During the current year, merchandise is sold for $118,700 cash and $454,300 on account. The cost of the goods sold is $383,900. What is the amount of the gross profit?
Q: The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the…
A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…
Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…
A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.
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A: Gross margin (gross profit):Gross margin is the amount of revenue earned from goods sold over the…
Q: Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling…
A: Gross profit: Gross profit or income is the amount of revenue realized from the operations of the…
Q: During the current year, merchandise is sold for $158,900 cash and $434,900 on account. The cost of…
A: Formula: Gross profit = Sales - Cost of goods sold
Q: Determining gross profitDuring the current year, merchandise is sold for $31,850,000. The cost ofthe…
A: Gross Profit: Gross profit represents the revenue after the deduction of cost of goods sold from…
Q: Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold…
A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…
Q: Using the following information, what is the amount of gross profit? Purchases $32,000 Selling…
A: Given that, Purchases = $32,000 Beginning merchandise inventory = $5,700 Ending merchandise…
Q: The Happy Auto Shop has the following annual information: gross sales,$700,000; net sales, $696,000;…
A: GROSS SALE $700,000.00 NET SALES $696,000.00 GROSS PROFIT $448,000.00
Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…
A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…
Q: The total cost of goods sold was recorded as $65,900 on the income statement. The inventory account…
A: A company’s closing inventory represents the remaining number of goods after sales. It is calculated…
Q: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…
A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…
Q: During the current year, merchandise is sold for 86,000 cash and 93,950 on account. The cost of the…
A: Sale means when the goods are sold to an outsider . Cost means the amount which is paid by business…
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A: Average days in inventory depict the number of days for which a company holds its inventories before…
Q: Bush Company had the following account balances at year-end: cost of goods sold $85,000; inventory…
A: Shortage in inventory = $15,000 - $14,100 Shortage in inventory = $900
Q: The Lubao Company reported the following information for the year 2009: Gross profit -P560,000;…
A: The total sales is calculated as cost of goods sold and gross profit
Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…
A: Gross Profit is Sales minus Cost of Goods Sold
Q: Presented below is information for Ayayai Company for the month of March 2020. Cost of goods sold…
A: Gross profit is an excess value of revenue over the cost of goods sold. The gross profit rate can be…
Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…
A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…
Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…
A: Revenue (Cash) = 366,100 Revenue (Credit) = 1,420,000 Total Revenue = Cash Revenue + Credit Revenue…
Q: Consider the following information about operations of a business for the period ending December 31,…
A: Gross profit is the amount of profit that is arrived at by deducting cost of goods sold from Net…
Q: During the current year merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…
A: Sales = Cash Sales + Credit Sales Sales = $95,500 + $1,315,000 Sales = $1,410,500
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A: Calculate the amount of net sales.
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A: Given, sales of $2,830, costs of goods sold of $2,170, inventory of $506, and accounts receivable of…
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A: Total purchases = Cost of goods sold + Ending merchandise Inventory balance - Beginning merchandise…
Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…
A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…
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A: Income Statement: Income Statement is the part of the financial statement which is prepared to…
Q: The cost of merchandise sold reported on the income statement was $240,000. The accounts payable…
A: Compute the value of purchases.
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A: Days sales inventory It is an estimation of the typical number of days or time expected for a…
Q: Using the following information, what is the amount of gross profit? Purchases $44,000 Merchandise…
A: Cost of goods sold = Opening inventory + Purchases - Closing inventory
Q: Determining gross profitDuring the current year, merchandise is sold for $8,100,000. The cost of the…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…
A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…
Q: The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which…
A: Inventory Turnover: = Cost of Goods Sold ÷ Average Inventory = P12,250 ÷ P3,500 = 3.5 Times
Q: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…
A: Profit in simple terms is the difference between revenues and cost. It is the gain acquired for…
Q: Martinez Company has the following account balances: Sales Revenue $220,800, Sales Discounts $2,810,…
A: Solution: Prepare entries to record the closing of the given items to Income summary as shown below…
Q: During the fiscal year 20x4, the initial inventory of the goods of company A is 15.000 €, purchases…
A: Cost of sales = Beginning inventory + Purchases - Closing inventory
Q: Using the following information, what is the amount of gross profit? Purchases $42,000 Merchandise…
A: Cost of Goods Sold = Opening stock + Net Purchases + Direct Expenses - Closing Stock…
Q: Determining gross profit During the current year, merchandise is sold for $8, 100,000. The cost…
A: The gross profit is calculated as difference between sales and cost of goods sold.
