The financial statements for World Company show the following:   Cost of goods sold, $728,000.     Beginning Balance Ending Balance Merchandise Inventory $ 45,300   $ 56,600   Accounts Receivable   53,600     50,300   Accounts Payable   37,300     42,600       How much cash was paid to suppliers? Multiple Choice $722,000. $716,700. $739,300. $734,000.

Q: Use the following information:   Account Debit Credit Dividends $45,000   Sales Revenue…

A: Journal: Recording of a business transactions in a chronological order.

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42,950. of which…

A: The Inventory turnover ratio is the measure of how often the inventory goes out or sold. Greater the…

Q: The income statement includes the items listed below: Net Sales $900,000 Gross Profit…

A: 1. Cost of Goods Sold =  Net sales- Gross Profit   2. Net Purchase= Purchase-Discount-Returns…

Q: The records of a business show the following information: Sales, P364,000; Purchases, P252,000;…

A: GIVEN: Sales  P364,000 Purchases P252000                                     Freight-in, P11,000…

Q: The following were selected from among the transactions completed by Essex Company during March of…

A: Under the gross method of recording, sales discount the sales are recorded at full value, and the…

Q: The cost of goods sold was computed at P12.250. Total sales for the year were P42950. of which…

A: Inventory Turnover Ratio = Cost of goods sold / Average Inventory  Average Inventory = ( Beginning…

Q: The following amounts are known: Beginning merchandise inventory $29,000 Ending merchandise…

A: Income statement is the statement which states the expenses and the revenues of the company during…

Q: The related data of Carolina Company:…

A: Hi student Since there are multiple subparts, we will answer only first three subparts

Q: The following items were taken from the records of D.J, Palaming Car Company: Salary payable Sales…

A: Answer 1) Calculation of Cost of Goods Available for Sale    Amount Beginning Inventory…

Q: Given the following account information, calculate net income: Sales          500,000   Beginning…

A:

Q: The following amounts are known: Beginning merchandise inventory $27,000 Ending merchandise…

A: COST OF GOODS SOLD= OPENING INVENTORY+PURCHASES-PURCHASE RETURNS-PURCHASE DISCOUNTS-FREIGHT…

Q: Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would…

A: Goods costing $21,000 were sold for $52,000 on account

Q: repare an income statement Presented is information related to Jay Co. for the month of January…

A: Income statement reports expense and revenue through which net income is calculated.

Q: The table below contains portions of the income statements of four different companies: 4 1. 200,000…

A:

Q: The following were selected from among the transactions completed by Essex Company during March of…

A: Journal entries are passed following the golden rules of accounting  Debit all assets and expenses…

Q: The following items were among those that appeared on Rubi Co.’s books at the end of 20X1:…

A: As posted multiple independent questions we are answering only first question kindly repost the…

Q: Using the following information, what is the amount of income from operations? Purchases $ 27,369…

A: Income from operations is the net income calculated by deducting the cost of goods sold, selling and…

Q: A company reported the following balances in some selected accounts: Purchases $ 18,000, Cost of…

A: Net Sales = Sales – Sales Discount Net Sales = 35,000 – 1,500 = $33,500

Q: The following information is available for Dennehy Company: $390,000 Sales Revenue Freight-in…

A: Cost of goods sold = Beginning inventory  + Purchases - Purchase returns and allowances  +…

Q: Other information:                                                                Accounts…

A: Allowance for doubtful accounts means allowance created for those receivables from which amount will…

Q: The following amounts are known: Beginning merchandise inventory $28,000 Ending merchandise…

A: Cost of Goods sold: It is the cost incurred for manufacturing the product which sold the company.

