MC37 Ali Mall's accounting records indicated the following information: Inventory (based on physical count) Accounts Receivable Accounts Payable Collections from customers Payments to suppliers 12/31/19 P110,000 900,000 250,000 2,800,000 2,550,000 1/1/19 P180,000 700,000 300,000 All sales and purchases are on credit. Ali Mall's gross profit rate based on cost has remained constant at 25% in recent years. What is the amount of inventory overage (shortage)? 67

MC37 Ali Mall's accounting records indicated the following information: Inventory (based on physical count) Accounts Receivable Accounts Payable Collections from customers Payments to suppliers 12/31/19 P110,000 900,000 250,000 2,800,000 2,550,000 1/1/19 P180,000 700,000 300,000 All sales and purchases are on credit. Ali Mall's gross profit rate based on cost has remained constant at 25% in recent years. What is the amount of inventory overage (shortage)? 67

Name: MC37 Ali Mall's accounting records indicated the following informatio
Uploaded: 2024-03-20T06:32:37.000Z
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Description: MC37 Ali Mall's accounting records indicated the following information:Inventory (based on physical count)Accounts ReceivableAccounts PayableCollections from customersPayments to suppliers12/31/19P110,000900,000250,0002,800,0002,550,0001/1/19P180,00

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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Selected data on inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks Co. are as follows: Cost Retail Celebrity Tan Co. Inventory, August 1 $ 300,000 $ 575,000 Transactions during August: Purchases (net) 2,021,900 3,170,000 Sales 3,250,000 Ranchworks Co. Inventory, March 1 $880,000 Transactions during March through November: Purchases (net) 9,500,000 Sales 15,800,000 Estimated gross profit rate 38% Required: 1. Determine the estimated cost of the inventory of Celebrity Tan Co. on August 31 by the retail method.* Enter all ratios as percents, rounded to one decimal place. 2. a. Estimate the cost of the inventory of Ranchworks Co. on November 30 by the gross profit method.* b. Assume that Ranchworks Co. took a physical inventory on November 30 and discovered that $369,750 of inventory was on hand. What was the estimated loss of inventory due to theft or damage during March…
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AB Ltd. has MCC has prepared the Income statement including the following data (all sales are on account): Sales $80,000 Cost of Goods Sold Gross Profit Expenses Net Profit $50,000 $ 25,000 $ 10,000 $15,000 The comparative balance sheet shows the following data (by definition, accounts payable relates to merchandise purchases only): End of Year Beginning of Year Accounts Receivables (net) Inventory Prepaid Expenses Accounts Payable $7,000 $3,000 $2,000 $1,140 $5,280 $2,000 $1,000 $1,500 Required 1: What is the amount of Cash received from Customers? $ Required 2: What is the amount of Cash paid for merchandise purchase? $
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On December 31, 2023, the following information was available from ORANGE Company's accounting records: COST RETAIL inventory Jan 1 ₱ 220, 500 ₱ 304, 500 Purchases 1,234,800 1,732,500 Additional Markups 63,000 Goods available for sale 1,455,300 2,100,000 Gross sales for the year totaled ₱ 1,659,000. Markdown amounted to ₱ 25,000. Total recorded sales discount is ₱ 105,000 (including employee discounts of ₱ 35,000). What is the cost of ORANGE company's inventory on December 31, 2023, under the average method? A. ₱ 266,560 B. ₱ 281,250 C. ₱ 289,150 D. ₱ 291,060
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