Hi expart Provide correct answer During May, Jimmy spent $700 to buy 20 products and sold 4of them for $60 each. Jimmy should recordfor May.A. $1,200B. $240as an expenseC. $700D. $140

Step 1: Introduction to the Net IncomeIn accounting, the amount of net income is computed by…

Answered: During May, Jimmy spent $700 to buy 20…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Sadia sells car first aid kits by mail order. The cost to her of each kit purchased from the manufacturer is £12.50. Her selling price per kit is £18.25. At the beginning of August 20X1 she has 180 kits in inventory. She sells 250 kits during August 20X1 and has 153 left in inventory at the end of the month. What is Sadia’s gross profit for the month of August 20X1? A. £1 437.50 B. £4 562.50 C. £1 282.25 D. £2 787.50
23. Mrs. Racelis, an entrepreneur, purchased 500 bags of cement at P 240 per bag If she sold 500 bags at P 35,000.Compute for the percentage of gross margin. a.45.71% b. 55.5% C.42.1% d.31.45% 24.A final price after deducting all discounts and rebates. d. Purchase price 25.It is the amount by which the retail price of a product is reduced by the manufacturer when it is sold to the a.Net sale b. Net earnings c. Net price reseller or customer. a. Trade discount c. Net price d. Net earnings Retail Price 26.This will be obtained by dividing the trade discount to selling price. .Trade discount b. Discount rate c. Net earnings d. Net price 27. These are given to customers in order to encourage them to purchase in volume. It is also effective in promoting seasonal items and to entice new set of customers. a. List price b. Discount series c. Discount d. Trade discount 28. An item worth 10,000 is now selling with discount. Of the following discount series, which has a greater discount? d. 15%,…
Mr. John Villamin wanted to sell cupcakes to his friends. He spends Php 22.50 per cupcake with corresponding mark up of 140%. For the month of February 2022, he sold 100 pcs on the 1st 15 days of the month, and 125 pcs on the remaining days of the month. Other expenses are 10% of the total ingredients cost. How much is the income or loss of Mr. Villamin for the month of February 2022 (indicate if income or loss and show your computation)?
Choose the best
Sadia sells car first aid kits by mail order. The cost to her of each kit purchased from the manufacturer is £12.50. Her selling price per kit is £18.25. At the beginning of August 20XI she has 180 kits in inventory. She sells 250 kits during August 20X1 and has 153 left in inventory at the end of the month. How many first aid kits has Sadia purchased in August 20X1? A. 277 B. 403 C. 250 D. 223
6. Roman Zapata sells electrical fixtures for The Lighting Center. He is guaranteed a salary of $560 a month or 11% of his total sales, whichever is greater. What is his gross pay for a month in which his total sales were $8975? Willis Vooal sells for Hervev's K Cize -UurGirālnieed $3.20 pernour pemod he workec
Karen sold 38 laptops at the price of 250 RO per laptop. if he receives a commission rate of 15% of sales, What commission did he earn? Select one: a. 1350 O b. 37.5 O c. 287.5 O d. 1425
4. Andrew Sanders sells sports equipment and is paida commission of 5.55% on regular price items and 4.5% on sale price items. What is the total commission for a week when he sells $8,880 worth of regular price sportswear and $10,648 of sale price sports equipment?
4. Bureda makes all purchases on account, subject to the following payment pattern:Paid in the month of purchase ......................... 30%Paid in the first month following purchase ............ 65%Paid in the second month following purchase ..... 5%If purchases for April, May and June were P200,000; P160,000; and P250,000,respectively, what was the firm’s budgeted payable balance on June 30? 5. Nopat Compano. Has two divisions, Nopat and Compano that reported the following results for May: Division Nopat Division CompanoSales P 90,000 P 150,000Variable expenses (% of sales) 70% 60%Segment margin 2,000 23,000If common expenses were P31,000, what must have been the total fixed costs? 6. A company’s average operating assets are P220,000 and its net operating income isP44,000. The company invested in new project, increasing average assets to P250,000 andincreasing net operating income to P49,550. What is the project’s residual income if therequired rate of return is 20%? Provide…
Maricel Santos sells products from a direct selling company. She receives 10% commission for her first P50,000 worth of sales, 15% of next P5,000 sales and 20% in excess of P55,000. During the month of December, his sales amounted to P200,000. How much did he earn for the month of December?
Humaid is paid a 7% commission on all sales. He sold goods worth RO 15,000 in a month. What is his gross pay if he takes a draw of RO 500? a. RO 550 b. RO 650 c. RO 1011.5 d. RO 1050
Owens sells computers. He purchases the computers for $460 each and incurs $6,000 in fixed operating expenses each month. The average cost per unit is a. $520 if owens make and sells 100 units of product b. $580 if owens make and sells 50 units of product c. $700 if owens make and sells 25 units of product d. all the answers are correct

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

During May, Jimmy spent $700 to buy 20 products and sold 4 of them for $60 each. Jimmy should record for May. A. $1,200 B. $240 as an expense C. $700 D. $140