Q7: If the inventory of raw materials at( 1/1) is 75,000, and the inventory of raw materials at (31/12) is 65,000, and the company's purchases of raw materials have a value of 125,000 dinars, what will be the value of the direct raw materials used? If you know that the company returned a portion of its purchases with a value of 10,000 dinars, and that it obtained .a purchases discount of 5,O00 dinars

Q7: If the inventory of raw materials at( 1/1) is 75,000, and the inventory of raw materials at (31/12) is 65,000, and the company's purchases of raw materials have a value of 125,000 dinars, what will be the value of the direct raw materials used? If you know that the company returned a portion of its purchases with a value of 10,000 dinars, and that it obtained .a purchases discount of 5,O00 dinars

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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1. Selected data for ABC Co. for 2020 are as follows: Decrease in merchandise inventory: P20,000 increase in accounts payable: P50,000 Disbursements for purchases of merchandise: P580,000. How much is the 2020 Cost of goods sold? * a.P510,000 b.P550,000 c.P610,000 d.P650,000 e. answer not given 2. The following expenses were recognized by CBA Co., a retailer, during 2020: Interest expense: P120,000 Telephone expense: P95,000 Loss on sale of store equipment: P47,000 Legal fees: P74,000 Officers’ salaries: P115,000. How much should CBA Co. report as general and administrative expenses for 2020? * a.P210,000 b.P284,000 c.P330,000 d.P404,000 e. answer not given 3.Positivity Company provided the following information on December 31, 2020 ( in their normal balances): Accounts Receivable- 350,000; Accounts payable - 200,000; Accrued Expenses - 150,000; Building in progress - 500,000; Cash in bank - 200,000; Cash surrender value - 150,000; Merchandise Inventory - 580,000; Office equipment…
Q36 Goods of the Invoice value R240 000 sent out to consignee at 20% profit on cost. If all goods were sold, what would be the gross amount? Select one: a. R48 000 b. R50 000 c. R40 000 d. R33 333
21. A company has two pieces of Inventory, A and B. Inventory A cost the company P40 per unit and can now be sold for P60 per unit after incurring P15 in selling expenses per unit. It has a replacement cost of P35 per unit and a normal profit of P4 per unit. Inventory B cost the company P52 per unit and can now be sold for P63 per unit after the incurring P15 in selling expenses per unit and a normal profit of P4 per unit. If the company uses the retail method to value its inventory, how much should be reported on the balance sheet for these items? a. 90 b. 89 c. 86 d. 88 D00 000
cost of P500,000. Required: Compute the cost charged to cost of goods sold. а. b.
ail, and cost indexes for 2024 and 2025 are as follows: 2024 2025 Cost Retail Cost Retail Beginning inventory $ 39,200 $ 56,000 Net purchases 92,600 116,000 $ 104,166 $ 128,400 Freight-in 2,800 3,300 Net markups 14,000 9,600 Net markdowns 2,800 3,000 Net sales to customers 113,355 117,120 Sales to employees (net of 20% discount) 3,300 5,280 Price Index: January 1, 2024 1.00 December 31, 2024 1.06 December 31, 2025 1.10 Required: Estimate the 2024 and 2025 ending inventory and cost of goods sold using the dollar-value LIFO retail inventory method.
K110.
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
1. Gross Purchases 2. Net Purchases 3. Raw Materials put into production
Financial information is presented below: Operating Expenses $56000 Sales Revenue Cost of Goods Sold Gross profit would be $48000. $238000. $182000. $104000. 238000 134000
Question 28 Use the following information to calculate figures in the table below. Manufacturer: S 60 net selling price. Marks up (Wholesaler: $ 20, Retailer: $ 40) Applicable VAT: 30% Calculation Manufacturer Wholesaler Retailer Customer Net VAT paid by the Manufacturer is: Net cost of sales Mark up Net selling price S 60 S 80 $ 120 VAT chargeable (309%) Gross selling price Accounting for VAT Due to Customs and Excise Recoverable from Customs and Excise subtract) Net VAT Paid by
The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:10. If the term is FOB shipping point, freight collect, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000
Given:Avarege trade receivables of afirm is40.000,average finished goodsis 50.000, cost of goods sold is 200000 and net sales is 250.000. Whatis trade receivables turnover? a. 250.000/40.000 b. 40.000/ 200.000 c. 40.000/250.000 d. 200.000/ 40.000 ========== 5. Activity Ratios are used in the assessment ofa) The financial risk of the companyb) the profitability of the assetsc) the short term debt repayment capacity of the firm d)the efficiency of the asset or the source analyzed