1. Sales made this year of 9,800will be returned next year andcustomers will be granted fullrefunds 2. The estimated cost ofthe inventory sold this year andexpected to be returned bycustomers next year is 7, 900

Accounting Treatment for Sales Returns Expected in the Next YearHere's how to account for the sales…

Answered: 1. Sales made this year of 9,800 will…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter10: Inventory

Section: Chapter Questions

Problem 2TP: Assume your company uses the periodic inventory costing method, and the inventory count left out an...

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2. What is the Cost of Goods Available for Sale for the year? Beginning Inventory: $10,000Purchase for the year: $113,000Freight-in for the shipping under F.O.B Shipping Point term: $5,000Purchase Discount for the year: $12,000Purchase Return for the year: $6,000End of the year physical inventory balance: $35,000
Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1, 2019 $55,000; Merchandise inventory December31, 2019 $60,000; Purchases $650,000; Operating expenses $100,000. What would the gross profit for Bubba Co. for 2019 be?
The following information was taken from the financial statements of Sunland Company: 2021 2020 Gross profit on sales $678,600 $760,000 Income before income taxes 205,400 225,000 Net income 260,000 225,000 Net income as a percentage of net sales 10% 9% Please show steps to finding answer Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%) 2021 2020 Cost of goods sold in dollars $enter a dollar amount $enter a dollar amount Cost of goods sold as a percentage of net sales nter percentages rounded to 1 decimal place % nter percentages rounded to 1 decimal place %
For 2020, cost of goods available for sale for Crane Corporation was $5600000. The gross profit rate on sales was 20%. Sales for the year were $5100000. What was the amount of the ending inventory? $1120000. $1520000. $0. $1020000.
In the current year, Laker Corporation had sales of $2,020,000 and cost of goods sold of $1,210,000. Laker expects returns in the following year to equal 6% of sales and 6% of cost of goods sold. The unadjusted balance in Inventory Returns Estimated is a debit of $8,000, and the unadjusted balance in Sales Refund Payable is a credit of $12,000. The adjusting entry or entries to record the expected sales returns is (are):
For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is $75,000. If net purchases are $100,000, the beginning inventory must have been: a. $30,000 b. $55,000 c. $85,000 d. $120,000
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In the current year, Borden Corporation had sales of $2,000,000 and cost of goods sold of $1,200,000. Borden expects returns in the following year to equal 8% of sales. The unadjusted balance in Inventory Returns Estimated is a debit of $6,000, and the unadjusted balance in Sales Refund Payable is a credit of $10,000. The adjusting entry or entries to record the expected sales returns is (are): (A) Accounts Receivable 2,000,000 Sales 2,000,000 (B) Sales returns and allowances 150,000 Sales 150,000 Cost of Goods Sold 90,000 Inventory Returns Estimated 90,000 (C) Sales 2,000,000 Sales Refund Payable 160,000 Accounts receivable 1,840,000 Sales Refund Payable 150,0000 Accounts receivable 150,000 (D) Sales Returns and Allowances 150,000 Sales Refund Payable 150,000 Inventory Returns Estimated 90,000 Cost of goods sold 90,000
Choose the correct.Rouge Company’s $250,000 net income for the quarter ended September 30 included the following after-tax items:∙ A $20,000 cumulative effect loss resulting from a change in inventory valuation method made on September 1.∙ $0 of the $60,000 annual property taxes paid on February 1.For the quarter ended September 30, the amount of net income that Rouge should report isa. $235,000b. $250,000c. $255,000d. $270,000
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Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?

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1. Sales made this year of 9,800 will be returned next year and customers will be granted full refunds 2. The estimated cost of the inventory sold this year and expected to be returned by customers next year is 7, 900