Make sure it is transferrable to excel. Do it nicely.1. Determine the following:a. Net Salesb. Net Purchasesc. Cost of Goods Soldd. Bad Debts Expense The following are taken from the records oflABC Company for the year ended December 31, 20X2DebitCre ditSales764,985.00Based on actual physical count, inventory balance are as follows:Purchase Discount8,200.00January 1, 20X225,455.00Purchases Retums and Allowances5,465.00December 31, 20X220,765.00Purchases459,990.00Freight In9,180.00Bad Debts Expense is 4% of net sales. Classify the bad debts expense as a general and administrativeSales Discount13,300.00expense.Sales Retum and Allowances5,455.00Depreciation Expense25,000.001. Determine the following:Amortiz ation Expense10,000.00a. Net SalesSalaries Expense80,000.00b. Net PurchasesUtilties Expense55,000.00c. Cost of Goods SoldAdvertising Expense35,000.00d. Bad Debts ExpenseRent Expense60,000.002. Prepare a single step SCI.Interest Income5,444.00Interest Expense5,677.00Gain on Sale of PPE5,465.00Bad Debts Expense???

The cost of goods sold refers to the direct costs of manufacturing the commodities supplied by a…

Answered: Determine the following: a. Net Sales…

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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Customer relationship management software would be most likely to affect which income statement account? Multiple Choice Cost of Goods Sold Revenues Selling, General, and Administrative Expenses (SG&A) Interest Expense
1. Discuss what could possibly cause the problem of high returns of goods in a business 2. How do high returns of goods affect the finance and accounts department of business? 3. What are some contributing factors for customers who experience short deliveries?
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in a merchandising business gross profit is equal to the sales revenue minus (a) the sum of cost of goods sold and sales commissions (b) cost of goods sold (c) the sum of cost of goods sold and operating expenses (d) the sum of cost of goods sold, operating expenses and prepaid expenses
Gross profit is the gross sales price charged for the goods sold A.True B.False
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True or False: Gross profit is equal to the gross profit margin multiplied by the net sales. Select one: O True O False 4
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Activity 1: Sales revenue should be recognized when goods and services have been supplied; costs are incurred when goods and services have been received. Which accounting concept governs the above? A.The substance over form concept B.The materiality concept C.The accrual concept D. The historical cost concept
Which of the following expressions is incorrect? Gross profit - operating expenses = net income Net income + operating expenses = gross profit ● Sales revenue - cost of goods sold - operating expenses = net income ● Operating expenses - cost of goods sold = gross profit
TRUE or FALSE The cost should match with the revenue generated. It only means that with every income earned there is an expense given. This is called matching principle.

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Determine the following: a. Net Sales b. Net Purchases c. Cost of Goods Sold d. Bad Debts Expense