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help please i posted the ones that are incorrect as well The return-on-sales ratio for Junker's Stash during the prior year was 12 percent. Based
help please i posted the ones that are incorrect as well
The return-on-sales ratio for Junker's Stash during the prior year was 12 percent. Based on the common size data in the income statement, did the expenses for Junker's Stash increase or decrease in Year 2? Assume sales are the same for both years. Did the expenses for Junker's Stash increase or decrease in Year 2 ? Decrease Exercise 4-17A (Algo) Comprehensive exercise with soles discounts LO 4-2, 4-3, 4-4, 4-6, 4-7, 4-8 Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal financial statements model During Year 2, Junker's Stash experienced the following business events. 1. Paid cash to purchase $89,000 of merchandise inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Transportation costs of $1,780 were paid in cash by the responsible party. 3a. Sold merchandise for $100,500 under terms 1110,n/30 3b. Recogrized $51,400 of cost of goods sold 4a. Junker's Stash customers returned merchandise that was sold for $2,480. 4b. The merchandise returned in Event 4a had cost Junker's Stash $1,440 5. The merchandise in Event 3a was sold to customers FOB destinotion. Transportation costs of $1,840 were paid in cash by the responsible party. 6a. The customers paid for the merchandise sold in Event 3a within the discount period. Recognized the sales discount 6b. Collected the balance in the accounts receivable account. 7. Paid cash of $7,32.5 for selling and administrative expenses, 8. Sold the land for $10,050 cash. a. Record the above transactions in a horizontal financial statements model b. Determine the amount of net sales c. Prepare a multistep income statement. Include common size percentages on the income statement. d. The return-on-sales ratio for Junker's Stash during the prior year was 12 percent. Based on the common size data in the income statement, did the expenses for Junker's Stash increase or decrease in Year 2 ? Assume sales are the same for both years Prepare a multistep income statement. Include common size percentages on the income sta Note: Round your answers to 1 decimal place. \begin{tabular}{|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|c|} \hline \multicolumn{18}{|c|}{ JUNKER'S SIASH } \\ \hline \multicolumn{18}{|c|}{ Financial Statements Model } \\ \hline \multicolumn{11}{|c|}{ Balance Shieet } & \multicolumn{5}{|c|}{ Income Statement } & \multirow{3}{*}{\multicolumn{2}{|c|}{StatemontofCashFlow}} \\ \hline \multicolumn{8}{|c|}{ Assets: } & \multicolumn{3}{|c|}{ Stockholders' Equily } & \multirow[b]{2}{*}{RevenuelGain} & & \multirow[b]{2}{*}{ExpenselLoss} & \multirow[b]{2}{*}{-} & \multirow[b]{2}{*}{ Net Income } & & \\ \hline Cash & + & AccountsRecoivable & + & Inventory & + & Land & = & CommonStock & + & RotainedEarnings. & & & & & & & \\ \hline 99,000 & + & & + & 16,900 & + & 14,800 & = & 89.000 & + & 41,700 & & & & = & & & \\ \hline(89,000) & + & & + & 89,000 & + & & = & & , & & & - & & = & & (89.000) & OA \\ \hline & + & & + & & + & & = & & + & & & - & & = & & & W11 \\ \hline & + & 100,500 & + & & + & & = & & + & & 100,500 & - & 7 & = & 100.500 & & \\ \hline & + & & + & (51,400) & + & & & & + & & & - & 51.400 & = & (51,400) & & \\ \hline & + & (2,480) & + & & + & & = & & + & & (2.480) & -7 & 717 & = & (2,480) & & \\ \hline & + & & + & 1,440 & + & & = & & + & & & - & (1,440) & = & 1,440 & & 1 \\ \hline(1.840) & + & & + & & + & & = & & + & 1 & & -8 & 1.840 & F & (1:840) & (1,840) & 04 \\ \hline & + & 1,050 & + & & + & & = & & + & 1,050 & 1,050 & - & 7 & = & 1.050 & 11 & 1111 \\ \hline 96.970 & + & (96,970) & + & & + & & = & & + & & & - & 11 & = & & 96.970 & OA \\ \hline (7,325) & + & & + & & + & & = & & + & (7,325) & & & 7,325 & = & (7.325) & (7,325) & OA \\ \hline 10.050 & + & & + & & + & (14,800) & = & & + & (4,750) & & -7 & 4,750 & = & (4.750) & 10,050 & IA \\ \hline 107.855 & + & 2.100 & + & 55,940 & + & 0 & = & 89,000 & + & 30,675 & 99070 & - & 63,875 & = & 35.195 & 8,855 & NC \\ \hline \end{tabular} Complete this question by entering your answers in the tabs below. Determine the amount of net sales. Note: Round your intermediate calculations and final answer to 1 decimal place Step by Step Solution
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