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
Uploaded: 2024-03-20T06:33:06.000Z
Channel: Bartleby
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

See similar textbooks

Similar questions

Blake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods during the month. Their income from sales was 200,000 with 10,000 in returns. Their ending inventory was 30,000. Their operating expenses were 50,000. What was the amount of goods available for sale during June? What was the cost of goods sold? What was the net sales? What was the gross profit? Was there an excess or a deficit? What was the net profit or net loss?
Assume that the Acct 201 Co. has $1,000,000 in Sales ($600,000 on account; $400,000 for cash), Cost of merchandise sold of $100,000 and Operating expenses of $300,000. Acct 201's Gross profit is:
Safety Company had $45,000 in gross sales, $1,200 in sales discounts, $10,000 in cost of goods sold, $5,500 in selling expenses, $600 in sales returns and allowances, and $7,200 in general expenses. What is Safety Company net sales? a.$35,000 b.$43,200 c.$20,500 d.$33,200
A company has the following information for the current year's operations: Beginning inventory Purchases Net markups Net markdowns Net sales Multiple Choice O Average cost. Management calculates the cost-to-retail percentage as 57.9%, equal to cost of $440,000 ($40,000+ $400,000) divided by retail of $760,000 ($60,000+ $660,000+ $50,000 $10,000). Which application of the retail inventory method is the company using? O O LIFO. Conventional. Cost $ 40,000 400,000 Dollar-value LIFO. Retail $60,000 660,000 50,000 10,000 580,000
The following information is available for the McCartney Corporation: Sales $750,000Costs of goods sold $450,000Gross Profit $300,000Operating income $85,000Net income $42,000Inventory, beginning-year $71,200Inventory, end of year $48,800Calculate the company's inventory turnover and its days' sales in inventory.
DEF Inc. had the following information for the year 2022: Beginning inventory: $50,000 Purchases: $100,000 Sales revenue: $200,000 Ending inventory: $40,000 Gross profit margin: 40% Calculate the cost of goods sold for the year.
Sisyphus Inc. records total sales of $657,500 in the current period, with a cost of goods sold of $389,000 . Sisyphus expects 4% of sales to be returned. How much in net sales will Sisyphus recognize for the current period? Group of answer choices $373,400 $268,500 $631,200 $657,500 $257,760 The Sisyphus Inc’s (SSY) Company’s annual statement of cash flows reported the following (in millions): Net cash from financing activities $63,864 Net cash from investing activities -62,512 Cash at the beginning of the year 13,152 Cash at the end of the year 18,948 What did SSY report for “Net cash from operating activities” during the year? Group of answer choices $71,220 million cash inflow None of the above $4,444 million cash outflow $4,444 million cash inflow $71,220 million cash outflow
Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $95,000; beginning inventory of $9,500 and purchases of $66,500. What is the estimated amount of ending inventory at the end of the period? Multiple Choice ο ο ο ο $30,400 $57,000 $38,000 $19,000
Landis Company is preparing its financial statements. Gross margin is normally 40% of sales. Information taken from the company's records revealed sales of $60,000; beginning inventory of $6,000 and purchases of $42,000. What is the estimated amount of ending inventory at the end of the period? Multiple Choice O O O $19,200 $36,000 $12,000 $24,000
Marigold Inc. had beginning inventory of $9,600 at cost and $16,000 at retail. Net purchases were $96,000 at cost and $136,000 at retail. Net markups were $8,000, net markdowns were $5,600, and sales revenue was $117,600. Assume the price level increased from 100 at the beginning of the year to 115 at year-end. Compute ending inventory at cost using the dollar-value LIFO retail method. (Round ratios for computational purposes to 1 decimal place, e.g. 78.7% and final answer to 0 decimal places, e.g. 28,987.) Ending inventory using the dollar-value LIFO retail method
Cost of goods sold for Califant Industries was $949,420 for the year. If the beginning inventory at cost was $609,700 and the ending inventory at cost was $416,200, find the inventory turnover at cost. (Round your answer to the nearest tenth.) a. 1.9 times b. 2.0 times c. 2.4 times d. 3.2 times
CAC Co. provided these information for 2020: Inventory - January 1 : P400,000; Freight in : P300,000; Purchase Returns : P900,000; Inventory - December 31 : P500,000; Selling expenses: P1,250,000; Sales Discount: P250,000. The cost of sales is six times the selling expenses. How much is the gross purchases for 2020?