calculate net sales, cost of goods sold and gross profit from sales
Q: [The following information applies to the questions displayed below.] Patel and Sons Incorporated…
A: The distinction between applied overhead and actual overhead is referred to as overhead variance.…
Q: To record the purchase of a motor vehicle for $40,000 cash for use by the CEO. Please select the…
A: Accounting Rules (1) Debit what comes in, Credit what goes out.(2) Debit all expenses and losses,…
Q: What role does internal control play in ensuring accurate revenue recognition and preventing fraud?
A: Internal control is the collective term for the methodical actions taken by a company to protect its…
Q: Excerpt from vouchers with liquidation report VAT monthly payment (Jan-Feb returns) P…
A: VAT stands for "Value-Added Tax." It is a consumption tax that is often levied on the value…
Q: While James Craig and his former classmate Paul Dolittle both studied accounting at school, they…
A: C corporations are known for having “Double Taxation.” which means that C Corporation is taxed at…
Q: The following table contains information about four potential investment projects that Castle…
A: It is necessary to divide the average annual profit by the initial investment for the purpose of…
Q: A company reports the following: Sales $1,069,000 Average total assets 534,500 Determine the asset…
A: · Ratio analysis used identify the business performance of the company.· It is used to…
Q: Fill in the missing amounts in each of the eight cases below. Each case is independent of the…
A: Contribution Margin - It is the difference between total sales and variable expenses.Variable Cost-…
Q: In the realm of financial accounting, how do accounting policies, changes in accounting estimates,…
A: In the realm of financial accounting, accounting policies, changes in accounting estimates, and…
Q: Exercise 1: Calculate the HPPDS for each of the following Telemetry unit Hours Classification for…
A: HPPD can be defined as a measure used to calculate the healthcare facilities and nursing provided to…
Q: Ivanhoe Corporation purchased equipment very late in 2023. Based on generous capital cost allowance…
A: Deferred tax asset: The deferred tax asset is created when the taxes to be paid as per income tax…
Q: Logistics Solutions provides order fulfillment services for dot.com merchants. The company maintains…
A: Variable Overhead Variance :— It is the difference between the standard variable overhead cost…
Q: Lucia Company has set the following standard cost per unit for direct materials and direct labor.…
A: Variance is the difference between budgeted cost and actual cost. The quantitative assessment of the…
Q: A new accountant at Skyline Company is trying to identify which of the following amounts should be…
A: The term "cash and cash equivalents" refers to a company's most easily convertible assets that can…
Q: You have a starting inventory of $300, ending inventory of $600, purchases of $1200 and employee…
A: The ending inventory comprises of the units that remains unsold at the end of the accounting period.…
Q: Specifically answer 2 only
A: Accounting entries known as deferred tax assets show possible future tax benefits for a business.…
Q: Meadow Inc. is considering a $210,000 investment, which will provide net returns of $100,000,…
A: The payback period of an investment is the length of time required for the cumulative total net cash…
Q: The Caffeine Coffee Company uses the modified internal rate of return. The firm has a cost of…
A: This rate measures the activeness of the investment. It is the best tool to rank the alternative…
Q: A customer has a balance of $4,000 to be invested in a savings account with 5% interest per year.…
A: Time value of money is one of useful concept of finance. Under this, present value and future value…
Q: The G-Lab Company produced three joint products at a joint cost of $170,000. Two of these products…
A: Joint costs are those costs which are incurred simultaneously for production of more than product.…
Q: Geelong Publishers’ selected accounts as of 30 November 2020 follow: Selling expenses $ 18 100…
A: Income statement is one of the financial statements that shows the profitability, total revenue and…
Q: The date is January 10, 2023, and Maryton Hotels' CFO George Smith is looking with dismay at his…
A: The income tax benefit refers to the tax provision or law that reduces the tax liability of the…
Q: How do the principles of revenue recognition under the International Financial Reporting Standards…
A: Revenue recognition is a critical component in financial accounting, determining when and how…
Q: Mr. Smith had the following stock transactions: - Purchase of 100 shares of AXI Corporation on…
A: A wash sale occurs when a taxpayer sells or trades a stock or security at a loss and then buys a…
Q: The following data for Direct Materials (DM) and Conversion (CONV) for the past month for a…
A: Process costing is one of useful form of costing being used in business. Equivalent units means…
Q: You graduate and decide you will start a consulting business out of your home. To perform the basic…
A: DepreciationThe purpose of proving the depreciation is to know the actual amount which is incurred…
Q: The equity sections for Atticus Group at the beginning of the year (January 1) and end of the year…
A: The dividend is declared to the shareholders from the retained earnings of the business. The…
Q: How do amortization methods differ for intangible assets with finite useful lives versus those with…
A: Intangible assets represent non-physical assets that have value due to the rights or competitive…
Q: Assume that the Genove trucking company started business in June 1.2017 Assuming that the books are…
A: Adjusted trial balance is the trial balance in which all the adjustments for the year have been…
Q: How does the accounting treatment differ for exploration and development costs in extractive…
A: Extractive activities involve the search for and extraction of minerals, oil, gas, and other…
Q: Wildhorse Company acquired a 50% interest in Blossom Corporation on December 31, 2020 for $1865000.…
A: An investing account functions similarly to a special wallet or container where you save the cash…
Q: Mr. Abdul Karim is a senior officer of a company. His service started on 01 July 2019. His salary…
