Please solve this question general Accounting Prisha has not kept accurate accounting records during thefinancial year. She had an opening inventory of $6,700 andpurchased goods costing $84,000 during the year. At theyear-end, she had $5,400 left in inventory. All sales are madeat a mark up on the cost of 20%.What is Prisha's gross profit for the year?a) $13,750b) $17,060c) $16,540d) $20,675

Step 1: Define Gross ProfitThe gross profit of a company is typically different from that of net…

Answered: Prisha has not kept accurate accounting…

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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Prisha has not kept accurate accounting records during the financial year. She had opening inventory of $6,700 and purchased goods costing $84,000 during the year. At the year-end she had $5,400 left in inventory. All sales were made at a mark-up on cost of 20%. What is Prisha’s gross profit for the year?
July, a sole trader, has not kept accurate accounting records during the financial year. She had opening inventory of $6,700 and purchased goods costing $84,000 during the year. At the year end she had $5,400 left in inventory. All sales are made at mark up on cost of 20%. What is July's gross profit for the year?
None
Traylor Corporation began the year with three items in beginning inventory, each costing $5. During the year Traylor purchased five more items at a cost of $6 each and then two more items at a cost of $7 each. Traylor sold eight items for $10 each. If Traylor uses a periodic LIFO system, what would be Traylor’s gross profit for this year? 45 $45 $80 $80 $51 $51 $36
Patricia is a business owner who is trying to determineher cost of goods sold for the current year. She bought 20 units of inventory at $11, then 26 units at $10, and finally 18 units at $14. She sold 30 units at an average price of $16 per unit during the current year and uses FIFO for her inventory valuation. What was her cost of goods sold in the current year, assuming that there was no inventory at the beginning of the year?
What is the amount of the gross profit?
Please give me answer this general accounting question
Summer Kluxon, Inc. purchased inventory costing $150,000 and sold 75% of the goods for $180,000. All purchases and sales were on account. Kluxon later collected 40% of the accounts receivable. 1. Journalize these transactions for Kluxon, which uses the perpetual inventory system. 2. For these transactions, show what Kluxon will report for inventory, revenues, and expenses on its financial statements. Report gross profit on the appropriate statement. 1. Journalize these transactions for Kluxon, which uses the perpetual inventory system. (Record debits first, then credits. Explanations are not required. Leave unused cells blank.) Journalize the purchase of inventory. Accounts Journal Debit CO Credit
Relic Industries manufactures and markets many products you use every day. In 2019, sales for the company were $93,000 (all amounts in millions). The annual report did not report the amount of credit sales, so we will assume that all sales were on credit. The average gross profit percentage was 51.2 percent. Account balances for the year follow: Accounts receivable (net) Inventory Beginning $ 5,300 6,080 Required: 1. Compute the turnover ratios for accounts receivable and inventory. 2. By dividing 365 by your ratios from requirement 1, calculate the average days to collect receivables and the average days to sell inventory. Required 1 Required 2 Ending $ 5,700 6,100 Complete this question by entering your answers in the tabs below. Receivables Turnover Ratio Inventory Turnover Ratio Compute the turnover ratios for accounts receivable and inventory. (Do not round intermediate calculations. Round your final answers to 1 decimal place.)
, During Year 8 and Year 9, Sage sold merchandise to Page at a price that provides it with a gross profit of 50%. The Year 9 sale was $10,000. Page's December 31, Year 9, inventory contained $2,000 remaining. The December 31, Year 8, inventory of Page contained $ 1,000 The unsold amount would then be $1,000. Also during Year 9, Page sold merchandise to Sage for $ 33,600. Paige prices its sales based on a 40% markup on cost. At year end, the portion remaining in Sage inventory was 50% Intercompany sales for the year totalled $50,000. At the end of Year 9, Page owed Sage $500 for merchandise inventory purchased on account. This liability is non-interest bearing. Table of realized and unrealized intercompany inventory profits and sales
Misty Mountain Outfitters is a merchandiser of specialized fly fishing gear. Its cost of goods sold for Year 2 was $2,377,100, and sales were $3,565,650. The amount of merchandise on hand was $664,000, and total assets amounted to $3,671,900. What is the average number of days to sell inventory? Note: Do not round your intermediate calculations. Use 365 days in a year. Round to the nearest day. Multiple Choice O O O O 68 days 204 days 66 days 102 days
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