Sales.Costs and expensesCost of goods sold.Operating expenses.Interest expense...Income before income taxes.Income tax expense..Net income..Statement of IncomeFor the Year Ended December 31, 2020$1,140,000$1,700,000364,80037,8001,542,600157,40055,090$ 102,310GEORGE INDUSTRIESStatement of Financial PositionDecember 31, 2020Total assets.Total liabilities..Total shareholders' equity...20202019$842,110$717,800329,600279,600512,510438,200Calculate the Net profit margin ratio (use up to 2 decimal places and do not use a % sign)

The net profit is calculated as the net sales revenue less expenses. The profit margin is calculated…

Answered: Sales.... Costs and expenses Cost of…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 15EA: The following select account data is taken from the records of Reese Industries for 2019. A. Use the...

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The following select account data is taken from the records of Reese Industries for 2019. A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
Mirabel Corporation's financial statements for 2020 follow: Sales...... Cost of goods sold. Gross profit.... Operating expenses. Income before taxes. Income taxes.. Net income.. MIRABELCORPORATION Statement of Income For the Year Ended July 31, 2020 Cash. Receivables. Inventory...... MIRABEL CORPORATION Statement of Financial Position July 31, 2020 Property, plant and equipment (net). Total assets. Current liabilities. Non-current liabilities. Common shares. Retained earnings.. Total liabilities and shareholders' equity. Calculate the current ratio (use up to two decimal places) $1,575,000 (976,500) 598,500 (236,250) 362,250 (144,900) $217,350 49,000 143,900 167,800 682,800 $1,043,500 $ 131,000 450,000 250,000 212,500 $1,043,500
B. Below is the Statement of Comprehensive Income of Q & A Trading Company: Percentage 2020 P1,939,500 900,000 1,039,500 445,500 37,575 P 556,425 2019 Percentage Revenue Cost of Goods Sold Gross Profit Selling and General Experses Other Experses Net Income P1,674,675 843,975 830,700 409,725 30,825 P 390,150 Requirements: Prepare a vertical aralysis for Q & A Trading Compary.
Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 $ 474, 200 285,468 2819 $363, 276 228,864 188, 732 134,412 67,336 50, 132 42,678 31, 968 119,014 82, 198 78, 718 52,312 14,642 19,724 $ 64,976 $ 41,588 S Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income KORBIN COMPANY Comparative Balance Sheets December 31, 2020, 2019, and 2018 2020 Common-Size Comparative Income Statements For Years Ended December 31, 2020, 2019, and 2018 2020 100.00 % 2019 100.00 % Assets Current assets Long-term investments Plant assets,…
QUESTION 3 De Luna Bhd is a major retailer of branded cars in Peninsular Malaysia. The comparative Statement of Financial Position and Statement of Profit or Loss and Other Comprehensive Income for De Luna Bhd as of 30 June 2019 are as follows: De Luna Bhd Statement of Financial Position As at 30 June 2019 2019 2018 RM'000 RM'000 Non-Current Assets Building Less: Accumulated depreciation 728,000 182,000 598,000 125,000 473,000 546,000 Current Assets Inventory Accounts receivable 252,000 107,000 282,000 90,000 39,000 52.000 463,000 Prepayment Cash 41,000 55.250 455.250 L001.250 Total current asset Total Assets 936,000 Equity Share capital Retained earnings Total equity 402,000 204.000 606.000 312,000 184.000 496.000 Long-Term liability Bond 102,000 132,000 Current liabili ties Accounts payable Salary payable Interest payable Total current liabilities 147,000 155,000 79,250 59.000 293.250 104,000 57.000 308.000 Total Liabilities Total Equity and Liabilities 0.000 936.000 395.250…
The following are the comparative financial statements for Outland Corporation for 2020 and 2019: OUTLAND CORPORATION Statement of Income For Periods Ending October 31 Sales Revenue Cost of Goods Sold Gross Profit.. 2020 167,500 100,000 67,500 2019 140,000 85,000 55,000 Expenses Depreciation Selling and Administrative Interest Expense. Total Expenses. 15,000 22,500 15,000 15,000 47,500 35,000 Net Income (before taxes). Income Taxes 25,000 10,000 15,000 22,500 7,500 15,000 Net Income OUTLAND CORPORATION Statement of Financial Position As at October 31 2020 2019 Assets Current Assets: 4,000 10,000 35,000 31,000 80,000 Cash. 2,500 7,500 30,000 25,000 65,000 Marketable Securities. Accounts Receivable. Inventory Total Current Assets Investments (at cost).. 30,000 32,500 Property, plant and equipment Property, Plant and Equipment.. Less: Accumulated Depreciation. 200,000 87,500 112,500 2,500 225,000 190,000 80,000 110,000 2,500 210,000 Goodwill Total Assets Liabilities and Shareholders'…
