Exercise 4-11 Computing net sales for multiple-step income statement LO P4 A company reports the following sales-related Information. $ 205,000 Sales returns and allowances 4,100 Sales salaries expense $12,000 10,100 Sales, groBS Sales discounts Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net sales
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Net sales = Sales, gross - Sales discount - Sales return and allowances
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- Exercise 4-16 (Algo) Computing net sales for multiple-step income statement LO P4 A company reports the following sales-related information. $ 275,000 Sales returns and allowances 5,500 Sales salaries expense $ 18,000 11,500 Sales, gross Sales discounts Prepare the net sales portion only of this company's multiple-step income statement. Multiple-Step Income Statement (Partial) Net salesеВook Print Item Revenue Section, Multiple-Step Income Statement Instructions Income Statement Instructions Based on the information that follows: Sales $86,300 Sales Returns and Allowances 2,330 Sales Discounts 1,726 Required: Prepare the revenue section of a multiple-step income statement. %3DRequired A Required B Perform a vertical analysis, showing each income statement component as a percentage of sales for each year. (Percentages may not add exactly due to rounding. Round your percentage answers to 1 decimal place. (i.e., 0.234 should be entered as 23.4).) STUART COMPANY Vertical Analysis of Income Statements Percentage of Sales Year 4 Percentage of Sales Year 3 Sales 100.0 % 100.0 % Cost of goods sold 70.5 66.2 Selling expenses Administrative expenses Interest expense Total expenses Income before taxes Income taxes expense Net income %
- #becausesneaker.... HW CH 17 Vertical Analysis of Income Statement Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales Cost of merchandise sold Selling expenses Administrative expenses Income tax expense Custom Order Sales Cost of merchandise sold Selling expenses a. Prepare an income statement in comparative form, statin each item for both years as a percent of sales. If required, round percentages to one decimal place. Enter all amounts as positive numbers. Administrative expenses Income tax expense $483,000 280,140 82,110 86,940 14,490 Innovation Quarter Inc. Comparative Income Statement For the Years Ended December 31 Current year Amount $483,000 280,140 82,110 86,940 14,490 percentage points, and administrative expenses net income as a percent of sales Current year Percent % % % % % % $420,000 218,400 79,800 71,400 21,000 % % % Previous year Amount $420,000 218,400 79,800 71,400 21,000 Previous year Percent b.…Exercise 5-11 Calculating income statement components LO1, 5 Calculate the missing amounts. (Loss amounts should be indicated with a minus sign and input all other amounts as positive values. Do not round intermediate calculations. Round "Gross profit ratio" to 2 decimal places.) Sales Sales discounts Sales returns and allowances Net sales Cost of goods sold Gross profit from sales Selling expenses Administrative expenses Total operating expenses Profit (loss) Gross profit ratio 69 2023 Company A 256.000 2.560 153.600 51.000 17.920 25.600 $ 2022 180.000 16.000 163.000 19.000 46.000 14.400 % 2023 Company B 1.100 5.500 57.000 48.400 25.000 29.700 $ 2022 45,000 500 42.000 20.000 9.000 2.000Homework i A company reports the following sales-related information. Sales, gross Sales discounts $295,000 Sales returns and allowances 5,900 Sales salaries expense Prepare the net sales portion only of this company's multiple-step income statement. Net sales Multiple-Step Income Statement (Partial) Saved < Prev. $ 22,000 11,900 10 of 10 HH hp n
- Brief Exercise 5-10 Assume Cheyenne Corp. has the following reported amounts: Sales revenue $708,900, Sales returns and allowances s20,850, Cost of goods sold $458,700, and Operating expenses $152,900. (a) Compute net sales. Net sales (b) Compute gross profit. Gross profit (c) Compute income from operations. Income from operations (d) Compute the gross profit rate. (Round answer to1 decimal place, e.g. 25.2%.) Gross profit rateSupply the missing dollar amounts for the income statement of Williamson Company for each of the following independent cases: Sales Revenues, gross Sales Returns and Allowances Net Sales Cost of Goods Sold Gross Profit $ Case A 8,500 200 6,000Exercise 13-5 (Algo) Determining income effects from common-size and trend percents LO P1, P2 Common-size and trend percents for Roxi Company's sales, cost of goods sold, and expenses follow. Common-Size Percents Trend Percents Sales Cost of goods sold Operating expenses Current Year 100.0% 63.5 14.4 Change in Net Income 1 Year 2 Years Current Year 104.8% Ago 100.0% 61.3 13.9 Sales Cost of Goods Sold Operating Expenses Net Income Ago 100.0% 57.8 14.2 Determine the net income for the following years. Did the net income increase, decrease, or remain unchanged in this three-year period? Complete this question by entering your answers in the tabs below. 115.1 106.4 101.4 Net Income Determine the net income for the following years. Assuming sales were $100,000 2 yrs ago, what is net income in each year? Note: Enter all amounts as positive values. Current Year 1 Year Ago 2 Years Ago 105,000 $ 103,800 $ 100,000
- Sales transactions Using transactions listed in P4-2, indicate the effects of each transaction on the liquidity metric working capital and profitability metric gross profit percent. Indicate the gross profit percent for each sale (rounding to one decimal place) in parentheses next to the effect of the sale on the company’s ability to attain an overall gross profit percent of 30%.The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?Sales Sales discounts Sales returns and allowances Cost of goods sold Carrier $ 165,000 4,000 17,000 95,760 Net sales Gross profit Gross margin ratio Carrier Lennox $ 850,000 19,500 6,000 507,892 Complete this question by entering your answers in the tabs below. (a) Compute net sales, gross profit, and the gross margin ratio for each of the four separate companies. (b) Which company has the better gross margin ratio? Lennox Trane $ 53,000