At the end of Ermler Department Store’s fiscal year on November 30, 2014, these accounts appeared in its adjusted trial balance.
Inventory (beginning)…….. 41,300
Purchase Discounts……….. 7,000
Purchase Returns and Allowances… 6,760
Sales Revenue……….. 902,000
Sales Returns and Allowances….. 20,000
1. Inventory on November 30, 2014, is $36,200.
2. Note that Ermler Department Store uses a periodic system.
Prepare an income statement through gross profit for the year ended November 30, 2014.
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 sol d | ||
| 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 2 years ago
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.
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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 +/- $amount.
On march 31,2019,the balance of the accounts appearing in the ledger of Racine Furnishings Company, a furniture wholesaler, are as followsParticularsAmount$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 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, 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.
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