Hiligaynon Company provided the following information for the current year: Beginning inventory of 400,000 Freight in of 300,000 Purchase discounts of 900,000 Ending inventory of 500,000 Operating expenses of 1,250,000 and sales discount of 250,000 The gross profit rate is 50%. The operating expenses is only one-sixth of the total cost of sales. 1. How much is the cost of sales? 2. How much is the purchases? 3. how much is the gross sales? 4. How much is the profit before tax? 5. Without any other transactions that may affect the retained earnings, how much is the retained earnings?

Hiligaynon Company provided the following information for the current year: Beginning inventory of 400,000 Freight in of 300,000 Purchase discounts of 900,000 Ending inventory of 500,000 Operating expenses of 1,250,000 and sales discount of 250,000 The gross profit rate is 50%. The operating expenses is only one-sixth of the total cost of sales. 1. How much is the cost of sales? 2. How much is the purchases? 3. how much is the gross sales? 4. How much is the profit before tax? 5. Without any other transactions that may affect the retained earnings, how much is the retained earnings?

Name: Hiligaynon Company provided the following information for the current
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Description: Hiligaynon Company provided the following information for the current year:Beginning inventory of 400,000Freight in of 300,000Purchase discounts of 900,000Ending inventory of 500,000Operating expenses of 1,250,000and sales discount of 250,000The gro

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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