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creativ13 [48]
3 years ago
5

Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end:

Administrative Expenses, $1,500; Cost of Goods Sold, $17,820; Income Tax Expense, $2,630; Interest Expense, $1,400; Interest Revenue, $160; General Expenses, $1,700; Net Sales Revenue, $29,865; and Delivery (freight-out) Expense, $210.
Prepare a multistep income statement for distribution to external financial statement users.
SELLALL DEPARTMENT STORES
Income Statement
For the Year Ended December 31
Cost of Goods Sold 21,060
Gross Profit
Operating Expenses 4,670
Income from Operations
Interest Revenue 180
Income before Income Tax Expense
Net Income $
Business
1 answer:
Goshia [24]3 years ago
8 0

Answer:

Particulars                            Amount

Net sales                               $29,865

Cost of goods sold               <u>$17,820</u>

Gross profit                           $12,045

Selling, gen & admin exp.    $1,710  (1,500+210)

Operating Expenses             <u>$1,700</u>

Operating Income                $15,455

Interest Expenses                 ($1,400)

Interest Revenue                   <u>$160     </u>

Income before tax                $14,215

Income tax expenses            <u>$2,630</u>

Net Income                            <u>$11,585</u>

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7 0
2 years ago
For 2021, Rahal's Auto Parts estimates bad debt expense at 1% of credit sales. The company reported accounts receivable and an a
ziro4ka [17]

Answer:

$3,860

Explanation:

The balance in the account Allowance for Doubtful Accounts is expected to be the projected amount in receivables of the company that will not be converting to cash.

Therefore to calculate final balance of allowance for doubtful balance

Beginning balance                                                                 2700

Bad debt expense (410000*1%)                                            4100

Less: Written off                                                                   -2940

Ending balance                                                                    3860

So answer is $3,860

4 0
3 years ago
"Stock R has a beta of 1.5, Stock S has a beta of 0.75, the required return on an average stock is 10%, and the risk-free rate o
Kaylis [27]

Answer:

4.5%

Explanation:

Stock R (Beta) = 1.5

Stock S  (Beta) = 0.75

Expected rate of return on an average stock (Rm)= 10%

Risk free rate (Rf) = 4%

Required Return (Re) = Rf +(Rm-Rf) B

Required Return = 0.04 + (0.10-0.04) B

Required Return = 0.04 + 0.06B

Stock R = 0.04 + (0.06 * 1.50)

Stock R = 0.04 + 0.09

Stock R = 0.13

Stock R = 13%

Stock S = 0.04 + (0.06 * 0.75)

Stock S = 0.04 + 0.045

Stock S = 0.085

Stock S = 8.5%

Here, the more risky stock is R and less risky stock is S. Since, R has more beta than the Stock S.

= 13% - 8.5%

= 4.5%

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Other things remaining the same, if the average aggregate inventory value goes down, then?
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