If Mr A takes goods which would have been sold for R300 and they have a cost price of R120, which entries would he record in his sole trading business? Select one: a. Dr Drawings 300 Cr Sales 300 b. Drawings 120 Cr Stock 120 c. Dr Drawings 300 Cr Stock 300 d. Dr Bank 300 & Cost of Sales 120 Cr Sales 300 & Stock 120

If Mr A takes goods which would have been sold for R300 and they have a cost price of R120, which entries would he record in his sole trading business? Select one: a. Dr Drawings 300 Cr Sales 300 b. Drawings 120 Cr Stock 120 c. Dr Drawings 300 Cr Stock 300 d. Dr Bank 300 & Cost of Sales 120 Cr Sales 300 & Stock 120

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Description: If Mr A takes goods which would have been sold for R300 and they have a cost price of R120, which entries would he recordin his sole trading business? Select one: a. Dr Drawings 300 Cr Sales 300 b. Drawings 120 Cr Stock 120 c. Dr Drawings 300Cr Stoc

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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r 个 O any purchased inventory for $2,500 from a vendor on account, FOB shipping point, with terms of 2/10, n/30. The company paid the shipper $100 cash for freight in. The company then returned damaged goods worth $500. The invoice was then paid eight days after the invoice date. Assuming that there was no beginning inventory balance, the cost of inventory would be (Assume a perpetual inventory system.) OA. $1,960 B. $2,060 OC. $2.400 S
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QUESTION 2 Buzz Ltd has Sales figure of £8,200, opening Inventory of £1,300, closing inventory £900, purchases £8,400, carriage inwards £200. The cost of goods sold figure is? a. £6,800 b.E6,200 c. E7,000 (1,300+6,400+200-900) d.£7,200
Star Company recognized $500 of cost of goods sold. Note that Star is only recording the cost of goods sold part of the transaction and not the sales revenue. Star uses the perpetual inventory system. Which of the following answers reflects the effect of recognizing the cost of goods sold on the financial statements? Balance Sheet Income Statement Assets = A. 500 B. (500) C. (500) D. (500) Multiple Choice O O оо Liabilities + - Option B Option A Option C Option D (500) Stockholders' Equity 500 (500) n/a (500) Revenue n/a n/a n/a n/a - Expense 500 500 500 n/a Net Income (500) (500) (500) n/a Statement of Cash Flows n/a n/a 500 Operating Activity n/a
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Answer the following 2 questions: 1- Hani has an inventory at 1/1/2020 of €60,000 and purchases during 2020 of €280,000, both at cost. Sales at selling price amount to €200,000. Compute the estimated inventory at 31/12/2020, assuming that the gross profit is 25% of sales. v a-290000 b-190000 c-230000 d-150000 2- Which of the following is a product cost as it relates to inventory? v a. Selling costs. b. Interest costs. C. Raw materials. d. Abnormal spoilage.
Please present your solution in good accounting form. Thank you! 1.) What is the inventory value of the units unsold in the hands ofthe consignee?A. 150,000 C. 154,500B. 153,000 D. 157,500 2.) What is the profit of the consignor for the units sold?A. 24,000 C. 27,000B. 26,000 D. 70,000
5- Al Arid marble LLC want to calculate the cost of goods sold from the following data; opening stock: RO 2000, purchases: RO 14000, purchase return: RO 4000, carriage inward: RO 700, closing stock: RO 1200. So, the cost of goods sold will be _________. a. None of the options b. RO 13900 c. RO 11500 d. RO 7500
what is the value of a, b, c, and d?
Q1. Prepare Income statement in order to get gross profit and net profit/loss. Note: Use only your own words (NO COPY AND PASTE).
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