User Account

All Pages

Income statement through gross profit

Assignment Help Accounting Basics
Reference no: EM13128924

At the end of Gordman Department Store's fiscal year on December 31, 2011, these accounts appeared in its adjusted trial balance.

Freight-in $5,600
Merchandise Inventory 40,500
Purchases 447,000
Purchase Discounts 12,000
Purchases Returns and Allowances 6,400
Sales 718,000
Sales Returns and Allowances 8,000

Additional facts:

1. Merchandise inventory on December 31, 2011, is $75,000.
2. Note that Gordman Department Store uses a periodic system.

Complete the income statement through gross profit for the year ended December 31, 2011. (List amounts from largest to smallest eg 10, 5, 3, 2.)

Reference no: EM13128924

Questions Cloud

Curved surface of right-circular cone : Find the area of the curved surface of a right-circular cone of radius 2 and height 2 by rotating the straight line segment from (00) to (22) about the y-axis.
How much heat is absorbed : How much heat is absorbed in the complete reaction of 3.00 grams of SiO2 with excess carbon in the reaction below?SiO2(g) + 3 C(s) → SiC(s) + 2 CO(g) ?H for the reaction is +624.7 kJ/mol
The ionic strength will be affected by mixing : Find the activity(not the activity coefficient) of the (C3H7)4N+ (tetrapropylammonium) ion in a solution containing 0.005 M (C3H7)4N+Br- plus 0.005 M (CH3)4N+Cl-. The ionic strength will be affected by mixing
Income statement through gross profit : Complete the income statement through gross profit for the year ended December 31, 2011. (List amounts from largest to smallest eg 10, 5, 3, 2.)
Is the market for coffee perfectly competitive : Is the market for coffee perfectly competitive and does the coffee market meet all six conditions of a perfectly competitive market?
Estimate population mean of length of carrots using gro-haut : What would be the minimum sample needed to estimate the population mean of the length of carrots using Gro-Haut to within 1.5 cm with 99% confidence?
How will the character of the income or loss be determined : A.The character of any income or loss will be ordinary regardless of when the contributed property is sold by the partnership and regardless of the character of the asset in the hands of the partnership.
Illustrate what are tax aspects to consider : The S corporation has $400000 of investment income and $400000 of investment expense in 2011. The company makes cash distributions to enable its sole shareholder to pay her taxes. Illustrate what are tax aspects to consider?

Reviews

Write a Review

Accounting Basics Questions & Answers

  No income gainedfrom revaluations

No Income Gainedfrom Revaluations- You are required to work as a research team intending to present your findings in a suitable written format

  Journal entries write off accounts receivable

Prepare the journal entry for Sorter Company to write off the Ordonez receivable. When writing the journal entry use Dr. for debit and Cr. for credit.

  Determining accounting and gaap

Discuss what is Accounting and why is it important? Be sure to include the different types of users of Accounting and their need for accounting.

  Discuss the rationale that underlies managements belief

New equipment is available that will reduce annual cash operating costs to $21,000. The equipment costs $103,000, has a service life of six years, and has an estimated residual value of $13,000. Company sales will total $430,000 per year with eith..

  Financial statements present a company to the public

Which financial statement requires input from the income statement and statement of retained earnings. Also what information does this financial statement provide

  Valuation of inventory

The lower-of-cost-or-market concept is used in the valuation of inventory. Describe this concept. How does this concept affect your company's profitability, or the profitability of a company with which you are familiar?

  New price of a share after a stock split

Rooney Inc. recently completed a 3-for-2 stock split. Prior to the split, its stock price was $90 per share. The firm's total market value was unchanged by the split.

  Selling and administrataive expense budget

The budgeted unit sales of Haerve Company for the upcoming fiscal year are provided below: Prepare the company's selling and administrative expense budget for the upcoming fiscal year.

  Difference between a file oriented and a database system

Bonadio Ekectrical Supplies distributes electrical components to the construction idustry. The company began as a local suookier 15 yrs ago and has rwon rapidly to become a major competitor in the north central US.

  Investments section of the balance sheet

(a) Common stock of E Company (10% ownership) held as available-for-sale securities, cost $120,000, fair value of $115,000 & (b) common stock of F Company (30% ownership) cost $215,000, equity of $250,000. Prepare the investments section of the ba..

  Percentage-of-completion method of revenue recognition

(TCO A) Blue Suede Construction Corp used the percentage-of-completion method of revenue recognition. They were contracted to build the new amphitheater for $800000. Additional information was provided:

  Character of income-partnership interest

How much income must Dave report for the tax year and what is the character of the income? What is Dave's basis in his partnership interest at the end of the tax year?

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd