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Gross Profit: Income Statement For The Year Ended December 31

This document contains two quizzes. The first quiz contains 10 true/false questions with the answers being all true except for the 9th question being false. The second quiz appears to be an income statement and cost of goods sold statement for Villanueva's Company for the year ended December 31. It shows sales of $1,000,000 with costs of goods sold of $350,000, resulting in a gross profit of $293,750 and a net profit of $218,750 after operating expenses.

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Jane Villanueva
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140 views3 pages

Gross Profit: Income Statement For The Year Ended December 31

This document contains two quizzes. The first quiz contains 10 true/false questions with the answers being all true except for the 9th question being false. The second quiz appears to be an income statement and cost of goods sold statement for Villanueva's Company for the year ended December 31. It shows sales of $1,000,000 with costs of goods sold of $350,000, resulting in a gross profit of $293,750 and a net profit of $218,750 after operating expenses.

Uploaded by

Jane Villanueva
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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TRUE OR FALSE

1 1
2 1
3 1
4 1
5 1
6 1
7 1
8 1
9 0
10 1

QUIZE 2

VILLANUEVA"S COMPANY
Income Statement   
For the Year Ended December 31   

SALES:
LESS:SALES DISCOUNT
SALES RETURN AND ALLOWANCES
NET SALES
COST OF GOD SOLD
GROSS PROFIT
SALARIES EXPENSE
UTILITIES EXPENSE
RENT EXPENSE
SUPPLIES EXPENSE
DEPRECIATION EXPENSE
PROFIT

note 1
beg.inventory 250,000
purchases 30,000
freight in 40,000
purchase return -20,000
purchase discount -10,000
net purchase 50,000(500k x 10%)
ent   
ed December 31   

500,000
(2,500) (500KX 0.5%) raw materials--100K
(3,750) (500K X 0.75%) direct labor -50K
493,750 factory overhead -50k
(200,000) (500K X40%) TOTAL MANUFACTURING COST -200
293,750 ADMINISTRATIVE EXPENSES -80K
-8,000 SELLING EXPENSES -120K
-13,000 COGS 350 K
-25,000 SALES 1M
-15,000 SALES DISOUNT -7,500
(14,000) (500K X 15%) SALES RETURN -5K
218,750 COGS MANUFACTURED-250K

50,000(500k x 10%)
VILLANUEVA"S COMPANY
Cost of Goods Sold Statement
For the year ended December 31

1M X10%
1M X 5%
erhead -50k 1M X 5%
ANUFACTURING COST -200K 1M X 20%
TRATIVE EXPENSES -80K 1M X 8%
EXPENSES -120K 1M X 12%
1M X 35%
1M
ISOUNT -7,500 1M X 0.75%
ETURN -5K 1M X 0.5%
ANUFACTURED-250K 1M X 25%

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