9. The following data is for the J.M Paculan Corporation:P600,00042,00077,00019,000Sales revenueFreight inBeginning inventoryPurchase discountsSales returns and allowances33,000Operating expensesEnding inventory77,00081,000415,00035,00071,000PurchasesSales discountsJ.M. Paculan, withdrawalsPurchase returns and allowances39,000The total cost of goods available for sale for the J.M. Paculan Corporationis:a. P489,000b. P408,000C. P476,000d. P441,00010. The cost of goods sold for J.M. Paculan Corporation is:a. P524,000b. P489,000C. P557,000d. P395,00011. The closing process includes crediting the following accounts to bring theirbalances to zero:a. allowance for doubtful accountsb. purchases and freight inc. purchase discounts and sales discountsd. purchase returns and allowances and purchase discounts

*The cost of goods available for sale is the sum of beginning inventory, net purchase, and freight…

Answered: 9. The following data is for the J.M…

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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The cost of goods sold computations for Bridgeport Company and Sarasota Company are as follows. Bridgeport Company Sarasota Company Beginning inventory $ 46,500 $ 74,000 Cost of goods purchased 199,000 290,075 Cost of goods available for sale 245,500 364,075 Ending inventory 54,680 74,500 Cost of goods sold $190,820 $289,575 (a1) Compute inventory turnover for each company. (Round answers to 2 decimal places, e.g. 15.25.) Bridgeport Company Sarasota Company Inventory turnover enter inventory turnover rounded to 2 decimal places enter inventory turnover rounded to 2 decimal places
Compute the inventory turnover ratio based on the following data: Sales revenue $275,000 Cost of goods sold 168,000 Beginning inventory 35,000 Ending inventory 45,000
Urmilaben
Statement 1: The home office and branch report individual profits of P25,000 and P10,000 respectively. If the realized mark-up on inventory shipments to the branch billed above cost is P5,000 the combined profit must be P40,000 Statement 2: The branch reports ending inventory of P15,000 consisting of goods from home office billed at 125% above cost. The related "allowance" account in the home office books must have a credit balance of P3,000. A. Both statements are correct. B. Only S2 is correct. C. Both statements are incorrect. D. Only S1 is correct.
Lindsey Corporation had the following account balances:Sales revenue $200,000Beginning inventory 40,000Purchases 80,000Purchase discounts 3,000Freight-in 1,000Ending inventory 30,000Purchases returns and allowances 2,000 With the perpetual inventory system, which of the following entries would be made when inventory costing $3,600 is sold for $5,000?a. Cost of goods sold 3,600Inventory 3,600b. Inventory 5,000Accounts payable 5,000c. Inventory 3,600Cost of goods sold 5,000Accounts payable 3,600Purchases 5,000d. Purchases 5,000
The table below contains portions of the income statements of four different companies: 1 2 3. d 200,000 240,000 100,000 15,000 Net Sales 12,000 30,000 Beginning Inventory Net Cost of Purchases 125,000 145,000 e 95,000 55,000 f Goods Available for Sale Ending Inventory Cost of Goods Sold Gross Profit a k 25,000 40,000 10,000 1. b. 90,000 85,000 130,000 Required: Replace the lettered blanks with the appropriate amounts.
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AB Ltd. has MCC has prepared the Income statement including the following data (all sales are on account): Sales $80,000 Cost of Goods Sold Gross Profit Expenses Net Profit $50,000 $ 25,000 $ 10,000 $15,000 The comparative balance sheet shows the following data (by definition, accounts payable relates to merchandise purchases only): End of Year Beginning of Year Accounts Receivables (net) Inventory Prepaid Expenses Accounts Payable $7,000 $3,000 $2,000 $1,140 $5,280 $2,000 $1,000 $1,500 Required 1: What is the amount of Cash received from Customers? $ Required 2: What is the amount of Cash paid for merchandise purchase? $
Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost of merchandise sold of $100,000 and Operating expenses of $300,000. Acct 201's Gross profit is:
The income statement of Bob Christiana Company is presented here. BOB CHRISTIANA COMPANY Income Statement For the Year Ended November 30, 2012 Sales revenue $7,700,000 Cost of goods sold Beginning inventory Purchases $1,900,000 4,400,000 Goods available for sale Ending inventory 6,300,000 1,400,000 Total cost of goods sold 4,900,000 Gross profit 2,800,000 Operating expenses 1,150,000 Net income $1,650,000 Additional information: Accounts receivable increased $380,000 during the year, and inventory decreased $250,000. Prepaid expenses increased $170,000 during the year. Accounts payable to suppliers of merchandise decreased $340,000 during the year. Accrued expenses payable decreased $50,000 during the year. Operating expenses include depreciation expense of $110,000. Instructions Prepare the operating activities section of the statement of cash flows for the year ended November 30, 2012, for…

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