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The balance of Total Assets for Virtue Company is $500,000 on November 30. During November, the following took place:
Sold $60,000 of inventory for cash
Purchased a $100,000 machine for cash
Increased accounts payable $50,000 by acquisitions of inventory on account
Wrote off
Total Assets for Virtue Company on November 1 is:
-
$550,000
-
$530,000
-
none of the other alternatives are correct
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$500,000
-
$450,000
Step by step
Solved in 3 steps
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- Please do not give solution in image formatThe following account balances come from the records of Ourso Company: Beginning Balance $2,800 Ending Balance $3,600 350 Accounts receivable Allowance for doubtful accounts 280 During the accounting period, Ourso recorded $14,000 of sales revenue on account. The company also wrote off a $150 account receivable. Required a. Determine the amount of cash collected from receivables. b. Determine the amount of uncollectible accounts expense recognized during the period. a Collections of accounts receivable b. Uncollectible accounts expenseNone
- What amount should be reported as Inventory at year-end? 7. Alaska Company reported the following current assets at year-end: Cash 23,000 Account receivable 44,000 Notes receivable, net of discounted note P53,000 300,000 Inventory 40,000 Deferred charges 15,000 422.000 Accounts receivable comprised the following: Trade accounts receivable 12,000 Allowance for doubtful accounts 12,000) Claim against shipper for goods lost in transit 22,000 Selling price of Saudi Company's unsold goods sent to Alaska Company on consignment at 150% of cost and excluded from Saudi's ending Inventory 12,000 Your answerSunland Company reports the following: End of Year Beginning of Year Inventory $28000 $44800 Accounts Payable 33600 11200 If cost of goods sold for the year is $268800, the amount of cash paid to suppliers using the direct method isHenderson Company uses the gross profit method to estimate ending inventory and cost of goods sold when preparing monthly financial statements required by its bank. Inventory on hand at the end of July was $119,000. The following information for the month of August was available from company records: Purchases Freight-in Sales Sales returns Purchases returns $ 212,000 4,500 343,000 8,300 3,600 In addition, the controller is aware of $12,000 of inventory that was stolen during August from one of the company's warehouses. 1. Estimated ending inventory 2. Estimated ending inventory Required: 1. Calculate the estimated inventory at the end of August, assuming a gross profit ratio of 25%. 2. Calculate the estimated inventory at the end of August, assuming a markup on cost of 25%.
