Quantum Mobile Ltd. purchases purchases and resells smartphones. On September 5th, 2022, the company purchased 6,000 phones for $120 each. On September 25th, the company sells 1,800 units for $180 each. What is the cost of goods sold on the sale?
Q: answer
A: 1) Total Value of share = No. of shares * Price per shareTotal Value of share = 700*46Total Value of…
Q: can you please solve this
A: We have given, ROA = 6.6% =0.066Profit margin = 11.55% = 0.1155Sales =$20 millions Calculate Net…
Q: Ans please
A: Ans. ) Given that Michigan Bank lends Canton Furniture Company $100,000 at an 8% per year rate of…
Q: what is amount of the shareholdes
A: Step 1: Definition of Shareholders' EquityShareholders' equity is the owner's fund, which is…
Q: Need answer please
A: Sale Volume Variance = (Actual Sales Volume units - Budgeted sale volume units) * Standard unit…
Q: General accounting
A: Step 1: Define Accounts Receivable Turnover RatioThe Accounts Receivable Turnover Ratio measures how…
Q: Please help me this question solution
A: Step 1: Definition of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents…
Q: Vijay Corporation distributes property to its sole shareholder, Leo. The property has a fair market…
A: Explanation of Fair Market Value (FMV): Fair Market Value represents the price at which property…
Q: The direct material quantity variance
A: Direct Materials Quantity Variance: The difference between the standard quantity of materials…
Q: Calculate return on assets of this general accounting question
A: To calculate the Return on Assets (ROA), you can use the formula:ROA=Net Income/ Average Total…
Q: do fast answer of this General accounting question
A: Step 1: DefinitionThe days sales outstanding (DSO) measures how quickly a company collects payments…
Q: expert of general account
A: Step 1: Property, Plant, and Equipment Property, Plant, and Equipment - long-term assets that are…
Q: What are the budgeted cash receipts from sales on account for July on these financial accounting…
A: Step 1: Define Budgeted Cash ReceiptsBudgeted cash receipts represent the expected cash collections…
Q: A company reports the following
A: Concept of Net SalesNet sales refer to the total revenue a company generates from selling goods or…
Q: Hello tutor solve this question is accounting
A: Step 1: Define Debt to Equity RatioThe debt to equity ratio is an important financial metric that is…
Q: Rolles Company has a contribution margin ratio of 27%. The company is considering a proposal that…
A: Concept of Contribution MarginThe contribution margin represents the portion of sales revenue that…
Q: costing answer
A: Calculation for the gross margin under absorption costing:Absorption costing includes both variable…
Q: None
A: Step 1: Define Cost-Volume-Profit (CVP) AnalysisThe CVP analysis is considered to figure out the…
Q: Bravo company manufacturing quality gentelmen's clothing
A: Concept of Cost of Goods Manufactured (COGM)Cost of Goods Manufactured (COGM) represents the total…
Q: No AI ANSWER
A: KEY CONCEPTS:1. Operating Leverage- Operating leverage measures how changes in sales volume affect…
Q: ans
A: Step 1: Definition of Gross ProfitThe gross profit is the overall profit after neglecting the…
Q: Find the per share
A:
Q: Trevino Apparel Company manufactures and sells women's blouses. Each blouse (unit) requires 2.2…
A: To calculate the cost of Trevino Apparel Company's direct labor for producing 10,500 blouses, we can…
Q: 5 POINTS
A: To calculate the deficit, we need to compare the government's revenue to its spending.Revenue: $1.8…
Q: Problem related general Accounting
A: Concept of Contribution MarginThe contribution margin represents the amount by which sales revenue…
Q: Opereting income should be ? General accounting
A: Step 1: Define Contribution Margin By measuring the contribution margin, we may determine how much a…
Q: Ans?
A: Step 1: Definition of High-Low MethodThe high-low method is used to separate mixed costs into their…
Q: FOr the love of god please help.
A: Given:Total income since incorporation = $286,000Total cash dividends paid = $58,000Total value of…
Q: Accounts receivable:9200, Accounts payable:3000
A: Explanation of Net Income:Net income is the amount of profit a company earns after deducting all…
Q: General accounting
A: Step 1: Definition of Sustainable Growth Rate (SGR)The sustainable growth rate (SGR) represents the…
Q: General Accounting
A: Step 1: Define Make-or-Buy DecisionA make-or-buy decision analyzes whether a company should continue…
Q: Subject:-- general accounting
A: Step 1: Definition of Variable CostingTwo approaches are used to determine the product cost per…
Q: correct answer please
A: Step 1: Definition of Fixed Manufacturing OverheadFixed manufacturing overhead refers to the…
Q: A firm had fixed assets of $16,000 at the beginning of the year and $19,000 at the end of the year.…
A: Concept of Fixed AssetsFixed assets are long-term tangible assets that a company uses in its…
Q: None
A: Total return = (Selling price - Buying price + Dividend) / Buying priceTotal return = ($57.75 -…
Q: Financial Accounting Question please give answer
A: Step 1: Define Cash DisbursementsCash disbursements refer to actual cash payments made by a company…
Q: Accounting problem with correct solution
A: Step 1: Define Contribution Margin RatioThe contribution margin percentage shows the percentage of…
Q: General Accounting
A: Step 1: Define High-Low MethodThe high-low method is a technique used to estimate the variable and…
Q: variable costing method?
