8,400
Fixed Overhead
$1,400
$16,800
Gross Profit
$11,200
Administrative Expense
Fixed
$4,200
Variable
$2,800
$7,000
Operating Income
$4,200
Do not enter dollar signs or commas in the input boxes.
Round all answers to the nearest whole number.
For Unit calculations round your answers up to the nearest...
Presented below is the latest income statement of ABC Ltd.:
Presented below is the latest income statement of
ABC Ltd.:
Sales............................................................................. $380,000
Cost of goods
sold........................................................ 225,000
Gross
profit.................................................................... $155,000
Operating
expenses...................................................... 85,000
Income before income
taxes......................................... 70,000
Income
taxes................................................................. 28,000
Net
income.................................................................... $ 42,000
In addition, the following information related to net
changes in working capital is available:
Debit Credit
Cash.............................................................................. $12,000
Accounts receivable
(net)............................................. 8,000
Inventories..................................................................... $19,400
Salaries payable
(operating
expenses)........................ 6,000
Accounts
payable.......................................................... 9,000
Income tax
payable....................................................... 3,000
ABC Ltd. also reports that depreciation expense for the...
Presented below is income statement information of the Nebraska Corporation for the year ended December 31,...
Presented below is income statement information of the Nebraska
Corporation for the year ended December 31, 2018.
Sales Revenue
836,000
Cost of goods sold
445,000
Salaries expense
108,000
Insurance expense
38,000
Dividend revenue
4,800
Depreciation expense
36,000
Miscellaneous
30,000
Income tax expense
53,000
Loss on sale of investments
9,800
Rent expense
28,000
Required:
Prepare the necessary closing entries at December 31, 2018. (If
no entry is required for a transaction/event, select "No journal
entry required" in the first account field.)...
Presented below is an income statement for Kinder Company for the year ended December 31, 2015....
Presented below is an income statement for Kinder Company for
the year ended December 31, 2015.
Kinder Company
Income Statement
For the Year Ended December 31, 2015
Net
sales
$850,000
Costs and expenses:
Cost of goods
sold
640,000
Selling, general, and
administrative
expenses
70,000
Other,
net
20,000 730,000
Income before income
taxes
120,000
Income
taxes
36,000
Net
income
$ 84,000
Additional information:
1. "Selling, general, and
administrative expenses" included a charge of $7,000 for impairment...
Presented below is income statement information of the Schefter Corporation for the year ended December 31,...
Presented below is income statement information of the Schefter
Corporation for the year ended December 31, 2018. Sales revenue $
512,000 Salaries expense 82,800 Interest revenue 6,800 Advertising
expense 11,500 Gain on sale of investments 9,200 Cost of goods sold
281,600 Insurance expense 14,300 Interest expense 3,900 Income tax
expense 41,000 Depreciation expense 24,000 Required: Prepare the
necessary closing entries at December 31, 2018
Presented below is information related to Donaldson Corp., for the year 2020. Prepare an income statement...
Presented below is information related to Donaldson Corp., for
the year 2020. Prepare an income statement and answer the question
below and other questions requiring the use of this income
statement. Net sales $1,820,000 Cost of goods sold 1,240,000
Selling expenses 86,000 Administrative expenses 74,000 Dividend
revenue 25,000 Interest revenue 20,000 Interest expense 50,000
Write-off of goodwill due to impairment 40,000 Depreciation expense
omitted in 2018 105,000 Dividends declared 12,000 Effect on prior
year’s of change in accounting principle (credit)...
The budgeted income statement presented below is for Burkett Corporation for the coming fiscal year. Compute...
The budgeted income statement presented below is for Burkett
Corporation for the coming fiscal year. Compute the number of units
that must be sold in order to achieve a target pretax income of
$218,000.
Sales (58,000 units) $ 986,000
Costs:
Direct materials $ 160,800
Direct labor 240,800
Fixed factory overhead 104,000
Variable factory overhead 150,800
Fixed marketing costs 110,800
Variable marketing costs 50,800 / 818,000
Pretax income $ 168,000
32,545.
134,970.
65,576.
50,800.
172,394.
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