Assume that you have a company. And the management team estimates that 3% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method.
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Assume that you have a company. And the management team estimates that 3% of sales will be uncollectible.
Give any amount of sales and prepare the
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- Your Task… Using your assigned financial statements calculate the required ratios below Indicate if the change from year to year is favorable or unfavorable. All values should be accurate to at least two decimal places. The expectation is to submit a professional report free of grammar and spelling errors and easy to read. Think of this as a menu you would be handing to a customer. All calculations are to be represented. Analysis of Profitability Gross Profit Ratio Operating Profit Ratio Net Profit Ratio Sales to Total Assets Ratio Return on Total Assets Return on Equity Earnings Per ShareUse the following selected data from Business Solutions's income statement for the three months ended March 31, 2022, and from its Complete this question by entering your answers in the tabs below. March 31, 2022, balance sheet to complete the requirements. Computer services revenue Net sales (of goods) Total sales and revenue Cost of goods sold. Net income Quick assets Current assets Total assets Current liabilities Total liabilities. Total equity Required 1 Required: 1. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. 2. Compute the current ratio and acid-test ratio. 3. Compute the debt ratio and equity ratio. 4. What percent of its assets are current? What percent are long term? Required 2 Complete this question by entering your answers in the tabs below. $ 25,307 18,693 44,000 Required 3 Gross margin ratio Net profit margin ratio 14,052 18,833 90,924 95,568 120,268 875 875 119,393 % Compute the gross margin ratio (both with and…Use the following selected data from Business Solutions's income statement for the three months ended March 31, 2022, and from its March 31, 2022, balance sheet to complete the requirements. Computer services revenue Net sales (of goods) Total sales and revenue Cost of goods sold Net income Quick assets Current assets Total assets Current liabilities Total liabilities Total equity Required: 1. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. 2. Compute the current ratio and acid-test ratio. 3. Compute the debt ratio and equity ratio. 4. What percent of its assets are current? What percent are long term? Required 1 Required 2 Complete this question by entering your answers in the tabs below. $ 27,275 19,083 46,358 12,572 18,807 89,252 97,520 123,464 Gross margin ratio Net profit main ratio 885 885 122,579 Required 3 Required 4 Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. Note:…
- Use the following selected data from Business Solutions's income statement for the three months ended March 31, 2022, and from its March 31, 2022, balance sheet to complete the requirements. Computer services revenue Net sales (of goods) Total sales and revenue Cost of goods sold Net income Quick assets Current assets Total assets Current liabilities Total liabilities. Total equity Required 1 Required: 1. Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. 2. Compute the current ratio and acid-test ratio. 3. Compute the debt ratio and equity ratio. 4. What percent of its assets are current? What percent are long term? Required 2 Required 3 $ 27,912 19,428 47,340 13,820 Complete this question by entering your answers in the tabs below. 19,716 89,940 95,224 118,824 Gross margin ratio Net profit margin ratio 1,110 1,110 117,714 % % Compute the gross margin ratio (both with and without services revenue) and net profit margin ratio. Note:…Please see the picture below. I need help making a retained earnings statement, a balance statement, a comprehensive income statement and calculate the profit margin and the gross profit rate for the income statement I've included. Note that I have included the Income statement below. Note that I have included all the information that was made available to me. I need this asap. Big John's Merch Income statement For the month ending February 28, 2022 Sales - $50,000 Costs of goods sold- $12,500 Operating expenses Salaries- $2,500 Rent- $800 Advertising- $500 Depreciation- $300 Utilities- $75 Revenues and Expenses Internet revenues- $2,000 Internet expense- $150 Insurance expense- $400 Other revenues- $3,500The following information is from Dessert Dynasty. The company runs three stores and the December Income Statement for all stores is shown. A. Find the missing values for retail revenue, ingredients, and operating income. B. Comment on the financial performance of each store. C. Identify a limitation of analyzing the information provided. You may want to consider using Microsoft Excel or another spreadsheet application for the numerical data. This information will be used in a subsequent question.
- Directions: Read each sentence carefully and detemine whether the statement is TRUE or FALSE. Write your answers onthe space provided before each number. 1. Profitability ratios measure the ability of the company's assets and invested capital to generate sales. 2. Čunent ratio is generally higher than quick ratio. 3. Using anothercompany as benchmark, the company with highernet profitmarginis more profitable. 4. Accounts receivable turnover measures the number of days in the company's average collections period. 5. Firancial statement analysis uses computational and analytical techniques to evaluate the company's risks, performance, financial health, and future prospects with the objective of making economic decisions. - 6. Given equal gross profit margin, the company with the better operating income margin has higher operating expenses as a percentage of sales. 7. Debt to equity ratio measures the percentage of assets financed by equity. 8. Gross profit margin provide an indication of…Requirements 1. Prepare the company's January, multistep income statement. Calculate income using the LIFO, average-cost, and FIFO methods. Label the bottom line "Operating income." Round the average cost per unit to three decimal places and all other figures to whole-dollar amounts. Show your computations. 2. Suppose you are the financial vice president of Ohio Instruments. Which inventory method will you use if your motive is to a. minimize income taxes? b. report the highest operating income? c. report operating income between the extremes of FIFO and LIFO? d. report inventory on the balance sheet at the most current cost? e. attain the best measure of net income for the income statemehi? State the reason for each of your answers. please answer all please answer all or skip do not waste question or time by giving incomplete or incorrect answer please provide answer with explanation computation formula please answer with steps thanksA company reports the following sales-related information. Compute and prepare the net sales portion only of this company’s multiple-step income statement. Sales, gross . $200,000 Sales returns and allowances $16,000 Sales discounts . 4,000 Sales salaries expense . 10,000
- An accountant has established that the gross profit margin for a sole trader business who does not keep records is 20% and that opening and closing inventories were GH 700 and Gh 1,200 respectively . If the purchases during the year amounted to Gh 23,500. What is the sales for the year .Determining gross profit During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is $5,531,400. This information has been collected in the Microsoft Excel Online file. Open the spreadsheet, perform the required analysis, and input your answers in the questions below. Open spreadsheet a. What is the amount of the gross profit? Round your answer to the nearest dollar. b. Compute the gross profit percentage (gross profit divided by sales). Round your answer to the nearest whole number. C. Will the income statement always report a operating incomne? Yes No Previous earch 542 PM 5/3/2021Perform the Reperformance or Recalculation procedures to check the mathematical accuracy ofthe Income Statement. What issue did you find? What is the next step? Create a Correctedversion of the Income Statement. Income Statement For the Year Ended For the Year Ended Revenue 3/31/2021 3/31/2022 Sales Revenue: Corporate Accounts $ 353,739.57 $ 343,050.56 Sales Revenues: Storefront $ 80,649.00 $ 91,411.50 Total Sales Revenue $ 434,388.57 $ 434,462.06 Cost of Goods Sold: Ingredients $ 69,736.39 $ 64,645.64 Cost of Goods Sold: Boxes and Cupcake Cups $ 3,875.55 $ 3,755.55 Cost of Goods Sold: Beverages $ 5,466.50 $ 5,681.50 Total COGS $ 76,078.44 $ 74,082.69 Gross Profit $ 358,310.13 $ 360,379.37 Interest Revenue $…