he following amounts were obtained from the accounting records of Newton Company, Washington Inc., and Adams Company: Newton Washington Adams Purchases $67,200 $102,000 (c) Freight in 2,300 (b) 3,475 Purchase discounts (4,110) (9,700) (5,000) Purchase returns and allowances (3,180) (8,250) (1,210) Net purchases (a) 92,600 45,500 Required: Compute the missing amounts. Newton Washington Adams Purchases $67,200 $102,000 $fill in the blank 1 Freight in 2,300 fill in the blank 2 3,475 Purchase discounts (4,110) (9,700) (5,000) Purchase returns and allowances (3,180) (8,250) (1,210) Net purchases fill in the blank 3 92,600 45,500

The following information pertained to Azur Co. for the year: Purchases $102,800 Purchases discounts 10,280 Freight-in 15,420 Freight-out 5,140 Beginning inventory 30,840 Ending inventory 20,560 What amount should Azur report as cost of goods sold for the year? a.$128,500 b.$118,220 c.$123,360 d.$102,800

Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.     CHART OF ACCOUNTS Shore Co. General Ledger   ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…

Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles.   CHART OF ACCOUNTS Shore Co. General Ledger   ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment   LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable   EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…

The records of a business show the following information: Sales, P364,000; Purchases, P252,000; Freight-in, P11,000; Purchase discounts, P4,900; Sales returns, P12,600; Purchase returns, P3,000; Inventory, beg. P22,400; and Inventory, end. P15,000. How much is the gross profit? P101,500 P103,700 P99,900 P88,900 How much is the total goods available for sale? Choices: P277,500 P251,500 P262,500 P266,500

The following data was taken from ledger account balances and supplementary data for the XYZ Company. Merchandise inventory, beginning PHP20,000 Merchandise inventory, ending 23,000 Purchases 215,000 Purchases discounts 6,000 Purchases returns and allowances 3,000 Sales 400,000 Sales discounts 6,000 Sales returns and allowances 1,800 Freight-in 10,000 Required: Show the computation, in proper format, of net sales, cost of goods sold, and gross profit for the year ended December 31, 2020.

Please provide correct answer general Accounting

The debits and credits for five related transactions, (1) through (5), are presented in the following T accounts. Assume the credit terms were 2/10, n/30, using the net method under a perpetual inventory system. Cash Sales (5) 10,290 (1) 11,760 Accounts Receivable Cost of Goods Sold (1) 11,760 (3) 1,470 (2) 7,000 (5) 10,290 Inventory (4) 900 (2) 7,000 Estimated Returns Inventory (4) 900 Customer Refunds Payable (3) 1,470 a. Describe each transaction. 1. Sold merchandise on account, net of discount. V 2. Recorded the cost of the goods sold and reduced the inventory account. V 3. Granted a credit against a customer's accounts receivable for returned merchandise. V 4. Updated the inventory account for the cost of the merchandise returned. V 5. Received the balance due. V b. What was the invoice amount of the merchandise that was returned?

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Assume that Gallant Company uses a periodic inventory system and has these account balances: Purchases: $450,000, Purchase Returns and Allowances: $13,000, Purchase Discounts: $8,000, and Freight-In: $16,000. Determine net purchases and the cost of goods purchased.