Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

. Veideretti Cabinets Income Statement For the Quarter Ended June 10, 2001 459.00 Revenues: Cabinet Sales $ 341,103, Less Sales Returns and Allowances 3,758.00 Net

image text in transcribed
image text in transcribed
image text in transcribed
. Veideretti Cabinets Income Statement For the Quarter Ended June 10, 2001 459.00 Revenues: Cabinet Sales $ 341,103, Less Sales Returns and Allowances 3,758.00 Net Sales $ 337.565.60 Cost of Goods Soldi Cost of Goods Sold $256.631.56 Transportation in 1.501.75 Total cost of Good Sold 258,133.31 Gross Profit From Sales 5 79.432.49 Installation Fees Earned 1,455.00 Gross Profit From Sales and Fees Earned $ 88,887.49 Operating Expenses: Selling Expenses: Salaries and Wages Expense $ 4,550.es Store Supplies Expense 2,453.34 Shop Supplies Expense Delivery Vehicles Expense 1,620.60 Advertising Expense 2,501.25 Delivery Expense 786.00 Credit Card Expense 2,072.26 Tools Expense 213.74 Bad Debts Expense 347.5e Deprec. Expense - Store Equipment 3,300.00 Depreciation Expense - Shop Equipment 450.ee Depreciation Expense. Delivery Vehicles 1,181.25 Total Selling Expense $ 20,364.99 General and Administrative Expenses: Rent Expense $ 8,600.ee Insurance Expense 1,240.se Professional Services Expense 2,228.00 Electric and Gas Expense 1,699.25 Telephone Expense 1,034.25 Bank Service Charges 133.25 Cash Short and Over 12.25 Miscellaneous Expense Total General and Administrative Exp. $ 14,413.61 Total Operating Expenses $ 34,778.60 Income From Operations $ 46, 108.89 Other Income and Expenses: Interest Earned $ 737.ee Loss on Asset Disposal 1,200.00 66.11 Dionadas 5/28/2020 Loss on Asset Disposal Interest Expense Print Report 1,200.00 816.11 Total 633, 331.01 633, 331.81 Veidretti Cabinets June 30, 2000 Current Assets Cash petty cash 100.00 Accounts Receivables 58.35.00 Les Allowance 2, 947.50 Net Realisable Value 55,887.50 Ats. Rec., Credit Card Comp. 1,536.09 Notes Receivable 0.00 Interest Receivable 0.00 Merchandise Inventory 138.021.25 Prepaid Insurance 7.347.95 Prepaid Rent 8,500.00 Prepaid Advertising 1,040.00 Store Supplies 1,067.22 Shop Supplies 450.60 s Total Current Assets Plant and Equipment Store Fixtures Accumulated Depreciation Book Value Shop Equipment Accumulated Depreciation 53,140. 16.600.00 5 3 36,540.00 13,600.00 3,800.00 9,800.00 Book Value $ Delivery Vehicles Accumulated Depreciation $ 26,500.00 2,381.25 Book Value 5 24.118.75 Total Plant and Equipment 70,466.75 Total Assets $ 303,936.24 LIABILITIES $ Current Liabilities Accounts Payable Notes Payable Sales Tax Payable Salaries and Wages Payable Interest Payable 30,541.80 5,000.00 12,163.86 140.80 396.11 Dividends Payable Unearned Revenues 0.00 12,513.00 Total Current Liabilities $ 60,755.57 STOCKHOLDERS' EQUITY Connon Stock $ 180,000.00 Retained Earnings 63,180.67 Total Stockholder's Equity 243,180.67 Total Liabilities and Owner's Equity $ 303,936.24 13. What is the total Net Sales of the business

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Audit And Assurance Q And A 2019

Authors: ACA Simplified

1st Edition

1792949863, 978-1792949869

More Books

Students also viewed these Accounting questions

Question

A 300N F 30% d 2 m Answered: 1 week ago

Answered: 1 week ago