Ch06 - Student Name: Class: Problem 06-03 BERUGU EXPORT...

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Student Name: Class: Problem 06-03 BERUGU EXPORT COMPANY Income Statement Items Independent Cases Case A Case B Gross sales revenue $259,000 $165,000 Sales returns and allowances 20,000 Net sales revenue Cost of goods sold Gross profit Operating expenses 15,600 Pretax income 22,000 Income tax expense (20%) Income before extraordinary items Extraordinary gain (loss) (2,000) 10,000 Less: Income Tax (20%) Net income Earnings per share (10,000 shares) $2.54
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Given Data P06-03: BERUGU EXPORT COMPANY Income Statement Items Independent Cases Case A Case B Gross sales revenue $259,000 $165,000 Sales returns and allowances 20,000 ? Net sales revenue ? ? Cost of goods sold ? 70% Gross profit 30% ? Operating expenses ? 15,600 Pretax income 22,000 ? Income tax expense (20%) ? ? Income before extraordinary items ? ? Extraordinary gain (loss) (2,000) 10,000 Less Income tax (20% of extraordinary item) ? ? Net income ? ? Earnings per share (10,000 shares) ? $2.54
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Student Name: Class: Problem 06-06 Requirement 1: TUNGSTEN COMPANY, INC. Income Statement For the Year Ended December 31, 2011 Net income Earnings per share on capital stock outstanding Requirement 2: Gross Profit Percentage Meaning of gross profit percentage: Receivables turnover Meaning of receivables turnover:
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Given Data P06-06: TUNGSTEN COMPANY, INC. Trial Balance For the Year Ended December 31, 2011 Account Titles Debit Credit Cash $33,600 Accounts receivable (net) 14,400 Inventory, ending 52,000 Operational assets 40,000 Accumulated depreciation $16,800 Liabilities 24,000 Capital stock 72,000 Retained earnings, January 1, 2011 9,280 Sales revenue 147,100 Sales returns and allowances 5,600 Cost of goods sold 78,400 Selling expense 14,100 Administrative expense 15,400 Bad debt expense 1,600 Sales discounts 6,400 Income tax expense 7,680 Totals $269,180 $269,180
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Student Name: Class: Problem 06-07 Requirement 1: WOOD COMPANY Bank Reconciliation, April 30, 2011 Company's Books Bank Statement Ending balance per Cash Ending balance per bank account statement Additions: Additions: Deductions: Deductions: Correct cash balance Correct cash balance Requirement 2: WOOD COMPANY General Journal Account Debit Credit Explain need for these journal entries: Requirement 3: Cash account balance on May 1, 2010: Cash account Requirement 4: WOOD COMPANY Balance Sheet (April 30, 2010) Current Assets: Cash
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Given Data P06-07: WOOD COMPANY Bank Statement April 30, 2011 Checks Deposits Balance Balance, April 1, 2011 $31,000 Deposits during April $36,100 67,100 Interest collected 1,180 68,280 Checks cleared during April $44,500 23,780 NSF check-A.B.Wright 160 23,620 Bank service charges 50 23,570 Balance, April 30, 2011 23,570 Ledger Account Entries for April: Cash Account Balance at April 1 $23,500 Deposits for April 41,500 Checks written in April 41,100 Other Information: Outstanding checks at April 30 $4,100 Deposits in transit from March - Deposits in transit from April ?
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Student Name: Class: Problem 06-08 Requirement 1: Requirement 2:
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Ch06 - Student Name: Class: Problem 06-03 BERUGU EXPORT...

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