MENA Corp., registered with BIR in 2019, has the following data for the year 2021: Gross Sales 1,000,000 PWD & SC Discounts given 100,000 Returns and allowance 150,000 Cost of Goods Sold 300,000 Salaries to personnel 250,000 Q2: How much is the gross income? Answer: Pls include solution. Thanks.
Q: The following information of ABC Merchandise Business for the year ended 31st December 2020 Account…
A: Income from operations measn income generated after deducting all the operating expenses of the…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sales = 2019 - P810,000; 2018…
A: Change in gross profits = Gross profits in 2019 - Gross profits in 2018=P 330,000 -P328,000=P…
Q: How much of the sales should be allocated to the award points? How much should be recognized as…
A: The stand-alone selling price of 1 loyalty point = P 20 During 2020, no of points customer earned =…
Q: v) Acid test v) Inventories holding period vi) Debt to Equity ratio
A: The financial ratios is the part of financial system which evaluates the financial position of the…
Q: You are given the following information relating to Boy Band Trading: Gross profit rate based on…
A: The question is based on the concept of Financial Accounting.
Q: For MASA Company, the following information is available for 2020 Sales revenue 100,000 Sales…
A: Since there are multiple questions, we will answer the only first question. Operating income is…
Q: The change in gross profit due to change in cost price must be:
A:
Q: The net sales of JEY Company in 2019 is ₱580,000. The cost of goods manufactured is ₱480,000. The…
A: The cost of goods sold is determined by adding beginning inventory to cost of goods manufactured and…
Q: During May, 2020, Samoul’s Supply Store generated revenues of $180,000. The company’s expenses were…
A: Income from operation is the income that is generated from the operating activities of the company.…
Q: Prepare a multi-step income statement for Prestige Traders and General Merchandise for the year…
A: Income statement means the statement which show the cost of goods sold and selling price and give…
Q: Westlawn Company discloses the following for the year ended May 31, 2020: Sales $486, eee 5, eee…
A: Formula: Net sales = Sales - sales discount - sales returns. Gross profit ratio = ( Gross profit /…
Q: View Policies Current Attempt in Progress Presented below is information for Blue Spruce Corp. for…
A: Introduction: A multi-step income statement calculates income in several steps, hence it is called…
Q: Zebra Company reports the following figures for the years ending December 31, 2019 and 2018:…
A: Given the following information: Net sales:2019: $65,0002018: $40,000 Cost of goods sold2019:…
Q: Prepare a multi-step income statement for Prestige Traders and General Merchandise for the year…
A: 1. Net Sales = Sales - Sales Discount-Sales return Net sales = 600,000 -11,000 -20,000 = 569,000
Q: The following information of ABC Merchandise Business for the year ended 31st December 2020 Account…
A: Net sales = Sales - Sales Discounts - Sales returns
Q: The change in gross profit due to change in quantity sold must be: a. P42,710 U
A: Budgeted gross profit ratio Sales 792,000 Less: cost of sale 464,000 Gross…
Q: Presented below is income statement data for Short & Company as of year-end 2019: Income Tax…
A: Prepare a multi-step income statement for 2019.
Q: First question/ you have the following data about Basra Trading Company for its first year ending on…
A: Financial Statements are the end products of the accounting process. They provide information about…
Q: b) Link Bank is deciding whether to grant a loan application to a new customer. As part of the…
A:
Q: On 31st December 2021 (accounting year-end), Sky Ltd. provides the following balances for some…
A: For business tax will apply on the net income for business. Net income is calculated by Deducting…
Q: A. Zienna Inc. is concerned about the level of its advertising and office salaries expense. Selected…
A: Horizontal analysis is the analysis of change in the items like sales, gross profit etc. in respect…
Q: Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue $…
A: For vertical analysis, the items of income statement are compared to sales in percentage form.
