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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1. The following table contains selected information for Daktronics Inc. Selected Income Statement Figures Selected Balance Sheet Figures Amts in USD Amts in USD Cash Sales Accounts Receivable 20X8 3.000.000 10,000,000 13,000,000 Credit Sales Inventory Accounts Payable. 600,000 250,000 160,000 Total Sales Cost of Goods Sold 8,000,000 a. what is the average inventory turnover for Daktronics Inc? b. What is the average payable days for the firm? c. What is the average receivables collection days? d. What changes have taken place in Daktronics Inc working capital requirement, year-on-year? For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac). BIUS Paragraph V Arial V E E 10pt Ix 26 АУ X² X₂ P 99 Ω ST Ⓒ. 68 C EXE - acer 144Hz >1 ¶< + ✓ 20X8 110 安安图 # 20X7 500,000 225,000 120,000 Q6 = = = = () Ⓒ KN lil ME www
The Information below relates to sales transactions for SALALAH Enterprises. Determine the net sales and cost of goods sold and net profit. Sales Discount RO 1250 Gross Sales 920000 Sales Returns and Allowances 1750 Freight In 2300 Purchase Discount 175 Purchases 50000 Purchase Returns and Allowances 825 Opening Inventory 1500 Closing Inventory 2200
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
The cost of goods for sale of Ram Products Inc. was P7, 645,000 and the ending inventory amounts to P1, 314,300. What was the cost of goods sold?
What is the current ratio? Use the information below. Current Assets $450,000 Costs of Goods Sold: $2.000,000 Inventory $250,000 Total Sales $3.000,000 Acct Rec: $200,000 Credit Sales: $1,500,000 Total Assets $900,000 Total Purchases: $2,500,000 Current $300,000 Operating Expenses: $700.000 Liabilities: Acct Payable $100,000 Pre-Tax Income: $60.000 Total Liabilities: $600,000 Owner's Equity $300.000
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
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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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