Determine the amount of cash paid to suppliers of merchandise for each of the nine independent situations below.All dollars are in millions.Accounts PayableIncrease (Decrease)Cash Paidto SuppliersCost ofInventoryIncrease (Decrease)Goods SoldSituation100?3(3)100?1004100(7)10033(3)(3)100(7)(7)100100100

Accounts payable: It refers to the amount to be paid by the business to outside entities.

Answered: Determine the amount of cash paid to…

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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Question No. 3 Discount received from supplier of Rs. 5,000 which is 10% of Supplies Purchases. What is the gross and netpurchase value of supplies? Later these supplies were sold on cash at profit of 20% on net purchase value.Calculate sales value and prepare journal entry for sales.
Question 4 a) You have collected the following information for Fishy Berhad. Item Beginning Ending Inventory RM20,700 RM43,00 Account rceivable RM9,900 RM11,500 Account payable RM16,500 RM22,700 Other information provided are credit sales RM210,000 and cost of goods sold RM198,000. Calculate: i) Operating cycle ii) Cash cycle
Make the cost of goods sold and balance sheet Cash ₱ 5,596.00 Account Recievable 20,760.00Equipment 9,000.00Supplies 6,500.00Notes Payable ₱ 20,000.00Capital 52,000.00Personal 2,050.00Purchases 73,020.00purchase Return 1,200.00Purchase Discount 302.00Frienght In 275.00Sales 54,960.00Sales Return 753.00Sales Discount 558.00Freight Out 225.00General Expenses 950.00Miscellenous Exp. 750.00Salary Expense 4,500.00Rent Expense 3,000.00Selling Expense 350.00Tax Expense 175.00Totals ₱ 128,462.00
Calculate gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return inwards OMR 2000 а. OMR 10000 b. OMR 12000 С. OMR 4000 d. OMR 6000
A manufacturer reports the data below. Accounts payable Accounts receivable Inventory Net sales $ 9,649 18,474 5,455 233,607 Cost of goods sold 138,200 (1) Compute the number of days in the cash conversion cycle. (2) Is the company more efficient at managing cash than its competitor who has a cash conversion cycle of 14 days? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number of days in the cash conversion cycle. Note: Use 365 days in a year. Round calculations to the nearest whole day. Cash conversion cycle days
The two independent cases are listed below: Sales Revenue Cost of Goods Sold Gross Profit Depreciation Expense Salaries and Wages Expense Net Income Accounts Receivable Inventory Accounts Payable Salaries and Wages Payable Case A Year 2 $ 10,400 5,460 4,940 1,100 1,900 $ 1,940 $ 270 720 740 970 Year 1 $6,000 3,100 2,900 1,100 1,400 $ 400 $ 340 440 670 1,140 Case B Year 2 $ 20,400 11,460 8,940 1,200 4,400 $ 3,340 $ 690 700 860 340 Year 1 $ 15,000 8,770 6,230 1,200 4,400 $ 630 $ 570 740 910 410 Required: Show the operating activities section of the statement of cash flows for year 2 using the indirect method. (Amounts to should be indicated with a minus sign.)
#4: Accounts Payable, beg. 70,000.00; Accounts Payable, end 75,000.00; Merchandise Inventory, beg - 350,000.00; Merchandise Inventory, end 175,000.00; Cost of Goods Sold 2,650,500. All Merchandise Purchases for the year are made on account. The Cash Payment to Supplier from Purchases on Account amounted to _________. (Round your answers to the nearest 2 decimal places)
Determine the amount of cash paid to suppliers of merchandise for each of the nine independent situations below. All dollars are in millions. Note: Enter your answers in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5). Situation Cost of Goods sold 1 90 2 90 3 4 5 6 7 8 9 90 90 90 90 90 90 90 Inventory Increase (Decrease) 0 2.6 (2.6) 0 0 2.6 2.6 (2.6) (2.6) Accounts Payable Increase (Decrease) 0 0 0 6.4 (6.4) 6.4 (6.4) (6.4) 6.4 Cash Paid to Suppliers 90.0 92.6 87.4
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