1. Enter the following merchandising transactions as journal entries into the Arizona Coyotes general journal. Then, calculate gross profit (to the right of the journal entries) using just these transactions

Merchandising transactions for the month of july:

1.1 on july 3, sold jersies on account to flagstaff sporting goods for $1,200. The cost of the merchandise sold was $850

1.2 purchased additional merchandise on account from Hockey Stuff LLC for $3.480 on july 10.

1.3 on july 13, sold jersies and sticks to the I Love Hockey, Inc. for $2.650 on account. The cost of the merchandise sold was $950

1.4 Recieved payment from flagstaff sporting goods on july 15th

1.5 july 22, paid hockey stuff LLC for the merchandise purchased on july 10.

1.6 Recieved payment from i love hockey, inc. on july 23rd.

2. calculate gross profit to the right of the general journal

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3. The account balances for the Phoniex Rising are presented below. Use these account balances to prepare a multi-step income statement for the company. NOTE: not all of accounts are for items that go on the income statement.

3.1 Prepare an income statement for the year ended December 31, 20xx. Remember, you should use referencing/functions to enter the values on financial statements (no direct typing of numbers)

3.2 calculate the gross profit rate and profit margin for the phoniex rising FC below:

3.3 "The vice president of marketing and the director of human resources have developed a proposal whereby phoniex rising FC would compensate the sales force on a strictly commission basis. Given the increased incentive, they expect net sales to increase by 15%. As a result, they estimate that gross profit will increase by $94,395 and expenses by $128,905"

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compute the expected new net income, (Hint: you do not need to prepare an income statement) Then, compute the revised profit margin and gross profit rate. Comment on the effect that this plan would have on net income and on the ratios, and evaluate the merit of the proposal. (IGNORE INCOME TAX EFFECTS)

Enter the following merchandising transactions as journal entrles into the Arizona Coyotes general journal. Then, calculate gross profit (to the right of the the journal entries) using Just these transactions. Merchandising transactions for the month of July: 1. On July 3, Sold jersies on account to Flagstaff Sporting Goods for 51,200 . The cost of the merchandise sold was 5550. 2. Purchased additional merchandise on account from Hockey 5 tuff LLC for $3,480 on July 10. 3. On July 13, sold jersies and sticks to I Love Hockey, Ine. for 52,650 on account. The cost of the merchandise sold was $950. 4. Received payment from flagstaff sporting Goods on July 15 th. 5. July 22, paid Hockey Stuff uc for the merchandise purchased on July 10. 6. Received Payment from I Love Hockey, inc, on July 23 rd. Genera journa The account balances for the Phoenix Rising are presented below. Use these account balances to prepare a multi-step income statement for the company. NOTE: not all of these accounts are for items that go on the income statement. Prepare an income statement for the year ended December 31,20X. Remember, you should use referencing/functions to enter the values on financial statements (no direct typing of numbers). F42 D E Prepare an income statement for the year ended December 31, 20XX. Remember, you should use referencing/functions to enter the values on financial statements (no direct typing of numbers). Phoenix Rising FC Income Statement For the Year Ended December 31, 20XX Net Sales 5 Operating Expense Total Operating Expenses Income from Operations Other Revenues and Gains Other Expenses and Losses income before income Taxes Net income F55 A B C D Calculate the gross profit rate and profit margin for the Phoenix Rising FC below. Profit Margin Gross Profit Rate The vice president of marketing and the director of human resources have developed a proposal whereby Phoenix Rising FC would compensate the sales force on a strictly commission basis. Given the increased incentive, they expect net sales to increase by 15%. As a result, they estimate that gross profit will increase by $94,395 and expenses by $128,905 Compute the expected new net income. (Hint: You do not need to prepare an income statement.) Then, compute the revised profit margin and gross profit rate. Comment on the effect that this plan would have on net income and on the ratios, and evaluate the merit of this proposal. (Ignore income tax effects.) Revised Net income Revised Net Sales Revised Profit Margin Revised Gross Profit Rate What effect will this change have on the profit margin? What effect will this change have on the gross profit rate? Given this expected outcome, should the company impliment the plan? Enter the following merchandising transactions as journal entrles into the Arizona Coyotes general journal. Then, calculate gross profit (to the right of the the journal entries) using Just these transactions. Merchandising transactions for the month of July: 1. On July 3, Sold jersies on account to Flagstaff Sporting Goods for 51,200 . The cost of the merchandise sold was 5550. 2. Purchased additional merchandise on account from Hockey 5 tuff LLC for $3,480 on July 10. 3. On July 13, sold jersies and sticks to I Love Hockey, Ine. for 52,650 on account. The cost of the merchandise sold was $950. 4. Received payment from flagstaff sporting Goods on July 15 th. 5. July 22, paid Hockey Stuff uc for the merchandise purchased on July 10. 6. Received Payment from I Love Hockey, inc, on July 23 rd. Genera journa The account balances for the Phoenix Rising are presented below. Use these account balances to prepare a multi-step income statement for the company. NOTE: not all of these accounts are for items that go on the income statement. Prepare an income statement for the year ended December 31,20X. Remember, you should use referencing/functions to enter the values on financial statements (no direct typing of numbers). F42 D E Prepare an income statement for the year ended December 31, 20XX. Remember, you should use referencing/functions to enter the values on financial statements (no direct typing of numbers). Phoenix Rising FC Income Statement For the Year Ended December 31, 20XX Net Sales 5 Operating Expense Total Operating Expenses Income from Operations Other Revenues and Gains Other Expenses and Losses income before income Taxes Net income F55 A B C D Calculate the gross profit rate and profit margin for the Phoenix Rising FC below. Profit Margin Gross Profit Rate The vice president of marketing and the director of human resources have developed a proposal whereby Phoenix Rising FC would compensate the sales force on a strictly commission basis. Given the increased incentive, they expect net sales to increase by 15%. As a result, they estimate that gross profit will increase by $94,395 and expenses by $128,905 Compute the expected new net income. (Hint: You do not need to prepare an income statement.) Then, compute the revised profit margin and gross profit rate. Comment on the effect that this plan would have on net income and on the ratios, and evaluate the merit of this proposal. (Ignore income tax effects.) Revised Net income Revised Net Sales Revised Profit Margin Revised Gross Profit Rate What effect will this change have on the profit margin? What effect will this change have on the gross profit rate? Given this expected outcome, should the company impliment the plan