The following is the adjusted trial balance data for Emmas Alterations as of December 31, 2019. A.
Question:
The following is the adjusted trial balance data for Emma’s Alterations as of December 31, 2019.
A. Use the data provided to compute net sales for 2019.
B. Compute the gross margin for 2019.
C. Compute the gross profit margin ratio (rounded to nearest hundredth).
D. Prepare a simple income statement for the year ended December 31, 2019.
E. Prepare a multi-step income statement for the year ended December 31, 2019.
Cash Accounts Receivable Equipment Merchandise Inventory Accounts Payable Common Stock EMMA'S ALTERATIONS Adjusted Trial Balance Year Ended December 31, 2019 Debit $ 600,538 50,689 199,430 169,744 Sales Interest Revenue Rent Revenue Sales Salaries Expense Office Supplies Expense Sales Discounts Interest Expense Sales Returns and Allowances Cost of Goods Sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 26,750 4,903 61,347 3,570 55,432 90,333 10,400 8,560 3,421 11,878 $1,296,995 Credit $ 234,893 502,200 393,426 100,976 65,500 $1,296,995
Step by Step Answer:
answer A Net Sales Sales Sales Returns and Allowances 393426 55432 337994 B Gross Margin Net Sales C...View the full answer
Principles Of Accounting Volume 1 Financial Accounting
ISBN: 9781593995942
1st Edition
Authors: Mitchell Franklin, Patty Graybeal, Dixon Cooper, OpenStax
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A trial balance is a list of all the general ledger accounts contained in the ledger of a business. This list will contain the name of each nominal ledger account and the value of that nominal ledger balance. Each nominal ledger account will hold either a debit balance or a credit balance
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