Reference no: EM132314970
Question
please explain how to solve these problems.
1.Given below are account balances for Charlie Company:
Gross sales, $92,000
Sales returns and allowances, $5,000
Selling expenses, $12,000
Cost of goods sold, $48,000
Interest expense, $3,000
How much is the gross profit margin? (enter your percentage as a decimal rounded to two decimal places. Example - enter 46% as .46)
2. Alpha Company provided the following data concerning its income statement: sales, $990,000; purchases, $401,000; beginning inventory, $275,000; ending inventory, $287,000; operating expenses, $108,000; freight-in, $5,000; sales discounts, $21,000; purchases discounts, $15,000; sales returns & allowances, $113,000; and purchases returns & allowances, $38,000. The data provides the basis for preparation of an income statement. How much is net income?
3. Annapolis Company's bank statement indicated an ending cash balance of $9,940. Alpha's accountant discovered that outstanding checks amounted to $515 and deposits in transit were $1,080. Additionally, the bank statement showed service charges of $25. What is the correct adjusted ending cash balance?
4. Baltimore Company uses aging to estimate uncollectibles. At the end of the fiscal year, December 31, 2018, Accounts Receivable has a balance that consists of:
Dollar Value Age of Account Estimated Collectible
$100,000 < 30 days old 99%
80,000 30 to 60 days old 90%
20,000 61 to 120 days old 72%
10,000 > 120 days old 12%
The current unadjusted Allowance for Uncollectible Accounts balance is a debit balance of $2,000 and the Bad Debt Expense accounts has an unadjusted balance of zero. After the adjusting entry is made, what will be the dollar balances in the Allowance for Doubtful Accounts? Round to nearest whole dollar.
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