- Your answer is partially correct. The vice president of marketing and the director of human resources have developed a proposal whereby the company 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 $47,723 and expenses by $69.148. Compute the expected new net income. Then, compute the revised profit margin and gross profit rate. (Ignore income tax effects.) Revised net income Revised profit margin (Round to 1 decimal place, e.g. 15.2%) 305 Revised gross profit rate (Round to 1 decimal place, eg. 15.2%) e Textbook and Media List of Accounts Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%) Profit margin 3.7 Gross profit rate 30.5 % e Textbook and Media List of Accounts - Your answer is partially correct. The vice president of marketing and the director of human resources have developed a proposal whereby the compa strictly commission basis. Given the increased incentive, they expect net sales to increase by 15%. As a result, they e $47.723 and expenses by $69.148. Compute the expected new net income. Then.compute the revised proht margir effects. Revised et income LS Your answer is partially correct. Prepare a retained earnings statement. (List items that increase retained earnings first.) WOLFORD DEPARTMENT STORE Retained Earnings Statement November 30, 2017 16756 Retained Earnings, December 1, 2013 38822 Add : Net Income /(Loss) 55578 14160 i Less : Dividends Total Operating Expenses eTextbook and Media been attracting business away from city areas. At the end of the company's fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance. Cash Accounts Payable $31,624 Accounts Receivable 20,296 Accumulated Depreciation-Equipment 80.240 9.440 Common Stock 41,300 Cost of Goods Sold 724,874 Freight-Out 7,316 Equipment 185,260 Depreciation Expense 15.930 Dividends 14.160 Gain on Disposal of Plant Assets 2.360 Income Tax Expense 11.800 Insurance Expense 10,620 Interest Expense 5.900 Inventory 30.916 Notes Payable 51330 Prepaid insurance 7.000 Advertising Expense 39.530 Rent Expense 40,120 Retained Earnings 16,756 Salaries and Wages Expense 138,060 Sales Revenue 1066,720 Salaries and Wages Payable 7,080 Sales Returns and Allowances 23,600 Utilities Expense 12.508 For the Year Ended November 30, 2017 Net Income /(Loss) Sales Revenue 1056720 Less : Sales Returns and Allowances 23.00 i Net Sales 1043120 Cost of Goods Sold 724874 i Gross Profit 318246 Operating Expenses Freight-Out 7316 i Depreciation Expense 15930 i Insurance Expense 10620 i Advertising Expense 39530 i Rent Expense 40120 i Utilities Expense 12508 i 135060 Salaries and Wages Expense Your answer is partially correct. Prepare a retained earnings statement. (List items that increase retained earnings first.) WOLFORD DEPARTMENT STORE Retained Earnings Statement November 30, 2017 16756 Retained Earnings, December 1, 2013 38822 Add : Net Income /(Loss) 55578 14160 i Less : Dividends Total Operating Expenses eTextbook and Media November 30, 2017 Assets Current Assets Cash 9440 Accounts Receivable 20296 Inventory 30916 Prepaid Insurance 7080 Total Current Assets 67732 Property. Plant and Equipment Equipment 185260 Less Accumulated Depreciation Equipment 80240 i 105020 Total Assets 172752 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 31624 Salaries and Wages Payable 7080 Total Current Liabilities 30/04 Total Long-term Liabilities Notes Payable Total Liabilities 90034 Stockholders' Equity Common Stock 41300 Retained Earnings 41418 Total Stockholders' Equity 172752 Total Liabilities and Stockholders' Equity e Textbook and Media List of Accounts - Your answer is partially correct. The vice president of marketing and the director of human resources have developed a proposal whereby the company 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 $47,723 and expenses by $69.148. Compute the expected new net income. Then, compute the revised profit margin and gross profit rate. (Ignore income tax effects.) Revised net income Revised profit margin (Round to 1 decimal place, e.g. 15.2%) 305 Revised gross profit rate (Round to 1 decimal place, eg. 15.2%) e Textbook and Media List of Accounts Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%) Profit margin 3.7 Gross profit rate 30.5 % e Textbook and Media List of Accounts - Your answer is partially correct. The vice president of marketing and the director of human resources have developed a proposal whereby the compa strictly commission basis. Given the increased incentive, they expect net sales to increase by 15%. As a result, they e $47.723 and expenses by $69.148. Compute the expected new net income. Then.compute the revised proht margir effects. Revised et income LS Your answer is partially correct. Prepare a retained earnings statement. (List items that increase retained earnings first.) WOLFORD DEPARTMENT STORE Retained Earnings Statement November 30, 2017 16756 Retained Earnings, December 1, 2013 38822 Add : Net Income /(Loss) 55578 14160 i Less : Dividends Total Operating Expenses eTextbook and Media been attracting business away from city areas. At the end of the company's fiscal year on November 30, 2017, these accounts appeared in its adjusted trial balance. Cash Accounts Payable $31,624 Accounts Receivable 20,296 Accumulated Depreciation-Equipment 80.240 9.440 Common Stock 41,300 Cost of Goods Sold 724,874 Freight-Out 7,316 Equipment 185,260 Depreciation Expense 15.930 Dividends 14.160 Gain on Disposal of Plant Assets 2.360 Income Tax Expense 11.800 Insurance Expense 10,620 Interest Expense 5.900 Inventory 30.916 Notes Payable 51330 Prepaid insurance 7.000 Advertising Expense 39.530 Rent Expense 40,120 Retained Earnings 16,756 Salaries and Wages Expense 138,060 Sales Revenue 1066,720 Salaries and Wages Payable 7,080 Sales Returns and Allowances 23,600 Utilities Expense 12.508 For the Year Ended November 30, 2017 Net Income /(Loss) Sales Revenue 1056720 Less : Sales Returns and Allowances 23.00 i Net Sales 1043120 Cost of Goods Sold 724874 i Gross Profit 318246 Operating Expenses Freight-Out 7316 i Depreciation Expense 15930 i Insurance Expense 10620 i Advertising Expense 39530 i Rent Expense 40120 i Utilities Expense 12508 i 135060 Salaries and Wages Expense Your answer is partially correct. Prepare a retained earnings statement. (List items that increase retained earnings first.) WOLFORD DEPARTMENT STORE Retained Earnings Statement November 30, 2017 16756 Retained Earnings, December 1, 2013 38822 Add : Net Income /(Loss) 55578 14160 i Less : Dividends Total Operating Expenses eTextbook and Media November 30, 2017 Assets Current Assets Cash 9440 Accounts Receivable 20296 Inventory 30916 Prepaid Insurance 7080 Total Current Assets 67732 Property. Plant and Equipment Equipment 185260 Less Accumulated Depreciation Equipment 80240 i 105020 Total Assets 172752 Liabilities and Stockholders' Equity Current Liabilities Accounts Payable 31624 Salaries and Wages Payable 7080 Total Current Liabilities 30/04 Total Long-term Liabilities Notes Payable Total Liabilities 90034 Stockholders' Equity Common Stock 41300 Retained Earnings 41418 Total Stockholders' Equity 172752 Total Liabilities and Stockholders' Equity e Textbook and Media List of Accounts
