For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is $75,000. If net purchases are $100,000, the beginning inventory must have been_____. Please answer of this financial accounting question
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For the year, your company's sales are $305,000, the gross profit is $250,000, and the ending inventory is $75,000. If net purchases are $100,000, the beginning inventory must have been_____. Please answer of this financial accounting question
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- Assume your company uses the periodic inventory costing method, and the inventory count left out an entire warehouse of goods that were in stock at the end of the year, with a cost value of $222,000. How will this affect your net income in the current year? How will it affect next years net income?For the year, your company's sales are $305,000, the gross profit is $250,000, and ending inventory is $75,000. If net purchases are $100,000, beginning inventory must have been: $55,000 $175,000 $25,000 $A company provided the following data: sales, $500,000; beginning inventory, $40,000; ending inventory, $45,000; and gross profit, $150,000. What was the amount of inventory purchased during the year?
- A company is preparing its financial statements and needs to complete the following calculations using the given data: Beginning Inventory: $60,000 Ending Inventory: $90,000 Purchases during the year: $400,000 Sales Revenue: $600,000 Sales Returns and Allowances: $30,000 Operating Expenses: $150,000 Interest Expense: $20,000 Income Tax Rate: 25% The company uses the periodic inventory system. Calculate the Cost of Goods Sold (COGS), Gross Profit, Operating Income, and Net Income. S A SPrepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,242. Ending inventory was $1,594. Note: Input all amounts as positive values. Sales Sales returns and allowances Sales discount Purchases Purchase discounts Depreciation expense Salary expense Insurance expense Utilities expense Plumbing expense Rent expense HANSEN REALTY Income Statement For Year Ended December 31, 2023 Gross profit from sales Operating expenses: $ 34,300 1,086 1,146 10,212 Total operating expenses 534 109 4,900 2,300 204 244 174Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,248. Ending inventory was $1,600. Note: Input all amounts as positive values. Sales $ 34,900 Sales returns and allowances 1,092 Sales discount 1,152 Purchases 10,512 Purchase discounts 540 Depreciation expense 115 Salary expense 5,200 Insurance expense 2,600 Utilities expense 210 Plumbing expense 250 Rent expense 180 Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,248. Ending inventory was $1,600. Note: Input all amounts as positive values. Sales $ 34,900 Sales returns and allowances 1,092 Sales discount 1,152 Purchases 10,512 Purchase discounts 540 Depreciation expense 115 Salary expense 5,200 Insurance expense 2,600 Utilities expense 210 Plumbing expense 250 Rent expense 180
- Use the following financial information to find the entry you would make on an income statement for INCOMEBEFORE 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. Group of answer choices a.$130,300 b.$135,750 c.($9,450) d.$5,450The following data were obtained from the books of JOYFUL CORPORATION: Accounts receivable, March 31, 2021 – P110,000; Accounts receivable, September 30, 2021 – P130,000; Purchases, March to September 2021 – P450,000; Inventory, March 31, 2021 – P180,000; Average gross profit rate – 40%; Accounts receivable turnover – 6 to 1. The Inventory at September 30, 2021 should be ______. A. 198,000B. 150,000C. 120,000d. None of theseThe following data were obtained from the books of JOYFUL CORPORATION: Accounts receivable, March 31, 2021 – P110,000; Accounts receivable, September 30, 2021 – P130,000; Purchases, March to September 2021 – P450,000; Inventory, March 31, 2021 – P180,000; Average gross profit rate – 40%; Accounts receivable turnover – 6 to 1. The Inventory at September 30, 2021 should be ______. A. 198,000B. 150,000C. 120,000
- GREEN Enterprises reported the following information for the current year: Inventory, January 1 - P2,300,000; Purchases - 27,105,000; Purchase returns and allowances - 520,000; Sales returns and allowances - P692,000; Inventory, December 31 - 2,470,000. Gross profit rate on net sales is 20%. What is the amount of gross sales for the current year?Prepare an income statement for Hansen Realty for the year ended December 31, 2023. Beginning inventory was $1,244. Ending inventory was $1,596. Note: Input all amounts as positive values. Sales $ 34,500 Sales returns and allowances 1,088 Sales discount 1,148 Purchases 10,312 Purchase discounts 536 Depreciation expense 111 Salary expense 5,000 Insurance expense 2,400 Utilities expense 206 Plumbing expense 246 Rent expense 176Use 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. $135,750