Q: The below table reports the $ amounts of inventory, receivables, payables, net sales and cost of…

A: 1) Computation:

Q: Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory…

A: Net purchases = Purchases - Purchase discounts - Purchase returns and allowances + Freight in =…

Q: XYZ company provided the following information: Sales $30,000 3,000 Accounts payable Selling…

A: Gross profit is the income earned by a company after covering the cost of goods sold from the sales…

Q: Shown below in T-account format are the beginning and ending balances ($ in millions) of both…

A: Introduction Cash paid to Suppliers represents the payment made by company to Merchandise the…

Q: The following data is from Los Altos, Inc.: Cost of goods sold $243,000 Inventory, January 1…

A: Cash paid for merchandise purchased = Beginning Accounts payable + Purchases - Ending Accounts…

Q: Fill in the blanks in the following separate income statements a through e. b. Sales $ 62,000 $…

A: Gross profit is calculated by deducting the cost of goods sold from the sales amount and net profit…

Q: nstruction:Prepare an income statement Presented is information related to DON CO. for the month of…

A: Income statement is one of the important financial statement which shows all incomes and all…

Q: The income statement of Miller, Inc. includes the items listed below: $900,000 320,000 80,000 15,000…

A:

Q: Powell Company began the Year 3 accounting period with $45,000 cash, $91,000 inventory, $65,000…

A: Financial statements are affected by every event in a double-entry accounting system and affect at…

Q: The income statement of Miller, Inc. includes the items listed below: $900,000 320,000 80,000 15,000…

A: 1. Cost of goods sold = Net Sales - Gross profit    2.Cost of goods available for sale =Beginning…

Q: Goods costing $630,000 were sold for $1,200,000 on account. The entry to record this transaction…

A: When goods has bee sold out , then finished goods is going out and it should be debited to cost of…

Q: Koto Corporation began the month of June with $300,000 of current assets, a current ratio of 2.5:1,…

A: As there are many transactions for calculating the current ratio , acid test ratio , working capital…

Q: The company purchased 550,000 merchandise for account and 220,000 for cash. transportation costs…

A: Net purchases = Gross purchases + transportation costs - purchase returns and allowance - purchase…

Q: Goods costing $630,000 were sold for $1,200,000 on account. The entry to record this transaction…

A: The activity where the goods which are produced or manufactured by the entity are sold for cash or…

Q: Beginning   Ending Inventory $16,284   $19,108 Accounts Receivable 11,219   13,973 Accounts Payable…

A: Inventory Turnover = Cost of Goods Sold/Average Inventory Average Inventory = (Beginning Inventory +…

Q: Stefan Company provided the following data for the current year, the first year of operations. a.…

A: In Gross method, make a entry by putting  gross amount of sales and purchase without subtracting…

Q: This information relates to Oriole Co. 1.   On April 5, purchased merchandise on account from…

A: Periodic inventory system: Under this inventory system, the records of inventory are only updated at…

Q: Using the following information, what is the amount of income from operations? Purchases $ 34,358…

A: Income from operations: Income from operations or Operating income refers to the income generated…

Q: If a company's Cost of Goods Sold is $158,800 for the period, beginning and ending Inventory…

A: First, compute the purchases as shown below: Cost of goods sold = Beginning inventory + Purchases -…

Q: The following items were among those that appeared on Rubi Co.’s books at the end of year 1:…

A: Monetary assets are those assets whose value is stated or convertible into money terms. This is one…

Q: Brendon company is engaging in the buying and selling of merchandise. Based on its data the…

A: The equity balance can be computed with the help of accounting equation

Q: The following were selected from among the transactions completed by Essex Company during March of…

A: Discount on payment received from Parsley Co. = Amount receivables x discount rate = $32,000 x 1% =…

Q: Below are some of the account balances of FDN Company. Purchases P 1,269,500 Purchase returns and…

A: The cost of good available for sale means the cost of ram material and labor cost used in production…

Q: The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300…

A: An income statement is prepared by the management that shows the revenue and expenses of a certain…

Q: Based on the given information below of FDNACCT Co., how much is the cost of goods available for…

A: Cost of goods available for sale is the amount of goods that an entity has, for the purpose of…

Q: Calculating Cycles Consider the following financial statement information for the Hop…

A: Average inventory = (Beginning value + Ending value) / 2 Average inventory = (16,284 + 19,108) / 2…

Q: The accounts of Entity A on December 31, 20x1 show the following balances:    Gross sales…

A: The financial position of the company can be arrived from the income statement prepared by the…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.