During 2010, Vaughn Corporation sold merchandise costing $1,500,000 on an installment basis for $2,000,000. The cash receipts related to these sales were collected as follows: 2010, $800,000; 2011, $700,000; 2012, $500,000. What is the rate of gross profit on the installment sales made by Vaughn Corporation during 2010?
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- What is the rate of gross profit?Use the following information for Taco Swell, Inc., (assume the tax rate is 24 percent): 2017 2018 Sales $ 15,573 $ 15,336 Depreciation 1,741 1,816 Cost of goods sold 4,379 4,787 Other expenses 986 864 Interest 835 966 Cash 6,187 6,706 Accounts receivable 8,120 9,667 Short-term notes payable 1,250 1,227 Long-term debt 20,560 24,836 Net fixed assets 51,064 54,513 Accounts payable 4,512 4,884 Inventory 14,419 15,368 Dividends 1,350 1,698 Prepare a balance sheet for this company for 2017 and 2018. (Do not round intermediate calculations.) Prepare an income statement for this company for 2017 and 2018. (Do not round intermediate calculations. Round your answers to 2 decimal places, e.g., 32.16. Input all answers as positive values.)Fairplay had the following information related to the sale of its products during 2009, which was its fi rst year of business: Revenue $1,000,000 Returns of goods sold $ 100,000 Cash collected $ 800,000 Cost of goods sold $ 700,000 Under the accrual basis of accounting, how much net revenue would be reported on Fairplay’s 2009 income statement? A . $200,000.
- The following information relates to ELEPHANT INC. for the year ended 2020: Cash purchases - gross P300,000 Trade accounts payable - beginning 500,000 Trade accounts payable - ending 400,000 Trade notes payable decreased by 200,000 Cash payments on payables 1,000,000 Purchase return and discounts (inclusive of P15,000 receipts from suppliers) 20,000 Inventory increased by 100,000 Compute the cost of goods sold under accrual basis of accounting. A. P885,000 B. P950,000 C. P925,000 D. P845,000For 2021, Hamilton Company had Sales of $5,700,000 and Cost of Goods Sold of $3,600,000. For 2020, Hamilton Company had Sales of $4,800,000 and Cost of Goods Sold of $2,900,000. a. What was the Cost of Goods Sold as a percent of Sales for 2021? b. What was the Cost of Goods Sold as a percent of Sales for 2020? c. Did Hamilton show improvement from 2020 to 2021? d. Is this an example of horizontal or vertical analysis?The following information is available for Grace Company for 2020: Disbursements for purchases P1,050,000; Increase in trade accounts payable 75,000; Decrease in merchandise inventory 30,000; Costs of goods sold for 2010 was P1,155,000. P1,095,000. P945,000.
- The following information relates to ELEPHANT INC. for the year ended 2020: Cash purchases - gross P300,000 Trade accounts payable - beginning 500,000 Trade accounts payable - ending 400,000 Trade notes payable decreased by 200,000 Cash payments on payables 1,000,000 Purchase return and discounts (inclusive of P15,000 receipts from suppliers) 20,000 Inventory increased by 100,000 Compute the net purchases under accrual basis of accounting. A. P985,000 B. P1,050,000 C. P1,025,000 D. P945,000Use the following financial information to find the entry you would make on an income statement for INCOME BEFORE TAXES for the year ended December 31, 2011: Gross Sales, $223,000; Sales Returns and Allowances, $11,200; Sales Discounts, $1,800; Merchandise Inventory, January 1, 2011, $67,600; Merchandise Inventory, December 31, 2011, $78,300; Net Purchases, $84,000; Freight In, $950; Salaries, $107,200; Rent, $19,500; Utilities, $1,450; Insurance, $2,150; and Income Tax, $14,900. a. $135,750WOODPECKER CORP. reported profit of P800,000 in 2018 under cash basis. The following items are relevant in converting the cash basis profit into accrual basis. Inventory, January 1 P1,000,000 Inventory, December 31 600,000 Receivables, January 1 300,000 Receivables, December 31 900,000 Payables increased by 500,000 How much is the profit under accrual basis of accounting? A. P500,000 B. P600,000 C. P700,000 D. P400,000
- During the current year, the merchandise is sold for 45,870, 000. The cost of the merchandise sold is 33,026,400. What is the amount of gross profit?What is the amount of net sales? General accountingDuring the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost of the merchandise sold is $1,014,300. what is the amount of the gros profit?