Holidays Ltd manufactures caravans. Transactions for the year ended 30 June 2019 were as follows: i. 600 caravans was manufactured at a cost of $15,000 each. ii. 500 caravans were sold for $20,000 each. iii. Cash was collected on 475 of the caravans sold. What was the reported profit for the year ended 30 June 2019 if revenue was recognized when cash was received? a. $0 b. $5,000,000 c. $3,000,000 d. $2,500,000 e. $2,375,000
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![Holidays Ltd manufactures caravans. Transactions for the year ended 30 June 2019 were as
follows:
i. 600 caravans was manufactured at a cost of $15,000 each.
ii. 500 caravans were sold for $20,000 each.
iii. Cash was collected on 475 of the caravans sold.
What was the reported profit for the year ended 30 June 2019 if revenue was recognized
when cash was received?
a. $0
b. $5,000,000
c. $3,000,000
d. $2,500,000
e. $2,375,000](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F82a81d1d-f6cd-4c14-bdbf-e3c1a1ddeb0b%2Fe6d2fdb2-940d-48e0-9fc9-99d5f6f64a38%2Fgc3ip6k_processed.jpeg&w=3840&q=75)
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- VikrambahiDuring the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of which a half (4) was sold for N$10 000 during May. In addition, rental and insurance for the month amounted to N$2 000 and N$500 were incurred, respectively. Compute the cost of sales. Answer:Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 4. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000
- Berlin Corp. reported the following data for 2019: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using accrual basis, compute the total income subject to income tax. P1,060,000 P960,000 P1,000,000 P970,000 ADD EXPLANATION THANKSShelcal, Inc. provides the following data for the year 2019: Net Sales Revenue, $437,690; Cost of Goods Sold, $255,000. O The gross profit as a percentage of net sales is (Round your answer to two decimal places.) OA) 37.96% OB) 39.80% OC) 60.20% OD) 40.8%Presented below is information for Ayayai Company for the month of March 2020. Cost of goods sold $212,100 Rent expense $30,100 Freight-out 6,010 Sales discounts 7,010 Insurance expense 5,100 Sales returns and allowances 12,010 Salaries and wages expense 55,100 Sales revenue 385,000 Compute the gross profit rate. (Round answer to 2 decimal places, e.g. 25.20%.) Gross profit rate Enter the gross profit rate in percentages %
- Berlin Corp. reported the following data for 2021: Total net sales made to customers were P2,000,000 in cash. Goods purchased for sale totalled P1,200,000 in cash. Beginning and ending inventory of goods for sale, respectively, were P200,000 and P300,000. 1-year advanced rent of P30,000 to apply for 2020 was received from a sublease contract. P40,000 total interest income from customers promissory note earned P30,000 of this was collected. Unrealized foreign exchange gains from foreign currency receivable totaled P60,000. Using cash basis, compute the total income subject to income tax. P990,000 P750,000 P960,000 P690,000 ADD EXPLANATION THANKSAlamkoto Corp. reported the following data for 2019: a. P1,060,000 b. P1,000,000 c. P960,000 d. P970,000 e. Answer not givenThe following information was taken from the financial statements of Sunland Company: 2021 2020 Gross profit on sales $678,600 $760,000 Income before income taxes 205,400 225,000 Net income 260,000 225,000 Net income as a percentage of net sales 10% 9% Please show steps to finding answer Compute the cost of goods sold in dollars and as a percentage of net sales for each year. (Round percentages to 1 decimal place, e.g. 15.2%) 2021 2020 Cost of goods sold in dollars $enter a dollar amount $enter a dollar amount Cost of goods sold as a percentage of net sales nter percentages rounded to 1 decimal place % nter percentages rounded to 1 decimal place %
- The following information related to the Jordanian company during the accounting period ended 31/12/2020: The company sales the goods with right of return within (45) days On 7/ April the company sold goods on account amounted $180,000, it cost equals $60,000 On 7/April the company estimated the percentage of return equals 20% - Assume on 30/4 that the buying company returns 10% of the amount of goods sold - According to the above information answer the following questions: 1. The credit side of the journalize entry(entries) to record the sales transaction on 7/ April included: a. Allowance for right to return- $36.000 b. Account receivable – $144,000 c. sales revenue - $180.000 d. None of the above 2. The credit side of the journalize entry(entries) to record cost of goods sold on 7/ April included: a. estimated return inventory- $12,000 b. inventory - $60,000 c. inventory- $48,000 d. a +c 3. The debit side of the journalize entry(entries) to record the return goods on 30/ April…1. on 1st Jan 2019 a club had received prepaid subscription of GHS 560. during the year ended 31 december 2019, the club received subscription GHS8480. on 31 december 2019 subscription to the club amounted to GHS400. which amount should be shown for subscription in the income and expenditure account for 2019. 2. A company has sales of GHS1000. the company sells three types of goods. 60% of sales are of type A which is sold at a markup of 20%. Type B goods are sold at a margin of 30%. The cost of type B sold in the year was GHS154 and total gross profit for the year was GHS184. What was the cost of sales of type A?On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.