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zhannawk [14.2K]
3 years ago
8

You own a store. Beginning inventory on January 1 was $4,000. Ending inventory on December 31 was $4,500. You purchased $22,000

of new merchandise during the year. Sales revenue for the year was $46,000. Selling, general, and administrative (SG&A) costs for the year were $5,000. a) Compute the cost of goods sold (COGS) for the year. 21500 b) Prepare the income statement for the year. Revenue 46000 COGS 21500 Gross Margin 24500 SG&A costs 5000 Profit 19500

Business
1 answer:
Butoxors [25]3 years ago
7 0

Answer:

Explanation:

(a) The computation of the cost of goods sold is shown below:

= Beginning inventory + Purchase of new merchandise - ending inventory

= $4,000 + $22,000 - $4,500

= $21,500

(b) In the income statement, the total revenues and the total expenses are recorded.  

If the total revenues are more than the total expenditure then the company earns net income

And, If the total revenues are less than the total expenditure then the company have a net loss

This net income or net loss would reflect in the statement of the retained earning account.  

The preparation of the income statement is presented in the spreadsheet. Kindly find the attachment below:

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A weekly report for new agents at a vacation sales company is shown in the histogram. A histogram titled Vacation Packages has n
Natalija [7]

Answer:

6 salespersons

Explanation:

A histogram shows the graphical representation of the distribution of numerical data using bars of different lengths.

From the histogram:

The number of salespersons who sold 11 - 12 packages = 1

The number of salespersons who sold 13 - 14 packages = 2

The number of salespersons who sold 15 - 16 packages = 3

Therefore the new agents who sold more than 10 vacation packages = 1 + 2 + 3 = 6 salespersons

5 0
3 years ago
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VLC Corporation sold merchandise with a cost of $200 on account for $300 to PRT Corporation; credit terms were 2 / 10, n / 30. V
tatyana61 [14]

Answer:

  • The entries in VLC's accounting information system to record all the preceding events will include all of the following except:

C. A credit togross profit

Explanation:

An entry to Gross Profit does not exist because the gross profit it's the result of the total sales minus the Cost of Goods, so the Gross Profit it's a result and not a journal entry.

The other entries are used as follows:

A. A debit to cost of goods sold

D. A credit to inventory

B. A debit to delivery expense

A credit to Cash

3 0
2 years ago
The following costs were incurred in May: Direct materials$40,500 Direct labor$36,700 Manufacturing overhead$28,800 Selling expe
Lady bird [3.3K]

Answer:

$77,200

Explanation:

Conversion cost is calculated as;

= Direct labor cost + Manufacturing overhead.

Given that;

Direct labor cost = $40,500

Manufacturing overhead = $36,700

Conversion cost = $40,500 + $36,700

= $77,200

7 0
2 years ago
Terminating an employee for the use of illegal drugs is an example of a(n) _____ turnover. retentive external voluntary absentee
klasskru [66]

Answer:

involuntary

Explanation:

Involuntary turnover happens when an employee is dismissed from a position and asked to leave. In that respect, employees may be expelled for several reasons, usually for deficient performance and inadequate behavior. In contrast, voluntary turnover occurs when employees quit and the company wishes to keep them.

3 0
3 years ago
1-a. how much will net operating income increase (decrease) per month if the monthly advertising budget increases by $8,100 and
diamong [38]

Net operating income will increase/decrease per month if the monthly advertising budget increases by $8,100 and monthly sales increase by $14,400, the net operating income will decrease by $(1620)

Net operating income determines the revenue and profitability of invested actual property assets after subtracting essential operating fees. The system works by using succinctly considering all profits a property makes minus all of the general prices. for instance, a assets might also earn money from tenant rents and a coin laundry system.

To calculate net operating income increase/decrease follow the following steps:

First, calculate the current net operating income

Sales = ( 80*2500 ) = $200000

Variable expenses = (44 * 2500) = $110000

Contribution margin = 90000

Fixed expenses = 76000

Net operating income ( 90000 - 76000 ) = 14,000

Now, calculate the proposed net operating income

Sales = ( 200000 + 14400 ) = $214400

Variable expenses = ( 214400 * 55% ) = $117920

Contribution margin = 96480

Fixed expenses = ( 76000 + 8100) = 84100

Net operating income ( 96480 - 84100 ) = 12380

Therefore net operating income decreased by ( 14000 - 12380 ) = $(1620)

Net operating income measures an income-producing asset's profitability before including any prices from financing or tax. To calculate Net operating income, subtract all running prices incurred on a property from all sales generated at the belongings.

Learn more about tax here brainly.com/question/26316390

#SPJ4

8 0
1 year ago
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