During the year, Deci’s Aquarium Supplies' inventory decreased by $30,000. If the company's cost of goods sold for the year was $600,000, purchases must have been__. A. $570,000 B. $600,000 C. $630,000 D. Unable to determine
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During the year, Deci’s Aquarium Supplies' inventory decreased by $30,000. If the company's cost of goods sold for the year was $600,000, purchases must have been__. A. $570,000 B. $600,000 C. $630,000 D. Unable to determine
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- Office Stop Supplies' $3.7 million cost of inventory at the end of last year was understated by $1.0 million. Read the requirements. 1. Was last year's reported gross profit of $2.4 million overstated, understated, or correct? What was the correct amount of gross profit last year? Last year's reported gross profit of $2.4 million was understated. year is $ 3.4 million. 2. Is this year's gross profit of $2.6 million overstated, understated, or correct? What is the correct amount of gross profit for the current year? This year's reported gross profit of $2.6 million is overstated. The correct amount of gross profit for this year is $ 1.6 million. 3. Was last year's reported cost of goods sold of $5.5 million overstated, understated, or correct? What was the correct amount of cost of goods sold last year? Last year's reported cost of goods sold of $5.5 million was The correct amount of gross profit for last year is million. Requirements The correct amount of cost of goods sold for last 1.…Required: Ignoring income tax, what is the net income for the current year?What was criques cost of goods sold for the year?
- 10)During the year, Bubba's Sport Shop's merchandise inventory decreased by $50,000. If the company's cost of goods sold for the year was $1,000,000, purchases would have been Group of answer choices a)Unable to determine. b)$950,000. c)$1,000,000. c)$1,050,000. 11)The collection of a $3,500 account within the 4 percent discount period will result in a a)debit to Accounts Receivable for $3,360 b)credit to Cash for $3,360. c)debit to Sales Discounts for $140. d)credit to Accounts Receivable for $3,360. 14)An aging of a company's accounts receivable indicates that $7,000 are estimated to be uncollectible. If Allowance for Doubtful Accounts has a $2,000 debit balance, the adjustment to record bad debts for the period will require a a)credit to Allowance for Doubtful Accounts for $12,200. b)credit to Bad Debt Expense for $9,000. c)credit to Allowance for Doubtful Accounts for $9,000. d)debit to Bad Debt Expense for $5,800.What was cost of goods sold for the year?What was craysons cost of goods sold for the year
- What is the cost of goods sold?Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.During Year 1, the inventory of Debra's Gift Shop decreased by $32,000. If the income statement for Year 1 reported cost of goods sold of $269,000, purchases during the year must have amounted to: Multiple Choice $301.000 $269,000 $150.500. $237,000. 35
- MCQAnswer this QuestionAt the beginning of the year, Paradise Co. had an inventory of $200,000. During the year, the company purchased goods costing $900,000. Paradise Co reported ending inventory of $300,000 at the end of the year. Their cost of goods sold is a. $1,000,000 b. $800,000 c. $1,400,000 d. $400,000