eview - Google Chrome od/quiz/review.php?attempt3D208064&cmid-184726 Moodle January February Inventory purchases budget in units 000 0000 Each unit costs $10 and all purchases are made on credit. ABC pays 20% in the month of purchase and 80% in the month following the purchase. December inventory purchases totalled $70,000. How much cash will be disbursed for inventory purchases in January? Select one: none of these 0000 $176,000 000'08$ e to search

eview - Google Chrome od/quiz/review.php?attempt3D208064&cmid-184726 Moodle January February Inventory purchases budget in units 000 0000 Each unit costs $10 and all purchases are made on credit. ABC pays 20% in the month of purchase and 80% in the month following the purchase. December inventory purchases totalled $70,000. How much cash will be disbursed for inventory purchases in January? Select one: none of these 0000 $176,000 000'08$ e to search

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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|| Cash Accounts receivable Allowance for doubtful accounts Merchandise inventory Aa $ 37,500 (dr) 126,000 (dr) 2,800 (cr) 26,250 (dr) Management has designated $37,500 as the firm's minimum monthly cash balance. Other information about the firm and its operations is as follows: a. Sales revenues of $350,000, $420,000, and $312,500 are expected for October, November, and December, respectively. All goods are sold on account. b. The collection pattern for accounts receivable is 60% in the month of sale, 39% in the month following the month of sale, and 1% uncollectible, which is set up as an allowance. c. Cost of goods sold is 60% of sales revenues. d. Management's target ending balance of merchandise inventory is 10% of the current month's budgeted cost of goods sold. e. All accounts payable for inventory are paid in the month of purchase. f. Other monthly expenses are $49,250, which includes $3,500 of depreciation and $2,000 of bad debt expense. g. In the event of a shortfall, the…
alculation of Cost of Goods Sold: Periodic Inventory System with Sales Returns and Allowances The following amounts are known for Adams Gift Shop: Beginning merchandise inventory $27,000 Ending merchandise inventory 22,000 Purchases 78,000 Purchases returns and allowances 3,900 Purchases discounts 6,000 Freight-in 350 Assume the business makes estimates for sales returns and allowances at year-end. The balances for estimated returns inventory are shown. Beginning estimated returns inventory $2,000 Ending estimated returns inventory 1,600 Prepare the cost of goods sold section of the income statement. Adams Gift ShopIncome StatementFor Year Ended December 31, 20-- Cost of goods sold: $- Select - - Select - $- Select - $- Select - $- Select - - Select - - Select - $- Select - - Select - - Select - $- Select - $- Select - -…
moodle1.du.edu.om/mod/quiz/atte Moodle English (en) - The following sales and purchases are expected over the Four-month period from December to March Purchases Sales December OMR 30000 OMR 26000 January OMR 25000 OMR 30000 February OMR 24000 OMR 24000 March OMR 26000 OMR 28000 Additional Information: 1. Wages are paid each month of OMR 2000, which are paid in month that they are incurred 2. 30% of the Sales are on credit - and we allow one-month credit period - and 70% of the sales for immediate settlement 3. 40% of the Purchases are on credit - and 1 month credit period - and 60% of the purchases are for immediate settlement 4. The balance of cash as at 1 January was OMR 9000 If the company is preparing a budget from January to March, what will be the Closing balance of cash on March ? Select one: O a. OMR 7800 Oh OMR 2500 to search DELL F5 F6 F10 44 41 # 24 % % & 3 4 5 8 A E Y F GY H i RY NI ÍM この * 00
Luke's Lamps had a beginning inventory January 1, 2020 of $970,000. They sold goods that cost $770,000 and purchased $300,000 during the month. What should Luke expect its ending inventory balance is at the end of month (January 31, 2020)? a. $1,770,000 b. $500,000 c. $300,000 d. $1,270,000
Question: Assume a Watercrest Sports outlet store began October 2020 with 47 pairs of water skis that cost the store $38 each. The sale price of these water skis was $67. During October, the store completed these inventory transactions: 2. Determine the store’s cost of goods sold for August under the periodic inventory system. Assume the FIFO method. For the part, Sales [(47 units x $67)+(44 units x $68)] = $6,141 I don't understand what is in bolded, please explain where you get the numbers incuding the ones in dollars please.
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Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 Jan 23, 2021 Purchases 55 units at $12 January 31 Purchases 53 units at $14 All additional data for the current year was taken from the books of ABC Inc. Sales volume for the year are 210. HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO IF THE TAX RATE IS 30%?
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Jan 1, 2021 Beginning Inventory 80 units at $8 Jan 11, 2021 Purchases 65 units at $10 Jan 23, 2021 Purchases 55 units at $12 January 31 Purchases 53 units at $14 All additional data for the current year was taken from the books of ABC Inc. Sales volume for the year are 210. HOW MUCH IN TAXES WILL ABC SAVE IN THE CURRENT YEAR IF THEY CHOOSE TO USE LIFO INSTEAD OF FIFO IF THE TAX RATE IS 30%?
32. Calculate inventory turnover. (Hint: Food costs for the month must first be calculated.) Show your calculations. Beginning Inventory/month Food Purchases/month Ending Inventory $2,000 9,000 4,000
What is the balance of accounts payable at May 31st?
Subject: acounting