A: The income that remains after certain deductions and exemptions are deducted, and is the income on…
Q: Which of the following accounts is typically considered a contra-asset account in financial…
A: A contra-asset account is an accounting entry that reduces the value of an associated asset…
Q: mpt in Progress A company sells a product that has a unit sales price of $9.50, unit variable cost…
A: Variable costs are costs which changes along with change in activity level or sales volume. Fixed…
Q: Required: You need to evaluate the proposals by showing all the relevant workings and present this…
A: Some important factors considered in this > Sales , direct material,> Sales , direct material,…
Q: Customer-Level Planning 7-Eleven operates a number of convenience stores worldwide. Assume that an…
A: Contribution margin ratio :— It is calculated by dividing contribution margin per unit by selling…
Q: Nadia Davids is a Bsc. Medicine student at university and started her own cleaning service in order…
A: Lets understand the basics.Business is always run in order to earn profit or net income. It is…
Q: How does the expenditure cycle in accounting help an organization manage its expenses and control…
A: Cycles of expenditure are comparable to a company's financial management. It assists the business in…
Q: 1. How many spoiled units were considered as abnormal spoilage? 2. What is the equivalent unit of…
A: Cost accounting is an accounting discipline that focuses on recording, analyzing, and managing the…
Q: H1. On June 14 Xtreme Sports received a 90-day note payable from Z Skis, instead of a cash payment…
A: Note payable is one of the liability being incurred in business, on which regular interest payments…
Q: A city orders a new computer for its police department that is recorded within its general fund. The…
A: The general fund is the fund used by government entities to account for the inflow and outflow of…
Q: Selected transactions from the journal of Kingbird, Inc. during its first month of operations are…
A: T-account: The condensed form of a ledger is referred to as T-account. The left-hand side of this…
Q: A buyer bought 150 handbags that cost $22.50 each. The buyer then retailed Group A, 50 pieces, for…
A: The addition of markup to pricing is one way to generate more revenue. It is often presented in the…
Q: Question 2. Prepare a transaction analysis chart
A: Accounting equation is fundamental concept being used in accounting. As per accounting equation,…
Q: Which one of the following statements is true about the statement of cash flows? A:…
A: Statement of Cash flowsThe statement of cash flows is a financial report that outlines how money…
Q: Summarize the alleged fraud List which management assertions were violated In your opinion, what…
A: Auditors use management assertions as a framework to assess the accuracy and reliability of an…
Q: The CFO has asked you to calculate the taxable income and prepare journal entries for Rudolf Ltd at…
A: The term "taxable income" describes the basis on which an income tax system levies tax. In most…
Q: Calculate the present value (principal) and the compound interest (in $). Use Table 11-2. Round your…
A: The present value of a future sum of money is its value today at a specific rate of return. The…
Q: Financial data for Joel de Paris, Incorporated, for last year follow: Joel de Paris, Incorporated…
A: Margin :— It is the ratio between net operating income and sales revenue. Turnover :— It is the…
Q: Portsmouth Company makes upholstered furniture. Its only variable cost is direct materials. The…
A: The time an employee works in excess of their usual working hours is referred to as overtime.…
Hh1.
calculate net sales, cost of goods sold and gross profit from sales
Step by step
Solved in 3 steps
- Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.C. R. McIntyre Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.Prepare journal entries for the following sales and cash receipts transactions. (a) Merchandise is sold on account for 300 plus 3% sales tax, with 2/10, n/30 cash discount terms. (b) Part of the merchandise sold in transaction (a) for 70 plus sales tax is returned for credit. (c) The balance on account for the merchandise sold in transaction (a) is paid in cash within the discount period.
- Preston Company sells candy wholesale, primarily to vending machine operators. Terms of sales on account are 2/10, n/30, FOB shipping point. The following transactions involving cash receipts and sales of merchandise took place in May of this year: Required 1. Journalize the transactions for May in the cash receipts journal and the sales journal. Assume the periodic inventory method is used. 2. Total and rule the journals. 3. Prove the equality of the debit and credit totals.Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.The following transactions were completed by Nelsons Boutique, a retailer, during July. Terms of sales on account are 2/10, n/30, FOB shipping point. July 3Received cash from J. Smith in payment of June 29 invoice of 350, less cash discount. 6Issued Ck. No. 1718, 742.50, to Designer, Inc., for invoice. no. 2256, recorded previously for 750, less cash discount of 7.50. July 9Sold merchandise in the amount of 250 on a credit card. Sales tax on this sale is 6%. The credit card fee the bank deducted for this transaction is 5. 10Issued Ck. No. 1719, 764.40, to Smart Style, Inc., for invoice no. 1825, recorded previously on account for 780. A trade discount of 25% was applied at the time of purchase, and Smart Style, Inc.s credit terms are 2/10, n/30. 12Received 180 cash in payment of June 20 invoice from R. Matthews. No cash discount applied. 18Received 1,575 cash in payment of a 1,500 note receivable and interest of 75. 21Voided Ck. No. 1720 due to error. 25Received and paid utility bill, 152; Ck. No. 1721, payable to City Utilities Company. 31Paid wages recorded previously for the month, 2,586, Ck. No. 1722. Required 1. Journalize the transactions for July in the cash receipts journal, the general journal (for the transaction on July 9th), or the cash payments journal as appropriate. Assume the periodic inventory method is used. 2. If you are using Working Papers, total and rule the journals. Prove the equality of debit and credit totals.
