Make sure it is transferrable to excel. Do it nicely.1. Determine the following:a. Net Salesb. Net Purchasesc. Cost of Goods Soldd. Bad Debts Expense The following are taken from the records oflABC Company for the year ended December 31, 20X2DebitCre ditSales764,985.00Based on actual physical count, inventory balance are as follows:Purchase Discount8,200.00January 1, 20X225,455.00Purchases Retums and Allowances5,465.00December 31, 20X220,765.00Purchases459,990.00Freight In9,180.00Bad Debts Expense is 4% of net sales. Classify the bad debts expense as a general and administrativeSales Discount13,300.00expense.Sales Retum and Allowances5,455.00Depreciation Expense25,000.001. Determine the following:Amortiz ation Expense10,000.00a. Net SalesSalaries Expense80,000.00b. Net PurchasesUtilties Expense55,000.00c. Cost of Goods SoldAdvertising Expense35,000.00d. Bad Debts ExpenseRent Expense60,000.002. Prepare a single step SCI.Interest Income5,444.00Interest Expense5,677.00Gain on Sale of PPE5,465.00Bad Debts Expense???

The cost of goods sold refers to the direct costs of manufacturing the commodities supplied by a…

Answered: Determine the following: a. Net Sales…

Business

Accounting

Determine the following: a. Net Sales b. Net Purchases c. Cost of Goods Sold d. Bad Debts Expense

Survey of Accounting (Accounting I)

8th Edition

ISBN:9781305961883

Author:Carl Warren

Publisher:Carl Warren

Chapter6: Receivables And Inventories

Section: Chapter Questions

Problem 6.5P: Lower-of-cost-or market inventory Data on the physical inventory of Moyer Company as of December 31,...

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Question

Make sure it is transferrable to excel. Do it nicely.

1. Determine the following:

a. Net Sales

b. Net Purchases

c. Cost of Goods Sold

d. Bad Debts Expense

The following are taken from the records oflABC Company for the year ended December 31, 20X2
Debit
Cre dit
Sales
764,985.00
Based on actual physical count, inventory balance are as follows:
Purchase Discount
8,200.00
January 1, 20X2
25,455.00
Purchases Retums and Allowances
5,465.00
December 31, 20X2
20,765.00
Purchases
459,990.00
Freight In
9,180.00
Bad Debts Expense is 4% of net sales. Classify the bad debts expense as a general and administrative
Sales Discount
13,300.00
expense.
Sales Retum and Allowances
5,455.00
Depreciation Expense
25,000.00
1. Determine the following:
Amortiz ation Expense
10,000.00
a. Net Sales
Salaries Expense
80,000.00
b. Net Purchases
Utilties Expense
55,000.00
c. Cost of Goods Sold
Advertising Expense
35,000.00
d. Bad Debts Expense
Rent Expense
60,000.00
2. Prepare a single step SCI.
Interest Income
5,444.00
Interest Expense
5,677.00
Gain on Sale of PPE
5,465.00
Bad Debts Expense
???

Definition Definition Receivable amount that a company is owed, but did not receive, and which may not be receivable in future.

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