Calculation of Net income and Cost of Goods Sold
Q: The following information is available for the ABC Company for its March 31 bank reconciliation: Fro...
A: The bank reconciliation statement is prepared to equate the balance of cash book and pass book with ...
Q: Data for 2020 taxable year of ML partnership (Domestic corporation) including partner's own income (...
A: The calculation is given below
Q: On the basis of the following data, determine the value of the inventory at the lower-of-cost-or-mar...
A: Inventories are recognized lower of cost or market. This rule is applied to inventory item-wise. ...
Q: Required: 1. & 2. Compute the gross profit (sales minus cost of goods sold) and the gross profit rat...
A: Under FIFO Inventory Cost Method, Units which comes in first will be sold first and the inventory wi...
Q: Milan Company issued bonds with a face value of $275,000 on January 1, Year 1. The bonds had a 7 per...
A: Answer:- a: Total amount of interest Interest paid on December 31 = 275000 x 7% =$19,250
Q: How many percent was the increase in net income compared to previous year? How much cash does the co...
A: The net income is transferred to retained earnings account so, the net increase in the Retained earn...
Q: You are a commercial lines broker, working for an insurance company, explain why you would recommend...
A: Explanation of above requirement are as follows.
Q: The following data of the industrial enterprise D S.A. for the accounting year 20X9 are given. Raw m...
A: Complete Answer is given in writing. Assume Administrative Expenses related to production ,on the ot...
Q: Total $ 230,400 136,800 Per Unit Sales (7,200 units) Variable expenses $ 32.00 19.e0 $ 13.00 Contrib...
A: Under marginal costing, costs are divided into variable and fixed costs. Variable costs are costs th...
Q: Problem 4: Ocean Company recently acquired several items of property, plant and equipment. The tran...
A: 1. Building costcash. P1000000 Value of shares P6000000 ...
Q: 2-a. Calculate the benefit under each alternative for disposing of the obsolete parts. 2-b. How shou...
A: Solution:- 2-a) Calculation of the benefit under each alternative for disposing of the obsolete part...
Q: s the physical inventory system of accounti mination, you discovered that the 2023 sale 2022; goods ...
A: Overstatement is when the amount reported is more than what it should be . Understatement is when th...
Q: Suppose you are a bank loan manager. Your target EAR is 5%. Now, you are required to offer bank loan...
A: Calculation of monthly instalment for 3 years Customer want to Borrow- $ 1,000,000 EAR - 5 % Month ...
Q: Sheridan Corporation initiated a defined benefit pension plan for its 50 employees on January 1, 202...
A: Plan Assets- Plan assets are assets/investments supposed by a long-term employee advantage fund for ...
Q: Salary expense has a balance of $65,400 in the trial balance debit column of a worksheet. The adjust...
A: Adjusting Entries - Adjusting entries are recorded at the end of the period to distinguish the trans...
Q: Jones Company had net income of $10,000 for the year. Beginning total assets were $150,000 and endin...
A: Formula: Return on Assets = Net income / Average Total Assets
Q: On November 10, 2020, Singh Electronics began to buy and resell scanners for $60 each. Singh uses th...
A: Warranty expense is the cost that the business estimates for repair or replacement of goods sold.
Q: Opie Industries is a manufacturer of plastic bottles. On September 1, 2014, Opie purchased an option...
A: The correct answer for the above question is given in the below steps for your reference.
Q: Dale and Eleanor are married taxpayers. In 2021, they will file a joint return and will take the $25...
A: W2 wages shall be deducted from business income to arrrve at Gross business income from Just delicio...
Q: Ali, a consumer, buys electronics worth $20,000, while Consumer Jumabuys for $45,000 and Consumer Sa...
A: VAT is Value added tax which is consumption based tax. In various countries it is alternative for GS...
Q: sh dividends: December2017 $80,000 December2018 195,000 December2019 300,000 Required: 1. S...
A: (1) Allocation of dividends to each class of stock, assuming that the preferred stock is 9% and not ...
