The adjusted trial balance for Sparkys Electrical Supply, Inc. as of November 30, 2013, is presented next:
Question:
Requirements
1. Prepare the multi-step income statement for November for Sparkys Electrical Supply, Inc.
2. Calculate the gross profit percentage for November for Sparkys Electrical Supply, Inc.
3. What does Sparkys Electrical Supply Inc.s gross profit percentage mean?
Transcribed Image Text:
Sparky's Electrical Supply, Inc Trial Balance November 30, 2013 ACCOUNT Cash Accounts Receivable Inventory Supplies Equipment Accumulated Depreciation, Equipment Accounts Payable Unearned Sales Revenue Note Payable, Long-Terrm Common Shares Retained Earnings Dividends Sales Revenue Sales Returns and Allowances Sales Discounts Cost of Goods Sold Selling Expense General Expense Total DEBIT CREDIT 15,000 37,300 18,500 900 68,000 $ 8,000 12,900 5,300 15,000 10,000 73,300 22,000 193,200 8,700 2,600 103,400 25,200 16,100 $317,700 $317.700
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 69% (13 reviews)
Req 1 Sparkys Electrical Inc Income Statement Month Ended Nove...View the full answer
Answered By
Muhammad Umair
I have done job as Embedded System Engineer for just four months but after it i have decided to open my own lab and to work on projects that i can launch my own product in market. I work on different softwares like Proteus, Mikroc to program Embedded Systems. My basic work is on Embedded Systems. I have skills in Autocad, Proteus, C++, C programming and i love to share these skills to other to enhance my knowledge too.
3.50+
1+ Reviews
10+ Question Solved
Related Book For
Financial Accounting
ISBN: 978-0132889711
1st Canadian Edition
Authors: Jeffrey Waybright, Liang Hsuan Chen, Rhonda Pyper
Question Posted:
Students also viewed these Cost Accounting questions
-
The adjusted trial balance for Indy Furniture Company on November 30, the end of its first month of operation, is as follows: The general ledger reveals the following additional data: a. There were...
-
The adjusted trial balance for Appleton Appliances, Ltd. On June 30, the end of its first month of operation is as follows: The general ledger reveals the following additional data: a. There were no...
-
The adjusted trial balance for Karr Bowling Alley at December 31, 2010, contains the following accounts. Instructions(a) Prepare a classified balance sheet; assume that $13,900 of the note payable...
-
Which of these is a true statement about silicate minerals? (a) Melting point decreases as silica percentage increases. (b) Melting point increases as silica percentage increases.
-
Sales of the P.J. Cramer Company were $500,000 this year, and they are expected to grow at a compound rate of 20 percent for the next six years. What will be the sales figure at the end of each of...
-
Consider the algebra for three generators \(A, B, C\), Is it a Lie algebra? If so, write its adjoint representation in terms of matrices. [A, B]=C, [B, C]=A, [C, A] = B. (13.59)
-
Explain with a neat sketch fast and loose pulley.
-
1. Does Steve need additional information from Iverstine and Walker? 2. What would you recommend? In 1979, Steve Blake founded Blake Electronics in Long Beach, California, to manufacture resistors,...
-
Head-First Company plans to sell 5,120 bicycle helmets at $74 each in the coming year. Unit variable cost is $45 (includes direct materials, direct labor, variable factory overhead, and variable...
-
Jenny McCarthy is an engineer for a municipal power plant. The plant uses natural gas, which is currently provided from an existing pipeline at an annual cost of $10,000 per year. Jenny is...
-
The following transactions for Liberty Tire, Co. occurred during October: Oct 4 Purchased $5,900 of merchandise on account from Firerock Tire, terms 2/15, n/45, FOB shipping point. Firerock Tire...
-
The account balances for the year ended December 31, 2013, for Williams Industries are listed next: Sales Revenue .......... $322,800 Equipment .......... 104,000 Accounts Payable ....... 16,500...
-
Sophie is a single taxpayer. For the first payroll period in July 2020, she is paid wages of $2,200 monthly. Sophie claims one allowance on her pre-2020 Form W-4. . a. Use the percentage method to...
-
1. (a) (8 points) How long does person a need to leave $8,000 to grow to $15,500 at 73% compounded quarterly? Report the answer in years and months. (b) (8 points) At what interest rate will it take...
-
Find the volume of the following solids. The base of a solid is the region bounded by the graphs of y = 6x, y = 24, and x = 0. The cross-sections perpendicular to the x-axis are a. rectangles of...
-
We assume that the stock price S is governed under the martingale measure by the Black-Scholes stochastic differential equation dS = St (r dt + dWt), So > 0, where > 0 is the stock price volatility...
-
(a) What is the spacing of the dark fringes in an interference pattern reflected from an air wedge between two microscope slides 10 cm long, separated at one end by a paper of thickness 0.10 mm,...
-
Part A the fringes observed in a double-slit interference experiment when the two slits are illuminated by white light. The central maximum is white because all of the colors overlap. This is not...
-
Google is great at many thingsattracting top talent, maintaining employee satisfaction, and encouraging creativity, to name a few. According to the Association of Training and Development (ATD),...
-
You purchase a bond with a coupon rate of 6.7 percent, a par value $1,000, and a clean price of $905. Assume a par value of $1,000. If the next semiannual coupon payment is due in two months, what is...
-
The condensed balance sheet and income statement data for Finch Corporation are presented below. Additional information:1. The market price of Finch common stock was $5.00, $3.50, and $2.80 for 2010,...
-
Financial information for Chimera Company is presented here. Additional information:1. Inventory at the beginning of 2011 was $330,000.2. Receivables at the beginning of 2011 were $80,000.3. Total...
-
Selected financial data for Stanley Black & Decker, Inc. and Snap-On Tools for 2009 are presented here (in millions). Instructions(a) For each company, compute the following ratios.(1) Current...
-
1). The Electronic Corporation manufactures two electrical products: air conditioners and large fans. The assembly process for each is similar in that both require a certain amount of wiring and...
-
After reviewing oceanview marine company's case materials, and reviewing the unaudited account balances, what is your preliminary view on the client's ability to continue as a going concern? What is...
-
For each chemical reaction listed in the table below, decide whether the highlighted atom is being oxidized or reduced. reaction highlighted atom is being... neither oxidized reduced oxidized nor...
Study smarter with the SolutionInn App