- Gomez Company sells electrical supplies on a wholesale basis. The balances of the accounts as of April 1 have been recorded in the general ledger in your Working Papers and CengageNow. The following transactions took place during April of this year: Apr. 1 Sold merchandise on account to Myers Company, invoice no. 761, 570.40. 5 Sold merchandise on account to L. R. Foster Company, invoice no. 762, 486.10. 6 Issued credit memo no. 50 to Myers Company for merchandise returned, 40.70. 10 Sold merchandise on account to Diaz Hardware, invoice no. 763, 293.35. 14 Sold merchandise on account to Brooks and Bennett, invoice no. 764, 640.16. 17 Sold merchandise on account to Powell and Reyes, invoice no. 765, 582.12. 21 Issued credit memo no. 51 to Brooks and Bennett for merchandise returned, 68.44. 24 Sold merchandise on account to Ortiz Company, invoice no. 766, 652.87. 26 Sold merchandise on account to Diaz Hardware, invoice no. 767, 832.19. 30 Issued credit memo no. 52 to Diaz Hardware for damage to merchandise, 98.50. Required 1. Record these sales of merchandise on account in the sales journal. If using Working Papers, use page 39. Record the sales returns and allowances in the general journal. If using Working Papers, use page 74. 2. Immediately after recording each transaction, post to the accounts receivable ledger. 3. Post the amounts from the general journal daily. Post the sales journal amount as a total at the end of the month: Accounts Receivable 113, Sales 411, Sales Returns and Allowances 412. 4. Prepare a schedule of accounts receivable. Compare the balance of the Accounts Receivable controlling account with the total of the schedule of accounts receivable.Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,450; terms 2/5, n/15, FOB destination (cost of sales $6,600). 2 Purchased $4,850 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,300; terms 2/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $10,900; terms 3/5, n/15, FOB destination (cost of sales $7,650). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale.. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions.Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,550; terms 2/5, n/15, FOB destination (cost of sales $6,700). 2 Purchased $4,950 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $11,500; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,100; terms 1/5, n/15, FOB destination (cost of sales $7,750). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. View transaction list Prepare General Journal entries…
- Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the purchase July 1 in Accounts Payable-Jones Company. Do the analysis component. July 1 Purchased merchandise from Jones Company for $14,80e under credit terms of 1/15, n/30, FOB factory. 2 Sold merchandise to Terra Co. for $2,6e0 under credit terms of 2/1e, n/60, FOB shipping point. The merchandise had cost $1,950. 3 Paid $450 for freight charges on the purchase of July 1. 8 Sold merchandise that cost $3,825 for $5,100 cash. 9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB destination. 12 Received a $1,500 credit memo acknowledging the return of merchandise purchased on July 9. 12 Received the balance due from Terra Co. for the credit sale dated July 2. 13 Purchased office supplies from EastCo on credit, $968, n/30. 16 Paid the balance due to Jones Company. 19 Sold merchandise that cost…Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable—Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $9,850; terms 2/5, n/15, FOB destination (cost of sales $7,000). 2 Purchased $5,250 of merchandise from Angolac Suppliers; terms 2/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $12,100; terms 3/15, n/45, FOB Bastille Sales. 5 Sold merchandise to Gelgar for $11,700; terms 1/5, n/15, FOB destination (cost of sales $8,050). 6 Collected the amount owing from Avery & Wiest regarding the June 1 sale. 12 Paid Angolac Suppliers for the June 2 purchase. 20 Collected the amount owing from Gelgar regarding the June 5 sale. 30 Paid Bastille Sales for the June 4 purchase. Prepare General Journal entries to record the above transactions. Based on the…Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each recelvable and payable; for example, record the purchase July 1 in Accounts Payable-Jones Company. Do the analysis component. July 1 Purchased merchandise from Jones Company for $14,80e under credit terms of 1/15, n/30, FOB factory. 2 Sold merchandise to Terra Co. for $2,680 under credit terms of 2/10, n/60, FOB shipping point. The merchandise had cost $1,950. 3 Paid $450 for freight charges on the purchase of July 1. 8 Sold merchandise that cost $3,825 for $5,100 cash. 9 Purchased merchandise from Keene Co. for $9,100 under credit terms of 2/15, n/60, FOB destination. 12 Received a $1,500 credit memo acknoOwledging the return of merchandise purchased on July 9. 12 Received the balance due from Terra Co. for the credit sale dated July 2. 13 Purchased office supplies from Eastco on credit, $968, n/30. 16 Paid the balance due to Jones Company. 19 Sold merchandise that…