Prepre Journal Entries May Made cash sales of $7,100; the cost of the inventory was $3,600. 1
Q: ate gust 1 august 4 ugust 11 gust 13 ugust 20 august 26 ugust 29 Transactions Beginning inventory…
A: Answer : Calculation of cost of good sold and ending inventory using Weighted average method :…
Q: he sales of Super Store for the month is P 80,756.00. Beg Ending inventory is amounting to P…
A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory
Q: 1. TAPULAN KO Company provided the following data for the current year: Inventory, January 1…
A: Cost of goods sold = Inventory, January 1 + Purchases - Purchase Returns and Allowances - Inventory,…
Q: A company has sales of $1,200,000. COGS is $900,000. Average inventory is $200,000. What is the…
A: An evaluation method that provides information regarding the number of days inventory held in the…
Q: Kennel Company reported the following: Cost of goods sold (estimated for next period) $320,000…
A: Cost of Goods Sold means the cost incurred on a particular product. It helps us to identify the…
Q: Company XYZ has the following information: Beginning Inventory: $20,000 Purchases: $50,000…
A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…
Q: For the current year, Purchases were P324,000; Purchase Returns and Allowances were $3,500; Freight…
A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…
Q: Prepare a statement of cost of goods sold and gross profit
A: Gross Profit = Net Sales Revenue - Cost of Goods Sold Cost of Goods sold = Opening Stock +…
Q: GREEN Enterprises reported the following information for the current year: Inventory, January 1 -…
A: solution given Inventory, January 1 - P2,300,000 Purchases - 27,105,000 Purchase returns and…
Q: if the cost of goods sold is $ 400,000 and credit purchases is $250,000, the inventory balance at…
A: Inventory days turnover is calculated by dividing the number of days in a year by inventory turnover…
Q: Corrigan Corporation had beginning inventory of $20,000 and ending inventory of $24,000. Itsnet…
A: Inventory refers to the goods available for sale and used as a raw material for production of…
Q: Bush Company had the following account balances at year-end: cost of goods sold $85,000; inventory…
A: Shortage in inventory = $15,000 - $14,100 Shortage in inventory = $900
Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…
A: Formula used: Cost of goods sold = Beginning inventory + Purchases - Ending inventory
Q: Dickson Co., purchased inventory with an invoice price of $2,200, shipping charges of $200,…
A: The purchase would include the cost that has been incurred while purchasing the inventory.
Q: Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is…
A: Lets understand the basics. For the attracting early payment from the customer, supplier provide…
Q: Assume that the total inventory on hand at the end of the year as determined by taking a physical…
A: Goods with the terms of FOB shipping point should not be included in the inventory till the goods…
Q: A company reported the following balances in some selected accounts: Purchases $ 18,000, Cost of…
A: Net Sales = Sales – Sales Discount Net Sales = 35,000 – 1,500 = $33,500
Q: Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory…
A: Shortage in inventory for adjusting entry = $14,610 - $13,080 Shortage in inventory = $1530
Q: GREEN Enterprises reported the following information for the current year: Inventory, January 1…
A: Solution.. Beginning inventory = P2,300,000 Purchase = P7,105,000 Purchase return and allowances…
Q: will inventory be recorded on the balan sheet?
A: Inventory is one of the important current asset being used in business. One method for valuation of…
Q: A company uses a periodic inventory system. The beginning inventory was $20,000, purchases amounted…
A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…
Q: Rams Inc reported the following amounts for the year: It uses periodic method Ending…
A: Cost of sales can be computed as follows, =Opening inventory level + Purchases made - Purchases…
Q: The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of…
A: Accounting: Accounting is the art of recording, classifying and summarizing in a significant…
Q: A Co had sales of $220,000 and purchases of$160,000, together with opening inventory and closing…
A: We have the following information: Sales: $220,000 Purchases: $160,000 Opening Inventory: $24,000…
Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…
A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory
Q: Bush Company had the following account balances at year-end: cost of goods sold $85,000; inventory…
A: Journal entries refers to the process of systematic recording of the financial transactions of the…
Q: Sales revenue are $110,000. Purchases are $80,000. Beginning balance of inventories are $12,000.…
A: Inventory days using average inventories are 48.96 days Refer step 2 for explanation
Q: August Co had beginning inventory of $54,000, During the period the company purchased $109,800 of…
A:
Q: Ronda Company provided the following data for the current year: Inventory, January 1 - P2,000,000…
A: Gross profit means the difference between the sale revenue and cost of production. Sale means the…
Q: For the current fiscal year, Purchases were $315,000, Purchases Returns and Allowances were $9,300,…
A: Cost of Goods Sold = beginning merchandise inventory + Net purchase (Purchases - Purchases Returns…
Q: Prepare closing entries. (Credit account titles are automatically indented when amount Account…
A: Closing Entries:- These entries are prepared at the end of the Accounting Period to close Temporary…
Q: A company reported the following balances in some selected accounts: Inventory, 1 March $4,000,…
A: Cost of Goods Sold is the amount of cost incurred for the procurement of the goods that are sold.…
Q: $42,000. What is the estimated amount of ending inventory at the end of the period? Multiple Choice…
A: Sales comprises of gross margin and the cost of goods sold. Gross margin is given at 40% of the…
Q: The invoice price of goods purchased is $10,000 with purchase terms of 4/7, n/30 and FOB shipping…
A: Net Purchases :— It is calculated by deducting purchase discount, return and allowances from gross…
