The following information is available for Excelsior Corp for 2020: Payment for goods during year Accounts payable, beginning Inventory, beginning Accounts payable, ending Inventory, ending Cost of goods sold for 2020 is $102,600. $105,400. $114,400. $132,000. $104,000 14,000 28,000 12,600 16,200
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- Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.The following information is available for Ayayai Corp. for 2023: Payment for goods during year Accounts Payable, beginning Inventory, beginning Accounts Payable, ending Inventory, ending Cost of goods sold for 2023 is $106100. $120600. $137700. $106300. $106200 14200 31500 14100 17000The following information is available for Monty Corp. for 2023: Payment for goods during year $103200 Accounts Payable, beginning 14800 Inventory, beginning 30600 Accounts Payable, ending 12900 Inventory, ending 17800 Cost of goods sold for 2023 is a) $105100. b) $101300. c)$133800. d)$114100.
- Wendy Corp. reported the following data for 2019. Total net sales –P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000;Ending Inventory – P600,000; 1 year advance rent received amounting toP60,000 to be applied in 2020; P80,000 total interest income from customerspromissory note earned--P60,000 of this was collected; Unrealized foreignexchange gains from foreign currency receivables – P120,000; Using cash basis,compute the total income subject to income tax.YELLOW Corporation sold selected merchandise on a consignment basis during 2020. Yellow's accounting records show the following information:* What amount should YELLOW report as cost of goods sold in its 2020 income statement? ₱ 1,094,000 ₱ 1,014,000 ₱ 1,024,000 ₱ 1,354,000CPAinTransit Company has the following balances: Accounts Payable: January 1, 2021 P265,432 ; December 31, 2021 838,923 ; Inventory balance: January 1, 2021 824,687 ; December 31, 2021 453,624 ; Cost of Goods Sold – 2021 1,924,6508. Determine the amount CPAinTransit paid to its suppliers in 2021 * a. 819,019 b. 1,553,587 c. 2,127,078 d. 980,096
- Wendy Corp. reported the following data for 2019. Total net sales -P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; REQUIRED: 1. Using cash basis, compute the total income subject to income tax.Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?The following information is available for Grace Company for 2020: Disbursements for purchases P1,050,000; Increase in trade accounts payable 75,000; Decrease in merchandise inventory 30,000; Costs of goods sold for 2010 was P1,155,000. P1,095,000. P945,000.
- Yeri Corp. reported the following data for 2019. Total net sales – P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; required: Using Accrual Basis, compute the total income subject to income tax.A. At the end of December 2020, the accounting records of XYZ firm present the following transactions for a particular merchandise that sold at €20 per unit: Transaction Units Amount Inventory, 1/12/2020 200 2,000 € Purchase, 10/12/2020 150 1,800 € Purchase, 15/12/2020 120 1,800 €Purchase, 23/12/2020 170 2,720 € Sale 180 Sale 120 In addition, the level of operating expenses in December is €1,500 and the tax rate is 20%. The firm has decided to distribute the after-tax profits to shareholders. 1. If XYZ firm uses a periodic inventory system, prepare a summarized income statement for December 2020 under each inventory cost flow assumption: (a) weighted average, (b) FIFO, (c) LIFO, and (d) specific identification. For specific identification, assume that the first sale was out of the beginning inventory and the second sale was out of the December 23 purchase. Exhibit inventory calculations in detail. 2. Which…Lancer Company's preliminary income statement for 2021 and its reported income statement for 2020 are given below. 2021 2020 1,350,000 (648,0001 702,000 (172,500) (162.000 367.500 Sales Revenues 1,320,000 (630.000 690,000 Cost of Goods Sold Gross Profit Depreciation Other Expenses (172,500) (153.000 364.500 Net Income Lancer's records reveal the following information: (1) Lancer neglected to record S8,000 of supplies expense at the end of 2020, so the supplies inventory was overstated at the end of 2020. Consequently, the supplies expense computed for 2021 included the additional amount of supplies used in 2020. (2) On 1/1/19, Lancer purchased a machine for $120,000. Although the machine was expected to have an eight-year life, it was erroneously expensed in recording the purchase. The appropriate depreciation method for this machine is double-declining-balance with no residual. (3) At the end of 2021, Lancer decided to change its inventory costing method from the FIFO costing method…