PERIODICregistered for VAT AND us ES the Bpeterelinventory styskem. The following transachons fook place duringCC StoresismachSales of merchan dise, Rsiso C VAT included) cash. Thecost picce was R2500C ercluding vAT)2020JOurnalize TheABOVETRANSACHIONBANKSALESVAT OUTPUTCOST OF SALESINVENTORt

Name: PERIODICregistered for VAT AND us ES the Bpeterelinventory styskem. T
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Description: PERIODICregistered for VAT AND us ES the Bpeterelinventory styskem. The following transachons fook place duringCC StoresismachSales of merchan dise, Rsiso C VAT included) cash. Thecost picce was R2500C ercluding vAT)2020JOurnalize TheABOVETRANSACHIO

Business

Accounting

PERIODIC is reqistered for VAT AND useS the pet us eS the Bepetetcy CC Stores Inventory styslem. The following transachions fook place dur mach 2020: Sales of merchandise, Rsiso C VAT include) cash. The Cosd pilce was R250oC ereludıng VAT) JOurnalizE The ABOVE TRANSACHION BANK SALES VAT OUTPUT COST OF SALES INVENTORt

PERIODIC is reqistered for VAT AND useS the pet us eS the Bepetetcy CC Stores Inventory styslem. The following transachions fook place dur mach 2020: Sales of merchandise, Rsiso C VAT include) cash. The Cosd pilce was R250oC ereludıng VAT) JOurnalizE The ABOVE TRANSACHION BANK SALES VAT OUTPUT COST OF SALES INVENTORt

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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Using the followlng Information, answer the questions. Net sales $198,000 Purchases 92,000 Purchases returns and allowances 1,800 Purchases discounts 1,250 Frelght-in Merchandise Inventory, beginning of perlod Merchandise Inventory, end of perlod 1,590 63,000 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit. Check My Work ors Cisck MyWke erany
Practice Problem #4: Assume a perpetual inventory system. Journalize the following sales related transactions. a) Purchased merchandise on account from B Co., list price P20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of P650 added to the invoice. b) Purchased merchandise on account from C Co., P8,000, terms FOB destination, 1/10, n/30. c) Sold merchandise on account to D Co., P9,800, terms 2/10, n/30. The cost of the merchandise sold was P5,800. d) Returned P2,000 of merchandise purchased from C Co. (b) e) Paid B Co. on account for purchase in (a) less discount. f) Received merchandise returned by D Co. from sale in (c), P1,800. The cost of the merchandise returned was P1,080. g) Paid C Co. on account for purchase in (b) less return (d) and discount. h) Received cash on account from D Co. for sale in (c) less return (f) and discount. i) Perpetual inventory records indicate that P85,000 of merchandise should be on hand. The physical…
laun OPI=https%253A%252F%252Fblackboard.waketech.edu%252Fwebapps%252Fportal%252Fframeset.jsp%253Ftab_tab dexternal_browser%3U From the following, prepare a classified balance sheet for Bach Crawlers as of December 31, 2020. Ending merchandise inventory was $5,300 for the year. Cash Prepaid rent Prepaid insurance Office equipment (net) $ 7,300 2,250 5,300 6,300 Accounts payable Salaries payable Note payable (long term) P. Bach, capital* $ 2,450 2,250 9,300 12,450 *What the owner supplies to the business. Replaces common stock and retained earnings section. BACH CRAWLERS Balance Sheet December 31, 2020 Assets Liabilities Current assets: Current liabilities: Total current assets Total current liabilities Long-term liabilities: Total liabilities Plant and equipment: Owner's Equity 回可可 acer
. EX.06.202.ALGO Journalize the following merchandise transactions: (If an amount box does not require an entry, leave it blank.) a. Sold merchandise on account, $14,000, with terms 2/10, net 30. The cost of the merchandise sold was $9,100. Sale fill in the blank 0efd5dfcaffd039_2 fill in the blank 0efd5dfcaffd039_3 fill in the blank 0efd5dfcaffd039_5 fill in the blank 0efd5dfcaffd039_6 Cost fill in the blank 0efd5dfcaffd039_8 fill in the blank 0efd5dfcaffd039_9 fill in the blank 0efd5dfcaffd039_11 fill in the blank 0efd5dfcaffd039_12 b. Received payment within the discount period. fill in the blank 936ab10a6feb040_2 fill in the blank 936ab10a6feb040_3 fill in the blank 936ab10a6feb040_5 fill in the blank 936ab10a6feb040_6
Financial information is presented below: Operating Expenses 91400 Sales Returns and 18400 Allowances Sales Discounts 12700 Sales Revenue 320900 Cost of Goods Sold 173100 The amount of net sales on the income statement would be O $ 302500. O $ 308200. O $ 320900. O $ 289800.
Calculate the missing numbers in the following situations. (Input all amounts as positive values.) [15 a b C Invoice cost of merchandise purchases $ 44,900 $ 69 21,900 $ 17,150 Purchase discounts 2,900 370 Purchase returns and allowances 1,950 840 640 Cost of transportation-in 2,200 2,900 Merchandise inventory (beginning of period) 5,400 4,400 Net cost of merchandise purchases 45.600 20,200 Merchandise inventory (end of period) 2,650 4,200 Cost of goods sold $ 59 21,700 SA $ 17,965
Merchandise with a sales price of $5,700 is sold on account with terms 2/10, n/30. The journal entry to record the sale would include a Oa. debit to Accounts Receivable for $5,566 Ob. credit to Sales for $5,586 Oc. debit to Sales Discounts for $114 Od. debit to Cash for $5,700 券

p. Using the perpetual inventory system, journalize the entries for the following selected transactions: i. Sold merchandise to customers who used MasterCard and VISA, $9,500. The cost of the merchandise sold was $5,300. ii. Paid an invoice from First National Bank for $385, representing a service fee for processing MasterCard and VISA sales. Date Description Post. Debit Credit Ref. 90269-1
Merchandise subject to terms 4/15, n/28, FOB shipping point, is sold on account to a customer for $35,000. What is the amount of the cash discount allowed in case the customer pays within the discount period? Select one: a. $1,400 b. $9,800 c. $1,500 d. $5,250
Vaughn Company reported the following balances at June 30, 2022:Sales RevenueSales Returns andAllowancesSales DiscountsCost of Goods Sold$164007002907500 Net sales for the month is $ 16400. $7910. $15700. $15410.
Journalize the following foregoing transactions of the seller, assuming that the company uses the perpetual inventory system. Refer to the Chart of Accounts for exact wording of account titles. Dec. 1 Merchandise with a list price of $4,200 and costing $2,300 is sold on account, subject to the following terms: FOB destination, 2/10, n/30. The seller prepays the freight costs of $85 (debit Delivery Expense for the freight costs). 4 Prior to payment for the goods, the seller issues a credit memo for $750 to the customer for merchandise costing $425 that is returned. 8 Payment is received within the discount period.
Display Financial Statement What is the G/L account number for Inventory-Suspense (Heaven)? Please use the following: company code = US00, Ledger 0L = (Leading Ledger), Statement Version = G000, Statement Type = Normal (Actual – Actual), End Period = 8/ 2020, Comparison End Period = 1 /2016, currency = US00. Select one: A. 200500 B. 200532 C. 200200 D. 202422