Q: Margaret Company purchased equipment on January 1, 2014, for $500,000. At the date of acquisition, t...
A: Lets understand the basics. When there is change in the salvage value and/or useful life of the asse...
Q: Problem 5 (Determination of Profitability) Toyota Auto Shop had sales of P700,000 in 20X5 and cost o...
A: Ans. a Earning After Tax = P 75,600 Toyoto Auto Shop SL Particulars Amount 1 Sales P...
Q: Kipley Company is a small manufacturing firm located in Pittsburgh, Pennsylvania. The company has a ...
A: Salary per week of salaried employee = salary mer month /4 salary per hour of salaried employee = sa...
Q: On January 1, Martinez Inc. issued P 4,000,000, 11% bonds for P 4,260,000. The market rate of intere...
A: Working:
Q: ii) Determine the cost of direct material and salesman salary if the company produces 80,000 bottles...
A: Variable cost= (Cost at 150000- cost at 120000)/(150000-120000)
Q: How much in dividends were paid to shareholders during the year? Assume that In its most recent fina...
A: Since you have asked multiple questions, we will solve the first question for you. If you want any s...
Q: Service revenue (from camping fees) $171,600 Dividends $11,700 Sales revenue (from general store) 32...
A: Formula: Net Income = Total revenues - Total expenses
Q: 8. Alta Ski Company's inventory records contained the following information regarding its latest ski...
A:
Q: The number of units of one good that trade for one unit of alternative goods can be determined most ...
A: Product or Goods: In everyday speech, the terms "product" and "good" are interchangeable. When compa...
Q: Part 1 Kelly Consulting Post-Closing Trial Balance April 30, 20Y8 Account No. Debit Credit C...
A: Journal entries are the recording of financial transactions of the business in accordance with the g...
Q: Zach and Christine are partners with USD60,000 and USD20,000 capital balances, respectively. Gains ...
A: Calculation of Sokkie Capital [($60000 + $20000 + $115000) * 30%] = $58500 Bonus to Zach, Capital[...
Q: Ed Vaughn Corporation has two divisions; Outdoor Sports and Indoor Sports. The sales mix is 60% for ...
A: The question is based on the concept of Cost Accounting. Break even point is the point at which ther...
Q: 3. Using weighted-average cost, calculate ending inventory, cost of goods sold, sales revenue, and g...
A: Weighted Average cost method refers to Total Cost of Goods available for sale is divided by it Numbe...
Q: Louise Garcia is attempting to use the ABC inventory method. In category A, she should include: O in...
A: “Since you have asked multiple question, we will solve the first question for you. If you want any s...
Q: Create your own company describing the nature of the company and what it provides (should be providi...
A: Journal Entry The purpose of providing the journal entry to enter the required transaction into debi...
Q: Full Tax Co. is incorporated and tax resident in Barbados. The audited financial statements for Full...
A: A corporation's tax responsibility refers to a limited company's legal duty to pay tax on its annual...
Q: 1. How much is the additional allowable training expenses, if any? 2. How much is the taxable net in...
A: Taxable income of the company is the income which the company has earned during the year from the op...
Q: Graff Company had the following data for the month of November: Graff, Capital, November 1= $10,000 ...
A: Owner's equity: It implies to all the net assets that belong to the owners of the business after pay...
Q: Jonas Company purchased a photocopier that cost $15,000. The copier was expected to last for 1.25 mi...
A: Year Account Titles and Explanation Debit Credit 1 Machine $ 15,000 Cash $ 15,000 ...
Q: omith-Kline Company maintains inventory records at selling prices as well as at cost. For 2021, the ...
A: Calculation of Ending Inventory In cost to retail method there are different method which are adopt...
Q: Amina borrowed 60,000 SR on January 1, 2020, from the local bank to expand its building. The funds w...
A: These are the accounting transactions that are having a monetary impact on the financial statement o...
Q: On March 1, 2020, Jagger Metal Corp. issued 8.0% bonds dated January 1, 2020. The bonds have a $900,...
