Problem C- Use the following information to answer questions below:Account NameDebitCreditSales750,000Sales Returns and Allowances15,000Sales Discounts10,000Purchases170,000Purchases Returns and Allowances20,000Freight In30,000Operating Expenses350,000In Addition, beginning merchandise inventory was P55,000 and ending merchandise inventorywas P35,000.1. Cost of goods sold for the period wasа. Р235,000с. Р200,000b. P160,000d. P170,0002. Profit for the period wasa. P525,000C.P250,000b. P450,000d. P175,000

Name: Problem C- Use the following information to answer questions below:Ac
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Problem C- Use the following information to answer questions below:Account NameDebitCreditSales750,000Sales Returns and Allowances15,000Sales Discounts10,000Purchases170,000Purchases Returns and Allowances20,000Freight In30,000Operating Expenses350,

Cost of goods sold = Beginning merchandise inventory + Purchases - Purchase returns + Freight in -…

Business

Accounting

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 30,000 Freight In 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 c. P200,000 d. P170,000 a. P235,000 b. P160,000 2. Profit for the period was a. P525,000 c. P250,000 b. P450,000 d. P175,000

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 30,000 Freight In 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 c. P200,000 d. P170,000 a. P235,000 b. P160,000 2. Profit for the period was a. P525,000 c. P250,000 b. P450,000 d. P175,000

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

J Gross Sales Sales Return & Allowances Sales Discounts Cost of Merchandise Sold 33,000 O $87,000 O $46,000 100,000 Given the above values, determine Net Sales. O $67,000 10,000 O $54,000 3,000 Need help? Review these concept resources.
solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answer
Enrichment Activity 4-1. Missing Elements Net Sales Gross Sales P Less: Sales Returns & Allowances P 54,000 Sales Discounts 19,200 Net Sales Less:Cost of Sales Inventory, 1/1/21 P. 225,000 Add: Net Purchases Purchases P 890,200 Less: Purchases Returns & Allow. P 31,000 12,200 Purchase Discounts Add: Freight In 12,000 Net Purchases 859,000 Goods Available for Sales P 1,084,000 Less: Inventory, 12/31/21 Cost of Sales Gross Profit Less: Operating Expenses Distribution Expenses 138,480 Administrative Expenses Total Expense (258,780) 125,220 Net Income Required: Insert the missing figures in the income statement above. Note that Net Income is 10% of Gross Sales.
Prepare SCI using multi-step approach
Using the following information, what is the amount of net income? Purchases $25,987 Selling expenses $693 Merchandise inventory, September 1 7,575 Merchandise inventory, September 30 8,525 Administrative expenses 955 Sales 50,914 Rent revenue 1,194 Interest expense 848 a.$17,000b.$26,271c.$24,575d.$33,100
7
Show Journal entries 3/1/22 Purchased $10,000 merchandise on account. Terms were 2/10, n/30, FOB Shipping Point. Sales taxes were 6% not included in the price. The shipping cost was $100. 3/3/22 Sold $20,000 merchandise to WG Company. Credit terms were 2/10, n/30, FOB Destination. The cost of goods sold was $8,000. Sales tax was 7% not included in the price. Paid $100 to UPS to ship the merchandise to WG Company 3/6/22 Bought back 500 shares of its own common stock at $14 per share from an unsatisfied stockholder 3/10 Collected from WG Company for the above sales.
20. Company sold inventory fo $300,000 terms 2/10, n/30. Cost of goods sold was $152,000, How much sales revenue will they report form the sale assuming the company records the net amount?
Feb 1. Analisa purchase merchandise with an invoice price of 280,000 and 3/10 , n/30 Feb 3. Analisa paid 8000 transportation cost on the purchased goods FOB shipping point Feb 10 analisa paid for merchandise What was analizas total cost lf the lurchased merchandise?
Need help with this one
Activities/Assessments: Exercise 6-1: Supply the answers to the items marked "?" and support your answer with computation: CASE C CASE B P532, 000 CASE A Sales 4, 000 2,000 496, 000 Sales Returns ? 1, 500 525, 000 5, 000 2, 200 326, 000 Sales Discounts Net Sales Cost of Sales: Merchandise Inventory, Beg. 75, 000 70, 000 320, 000 ? 95, 600 196, 000 2, 100 1, 500 2, 800 Purchases Freight- in Purchase Returns & Allowances Purchase Discount Merchandise Inventory, End Cost of Sales Gross Profit 2, 000 6, 000 7, 500 80, 000 4, 500 2, 100 46, 000 ? 458, 500 ? 226, 000 ? 186, 000 126, 000 Administrative & Selling Expenses Net Income (loss) Gross Profit Rate 21, 500 60, 000 16, 000 ? ? ?
4. Assume that VFA Co. uses periodic inventory system and has the following balances: Inventory, Jan. 1 Purchases Purchases returns and allowances Purchase discounts Freight in How much is the cost of goods available for sale? A. P1,131,000 B. P1,139,000 750,000 400,000 11,000 2% of purchases 16,000 C. P1,147,000 D. P1,200,000