During the year, Slick's Pet Shop's inventory decreased by $25,000. If the company's cost of goods sold for the year was $500,000, purchases must have been: A. $475,000. B. $500,000. C. $525,000. D. Unable to determine.
Q: I need answer of this question solution general accounting
A: Step 1: Define Return on AssetReturn on Assets of financial issue that is calculated by dividing the…
Q: Need help with this question solution general accounting
A: Given:Operating cycle = 76 daysAccounts receivable = $230,000Annual sales = $1.92 millionStep 1:…
Q: I need answer of this question solution general accounting
A: Case -2If Total should be 110 million The total number of primary shares being sold = 44 million…
Q: Saro Corporation's stockholders' equity at December 31, 2013 included the following:6% Preferred…
A: The total stockholders' equity of Saro Corporation is given as $19,000,000. This includes preferred…
Q: Received bills totaling $1320 for grand opening/fourth of July party. The bill from party rentals…
A: In this transaction, there are three accounts involved. They are:Party Expenses: This account will…
Q: Accounting question please given answer
A: Step 1: Define Joint CostIf a company have production of multiple products some expenses of the…
Q: General Finance Question Solution
A: Step 1: Identify the key values• Loan amount = $300,000• Nominal interest rate = 10%• Compensating…
Q: Please need help with this accounting question not use chatgpt
A: Step 1: Define Work in progressWork in process describes the value of labor, raw materials and other…
Q: What is the return on equity on these accounting question?
A: Step 1: Define Return On EquityThe net profit or income is an important financial measure used in…
Q: General Accounting 5.8
A: Explanation of Production Waste: Production waste refers to materials, products, or components that…
Q: Give me answer
A: Explanation of Prior Period Error: Prior period errors are omissions or misstatements in an entity's…
Q: Need help with this general accounting question not use chatgpt
A: Step 1: Define Inventory ManagementInventory management is the process through which inventory is…
Q: Please given answer Accounting
A: Step 1: Define Debt-Equity RatioThe debt-equity ratio is one of the gearing ratios that measure the…
Q: Give answer to this
A: Explanation of Social Responsibility Accounting: Social responsibility accounting is a framework…
Q: Do fast and step by step calculation with explanation for this general accounting question
A: Step 1: Define Variance AnalysisVariance analysis can be defined as a quantitative analysis of the…
Q: Surfs up a manufactur..Accounting question
A: 1) Debt to Equity RatioDebt to Equity Ratio = Total Liabilities / Total Stockholders' EquityDebt to…
Q: Hi expert please give me answer general accounting
A: Step 1: Define Stockholders' EquityThe accounts of stockholders' equity often include a variety of…
Q: Answer
A: Explanation of Relative Reliability Principle: The relative reliability principle in accounting…
Q: Give true answer the accounting question please provide correct answer
A: Step 1: define Factory overheadFactory overhead refers to the cost that the firm incurs during the…
Q: roa
A: Explanation of Operating Profit Margin:Operating profit margin is a financial ratio that shows the…
Q: How should a company account for the cost of acquiring new franchising rights?
A: Explanation of Franchising Rights: Franchising rights represent the legal authorization to operate a…
Q: Solution to this
A: Explanation of Beginning Inventory:Beginning inventory refers to the value of a company's stock of…
Q: General Accounting Question no 1
A: Question 1: If total assets equal $336,000 and total owners' equity equals $115,500, then total…
Q: Please give me answer accounting questions
A: Step 1: Determine EBIT for each scenarioStep 2: Use the formula for ROEStep 3: Substitute the given…
Q: The costs for environmental clean-up at the end of an asset’s useful life (under ASPE) Select one:…
A: The Accounting Standards for Private Enterprises (ASPE) is a set of accounting standards that are…
Q: Costs incurred to handle each unit sold would MOST likely be classified as a Select one:…
A: The question is asking us to classify the cost that is incurred for each unit sold. In cost…
Q: PLEASE HELP ME WITH THIS ACCOUNTING PROBLEM!
A: Step 1:In the given case, since there is no salvage value, the cost of assets dis equal to the total…
Q: Year 0 Year 1 Year 2 Sales - Cost of Goods Sold Gross Profit - Annual Cost - Depreciation $ EA 0 $…
A: Year 3Year 4Year 5 Year 6Sales199000199000199000199000Cost of Goods…
Q: Diamond Corporation uses the fair value model of accounting for its investment property. The fair…
A: The fair value model is a method of accounting for investment properties under International…
Q: ceKreme Inc. makes ice cream machines for sale to ice cream parlours. The following events occurred…
A: Approach to explanation:Step 1:Any business's accounting books contain journal entries, which are…
Q: Case study: financial accounting
A: Explanation of Consistency Principle: The consistency principle in accounting requires companies to…
Q: General Accounting Q solve pls pls
A: Step 1: Calculate Net IncomeNet Income = Revenues - ExpensesNet Income = $210,000 - $179,000Net…
Q: General Accounting Need Answer
A: Step 1: Determine the units to be produced.= desired ending inventory + budgeted sales - beginning…
Q: Accounting question
A: Step 1: Definition of Depreciation in Asset AccountingDepreciation is the systematic allocation of…
Q: Can you please give answer the general accounting question?
A: Step 1: Define Activity Cost Pools and RatesThe pillars of activity-based costing are activity cost…
Q: Please give me answer Accounting question
A: Step 1: Define Accounts PayableAccounts payable is a term used in accounting and finance. It refers…
Q: PLEASE HELP ME WITH THIS ACCOUNTING PROBLEM! FILL ALL CELLS.
