On December 31, 2020, the balances of the accounts appearing in the ledger of Home City Furnishings Company, a furniturewholesaler, are as follows:Rent revenue$11,000Accounts receivable500,000Administrative expenses200,000Sales returns and allowances200,000Sales discounts50,000Selling expenses250,000Sales3,500,000Cash530,000Cost of merchandise sold1,600,000Interest expense6,000Prepare a multi-step income statement for the year ended December 31, 2020.Home City FurnishingsIncome StatementFor the Year Ended December 31, 2020

Detailed answers show blown Explanation:The image you sent is a practice accounting problem that…

Answered: On December 31, 2020, the balances of…

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter8: Inventories: Special Valuation Issues

Section: Chapter Questions

Problem 4MC

See similar textbooks

Similar questions

The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $644,363 Merchandise Inventory 578,620 Sales Discounts 58,000 Interest Expense 3,677 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 228,598 Rent Expense 15,060 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 100,440 Office Supplies Expense 1,600 Rent Revenue 23,670 Sales Salaries Expense 30,410 Accounts Payable 135,404 Common Stock 59,419 Marketing Expense 31,000 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.
The Income Statement section of the Johnson Company worksheet for the year ended December 31, 2019, has $185,000 recorded in the Debit column and $208,744 in the Credit column on the line for the Income Summary account. What were the beginning and ending balances for Merchandise Inventory? Beginning merchandise inventory Ending merchandise inventory
The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $644,363 Merchandise Inventory 578,620 Sales Discounts 58,000 Interest Expense 3,677 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 228,598 Rent Expense 15,060 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 100,440 Office Supplies Expense 1,600 Rent Revenue 23,670 Sales Salaries Expense 30,410 Accounts Payable 135,404 Common Stock 59,419 Marketing Expense 31,000 a. Prepare a multi-step income statement for the year ended December 31, 2019
The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $644,363 Merchandise Inventory 580,620 Sales Discounts 58,050 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 226,598 Rent Expense 15,070 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,890 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,690 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 Question Content Area 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.
The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $644,363 Merchandise Inventory 580,620 Sales Discounts 58,050 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 226,598 Rent Expense 15,070 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,890 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,690 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 Question Content Area D. Prepare a multi-step income statement for the year ended December 31, 2019.
The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $643,363 Merchandise Inventory 581,620 Sales Discounts 58,030 Interest Expense 3,877 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 227,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,810 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,650 Sales Salaries Expense 30,410 Accounts Payable 136,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019. $ 495,101 B. Prepare a simple income statement for the year ended December 31, 2019. Previous
The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $643,363 Merchandise Inventory 581,620 Sales Discounts 58,030 Interest Expense 3,877 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 227,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,810 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,650 Sales Salaries Expense 30,410 Accounts Payable 136,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. Reese Industries
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $57,775 on January 1, 2019, and $50,725 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales $ 243,600 Cr. 451 Sales Returns and Allowances 4,150 Dr. 491 Miscellaneous Income 200 Cr. 501 Purchases 101,600 Dr. 502 Freight In 1,775 Dr. 503 Purchases Returns and Allowances 3,400 Cr. 504 Purchases Discounts 1,600 Cr. 611 Salaries Expense—Sales 43,300 Dr. 614 Store Supplies Expense 2,110 Dr. 617 Depreciation Expense—Store Equipment 1,310 Dr. 631 Rent Expense 11,500 Dr. 634 Utilities Expense 2,800 Dr. 637 Salaries Expense—Office 19,100 Dr. 640 Payroll Taxes Expense 4,000 Dr. 643 Depreciation Expense—Office Equipment…
Presented below is information related to Sarasota Co. for the month of January 2020. Ending inventory per Insurance expense $11,100 perpetual records $25,510 Rent expense 24,490 Ending inventory actually Salaries and wages expense 58,620 on hand 24,810 Sales discounts 10,360 Cost of goods sold 215,990 Sales returns and allowances 15,660 Freight-out 7,620 Sales revenue 419,490 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit Prepare the necessary closing entries. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit…
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1, 502,695 $1,502,695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020
On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.
PA10. O 6.6 The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019. NINO'S PIZZERIA Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit $ 775,984 Cash Accounts Receivable Buildings Merchandise Inventory Accounts Payable Common Stock 45,688 200,460 135,624 $437,880 410,542 Sales 555,696 Interest Revenue 84,652 Rent Revenue 86,900 Sales Salaries Expense Office Supplies Expense Sales Discounts Interest Expense Sales Returns and Allowances 24,500 6,270 102,890 4,577 105,854 122,853 Cost of goods sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 20,000 10,555 2,780 17,635 $1,575,670 $1,575,670 A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multistep income statement for the year ended…

SEE MORE QUESTIONS

Recommended textbooks for you

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

Intermediate Accounting: Reporting And Analysis

Accounting

ISBN:

9781337788281

Author:

James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:

Cengage Learning

SEE MORE TEXTBOOKS