Q: You are given the following extract of an income statement: Particulars 2018 (OMR) 2019(OMR) Net…
A: Common size statement is prepared item wise to show figures as a % of Revenue in Profit & Loss…
Q: Kincaid Company reported the following data (in millions) for the past two years:2019…
A: Financial statement analysis Financial statement analysis are analyzed to understand the…
Q: A. Zienna Inc. is concerned about the level of its advertising and office salaries expense. Selected…
A: Trend analysis are made in order to observe the changes in the line items of financial statements.…
Q: Rowland company reported the following balances at December 31,2020 sales return abd allowance 5000…
A: Gross profit = Net sales - Cost of goods sold where, Net sales = Gross sales - sales return and…
Q: The Tabuan Jaya Berhad has prepared the data as per above. In December 2020, Tabuan Jaya Berhad paid…
A: An income statement determines the net income of a business for a particular time period. It deducts…
Q: Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold…
A: Net income refers to the amount received after deducting the sales revenue by cost of goods sold,…
Q: An agent sells tickets for airlines to customers. In 2021, The total price the customers pay to the…
A: Revenue recognized in 2021 = Total amount received from the customers - Amount paid to the airlines
Q: Mr. Hussein is a trade supplier who has been approached by Al Shinas Trading LLC which is requesting…
A: A. Gross profit Margin Ratio : = Revenue - COGS/Revenue × 100 For 2019, = 620,000 - 400,000 × 100…
Q: The increase (decrease) in gross profit because of the change in units sold is:
A:
Q: Gross profit margin ii) Assets usage iii) Current ratio
A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…
Q: Pizza, Inc. provides the following data: 2019 2018 Assets Current Assets: Cash and…
A: ASSET TURNOVER RATIO = NET SALES / AVERAGE TOTAL ASSETS
Q: For the Year Ended December 31, 2020 Sales Revenue 125,466 Cost of Goods Sold Gross Profit Operating…
A: Solution: This is "Multiple-step Income Statement" financial statement.
Q: Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019,…
A: Given that: Revenues = $722,000 Total clients served = 105 Operating Expenses = $302,000
Q: Park and West, LLC, provides consulting services to retail merchandisers in the Midwest. In 2019,…
A: Cost of sales is the actual costs incurred for selling the product to the customers. Operating…
Q: Joana's Boutique incur the following amounts for the month of November 2020. Compute for the income…
A: Gross profit= sales- cost of goods sold Net Income= gross profit- operating expenses
Q: The following items relate to Unearned Sales Revenue: Date Customer Name Details/Comments Received…
A: >Based on the accrual concept of accounting applied with revenue recognition principal:--the…
Q: The following information of ABC Merchandise Business for the year ended 31st December 2020 Account…
A: Total general and administrative expenses will include the amount related to expenses incurred at…
Q: At December 31, 2021, Suo’s Boutique had 2,000 gift certificates outstanding, which had been sold to…
A: The company should not record revenue when a gift card is purchased; instead, the purchase of the…
Q: The increase (decrease) in gross profit because of the change in sales price is
A:
Q: Chupapi Inc. has a gross profit ratio of 16.67 % for the year 2020. If Chupapi Inc. has gross profit…
A: Gross Profit Margin = Gross Margin for the year/Net Sales for the Year
Q: During August, 2020, Sheffield’s Supply Store generated net sales of $60100. The company’s expenses…
A: Operating income = Net sales - Cost of goods sold - Operating expenses Rent revenue and loss on…
Q: Here are the abbreviated financial statements for Planner’s Peanuts: INCOME STATEMENT, 2019…
A: Given in the question that, company uses a strict percentage of sales planning model. This means,…
Q: Show the solution in good accounting form Mary Corporation has a branch in Caloocan. During 2021,…
A: 1)Closing inventories at branch on billed price = 128000 = cost + 30% of cost = 128000 cost…
Q: Pierce Corporation has the following gross profits for 2018 and 2019: Sa. = 2019 - P810,000; 2018 -…
A: Gross Profit Ratio= Gross Profit / Net Sales Gross Profit Margin=Gross Profit/Net sales*100…
Q: Here are the abbreviated financial statements for Planner's Peanuts: INCOME STATEMENT, 2019 $6,000…
A: Here, we have been given Sales and Balance Sheet Data. We would calculate the balancing item as…
Q: The following information was taken from the financial statements of Sunland Company: 2021…
A: In this question we are require to find cost of goods sold and its percentage as compare to net…
Q: Operating data for Joshua Corporation are presented below. 2020 2019 Sales revenue…
A: Vertical analysis is the proportionate analysis of the financial statements of an entity whereby…
Q: ZEUS COMPANY COMPARATIVE INCOME STATEMENT For the years 2019 and 2018 2019 2018 Rate of Inc(Dec)…
A: Comparative balance sheet(horizontal approach) means where increase or decrease of every item is…
MENA Corp., registered with BIR in 2019, has the following data for the year 2021:
| Gross Sales | 1,000,000 |
| PWD & SC Discounts given | 100,000 |
| Returns and allowance | 150,000 |
| Cost of Goods Sold | 300,000 |
| Salaries to personnel | 250,000 |
Q2: How much is the gross income? Answer:
Pls include solution. Thanks.
