The following is the adjusted trial balance data for Emmas Alterations as of December 31, 2019. A.
Question:
The following is the adjusted trial balance data for Emma’s Alterations 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 Equipment Merchandise Inventory Accounts Payable Common Stock EMMA'S ALTERATIONS Adjusted Trial Balance Year Ended December 31, 2019 Debit $ 600,538 50,689 199,430 169,744 Sales Interest Revenue Rent Revenue Sales Salaries Expense Office Supplies Expense Sales Discounts Interest Expense Sales Returns and Allowances Cost of Goods Sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 26,750 4,903 61,347 3,570 55,432 90,333 10,400 8,560 3,421 11,878 $1,296,995 Credit $ 234,893 502,200 393,426 100,976 65,500 $1,296,995
Step by Step Answer:
answer A Net Sales Sales Sales Returns and Allowances 393426 55432 337994 B Gross Margin Net Sales C...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 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...
-
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...
-
Do the following problems mentally using the distributive property. a. 5 99 b. 4 88 c. 8 52
-
Why does the demand curve facing a monopolistically competitive firm slope downward in the long run, even after the entry of new firms?
-
To conduct post implementation review, _____________ methods are used. (a) Interview (b) Observation (c) Questionnaire (d) All of these
-
Eccentric Electric Ltd operates three selling departments mountain bike, road bike, and hybrid. Certain indirect expenses are allocated to the selling departments as follows. Required Prepare a...
-
On June 30, the end of the first month of operations, Volker Energy Company prepared the following income statement, based on the absorption costing concept: If the fixed manufacturing costs were...
-
A machine is 77% efficient and loses 1.1 horsepower through its drivetrain. Determine the horsepower input of the machine. Round the answer to 1 decimal place.
-
Amherst Networking Systems adjusts and closes its books and then prepares financial statements monthly. Amherst uses the perpetual inventory system and all sales on credit have terms of n/30. The...
-
A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer? A. Accounts...
-
Record journal entries for the following sales transactions of Balloon Depot. Mar. 8 Mar. 11 Mar. 18 Sold 570 balloon bundles to a customer on credit for $38 per bundle. The cost to Balloon Depot was...
-
Two balls, one of mass 5 kg and the other of mass 10 kg, are dropped simultaneously from a window. When they are 1 m above the ground, the balls have the same a. kinetic energy b. potential energy c....
-
\(\sigma_{1}
-
Each chapter in the textbook contains a continuation of this problem. The objective is to learn how to do a comprehensive financial statement analysis in steps as the content of each chapter is...
-
If we have a large sample of data, then using critical values from the standard normal distribution for constructing a \(\boldsymbol{p}\)-value is justified. But how large is "large"? a. For a...
-
The data file collegetown contains data on 500 single-family houses sold in Baton Rouge, Louisiana, during 2009-2013. The data include sale price in \(\$ 1000\) units, PRICE, and total interior area...
-
The data file collegetown contains data on 500 single-family houses sold in Baton Rouge, Louisiana, during 2009-2013. The data include sale price (in \(\$ 1000\) units), PRICE, and total interior...
-
The article "Drying of Pulps in Sprouted Bed: Effect of Composition on Dryer Performance" (M. Medeiros, S. Rocha, et al., Drying Technology, 2002:865-881) presents measurements of pH, viscosity (in...
-
Solve for the equilibria of the following discrete-time dynamical systems Pr pt+1 = Pr+2.0(I-Pr)
-
Compare and contrast return on investment (ROI) and return on assets (ROA) measures. Which would be best for a retailer with no bank borrowing or other outside sources of funds (that is, the retailer...
-
Compare and contrast return on investment (ROI) and return on assets (ROA) measures. Which would be best for a retailer with no bank borrowing or other outside sources of funds (that is, the retailer...
-
Suggest a plausible explanation for sales fluctuations for (a) Computers, (b) Ice cream, (c) Washing machines, (d) Tennis rackets, (e) Oats, (f) Disposable diapers, (g) Latex for rubber-based paint.
-
How do the resource descriptions (typing) used in the Incident Command System lead to a more effective response?
-
A company incurs $4172000 of overhead each year across three departments: Ordering and Receiving, Mixing, and Testing. The company prepares 2000 purchase orders, works 50000 mixing hours, and...
-
Hemming Company reported the following current-year purchases and sales for its only product. Date January 1 January 10 Activities Beginning inventory March 14 March 15 July 30 Sales Purchase Sales...
Study smarter with the SolutionInn App