Activity 3. Comprehensive Problems. Solve the following problems below. Presentyour solutions in good format.For the next seven (6) items, use the information below:Debit CreditAccount TitleSales875,000Sales Returns and AllowancesSales DiscountsPurchases12,00010,000295,000Purchases Returns and Allowances14,000Freight inMerchandise Inventory, 1/1/202036,00046,00020,00075,000125,00015,000Merchandise Inventory, 12/31/2020Freight OutOffice SalariesCommission Expense1. Net purchases for the period were2. Cost of goods available for sale for the period were3. Cost of goods sold for the period were4. Net sales for the period5. Gross profit for the period were6. The Profit or Loss for the period.7. The following data pertain to the two year operation of Despacito business:Year 1P200,000250,00090,000Despacito's gross profit for year 1 and year 2 is?Year 2SalesP250,000150,00040,000PurchasesEnding inventory8. The cost of sale is P250,000. Total purchases amounted to P300,000 which increasedthe total goods available for sale to P310,000. The ending inventory is?9. Company's Cost of Goods Sold amounted to Php 285,000. Net cost of purchases totaled Php85,000. Beginning inventory amounted to Php 250,000. Sales amounted to Php 500,000.Compute for the company's Ending Inventory.

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Answered: For the next seven (6) items, use the…

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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The following information applies to the Grady Company for the current year: Purchases of merchandise for resale $300,000 Merchandise returned to vendor 3,000 Interest on notes payable to vendors Freight-in on merchandise 6,000 7,500 Grady's inventory costs for the year would be: a. $297,000 b. $300,000 c. $304,500 d. $316,500
Based on the following data, determine the cost of merchandise sold for July: Increase in estimated returns inventory $22,000 Merchandise inventory, July 1 36,700 Merchandise inventory, July 31 70,500 Purchases 733,900 Purchases returns and allowances 25,000 Purchases discounts 14,700 Freight in 10,300
Consider the following financial statement information for the Hop Corporation: Item Beginning Inventory $16,200 Accounts 14,000 Receivable Accounts Payable 11,000 Net Sale COGS What is the payable period for Hop Corporation? 17.52 days 27.16 days 20.32 days 13.44 days $219,000 168,000 Ending $19,100 16,000 14,000
For the current period, the following data were taken from the ledger: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Select one: a. $9,600 b. $39,300 40,000 c. $47,300 d. $34,600 e. None of the above 600 Beginning inventory was $8,000 and ending inventory was $13,000. What was cost of goods sold? 300 200
Compute for the net sales that would be reported in LIVA company's Income Statemen
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shany market recorded the following events involving a recent purchase of inventory received goods for$30,000, terms 2/10, n/30 returned $600 of the shipment for credit paid $150 freight on the shipment paid the invoice within the discount period as a result of these events, the company's inventory: increased by
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AB Ltd. has MCC has prepared the Income statement including the following data (all sales are on account): Sales $80,000 Cost of Goods Sold Gross Profit Expenses Net Profit $50,000 $ 25,000 $ 10,000 $15,000 The comparative balance sheet shows the following data (by definition, accounts payable relates to merchandise purchases only): End of Year Beginning of Year Accounts Receivables (net) Inventory Prepaid Expenses Accounts Payable $7,000 $3,000 $2,000 $1,140 $5,280 $2,000 $1,000 $1,500 Required 1: What is the amount of Cash received from Customers? $ Required 2: What is the amount of Cash paid for merchandise purchase? $
Swifty Corporation accounting records show the following for the year ending on December 31, 2022. Purchase Discounts $ 12100 Freight-in 15100 Purchases 714020 Beginning Inventory 51000 Ending Inventory 54600 Purchase Returns and Allowances 14900 Using the periodic system, the cost of goods purchased is $731920. $670920. $702120. $725920.
Ronda Company provided the following data for the current year: Inventory, January 1- P2,000,000 Purchases P7,500,000 Purchase returns and allowances - P500,000 Sales returns and allowances - P750,000 Inventory, December 31 - P2,800,000 Gross profit rate based on sales - 20% What is the amount of gross sales for the current year? (A) P7,750,000 B P9,125,000 C P8,500,000 D) P7,000,000
Below are some of the account balances of FDN Company. Purchases 1,213,500 Purchase returns and allowances 35,725 Freight in 35,800 Freight out 22,950 Beginning inventory 288,150 Cost of goods sold 1,232,825 How much is the total cost of goods available for sale?

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