Given: Below are some data of the Income Statement accounts of Wishing Well Company for the year ended December 31, 2021: Gross Purchases 543,100 Freight - in 59,402 Inventory, end 182,400 Merchandise Available for Sale 798,400 Net purchases 611,340 Required: How much is the Inventory, beginning?

Given: Below are some data of the Income Statement accounts of Wishing Well Company for the year ended December 31, 2021: Gross Purchases 543,100 Freight - in 59,402 Inventory, end 182,400 Merchandise Available for Sale 798,400 Net purchases 611,340 Required: How much is the Inventory, beginning?

Name: Given: Below are some data of the Income Statement accounts of Wishin
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Description: Given: Below are some data of the Income Statement accounts of Wishing WellCompany for the year ended December 31, 2021:Gross Purchases 543,100Freight - in 59,402Inventory, end 182,400Merchandise Available for Sale 798,400Net purchases 611,340Requir

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 selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $643,363 Merchandise Inventory 581,620 Sales Discounts 58,030 Interest Expense 3,877 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 227,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,810 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,650 Sales Salaries Expense 30,410 Accounts Payable 136,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. Reese Industries
The following information were taken from the 2019 balance sheet and income statement for WAY retailer:Net salesOR 1,937.80Cost of goods soldOR 1,151.70Operating expensesOR 447.20InventoryOR 186.10Accounts receivableOR 78.00Other current assetsOR 422.70EquipmentOR 400.00Distribution centersOR 140.00Long-term liabilitiesOR 320.00Calculate (you need to show your calculations; not acceptable to show only a final number):1. Asset turnoverWhat does this number mean? ______________________________________2. Return on AssetWhat does this number mean? ______________________________________3. Net profit marginWhat does this number mean? ______________________________________
Which of the following entries would be made to record the purchase of inventory on account for $12,000, if a company uses the perpetual inventory system? O A. Merchandise Inventory 12,000 Accounts Payable 12,000 B. Accounts Payable 12,000 Merchandise Inventory 12,000 C. Cash 12,000 Merchandise Inventory 12,000 D. Merchandise Inventory 12,000 Cash 12,000
presented below is information related to Ayayai industries for the month of january 2020. Ending Inventory per ; 1. perpetual records €24.710 Ending inventory actually; 1. on hand 23.910 2. cost of goods sold 213.050 3. freight out 7.270 4. insurance expenses €11.820 5. rent expenses 22.450 6. salaries and wages expense 55.490 7. sales discounts 13.080 8. sales returns and allowances 15.060 9. sales revenue 401.870 prepare the necessary adjusting entry for inventory.
The following information is available from the record of Alaska Company for 2021: Beginning Inventory, P80,000 Freight-In, 25,000 Purchase Return, P80,000 Ending Inventory, P100,000 Selling Expense, 250,000 Sales Discount, 15,000 Cost of Sale, 1,500,000 The cost of goods sold is 6 times the selling expense. Question: What is the total purchases and cost of goods available for sale?
This information is available for Monty Inc. for 2021 and 2022. (in millions) Beginning inventory Ending inventory Cost of goods sold Sales Days in inventory 2021 2022 $2.540 2,971 24,351 23,097 43,483 42,105 Inventory tumover ratio Gross profit rate $2,163 Calculate the inventory turnover, days in inventory, and gross profit rate for Monty Inc. for 2021 and 2022. (Round gross profit rate to 2 decimal places, e.g. 0.25 and all other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 2,540 2021 26 140.4 44 times days 2022 21 1738 45.14 times days
On September 1, Dayne Ltd. purchased $9,500 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $200. Payment for the purchase was made on September 18. Assuming Dayne Ltd. uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as accounts payable from this purchase? Select one: a. $9,500. O b. $9,605. O c. $9,405. O d. $9,700.
The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July 1 Purchased merchandise from Sabol Imports Co., $13,725, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $10,550, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $205 was added to the invoice. 5 Purchased merchandise from Schnee Co., $12,800, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,550 returned from purchase on July 5. 13 Paid Saxon Co. for invoice of July 3. 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co., $29,160, terms FOB shipping point, n/eom. 19 Paid freight of $425 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $22,400, terms FOB destination, 1/10, n/30. 30 Paid…
Using the following information for a periodic inventory system, what is the amount of net income (loss)? Line Item Description Amount Purchases $25,038 Inventory, September 15, 418 Administrative expense 675 Rent revenue 1, 189 Selling expense $886 Inventory, September 30 8,734 Sales 55, 587 Interest expense 917 a. $23,880 b. $21, 722 c. $917 d. $32,576
Assume that Swann Company uses a periodic inventory system and has these account balances: Purchases $800,000; Purchase Returns and Allowances $250,000; Purchase Discounts $11,000; and Freight-In $19,000; beginning inventory of $50,000; ending inventory of $60,000; and net sales of $1,500,000. Instructions: Determine the a) cost of goods sold and b)Gross profit ( show computations ) Prepare a detailed income statement
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Presented below is information related to Sheridan Company for the month of January 2022. Ending inventory per perpetual records Ending inventory actually on hand Cost of goods sold Freight-out (a) $29,890 29,390 222,830 6,920 Insurance expense Account Titles and Explanation Rent expense Salaries and wages expense Sales discounts Sales returns and allowances Sales revenue $11,340 24,070 56,750 Debit 12,880 15,870 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter "O" for the amounts.) 413,440 Credit