Step by step
Solved in 2 steps
- ASSESSMENT: Problem #1: On June 30, 2020, PSA Trading Co. has the following informatign: revenue from sales is Po8,760; sales return is P35,50o; cost of goods sold is P8.490: salaries cost P 14,600; rent is P8,090; light and water expenses are P7.550 and miscellaneous expenses are Po,520.Generate an income statement and find: a. Gross Profit b. Net Profit or Loss Problem #2: AMA 6operative store had the following activities for year ended 2021: gross sales amounting to Po4,653, the cost of goods sold was P48,923, the operating expensés were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income slatemeni and find: a. Net Sales b. Gross Profit c. Net Profit Problem #3: AMA cooperative store had the following activities for year ended 2021: gross sales amounting to P94,653, the cost of goods sold was P48,923, the operating expenses were, P8,723.15, and refunds for defective goods amounted to P26,497.15. Generate an income statement and find: a. Net Sales…Shelcal, Inc. provides the following data for the year 2019: Net Sales Revenue, $437,690; Cost of Goods Sold, $255,000. O The gross profit as a percentage of net sales is (Round your answer to two decimal places.) OA) 37.96% OB) 39.80% OC) 60.20% OD) 40.8%You have the following information about Al- Farah Company: 2020: Net Sales 11,396.9, Gross profit 6,205.0 Selling expenses 3,920.8, Administrative expenses 69.2, interest expenses 136.0, income tax 727.6 2019: Net Sales 10,584.2, Cost of Goods Sold 4,747.2, Selling expenses? Administrative expenses 90.3, Income from operation 2122.1, interest expenses 119.7, and income tax 675.3 Required: prepare an income statement and conduct a horizontal analysis Sol: A worksheet for the compared income statement For the period ending 12/31/2020 2020 2019 Variances % Net Sales Cost of Goods Sold Gross profit Operating Expenses:- uan Selling expenses Administrative expenses Total Operating Expenses Income from operation Other expenses and losses:- Interest expenses Income before income tax Income tax Net income
- 1. Pepper Inc. reports according to GAAP and uses LIFO method to account for inventories. Tax rate is 25%. Pepper reports the following data (in USD). 2019 19 500 4 200 9 540 2 100 2020 Costs of goods sold Net income Inventories LIFO reserve 23 500 5 000 10 300 2 200 If Pepper would report according to FIFO method, what would be the reported inventories, net income and COGS amount (show your calculations)? Please comment on why LIFO method could be least preferable (from the company's, government's point of view?Wendy Corp. reported the following data for 2019. Total net sales –P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000;Ending Inventory – P600,000; 1 year advance rent received amounting toP60,000 to be applied in 2020; P80,000 total interest income from customerspromissory note earned--P60,000 of this was collected; Unrealized foreignexchange gains from foreign currency receivables – P120,000; Using cash basis,compute the total income subject to income tax.Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?
- first sale! They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.They sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.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.
- Direction: The following list of accounts for Pazado, Inc is available at the end of December 2020. Make a summary of Income Statement from the given information below with the following required data. 1. Calculate the turnover/ROI 2. Calculate the consumption of goods for sale 3. Prepare the Income Statement of Pazado, Inc for year 2020. Sales Rent Expense Depreciation Expense Utilities Expense Taxes and Licenses Goods Available for Sale Merchandise, Inventory, January 31 Salaries Expense Freight, out Uncollectible Accounts Sales Discount Sales Returns and Allowance 902,000 30,000 11,250 18,000 15,000 714,900 102,000 50,000 3.920 19,100 5,000 13,000Starlight Enterprises has net credit sales for 2019 in the amount of $2,600,325, beginning accounts receivable balance of $844,260, and an ending accounts receivable balance of $604,930. Compute the accounts receivable turnover ratio and the number of days sales in receivables ratio for 2019 (round answers to two decimal places). What do the outcomes tell a potential investor about Starlight Enterprises if the industry average is 1.5 times and the number of days sales ratio is 175 days?Presented below is income statement data for Short & Company as of year-end 2019: Income Tax Expense $5,400 Cost of Goods Sold 14,300 Other Expenses 500 Net Revenue 62,950 Operating Expenses 27,000 RequiredPrepare a multi-step income statement for 2019. Note: Do not use negative signs with your answers. SHORT & COMPANYIncome Statement2019 AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Gross Profit on Sales Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Operating Income Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses Answer Income before Income Taxes Answer AnswerCost of Goods SoldIncome Tax ExpenseNet RevenueOperating ExpensesSales RevenueOther Expenses…