The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A.
Question:
The following is the adjusted trial balance data for Elm Connections as of December 31, 2019.
A. Use the data provided to compute net sales for 2019.
B. Compute the gross margin for 2019.
C. Compute the gross profit margin ratio (rounded to nearest hundredth)
D. Prepare a simple income statement for the year ended December 31, 2019.
E. Prepare a multi-step income statement for the year ended December 31, 2019.
Cash Accounts Receivable Buildings Merchandise Inventory Accounts Payable Common Stock Sales Interest Revenue Rent Revenue Sales Salaries Expense Office Supplies Expense Sales Discounts ELM CONNECTIONS Adjusted Trial Balance Year Ended December 31, 2019 Debit Interest Expense Sales Returns and Allowances Cost of Goods Sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals $596,823 34,672 350,000 263,909 25,180 5,942 99,651 3,566 110,285 180,630 15,485 9,000 9,324 19,193 $1,723,660 Credit $ 502,690 432,975 603,427 94,568 90,000 $1,723,660
Step by Step Answer:
A To compute net sales for 2019 we need to subtract sales returns and allowances from sales Net Sale...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
Related Video
A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
Students also viewed these Business questions
-
The following is the adjusted trial balance of Qwik Care Clinic, Inc. for December 31, 2013. Requirement Journalize the closing entries at December 31. Qwik Care Clinic, Inc Adjusted Trial Balance...
-
The following is the adjusted trial balance of Lending Hand, Inc., for December 31, 2012. Requirement 1. Journalize the closing entries at December 31, 2012. Lending Hand, Inc. Adjusted Trial Balance...
-
The following is the adjusted trial balance of Healthy Way, Inc., for January 31, 2012. Requirement 1. Journalize the closing entries at January31. Healthy Way, Inc. Adjusted Trial Balance January...
-
Consider the plane stress inhomogeneous case with only variation in elastic modulus given by E = E(y) = 1/ (Ay + B). Further assume that the Airy function depends only on y, = (y). Show that...
-
Do the firms in an oligopoly act independently or interdependently? Explain your answer.
-
Consider a router that interconnects three subnets: Subnet 1, Subnet 2, and Subnet 3. Suppose all of the interfaces in each of these three subnets are required to have the prefix 223.1.17/24. Also...
-
The \(f\)-chart is based on \(F_{R}(\tau \alpha)\) and \(F_{R} U_{c}\) values, which can be deduced from a plot of collector efficiency versus \(\left(T_{\text {fin }}-T_{a} ight) / I\). If such a...
-
Consider the following all-integer linear program: Max 5x1 + 8x2 s.t. 6x1 + 5x2 30 9x1 + 4x2 36 1 x1 + 2 x2 10 x1, x2 0 and integer a. Graph the constraints for this problem. Use dots to indicate...
-
20log(V(k)) (dB) 4) A system for discrete-time spectral analysis of continuous-time signals is shown below. In addition, the output [] from the system is shown in the plot. (Note the plot of [] is in...
-
Harry Jamison, CPA, is planning to set up a business to prepare tax returns. Harry is the only person in the business, at least for now. Can he delegate any work? Should he? Explain.
-
Review the following situations and record any necessary journal entries for Letter Depot. Mar. 9 Mar. 20 Letter Depot purchases $11,420 worth of merchandise on credit from a manufacturer. Shipping...
-
Review the following transactions for Birdy Birdhouses and record any required journal entries. Sep. 6 Sep. 8 Sep. 10 Sep. 18 Birdy Birdhouses purchases 57 birdhouses at $46 each with cash. Birdy...
-
In a serial search, the search key (the value being searched for) is compared with each element in an array until a match is found or there are no more elements in the array. True of False
-
Helping Hospital operates a general hospital but rents space to separately owned entity to Pec Helping Hospital charges Pediatrics for patients' services. Helping Hospital charged the following costs...
-
2 Riscko debtor schedule as at 31 May 20XX correction task You are Joan Jacks and you are an Accountant who works for Riskco, a reputable risk management consultancy company. You are checking the...
-
Current Attempt in Progress * Only those costs that differ across alternatives, i.e., relevant costs are to be considered. In incremental analysis, the only costs to be considered are variable costs....
-
Review the following: Net Promoter Score (NPS)- A Brief Introduction Think of three different companies for which you could be considered a Promoter, Passive, or Detractor.For each company, describe...
-
Joe is a mechanic by trade who operates high-performance racing vehicles. He is passionate about his craft and has been in the industry for over 30 years. He owns his own home on acreage with his...
-
Let {v1,..., vn} be a basis of V and let T: V V be a linear transformation. (a) If T(v1) = v1 for each i, show that T = 1v. (b) If T(v1) = -v1 for each i, show that T = -1 is the scalar operator...
-
A sprinkler head malfunctions at midfield in an NFL football field. The puddle of water forms a circular pattern around the sprinkler head with a radius in yards that grows as a function of time, in...
-
Should the objective of our economy be maximum efficiency? If your answer is yes, eff i ciency in what? If not, what should the objective be?
-
Discuss the conflict of interests among production, finance, accounting, and marketing executives. How does this conflict affect the operation of an individual firm? The economic system? Why does...
-
In the short run, competition sometimes leads to inefficiency in the operation of our economic system. Many people argue for monopoly in order to eliminate this inefficiency. Discuss this solution.
-
Luzadis Company makes furniture using the latest automated technology. The company uses a job - order costing system and applies manufacturing overhead cost to products on the basis of machine -...
-
Thoroughly define organizational culture and provide three examples of different types of organizational cultures. Several sources and examples support thinking. explain how leaders and managers...
-
Peru Industries began operations on January 1 , 2 0 2 3 . During the next two years, the company completed a number of transactions involving credit sales, accounts receivable collections, and bad...
Study smarter with the SolutionInn App