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  • Chap 6-8

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    Sheila Mae Guerta Lacerona
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    1. Everest Star Investment Company reported sales of $8.06 million for the year ended December 31, 2016 with a cost of sales of 43% of sales. This resulted in a gross profit of $4.59 million. 2. Expenses for the year included $730,000 for advertising, $900,000 for sales manager salaries, and $590,000 for general operating expenses, resulting in a net loss of $760,458. 3. Schedules show sales consisted of 26 lots at $150,000 each for $3.9 million, 32 lots at $100,000 each for $3.2 million, and 12 lots at $80,000 each for $960

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    solution

    Оригинальное название

    CHAP.6-8 (2)

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    1. Everest Star Investment Company reported sales of $8.06 million for the year ended December 31, 2016 with a cost of sales of 43% of sales. This resulted in a gross profit of $4.59 million. 2. Expenses for the year included $730,000 for advertising, $900,000 for sales manager salaries, and $590,000 for general operating expenses, resulting in a net loss of $760,458. 3. Schedules show sales consisted of 26 lots at $150,000 each for $3.9 million, 32 lots at $100,000 each for $3.2 million, and 12 lots at $80,000 each for $960

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    © All Rights Reserved
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    8 просмотров9 страниц

    Chap 6-8

    Загружено:

    Sheila Mae Guerta Lacerona
    1. Everest Star Investment Company reported sales of $8.06 million for the year ended December 31, 2016 with a cost of sales of 43% of sales. This resulted in a gross profit of $4.59 million. 2. Expenses for the year included $730,000 for advertising, $900,000 for sales manager salaries, and $590,000 for general operating expenses, resulting in a net loss of $760,458. 3. Schedules show sales consisted of 26 lots at $150,000 each for $3.9 million, 32 lots at $100,000 each for $3.2 million, and 12 lots at $80,000 each for $960

    Авторское право:

    © All Rights Reserved
    Скачайте в формате XLSX, PDF, TXT или читайте онлайн в Scribd
    Отметить как неприемлемый контент
    из 9

    Problem 6-8

    Everest Star Investm


    Statement Of Compre
    For the Year Ended De
    Sales (Schedule 1)
    Cost of Sales (43 % of Sales, Schedule 2)
    Gross Profit
    Less: Sales Commission
    Gross Profit excluding Commission
    Less: Deferred Gross Profit
    Realized Gross Profit
    Expenses:
    Advertising
    Sales Managers Salaries
    General Operating Expenses
    Net Loss

    SCHEDULE 1- SALES
    A
    B
    C

    26 @ 150,000
    32 @ 100,000
    12 @ 80,000

    Total Sales Price


    3,900,000.00
    3,200,000.00
    960,000.00
    8,060,000.00

    SCHEDULE 2 - COST OF SALES RATE


    Number of Lots

    A
    B
    C

    80
    100
    130
    310

    TO COMPUTE THE COST OF SALES RATE:


    Cost of Land
    Legal Fees, etc
    Grading Contract
    Water and Sewerage
    Paving Expenses
    General Operating Expenses
    Total Cost
    Divided by: Total Sales Value
    Cost of Sales Rate

    4,800,000.00
    600,000.00
    2,250,000.00
    1,849,000.00
    2,663,000.00
    1,770,000.00
    13,932,000.00
    32,400,000.00
    43%

    PROBLEM 6-7
    1

    Total Installment Sales


    Less: Installment Receivable- Dec 31
    Total Collection in Sales

    Collections
    Gross Profit Rate:

    Total Selling Price


    Total Cost
    Gross Profit
    Divided by:Total Sales
    Realized Gross Profit
    3

    Installment Receivable- Dec 31


    Multiply: Gross Profit Rate
    Unrealized Gross Profit

    Realized Gross Profit


    Interest Income
    Less: Operating Expenses
    Net Income Before Income Tax
    Income Tax
    Net Income Before Income Tax

    rest Star Investment Company


    ement Of Comprehensive Income
    e Year Ended December 31, 2016

    730,000.00
    900,000.00
    590,000.00

    Price

    Cash Received
    1,650,000.00
    800,000.00
    240,000.00
    2,690,000.00

    Unit Sales Price

    Total Sales Value

    150,000.00
    100,000.00
    80,000.00

    RATE:

    3,450,000.00
    1,594,600.00
    1,855,400.00
    1,855,400.00

    9,500,000.00
    5,225,000.00
    4,275,000.00
    9,500,000.00

    45%
    834,930.00
    1,594,600.00
    45%
    717,570.00
    834,930.00
    520,300.00
    682,130.00
    673,100.00
    235,585.00
    437,515.00

    8,060,000.00
    3,465,800.00
    4,594,200.00
    221,000.00
    4,373,200.00
    2,913,658.00
    1,459,542.00

    2,220,000.00
    (760,458.00)

    Installment NR Balance
    2,250,000.00
    2,400,000.00
    720,000.00
    5,370,000.00

    Total Sales Value

    12,000,000.00
    10,000,000.00
    10,400,000.00
    32,400,000.00

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