Answer Problem -5.8Jazz. Manufacturing's stores ledger shows receipts atbasic rate $30 per unit and market rate $35. Unitsreceived 1,000. Record the amount of stores ledgeradjustment.

Total Cost at Basic Rate:Basic Rate Total Cost=Units Received×Basic Rate=1,000×30=30,000 Total Value…

Answered: Problem -5.8 Jazz. Manufacturing's…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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6.1. ABC Merchandising had the following transactions: 1. Purchased goods and made payment by cash in bank at S6,600. Freight-in was $220 (with VAT), paid by cash on hand. 2. Purchased materials on account for $7,350 (including 5% VAT) with credit terms 1/10, n/30 (if customer made payment within 10 days, they will received 1% discount) 3. Purchased tools on account for $4,400 (including 10% VAT). 4. Return a part of tools purchased in (3) for sales price with VAT of $2,200 5. Paid within the discount period for materials in (2). 6. Paid for tools in (3) by cash in bank. Requirement: Record transaction 6.2. Company pay VAT by the tax deduction method, accounting for inventories by perpetual inventory system, determination of price of inventories by FIFO method. Beginning balance: Acc 152: 10.000.000 VND (1000 units of A) Acc 153: 2.000.000 VND (100 units of T) During the period the following transactions occur: Requirement: Record transaction 1. Purchase 5.000 units of A on account,…
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Make sure it is transferrable to excel. Do it nicely. 1. Determine the following: a. Net Sales b. Net Purchases c. Cost of Goods Sold d. Bad Debts Expense
The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
7. Construct a P/L skeleton in $ using the following departmental figures. Use the grid provided below. Gross sales .$282,000 Customer returns/allowances... $32,000 Opening inventory (C). .$50,000 Closing inventory (CL. . $4,00 Purchases (C) . $80,000 Freight . $5,000 Cash discounts.. ..3% Returns to vendor.. .2% Alteration/workroom costs.. 1% Advertising . $17,000 Rent.. $15,000 Payrol. .$75,000 Utilities... $13,000
Hh1. calculate net sales, cost of goods sold and gross profit from sales
MC PROBLEMS Use the following information for the next 5 questions The following information was taken from the records of a branch: Sales by branch Beginning inventory Billings to branch by home office Operating expenses Ending inventory at billed price 2,800,000 2,500,000 400,000 1,000,000 The following information was taken from the records of the home office: 2,600,000 2,000,000 Branch current account Shipments to branch Allowance for markup - Unadjusted 500,000 Your answer How much is the sales of branch to be included in the combined financial statements? 2,240,000 2,333,333 2,800,000 How much is the cost of goods sold of the branch to be included in the combined financial statements? 1,800,000 1,200,000 900,000 1,500,000 How much is the ending inventory of the branch to be included in the combined financial statements? 800,000 1,000,000 1,250,000 8333,333 How much is the true profit (NET INCOME) of the branch? 1,200,000 1,250,000 1,266,667 1,400,000
Please answer in excel form
if a company billed its branch at 25% markup and sent goods at billed price 187500, the company recorded OA. credit inventory for 187500 OB. credit invetory 234375 O c. credit overvaluation 27500 OD. debit inventory 150,000
chapter 3 3. Given the information below, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140
Create at least 3 transactions in one month for each specialized journalsi. Sales Journalii. Purchase journaliii. Return inwards journaliv. Return outward journalsv. Cash receipts journalsvi. Cash payment journalvii. General journal
Problem C- Use the following information to answer questions below: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000 Purchases 170,000 Purchases Returns and Allowances 20,000 Freight In 30,000 Operating Expenses 350,000 In Addition, beginning merchandise inventory was P55,000 and ending merchandise inventory was P35,000. 1. Cost of goods sold for the period was а. Р235,000 с. Р200,000 b. P160,000 d. P170,000 2. Profit for the period was a. P525,000 C. P250,000 b. P450,000 d. P175,000

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Problem -5.8 Jazz. Manufacturing's stores ledger shows receipts at basic rate $30 per unit and market rate $35. Units received 1,000. Record the amount of stores ledger adjustment.