A: The bonds are issued at premium when market rate is lower than the coupon rate of bonds payable. The...
Q: The Playa Company has the following information in its records. Certain data have been intentionally...
A: Lets understand the basics. For filling up the blanks we need to use some formulas which are as belo...
Q: following mation applies to th shons displayeO below The following selected information was extracte...
A: The question is based on the concept of Cost Accounting.
Q: On January 1, 2012, Enrich Company purchased a machine under the following terms: a. 100,000 downpay...
A: Here payments are being made at different points of time. The cost of the machine = present value of...
Q: Ch Zytel Corporation produces cleaning compounds and solutions for industrial and household use. Whi...
A: Calculation maximum number of jar sold for futher processing are as follows.
Q: What is the capital recovery cost for a machine costing $504,000 with a life of 9 years and a salvag...
A: Capital recovery or equivalent annual cost =(P-S)(A/P,i,n) + S*I , Where, P = investment S- salv...
Q: n the E&M Partnership, Edward invests USD120,000 in cash, and inventory with a cost of USD120,000 an...
A: >Partnership is the business entity where there are two or more than two owners, known as partner...
Q: Sweet Company purchased equipment on January 1, 2018, for S28,000. Suppose Sweet Company sold the eq...
A: Depreciation means fall in the value of tangible fixed assets because of its usage or with efflux of...
Step by step
Solved in 2 steps with 1 images
- The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000Gross profit of Happy Selling amounted to Php 175,000. Beginning Inventory totaled Php 250,000. Ending Inventory amounted to Php 50,000 while Net Cost of Purchases totaled Php 85,000. Compute for Happy's Net Sales.Compute the following transactions using multi-step income statement 1. Calculate Net Sales and Gross Profit if, Sales are Php 375,000, Sales Returns and Allowances arePhp32,000, Sales Discounts are Php 12,000 and Cost of MerchandiseSold is Php 255,000.
- Compute the following transactions using multi-step income statement 3. Calculate Sales and Net Sales if, Sales Returns and Allowances are Php 25,000,Sales Discounts are Php 15,000, Cost of Merchandise Sold is Php 620,000 and GrossProfit is Php 185,000.Compute the following transactions using multi-step income statement2. Calculate Sales Returns and Allowances and Cost of Merchandise Sold if,Sales are Php 750,000, Sales Discounts are Php 9,000, Net Sales are Php 736,000 andGross Profit is Php 310,000.Determining Gross Profit During the current year, merchandise is sold for $8,100,000. The cost of the goods sold is $4,698,000. a. What is the amount of the gross profit?$ b. Compute the gross profit percentage (gross profit divided by sales). %
- Calculate net sales based on gross sales of $805,000; sales returns of $5,400; and sales discounts of $15,700. Calculate cost of goods sold based on $82,400 beginning inventory: $264,000 cost of goods purchased; and $94,800 ending inventory. Refer to Problems 7 and 8. Calculate gross profit.Gross profit of the Kate Company amounted to ₱105,000. Ending Inventory amounted to ₱50,000 while Net Purchases totaled ₱85,000. Beginning inventory is equivalent to half of the ending inventory. How much is the company's net sales?1. PAKIALAMERA KO Company provided the following data for the current year: Inventory, January 1 P2,000,000, Purchases P7,500,000, Purchase Returns and Allowances P500,000, Sales returns and allowances P750,000, Inventory, December 31 P2,800,000, Gross profit rate 20%. What is the amount of Cost of goods sold?
- How is the gross profit percentagecomputed? Illustrate its calculation and interpretationassuming Net Sales is $100,000 and Cost of Goods Sold is$60,000.The Cost of Goods Sold amounted to ₱285,000. Net cost of purchases totaled ₱ 85,000. Beginning inventory amounted to ₱250,000. Sales amounted to ₱500,000. How much is the company’s Gross profit?The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and purchases of P 18,200.00. Ending inventory is amounting to P 12,500.50. The stores total expenses is P 18,780.00 . Find the following : a.) Cost of goods sold b) Net profit or net loss