Upward and Onward, Inc., a5 S501(e)(3) organization that provides training programs for government assistance recipients, reports the following income and expenses from the sale of products associated with the training program.
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- 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 b. Gross Profit c. Net ProfitWhat is the gross profit for the year if the net revenue from by-product is treated as additional sales revenue? b. P1,230,000 c. P1,218,000 d. P1,118,000 a. P1,200,000 What is the net income for the year if the net revenue from by-product is treated as deduction from the cost of goods sold? d. P118,000 b. P230,000 a. P200,000 c. P218,000LO 2.1 Magio Company manufactures kitchen equipment used in hospitals. They distribute their products directly to the customer and, for the year ending 2019, they reported these revenues and expenses. Use this information to construct an income statement for the year 2019. Sales revenue Cost of goods sold Operating expenses $985,000 489,000 245,000 Magio Company Income Statement for Year Ended 2019 $type your answer... Sales Cost of goods sold Gross profit Operating expenses Operating income $ type your answer.. $ type your answer... $type your answer... $ type your answer...
- What is the net income for the year if the net revenue from by-product is treated as deduction from the cost of goods sold? Group of answer choices d. P118,000 b. P230,000 a. P200,000 c. P218,000Refer to the information provided in Table Table $Billions Durable goods 600 Nonresidential investment 400 Federal purchases of goods Exports State and local purchases of goods 350 300 100 Residential investment 150 Services 900 Imports Change in business inventories Nondurable goods 100 -40 800 Refer to Table The value for net exports in billions of dollars is Select one: a. -200. b. 100. C. 400. d. 200.Problem 1-21 (Algo) Traditional and Contribution Format Income Statements [LO1-6] Marwick's Pianos, Incorporated, purchases pianos from a manufacturer for an average cost of $1,508 per unit and then sells them to retail customers for an average price of $3,100 each. The company's selling and administrative costs for a typical month are presented below: Costs Selling: Advertising Sales salaries and commissions Delivery of pianos to customers Utilities Depreciation of sales facilities Administrative: Cost Formula $937 per month $4,819 per month, plus 3% of sales $62 per piano sold $638 per month $5,010 per month $13,471 per month $682 per month $2,465 per month, plus $36 per piano sold $944 per month Executive salaries Insurance Clerical Depreciation of office equipment During August, Marwick's Pianos, Incorporated, sold and delivered 58 pianos. Required: 1. Prepare a traditional format income statement for August. 2. Prepare a contribution format income statement for August. Show costs…
- i Exercise 1-15 (Algo) Traditional and Contribution Format Income Statements [LO1-6] The Alpine House, Incorporated, is a large retailer of snow skis. The company assembled the information shown below for the quarter ended March 31: Sales Selling price per pair of skis Variable selling expense per pair of skis Variable administrative expense per pair of skis Total fixed selling expense Total fixed administrative expense Beginning merchandise inventory Ending merchandise inventory Merchandise purchases Required 1 Required: 1. Prepare a traditional income statement for the quarter ended March 31. 2. Prepare a contribution format income statement for the quarter ended March 31. 3. What was the contribution margin per unit? Required 2 Amount $ 1,012,000 $ 440 Complete this question by entering your answers in the tabs below. Required 3 $ 150,000 $ 130,000 $ 65,000 $ 100,000 $ 280,000 Selling and administrative expenses: $45 $18 Prepare a traditional income statement for the quarter ended…Problem 13-02A (Video) The comparative statements of Cullumber Company are presented here: Cullumber CompanyIncome StatementsFor the Years Ended December 31 2020 2019 Net sales $1,891,640 $1,751,600 Cost of goods sold 1,059,640 1,007,100 Gross profit 832,000 744,500 Selling and administrative expenses 501,100 480,100 Income from operations 330,900 264,400 Other expenses and losses Interest expense 23,700 21,700 Income before income taxes 307,200 242,700 Income tax expense 93,700 74,700 Net income $213,500 $168,000 Cullumber CompanyBalance SheetsDecember 31 Assets 2020 2019 Current assets Cash $60,100 $64,200 Debt investments (short-term) 74,000 50,000 Accounts receivable 118,900 103,900 Inventory 127,700 117,200 Total current assets 380,700 335,300 Plant assets (net)…Exercise No. 2 Elizabeth Sales decided to create a branch in Naga City at the start of 2022. The branch operation had the following transactions during 2022: Merchandise costing P350,000 and cash of P200,000 were transferred from the home office. The branch purchased on account additional merchandise inventory of P400,000 from other distributors. 3. Sales of P650,000 were made by the branch during the period. The cost of these sales was P425,000. Cash of P600,000 was collected from sales during the year. 4. Advertising costs of P40,000, sales commissions of P65,000, and other operating expenses of P45,000 were incurred and paid by the branch. 5. The branch paid P370,000 on account to other distributors and remitted P120,000 to the home office. 1. 2. Required: 1. Record each of the transactions on the books of the branch. 2. Prepare an income statement for the branch for 2022. 3. Prepare a Statement of Financial Position as of December 31, 2022, for the branch. 1. Journal Entries: 1? ?…
- SERVICE REVMENUE $ 281,000 120,000 161,000 Sales revenue, net Cost of goods sold Gross profit OPERATING EXPENSES Selling expenses Wages expense - selling Fuel expense- selling Depreciation expense - selling Total selling expenses General and administrative expenses 15,000 20,000 45,000 80,000 Rent expense - administrative Office supplies expense - administrative 12,000 15,000 27,000 107,000 54,000 Total general and administrative expenses Total operating expenses Total income from operations OTHER EXPENSES Interest expense 2,000 52,000 13,000 %24 Total incorme before tax Incorme tax expense Net income 39,000 Eamings Per Share (EPS) 24 0.65 What is Carson's Bakery net profit margin? O 13.87% O 57.29% O 38.07% O 33.54%Sales Revenue Cost of Goods Sold Administrative Expenses Loss on Disposal of Equipment Sales Commission Expense Interest Income Loss from Flood Damage Loss from Discontinued Operations Credit Losses Totals Debit $15900. $10500. $16240. $23200. $72400 27300 11100 9800 15900 23200 6300 $166000 Credit $172400 8600 $181000 Blue uses the perpetual system, and their income tax rate is 30%. On Blue's multiple-step income statement for 2023, net income isCompute the following Output Tax due for the Month PH TAXATION show solution Vatable sale P1, 500,000 Domestic purchase of goods other than Capital Goods P 100,000 Domestic Purchase of Service 200,000 Purchase of agricultural food products in original state P 150,000