Financial accounting questions On July 1, the Ballwin Merchandising Corporation had 9,000 keyboards ininventory. Each keyboard had cost the Corporation $12. During July, theCorporation purchased 45,000 additional keyboards at a cost of $12 each.During July the company sold 47,000 keyboards at a price of $25 each. Thecompany's operating expenses for July were $297,000 and its expected incometax rate was 35% of income before taxes.Determine the Corporation's July net income.a. $564,000b. $1,175,000c. $204,100d. $187,200

Explanation of Cost of Goods Available for Sale: This represents the total value of all merchandise…

Answered: On July 1, the Ballwin Merchandising…

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter4: Job Order Costing

Section: Chapter Questions

Problem 6EA: Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement...

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Logo Gear purchased $2,250 worth of merchandise during the month, and its monthly income statement shows cost of goods sold of $2,000. What was the beginning inventory if the ending inventory was $1,000?
Earthies Shoes has 55% of its sales in cash and the remainder on credit. Of the credit sales, 70% is collected in the month of sale, 15% is collected the month after the sale, and 10% is collected the second month after the sale. How much cash will be collected in June if sales are estimated as $75,000 in April, $65,000 in May, and $90,000 in June?
Langstons purchased $3,100 of merchandise during the month, and its monthly income statement shows a cost of goods sold of $3,000. What was the beginning inventory if the ending inventory was $1,250?
Halifax Shoes has 30% of its sales in cash and the remainder on credit. Of the credit sales, 65% is collected in the month of sale, 25% is collected the month after the sale, and 5% is collected the second month after the sale. How much cash will be collected in August if sales are estimated as $75,000 in June, $65,000 in July, and $90,000 in August?
Dior Merchandising Company maintains a markup of 60% based on Sales. The company’s selling and administrative expenses average 30% of Sales. Annual Sales were P 1,440,000. How much should the company record as its operating profit for the year?
merchandiser plans to sell 13,400 units next month at a selling price of $110 per unit. It also gathered the following cost estimates for next month: Cost Cost Formula Cost of goods sold $60 per unit sold Advertising expense $150,000 per month Depreciation expense $70,000 per month Shipping expense $100,000 per month + $10 per unit sold Administrative salaries $50,000 per month Sales commissions 5% of sales Insurance expense $15,000 per month What is the estimated total contribution margin for next month?
Total sales for Appliance Center were $205,000 for the week. These sales included a 6% sales tax. What were the actual sales? (Round your answer to the nearest cent.) Actual Sales
Hickory Furniture Company paid for the following costs during the month of May: Inventory purchases $ 40,000 Advertising costs 8,000 Delivery costs 2,000 Hickory sold $32,000 of the inventory and has agreed to pay warranty expenses for its customers. These are expected to be $1,600 and occur evenly over the next four months (i.e., starting in June). What is the amount of Hickory’s cash-basis expenses for the month of May?
Visions designs, markets, and distributes audio and gaming headphones, earbuds, and speakers. Assume that last year, Visions reported cost of goods sold of $157 million. Assume that this year, cost of goods sold was $116 million. Accounts payable was $23 million at the end of last year and $17 million at the end of this year. Required: 1. For this year, compute the average number of days that Visions's accounts payable are outstanding. Note: Do not round intermediate calculations and round your final answer to the nearest whole number. Use 365 days a year. Average number of days
Destiny Vacations operates in a province with 15% HST, which is charged on all sales. In the month of May, the company recorded revenue of $120,000 of vacation packages. 40% of the sales were paid in cash; the remaining sales are on credit. In addition, Destiny Vacation purchased supplies costing $50,000, and was charged 15% HST on the purchase. Destiny paid for the supplies in the same month as purchase. What is the net HST receivable or payable to the government at the end of May? Question 2 options: $3,300 payable $10,800 payable $300 receivable $10,500 payable
Calculate Average Payables Periods For the first year, Hawkeye, Inc., has a cost goods sold of $95,318. At the end of the year, the accounts payable balance was $22,816. How long, on average, did it take the company to pay off its suppliers during the year? What might a large value for this ratio imply?
Marwick’s Pianos, Incorporated, purchases pianos from a large manufacturer for an average cost of $1,509 per unit and then sells them to retail customers for an average price of $2,000 each. The company’s selling and administrative costs for a typical month are presented below: Costs Cost Formula Selling: Advertising $ 952 per month Sales salaries and commissions $ 4,776 per month, plus 5% of sales Delivery of pianos to customers $ 63 per piano sold Utilities $ 663 per month Depreciation of sales facilities $ 5,029 per month Administrative: Executive salaries $ 13,453 per month Insurance $ 686 per month Clerical $ 2,480 per month, plus $42 per piano sold Depreciation of office equipment $ 887 per month During August, Marwick’s Pianos, Incorporated, sold and delivered 57 pianos. Required: 1. Prepare a traditional format income statement for August.2. Prepare a contribution format income statement for August. Show costs and revenues on both a…

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