Refer to the following financial statements of Delima Corporation for 2019 and 2020: Delima Corporation Income Statements For the year ended 31 December (in millions) 2020 2019 $13,198 $ 7,750 $ 5,448 $3,472 $ 1,976 233 $ 12,397 $ 7,108 $ 5,289 $ 3,299 $ 1,990 $ $4 $ 1,742 Net sales Cost of goods sold Gross profit Selling and administrative expenses Income from operations Interest expense Other (income) expense, net $ 248 11 Income before income taxes $ 1,732 Income tax expense 503 502 Net income $ 1,229 $ 1,240 Delima Corporation Balance sheet For the year ended 31 December (in millions) Assets 2020 2019 Current assets Cash 444 $ $ 1,188 $ 1,132 460 $ 1,190 $ 1,056 Accounts receivables (net) Inventories Other current assets 247 225 $ 3,027 $ 3,281 $ 5,593 $ 2,915 $ 3,128 $ 5,804 $ 11,847 Total current assets Property (net) Other assets Total assets $11,901 Liabilities and Stockholders' Equity $ 3,313 $ 6,826 $ 1,762 $11,901 $ 3,184 $ 6,509 $ 2,154 $ 11,847 Current liabilities…
The following are the financial statement JNC Ltd. for the year ended 31 March 2020: JNC Ltd. Income statement For the year ended 31 March 2020 $”M” Revenue 1276.50 Cost of sales (907.00) 369.50 Distribution costs (62.50) Administrative expenses (132.00) 175.00 Interest received 12.50 Interest paid (37.50) 150.00 Tax (70.00) Profit after tax 80.00 JNC Ltd. Statement of financial position as at 31 March 2020 2019 $”M” $”M” ASSETS: Non- current assets: Property, plant and equipment 190 152.5 Intangible assets 125 100 Investments 12.5 Current assets: Inventories 75 51 Receivables 195 157.5 Short-term investment 25 Cash in hand 1 0.5 Total assets 611 474 Equity and liabilities: Equity: Share capital (10 million ordinary shares of $ 10 per value) 100 75 Share premium 80 75 Revolution reserve 50 45.5 Retained earnings 130 90 Non-current liabilities: Loan 85 25…
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31. 2020 $ 487,179 $ 373,219 2021 293,282 236,621 193,897 69,179 43,846 113,025 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets 84,347 80,872 52,251 15,042 10,711 $ 65,830 $ 41,540 KORBIN COMPANY Comparative Balance Sheets December 31 Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities. Common stock Other paid-in capital Retained earnings Total liabilities and equity 136,598 51,504 32,843 2021 2020 2019 $ 259,000 165,760 93,240 34,188 21,497 55,685 37,555 7,624 $ 29,931 $ 64,678 116,492 0 $ 43,289 900 106,308 $ 181,170 $ 150,497 $ 26,451 66,000 8,250 80,469 $ 22,424 66,000 8,250 53,823 $ 181,170 $ 150,497 2019 $ 57,867 4,860 61,960 $ 124,687 $ 21,820 48,000 5,333 49,534 $ 124,687
Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes. Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Sin Comparative Income Statements For Years Ended December 31 2021 $ 420,027 252,856 167,171 59,644 37,802 97,446 69,725 12,969 $ 56,756 Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings Total liabilities and equity Assets Current assets Long-term investments Plant assets, net. Total assets Liabilities and Equity Current liabaties Common stock Other paid-in capital Retained earnings Total liabilities and equity 2020 $ 321,775 202,718 KORBIN COMPANY Comparative Balance Sheets December 31 2021 119,057 44,405 28,316 72,721 46,336 9,499 $ 36,837 $ 55,286 0 102,674 $ 157,960 2020 3. Complete the below table to calculate the balance sheet data in trend percents with 2019 as answers to 2 decimal places.) 111.77 % 0.00 $ 37,003 700…
Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31 2021 2020 $ 442,035 $ 338,635 266,105 214,695 123,940 46,732 29,800 76,532 47,408 9,719 Sales Cost of goods sold Gross profit! Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital Retained earnings KORBIN COMPANY Comparative Balance Sheets Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense Net income Assets Current assets KORBIN COMPANY Common-Size Comparative Income Statements For Years Ended December 31, 2021, 2020, and 2019 2021 2020 Long-term investments Plant assets, net Total assets 175,930 62,769 39,783 102,552 73,378 13,648 $ 59,730 $ 37,689 Liabilities and…
ook rint rences Required information [The following information applies to the questions displayed below.] Selected comparative financial statements of Korbin Company follow. KORBIN COMPANY Comparative Income Statements For Years Ended December 31, 2019, 2018, and 2017 2019 2018 2017 $ 524,423 $ 401,751 $ 278,800 315,703 253,907 178,432 208,720 147,844 55,442 35,354 90,796 Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total expenses Income before taxes Income tax expense. Net income Assets Current assets Long-term investments Plant assets, net Total assets Liabilities and Equity Current liabilities Common stock Other paid-in capital MUNUAN LAICHITE Comparative Balance Sheets December 31, 2019, 2018, and 2017 2019 74,468 47,198 121,666 87,054 16,192 $ 70,862 Retained earnings Total liabilities and equity 57,048 11,695 $ 45,353 2018 $ 58,571 $ 39,201 500 110,464 100,715 $ 169,035 $ 140,416 2017 $ 52,403 4,740 59,192 $116,335 $ 24,679 $ 20,922 73,000…

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