Q: is sold for $173,900 cash and $467,700
A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…
Q: Financial information is presented below: Operating expenses $ 42,000 Sales returns and allowances…
A: The income statement represents the net income or net loss that is calculated by deducting the…
Q: During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost…
A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…
Q: During the current year, merchandise is sold for $117,500 cash and $241,750 on account. The cost of…
A: Working Notes: 1. Total Sales of current year = Cash Sales of current year + Credit Sales of current…
Q: During the current year, goods sold in cash was $40,000 and $100,000 on credit. The cost of goods…
A: Formula: Gross profit = Sales - Cost of goods sold.
Q: During the current year, merchandise is sold for $60,300 cash and for $87,600 on account. The cost…
A:
Q: During the current year, merchandise is sold for $54,900 cash and for $80,900 on account. The cost…
A: Gross profit refers to that part of the profit of the company that it makes after subtracting the…
Q: During the current year, merchandise is sold for $135,800 cash and $406,300 on account. The cost of…
A: Gross profit is considered as the difference between total sale and cost of goods sold.In simple…
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- * CengageNOWv2 | Online teachin x S Module Three Assignment - ACC cengagenow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * O eBook Show Me How Determining Cost of Goods Sold For a recent year, Best Buy (BBY) reported sales of $39,528 million. Its gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold? (Enter answer in millions.) million Previous Next Check My Work 6:38 45°F 11/13S Module Three Assignment - ACCX * CengageNOWv2 | Online teachir x enow.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. O eBook Show Me How Purchase-Related Transactions The Stationery Company purchased merchandise on account from a supplier for $14,500, terms 2/10, n/30. The Stationery Company returned merchandise with an invoice amount of $3,500 and received full credit. a. If The Stationery Company pays the invoice within the discount period, what is the amount of cash required for the payment? b. Under a perpetual inventory system, what account is credited by The Stationery Company to record the return? Check My Work Previous Next 5:49 AM A OEOD A 40 11/13/2021 - 46°F1/1 CengageNOWv2| Online teachirs x cengagenow.com/ilm/takeAssignment/takeAssignmentMan.uo?invoker=&takeAssignmentSessionLocator=&inprogress%3Dfalse 田 eBook Prepare the journal entry to record the sale of 1,700 units that cost $9 per unit and sold for $15 per unit. If an amount box does not require an entry, leave it blank.
- %24 %24 Cengage Learning signment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook 4Show Me How ECalculator FIFO and LIFO Costs Under Perpetual Inventory System The following units of an item were available for sale during the year: Beginning inventory 8,100 units at $180 Sale 5,300 units at $300 First purchase 15,000 units at $185 Sale 13,000 units at $300 Second purchase 16,000 units at $192 Sale 14,000 units at $300 The firm uses the perpetual inventory system, and there are 6,800 units of the item on hand at the end of the year. a. What is the total cost of the ending inventory according to FIFO? b. What is the total cost of the ending inventory according to LIFO? ツ 日 a 五 prt sc f12" end homeO Mail - Edjouline X E Content - ACG2 X * CengageNOW. X O (58) YouTube * from Towards a X m/ilm/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignment-take&inpro. Q < ☆ STIOW Me TOW Percent of Sales Method At the end of the current year, Accounts Receivable has a balance of $410,000; Allowance for Doubtful Accounts has a credit balance of $3,500; and sales for the year total $1,850,000. Bad debt expense is estimated at 3/4 of 1% of sales. a. Determine the amount of the adjusting entry for uncollectible accounts. b. Determine the adjusted balances of Accounts Receivable, Allowance for Doubtful Accounts, and Bad Debt Expense. Adjusted Balance Debit (Credit) Accounts Receivable Allowance for Doubtful Accounts Bad Debt Expense c. Determine the net realizable value of accounts receivable. Check My Work Previous Next V O 11:51S Module Three Assignment - ACC X * CengageNOwv2 | Online teachir x cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre.. * h eBook Show Me How Purchases Transactions Rolfes Company purchased merchandise on account from Springhill Company for $6,300, terms 1/10, n/30. Rolfes returned merchandise with an invoice amount of $1,600 and received full credit. a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for the payment? If required, round the answer to the nearest dollar. b. What account is debited by Rolfes Company to record the return? Previous Next Check My Work 6:39 AM 45°F 11/13/2021
