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kupik [55]
3 years ago
13

The following information applies to the questions displayed below Over a four-year period, Jackie Corporation reported the foll

owing series of gross profits 2018 2019 2020 2021 $60,000 $66,000 $74,000 $90,000 Cost of goods sold32,000 46,00028,000 48,000 $28,000 $20,000 $46,000 $42,000 Net sales Cross profit In 2021, the company performed a comprehensive review of its inventory accounting procedures. Based on this review company records reveal that ending inventory was understated by $11,000 in 2019. Inventory in all other years is correct. Problem 6-10A Part 1
Required:
1. Calculate the gross profit ratio for each of the four years based on amounts originally reported. (Round your answers to the nearest whole percent.) Gross Profit Ratio 2018 2019 2020 2021 The following information applies to the questions displayed below Over a four-year period, Jackie Corporation reported the following series of gross profits 2021 Net sales Cost of goods sold Gross profit $60,000 $66,000 $74,000 $90,000 $28,000 $20,000 46,000 $42,000 In 2021, the company performed a comprehensive review of its inventory accounting procedures. Based on this review, company records reveal that ending inventory was understated by $11,000 in 2019. Inventory in all other years is correct
2. Calculate the gross profit ratio for each of the four years based on corrected amounts. (Round your answers to the nearest whole percent.) Gross Ratio 2018 2019 2020 2021
Business
1 answer:
lawyer [7]3 years ago
3 0

Answer:

1. Gross Profit ratio

2018 47%

2019 30%

2020 62%

2021 47%

2. Gross Profit ratio

2018 47%

2019 47%

2020 47%

2021 47%

Explanation:

1. Calculation for the gross profit ratio for each of the four years based on amounts originally reported.

2018 2019 2020 2021

Net sales $60,000 $66,000 $74,000 $90,000

Less Cost of goods sold $32,000 $46,000 $28,000 $48,000

=Gross profit$ 28,000 $20,000 $46,000 $42,000

Gross Profit ratio

2018 47% =$28,000/$60,000

2019 30% =$20,000/$66,000

2020 62% =$46,000/$74,000

2021 47% =$42,000/$90,000

2. Calculation for the gross profit ratio for each of the four years based on corrected amounts.

Cost of goods sold 2019=$46,000-$11,000

Cost of goods sold 2019=$35,000

Cost of goods sold 2020=$28,000+$11,000

Cost of goods sold 2020=$39,000

2018 2019 2020 2021

Net sales $60,000 $66,000 $74,000 $90,000

Less Cost of goods sold $32,000 $35,000 $39,000 $48,000

=Gross profit $28,000 $31,000 $35,000 $42,000

Gross Profit ratio

2018 47% =$28,000/$60,000

2019 47% =$31,000/$66,000

2020 47% =$35,000/$74,000

2021 47% =$42,000/$90,000

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Answer: Self-affirmations

Explanation:

Here, in this particular case Kylie has been using affirmations that act as the positive statements in order to help her overthrow the self-hindering, sabotaging ,disrupting negative thoughts and ideas. For an individual to use these affirmations, they should first examine the thoughts and attitudes that they would like to change.

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A metal fabricator produces connecting rods with an outer diameter that has a 1 ± .01 inch specification. A machine operator tak
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Answer:

A) 1.111

B) 0.889

Explanation:

given data :

outer diameter of connecting rods = 1 ± 0.01 inch

sample mean outer diameter = 1.002 inches

standard deviation = 0.003 inches

A) Calculating the Cp of the process

mean = 1.002

Standard deviation = 0.003

LSL = 1 - 0.01 = 0.99

USL = 1 + 0.01 = 1.01

Cp = \frac{USL - LSL}{6 * STANDARD DEVIATION} =  \frac{1.01-0.99}{6*0.003} = 1.111

B) calculate Cpk

mean = 1.002, LSL = 0.99, USL = 1.01 , deviation = 0.003

Cpk = min[\frac{mean-LSL}{3* deviation} , \frac{USL- mean}{3*deviation} ]

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Exercise 8-7 At December 31, 2018, Concord Corporation Company had a credit balance of $18,800 in Allowance for Doubtful Account
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Answer:

Dr Allowance $13,500

Cr Accounts Recivable $13,500

Dr Accounts Recivable $3,500

Cr Allow ance $3,500

Dr Cash $3,500

Cr Accounts Rec $3,500

Dr Bad Debts Expense $21,900

Cr Allowance $21,900

Explanation:

Preparation of the journal entries to record the 2019 transactions of Concord Corporation Company

Dr Allowance $13,500

Cr Accounts Recivable $13,500

(To record amount written off)

Dr Accounts Recivable $3,500

Cr Allow ance $3,500

(To reverse write-off)

Dr Cash $3,500

Cr Accounts Rec $3,500

(To record collection of writeoff)

Dr Bad Debts Expense $21,900

Cr Allowance $21,900

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