Q: Bolton Company has beginning merchandise Inventory of $500 and an endng merchandise inventory of…
A: Given information: Sales $6,000 Gross margin (@25% of sales) $1,500 Cost of the goods sold…
Q: arr Corporation has provided the following information for its most recent month of operation: sales…
A: Sales - Gross profit = Cost of goods sold Sales - Gross profit = Opening stock + Purchases - Closing…
Q: Stationery paid for during 20X5 amounted to $1,350. At the beginning of 20X5 there was an inventory…
A: Introduction: Income statement: All revenues and expenses are recorded in Income statement. It tells…
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- Prime entries.May 1 Made cash sales of $7,100; the cost of the inventory was $3,600. 5 Purchased $2,400 of inventory on credit. 9 Made credit sales of $3,300; the cost of the inventory sold was $2,100. 13 Paid sales salaries of $1,100 and office salaries of $400. 14 Paid for the May 5 purchases. 18 Purchased sales equipment costing $9,000; made a down payment of $2,300 and agreed to pay the balance in 60 days. 21 Purchased $800 of inventory for cash. 27 Sold land that had originally cost $1,900 for $3,200. Required: Record the preceding transactions in a general journal.1. Purchased inventory with a cost of $26,300 on account. li. Sales on account to customers totalled $59,300. lii. Payments made to employees for wages totalled $19,000. iv. Cash collections from customers settling their accounts totalled $42,100. v. Invoice received from the utility company for $3700 is due in 30 days. Vi. Payments totalling $21,000 were made to suppliers to settle part of the balance owing to them Vii. Received a deposit of $2,600 from a customer for goods to be delivered next month. Calculate the revenue, expenses, net income that would be reported on the cash basis. Enter loss amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g (45).) Revenues Expenses Net Income / (Loss) $ $
- Stationery paid for during 20X5 amounted to $1,350. At the beginning of 20X5 there was an inventory of stationery on hand of $165 and an outstanding invoice for $80. At the end of 20X5, there was an inventory of stationery on hand of $140 and an outstanding invoice for $70. The stationery figure to be shown in the income statement for 20X5 is A $1,195 B $1,335 C $1,365 D $1,505A company reported the following balances in some selected accounts: Purchases $ 18,000, Cost of Goods Sold $15,600, Sales $35,000, Sales discounts $1,500. The Gross Profit for the period is: Group of answer choices $17,900 $16,500 $20,900 $15,500Conor Company provided the following data for the current year: Sales P 10,000,000 Cost of goods sold 5,300,000 Operating expenses 3,800,000 December 31 January 1 Prepaid operating expenses P 1,000,000 P 700,000 Accounts payable 1,350,000 1,200,000 Inventory 2,500,000 2,100,000 Accounts receivable 1,400,000 1,375,000 What amount should be reported as purchases under the cash basis of accounting? Conor…
- Conor Company provided the following data for the current year: Sales P 10,000,000 Cost of goods sold 5,300,000 Operating expenses 3,800,000 December 31 January 1 Prepaid operating expenses P 1,000,000 P 700,000 Accounts payable 1,350,000 1,200,000 Inventory 2,500,000 2,100,000 Accounts receivable 1,400,000 1,375,000 What amount should be reported as purchases under the cash basis of accounting?The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and purchases of P 18,200.00. Ending inventory is amounting to P 12,500.50. The stores total expenses is P 18,780.00 . Find the following : a.) Cost of goods sold b) Net profit or net lossThe sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and purchases of P 18,200.00. Ending inventory is amounting to P 12,500.50. The stores total expenses is P 18,780.00. Find the following: a.) Cost of goods sold
- Koto Corporation began the month of June with $300,000 of current assets, a current ratio of 2.5:1, and anacid-test ratio of 1.4:1. During the month, it completed the following transactions (the company uses aperpetual inventory system).June 1 Sold merchandise inventory that cost $75,000 for $120,000 cash.3 Collected $88,000 cash on an account receivable.5 Purchased $150,000 of merchandise inventory on credit.7 Borrowed $100,000 cash by giving the bank a 60-day, 10% note.10 Borrowed $120,000 cash by signing a long-term secured note.12 Purchased machinery for $275,000 cash.15 Declared a $1 per share cash dividend on its 80,000 shares of outstanding common stock.19 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account.22 Paid $12,000 cash to settle an account payable.30 Paid the dividend declared on June 15.RequiredPrepare a table, showing the company’s (1) current ratio, (2) acid-test ratio, and(3) working capital after each transaction. Round ratios to two…A company reported the following balances in some selected accounts: Inventory, 1 March $4,000, Transportation-in $200, Inventory, 31 March $6,000, Purchases $16,000, Purchase Returns and Allowances $500, Purchase discounts $700, Sales $35,000, Sales discounts $1,500. The Cost of Goods Sold for the period is: Group of answer choices $13,000 $16,000 $12,600 $13,400Plum Corporation began the month of May with $700,000 of current assets, a current ratio of 2.50:1, andan acid-test ratio of 1.10:1. During the month, it completed the following transactions (the company usesa perpetual inventory system).May 2 Purchased $50,000 of merchandise inventory on credit.8 Sold merchandise inventory that cost $55,000 for $110,000 cash.10 Collected $20,000 cash on an account receivable.15 Paid $22,000 cash to settle an account payable.17 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account.22 Declared a $1 per share cash dividend on its 50,000 shares of outstanding common stock.26 Paid the dividend declared on May 22.27 Borrowed $100,000 cash by giving the bank a 30-day, 10% note.28 Borrowed $80,000 cash by signing a long-term secured note.29 Used the $180,000 cash proceeds from the notes to buy new machinery. RequiredPrepare a table, showing Plum’s (1) current ratio, (2) acid-test ratio, and (3) workingcapital after each transaction.…