A: 1. Straight-line method :Year 2024: $458,700Year 2025: $458,700 + $458,700 = $917,400Year 2026:…
Q: what is the price earnings ratio?Please give me answer
A: 1.Step 1: Find the earnings per share (EPS): * Additions to retained earnings = $290,000 * Cash…
Q: General accounting question
A: Hello student! Effective Annual Cost of Trade Credit is simply the true cost of NOT taking a…
Q: Problem 7-71 (Algo) Incomplete Data: Job Costing (LO 7-2, 3, 4) Plainview Paving Contractors (PPC)…
A: Solution:(a) Cost of Goods Sold Before Adjustment:Completed Jobs (Job 33 and Job 41):Job 33 (March…
Q: An expenditure that maintains an existing asset so that it can function in the manner intended…
A: The question is asking about the accounting treatment of an expenditure that is made to maintain an…
Q: Solution for this
A: Explanation: In the given case, we are required to calculate the actual variable overhead rate from…
Q: I want to correct answer general accounting
A: To calculate the Present Value (PV) of future cash inflows, we can use the formula for the…
Q: Accounting question
A: Step 1: Retained EarningsRetained earnings represent the accumulated net income of the company. The…
Q: Please given answer Accounting
A: Step 1: Define Net IncomeWithin a business, net income refers to the remainder of revenue after all…
Q: Need general accounting question ⁉️
A: Step 1: Define Acid-Test RatioThe acid test, or quick ratio is a stricter form of the current ratio…
Q: I need answer correct
A: Explanation of Prepaid Insurance: Prepaid insurance is an asset account that represents insurance…
Q: Need Answer correctly
A: Step 1:There are two types of discount Trade discount Cash discount Trade discount is the discount…
Q: Please provide correct answer the general accounting question
A: Step 1: Define Answer and ExplanationTo determine the balance in accounts receivable on December 31,…
Q: I need answer of this question solution general accounting
A: Step 1: Define Gross profitAn income earned by the business entity that is computed by deducting the…
I want to correct answer general accounting
Step by step
Solved in 2 steps
- Y Wholesale Company began the year with merchandise inventory of $9,000. During the year, Y purchased $97,000 of goods and returned $6,300 due to damage. Y also paid freight charges of $1,200 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $17,400. Assume that Y uses the periodic inventory system. Compute Y's cost of goods sold for the year. Less: Plus: Less: Cost of Goods SoldDuring 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. 35What was craysons cost of goods sold for the year
- Y Wholesale Company began the year with merchandise inventory of $9,000. During the year, Y purchased $97,000 of goods and returned $6,300 due to damage. Y also paid freight charges of $1,200 on inventory purchases. At year-end, Y's ending merchandise inventory balance stood at $17,400. Assume that Y uses the periodic inventory system. Compute Y's cost of goods sold for the year.Jones Company started the year with no inventory. During the year, it purchased two identical inventory items at different times. The first purchase cost $1,170 and the other, $1,550. Jones sold one of the items during the year. Required Based on this information, how much product cost would be allocated to cost of goods sold and ending inventory on the year-end financial statements, assuming use of a. FIFO? b. LIFO? c. Weighted average? Cost of goods sold Ending inventory $ FIFO 1,170 LIFO $ 1.170 Weighted AverageZ Wholesale Company began the year with merchandise inventory of $5,000. During the year, Z purchased $99,000 of goods, had purchase discounts of $150, and returned $6,500 due to damage. Z also paid freight charges of $1,200 on inventory purchases. At year-end, Z's ending merchandise inventory balance stood at $17,800. Assume that Z uses the periodic inventory system. Compute Z's cost of goods sold for the year. Less: Plus: Less: Cost of Goods Sold
- Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for Year 2 was $2,377,100, and sales were $3,565,650. The amount of merchandise on hand was $664,000, and total assets amounted to $3,671,900. What is the average number of days to sell inventory? Note: Do not round your intermediate calculations. Use 365 days in a year. Round to the nearest day. Multiple Choice O O O O 68 days 204 days 66 days 102 daysNord Store’s perpetual accounting system indicated ending inventory of $20,000, cost of goodssold of $100,000, and net sales of $150,000. A year-end inventory count determined that goodscosting $15,000 were actually on hand. Calculate (a) the cost of shrinkage, (b) an adjusted costof goods sold (assuming shrinkage is charged to cost of goods sold), (c) gross profit percentagebefore shrinkage, and (d) gross profit percentage after shrinkage. Round gross profit percentagesto one decimal placeProvide solution
- Bill Rose owns Rose Sporting Goods. At the beginning of the year, Rose Sporting Goods had $18,000 in inventory. During the year, Rose Sporting Goods purchased inventory that cost $66,000. At the end of the year, inventory on hand amounted to $28,500. Required Calculate the following: a. Cost of goods available for sale during the year. b. Cost of goods sold for the year. c. Amount of inventory would Rose Sporting Goods report on the year-end balance sheet. a. Total available for sale b. Cost of goods sold c. Ending merchandise inventoryPlease I want the Correct answer of this Question in text FormatAB Ltd.'s gross purchases were $8,000, net purchases account for an average 10% discount on all items purchased and 5% of items were returned due to wrong specifications during the year. Also during the year the net sales were $7,805. Required 1: If beginning and ending inventory are zero (Just in time), AB's cost of good solf for the period must have been: $ Required 2: AB's Purchase Return and Allowances for the period must have been: $ Required 3: AB's Purchase Discounts for the period must have been: $ Required 4: AB's Net Puchases for the period must have been: $ Required 5: AB's Gross Profit on Sales in dollars for the period must have been: $