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E6-6 Inferring Missing Amounts Based on Income Statement Relationships [LO 6-2, LO 6-6) Supply the missing dollar amounts for each of the following independent cases: Cases Sales Revenue Beginning Inventory Purchases Ending Cost of Inventory Goods Sold $ Gross Profit $ $ $ Total Available $ 2,075 2.780 1,800 1.230 950 275 1,550 5,900 1,930 2.480 2,0101 Selling and Income General from Expenses Operations 6251 575 1,000 675 1,050 1,430 ances 1,050 1,1501 1,580 Required information CP6-5 Preparing a Multistep Income Statement and Computing the Gross Profit Percentage [LO 6-6] [The following information applies to the questions displayed below.) Psymon Company, Inc., sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31: Cre Debits $ 51, 470 21,600 78,500 59,000 Account Titles Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold Salaries and Wages Expense Office Expenses Interest Expense Income Tax Expense Totals $ 24,800 36,300 108,000 13,400 204,800 119,600 20,600 21,600 2,900 12,030 $387,300 $387, 300 CP6-5 Part 1 CP6-5 Part 1 Required: 1. Prepare a multistep income statement that would be used for external reporting purposes. TIP: Some of the accounts listed will appear on the balance sheet rather than the income statement. PSYMON COMPANY, INC. Income Statement [The following information applies to the questions displayed below.) Psymon Company, Inc., sells construction equipment. The annual fiscal period ends on December 31. The following adjusted trial balance was created from the general ledger accounts on December 31: Credits Debits $ 51,470 21,600 78,500 59,000 Account Titles Cash Accounts Receivable Inventory Property and Equipment Accumulated Depreciation Accounts Payable Common Stock Retained Earnings, January 1 Sales Revenue Cost of Goods Sold Salaries and Wages Expense office Expenses Interest Expense Income Tax Expense Totals $ 24,800 36, 300 108,000 13,400 204,800 119,600 20,600 21,600 2,900 12,030 $387,300 CP6-5 Part 2 2. Compute the gross profit percentage. (Round your answer to 1 decimal place.) Gross Profit Percentage Required information PB6-4 Recording Journal Entry after Allocating Transaction Price to Performance Obligations [LO 6-5] [The following information applies to the questions displayed below] Sky Communcations (SKY) usually sells a cell phone for $328 plus 12 months of cellular service for $492. SKY has a special, time-limited offer in which it gives the phone for free and sells the 12 months of cellular service for $400. Each phone costs SKY $130, which it accounts for in its perpetual inventory system. On July 1, SKY sells one of the special packages, delivers the phone, collects the $400 cash, and starts the cellular service. PB6-4 Part 1 Required: 1. For the special offer, how much of the $400 relates to the sale of the cell phone versus the sale of the cellular service? Allocated Transaction Price Equipment Service
