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

  Incremental effect on company overall profit

Hodge Inc. has some material that originally cost $74,600. The material has a scrap value of $57,400 as is, but if reworked at a cost of $1,500, it could be sold for $54,500.

  Important risks for audit of acquisition

What are the most important risks for the audit of the acquisition and payment cycles in the automotive industry?

  Dividends received by common stock-holders

The board of directors declared and paid a $3,000 dividend in 2009. In 2010, $12,000 of dividends are declared and paid. What are the dividends received by the common stockholders in 2010?

  Income statement of ohio corp

Ohio Corp. reported a deferred tax liability of $6,000,000 for the year ended December 31, 2012, when the tax rate was 40%. Income tax expense reported by Ohio on its year end December 31, 2013 income statement is:

  Problem regarding partnership

Barry owns a 30% interest in a partnership that earned $300,000 this year. He also owns 30% of the stock in a C corporation that earned $300,000 during the year.

  Indirect method assuming net income

Compute the net cash provided by operating activities using the indirect method assuming that net income was $125,000 for the year.

  Company ships product to a customer

When a company ships product to a customer with the terms f.o.b. (free on board) destination, which of the following is true?

  Primary revenue source for not-for-profit organizations

The primary revenue source for not-for-profit organizations is contributions. Please define what a contribution is, and discuss how the different types of contributions are recognized as revenue

  What is normans earnings per share

Norman Corporation had 250,000 shares of common stock outstanding during the year. Norman declared and paid cash dividends of $200,000 on the common stock and $160,000 on the preferred stock. Net income for the year was $880,000. What is Norman's ..

  Euro currency markets

What are the Euro Currency Markets and how is it employed in global financing operations and explain its importance in manageing risks?

  Discuss how the proposed constraint addresses concerns

Other than for financial statements, management need report only the information it knows. That is, management should be under no obligation to gather information it does not have, or does not need, to manage the business.

  Professional services and banking

A CPA firm was purchased by a public company. The acquirer performs other professional services and has banking, insurance, and brokerage subsidiaries.

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