20.3 A sole trader fixes his prices to achieve a gross profit percentage on sales revenue of 40%. All his sales are for cash. He suspects that one of his sales assistants is stealing cash from sales revenue. His trading account for the month of June 20X3 is as follows: 24 181,600 114,000 67,600 Recorded sales revenue Cost of sales Gross profit Assuming that the cost of sales figure is correct, how much cash could the sales assistant have taken? A $5,040 B $8,400 $22,000 C

20.3 A sole trader fixes his prices to achieve a gross profit percentage on sales revenue of 40%. All his sales are for cash. He suspects that one of his sales assistants is stealing cash from sales revenue. His trading account for the month of June 20X3 is as follows: 24 181,600 114,000 67,600 Recorded sales revenue Cost of sales Gross profit Assuming that the cost of sales figure is correct, how much cash could the sales assistant have taken? A $5,040 B $8,400 $22,000 C

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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A manufacturer reports the data below. Accounts payable Accounts receivable Inventory Net sales $ 9,649 18,474 5,455 233,607 Cost of goods sold 138,200 (1) Compute the number of days in the cash conversion cycle. (2) Is the company more efficient at managing cash than its competitor who has a cash conversion cycle of 14 days? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number of days in the cash conversion cycle. Note: Use 365 days in a year. Round calculations to the nearest whole day. Cash conversion cycle days
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E6-2 Reporting Net Sales with Credit Sales, Sales Discounts, and Credit Card Sales LO6-1 The following transactions were selected from the records of Ocean View Company: July 12 Sold merchandise to Customer R, who charged the $3,000 purchase on his Visa credit card. Visa charges OceanView a 2 percent credit card fee. 15 Sold merchandise to Customer S at an invoice price of $9,000; terms 3/10, n/30. 20 Sold merchandise to Customer T at an invoice price of $4,000; terms 3/10, n/30. 23 Collected payment from Customer S from July 15 sale. Aug. 25 Collected payment from Customer T from July 20 sale. Required: Assuming that Sales Discounts and Credit Card Discounts are treated as contra-revenues, compute net sales for the two months ended August 31.
Target sold $150,000 of merchandise at one of its stores on Saturday. It collected $100,000 cash for these sales. Their customers charged the rest. It cost Target $80,000 to acquire the merchandise they sold. How much revenue did Target have on Saturday under accrual-based accounting? Group of answer choices $100,000 $20,000 $70,000 $150,000
18. Calapan Company provided the data in the table below. In 2011, accounts written off amounted to P100,000. Sales returns with credit memo amounted to P150,000 and purchase returns, P50,000. Cash receipts from customers after P200,000 discounts totaled P6,000,000, while cash payments to trade creditors amounted to P4,000,000 after discounts of P300,000. Cash paid to customers for goods returned was P50,000. On this transaction, accounts receivable was debited. Under accrual basis, what amount should be reported as gross purchases for the current year? a. 4,700,000 b. 4,350,000 c. 4,300,000 d. 4,000,000
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Q.3.2 The following information has been taken from the books of Lobelia Traders, a general trading shop in Braamfontein, for the month of April 2020: Lobelia Traders is a registered VAT vendor and trades only with registered VAT Vendors. The business charges 15% VAT on all its sales. TRANSACTION JOURNAL VAT AMOUNT AMOUNT EXCLUDING AMOUNT INCLUDING VAT VAT Cash sales CBR 35 000 A B Advertising СВР D 920 paid Goods СВР E 750 F purchased for cash Drawings of GJ 500 G H Petty Cash Credit sales DJ 1 200 Q.3.2.1 Calculate the amounts for A to J Q.3.2.2 Calculate the Input VAT Total Q.3.2.3 Calculate the Output VAT total Q.3.2.4 Calculate the Vat payable or refundable. Clearly indicate if it is payable or refundable and if it is an asset or liability
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