A: Step 1: Definition of Variable Costing MethodAs the name suggests, in the variable costing only the…
Q: can you please solve this
A: We have given, For activity level of 8500 machine hours for a month Variable cost = $700,000Fixed…
Q: Determine the direct labor cost budget for 2015 on these general accounting question?
A: Step 1: Define Direct Labor Cost BudgetThe direct labor cost budget estimates the total wages paid…
Q: How much did Felton pay in cash dividends and what was it's average asset of this financial…
A: Step 1: Define Cash DividendsCash Dividends are payments made by a corporation to its shareholders…
Q: What is the company's plantwide overhead rate?
A: Explanation of Plantwide Overhead Rate:The plantwide overhead rate is a single overhead rate used to…
Q: Hi experts please provide answer this general accounting question
A: Step 1: Define Variable Cost per Machine HourTo estimate the variable cost per machine hour, we will…
Q: Zephyr Enterprises projected current year sales of 60,000 units at a unit sale price of $25.00.…
A: Explanation of Sales Volume Variance: Sales volume variance measures the difference between actual…
Q: provide correct answer of this General accounting question
A: Step 1: Define Contribution Margin Ratio represents the percentage of sales revenue that contributes…
Q: Provide solution this financial accounting question
A: Step 1: Define Sales Tax PayableSales tax payable refers to the amount of tax collected by a…
Q: General Accounting
A: Step 1: Define Full Capacity Sales CalculationFull capacity sales refer to the maximum potential…
Q: give this answer
A: Step 1: Definition of Net incomeNet income is the amount left after taxation, medical insurance, and…
Q: Samo Co
A: Concept of Direct MaterialsDirect Materials are the raw materials that are directly used in the…
What is the cost of goods sold on the sale?
Step by step
Solved in 2 steps
- HelpCarp Co. manufactures cat toys. For 2022 it had the following amounts related to its most popular toy, Kitty Toy: beginning finished goods inventory, $30,000, cost of goods manufactured $120,000, and cost of goods sold $100,000. What was the amount of ending finished goods inventory? a. $10,000 O b. $50,000 O c. $30,000 O d. $20,000Legend Company sold $87,000 worth of goods on account to Destiny Inc. on June 20. It cost Legend $60,900 to make these goods. Destiny has 30 days to return the goods for any reason. On July 1, Destiny returns $8,000 worth of goods that had cost Legend $5,600. Legend expects to be able to resell these goods for a profit. Prepare the following entries on the books of Legend Company: Journal entries to record the initial sales on June 20 if a perpetual inventory system is used
- Information related to Swifty Co. is presented below. 1 2. 3. 4 5. On April 5, purchased merchandise from Mockingbird Company for $20,200 terms 2/10.net/30, FOB shipping point. On April 6 paid freight costs of $520 on merchandise purchased from Mockingbird. On April 7, purchased equipment on account for $29,200. On April 8, returned damaged merchandise to Mockingbird Company and was granted a $4,900 credit for returned merchandise. On April 15 paid the amount due to Mockingbird Company in full.do fast answer of this General accounting questionDuring the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost of the merchandise sold is P76,240. What is the amount of the gross profit?Required to answer.
- Answer this questionOn May 11, 2023, Wilson Purchasing purchased $24,000 of merchandise from Happy Sales; terms 3/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $19,000. Wilson paid $1,400 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $3,800 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $3,000. On May 20, Wilson mailed a cheque to Happy for the amountOn May 11, 2023, Wilson Purchasing purchased $30,000 of merchandise from Happy Sales; terms 1/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $25,000. Wilson paid $2,000 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $5,000 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $4,200. On May 20, Wilson mailed a cheque to Happy for the amount owed on that date. Happy received and recorded the cheque on May 21. Required: a. Present the journal entries that Wilson Purchasing should record for these transactions. Assume that Wilson uses a perpetual inventory system. View transaction list 1 Record the purchase of merchandise on credit; terms 1/10, n/90. 2 Record the payment of shipping charges on purchased merchandise. 3 Record the return of unacceptable merchandise. 4 Record the payment of balance within the discount period. b. Present the journal entries that Happy Sales…