Maurice Tutor

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Category > Accounting Posted 26 Sep 2017 My Price 8.00

Tungsten Company, Inc

Preparing an Income Statement and Computing the Gross Profit Percentage and Receivables Turnover Ratio with Discounts, Returns, and Bad Debts -Tungsten Company, Inc., sells heavy construction equipment. There are 10,000 shares of capital stock outstanding. The annual fiscal period ends on December 31. The following condensed trial balance was taken from the general ledger on December 31, 2011:

Account Titles

Debit

Credit

Cash

$33,600

Accounts receivable (net)

14,400

Inventory, ending

52,000

Operational assets

40,000

Accumulated depreciation

  

$16,800

Liabilities

24,000

Capital stock

72,000

Retained earnings, January 1, 2011

  

9,280

Sales revenue

147,100

Sales returns and allowances

5,600

Cost of goods sold

78,400

Selling expense

14,100

Administrative expense

15,400

Bad debt expense

1,600

Sales discounts

6,400

Income tax expense

7,680

Totals

$269,180

$269,180

Required:

1. Beginning with the amount for net sales, prepare an income statement (showing both gross profit and income from operations). Treat sales discounts and sales returns and allowances as a contra-revenue.

2. The beginning balance in Accounts Receivable (net) was $16,000. Compute the gross profit percentage and receivables turnover ratio and explain their meaning.

Answers

Maurice Tutor
(5)
Status NEW Posted 26 Sep 2017 02:09 PM My Price 8.00

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