- 26 EhaLbrowser=0&launch Url=https:253A%252F%252Fnewcorrected education on 1726 Saved Help Save & E first account field.) 4. Prepare journal entries to record the purchase and sale transactions, as well as the cost of sales, assuming that all sales and purchase transactions are on account and that the weighted-average method is used. (Do not round intermediate calculations and round the final answers to 2 decimal places. If no entry is required for a transaction/event, select "No journal entry required" in the View transaction list Journal entry worksheet 1 2 3 4 5 6 Record sales on account. Note: Enter debits before credits. Date January 24 General Journal Debit Credit Desk 1 7 e US 23 Mar 6:44X CengageNOWv2 | Online teachin X + com/ilm/takeAssignment/takeAssignmentMain.do?invoker-assignments&takeAssignmentSessionLocator assign... eBook Show Me How Weighted average cost flow method under perpetual inventory system The following units of a particular item were available for sale during the calendar year: Jan. 1 Inventory 9,000 units at $50.00 Mar. 18 Sale 7,000 units May 2 Purchase 8,000 units at $56.50 Aug. 9 Sale 8,000 units Oct. 20 Purchase A✩ 中 4,000 units at $60.00 The firm uses the weighted average cost method with a perpetual inventory system. Determine the cost of goods sold for each sale and the inventory balance after each sale. Present the data in the form illustrated in Exhibit 5. Round your "Unit Cost" answers to two decimal places. Weighted Average Cost Flow Method Goods Sold Cost ofgageNOWv2 | Online teachin X * Cengage Learning G 8000x2% - Google Search akeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress3false W. h eBook Show Me How A Calculator Sales-related transactions Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $58,000. a. Journalize Sayers' entries to record the sale, using the net method under a perpetual inventory system. If an amount box does not require an entry, leave it blank. b. Journalize the receipt of payment within the discount period. If an amount box does not require an entry, leave it blank. 88 c. Journalize the entry to record the receipt of payment beyond the discount period of 10 days. If an amount box does not require an entry, leave it blank. US 8:35 acer
- S Module Three Assignment - ACC X * CengageNOWv2 | Online teachin x now.com/ilm/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogre. * O eBook Show Me How Perpetual Inventory Using LIFO Beginning inventory, purchases, and sales for Item 88-HX are as follows: Jan. 1 Inventory 100 units @ $28 8. Sale 80 units 15 Purchase 111 units @ $32 27 Sale 93 units Assuming a perpetual inventory system and using the last-in, first-out (LIFO) method, determine (a) the cost of goods sold on Jan. 27 and (b) the inventory on Jan. 31. a. Cost of goods sold on Jan. 27 b. Inventory on Jan. 31 (Previous Check My Work 6:33 AM A 45°F ヘ ロ回 ロ 11/13/2021 prt sc delete home ho A 144 40 af- + backspace 9.ule Three Assignment - ACC X A My Home * CengageNOWv2 | Online teachir x m/ilrn/takeAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator%=&inprogre. eBook 4 Show Me How Perpetual Inventory Using FIFO Beginning inventory, purchases, and sales for Item Zeta9 are as follows: Oct. 1 Inventory 76 units @ $17 7 Sale 51 units 15 Purchase 69 units @ $18 24 Sale 32 units Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of goods sold on October 24 and (b) the inventory on October 31. a. Cost of goods sold on October 24 1,418 X b. Inventory on October 31 1,116 V Feedback Check My Work a. When the FIFO method is used, costs are included in cost of goods sold in the order in which they were purchased. Think of your inventory in terms of "layers". Determine how much inventory remains from each layer after each sale. b. The ending inventory is made up of the most recent purchases Previous Next Check My Work 10:40 AM (?)…sesión en Outlook * CengageNOW2 | Online teachin x M McGraw Hill - Login eAssignment/takeAssignmentMain.do?invoker=&takeAssignmentSessionLocator=&inprogress=false eBook Show Me How Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier for $13,400, terms 1/10, n/30. Oppenheimer Company returned $1,700 c the merchandise and received full credit. a. What is the amount of cash required for the payment within the discount period? b. Under a perpetual inventory system, what account is credited by Oppenheimer Company to record the return?
