Question: The following information is available for Smith Enterprises: January 1, 2022 Accounts payable $80,000 Inventory $90,000 December 31, 2022 $60,000 $100,000 Smith Enterprises reported $150,000 of cash paid to suppliers for purchases of inventory in its 2022 cash flow statement. Calculate Smith's cost of goods sold for 2022.
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- UramilabenGiven the following financial data for XYZ, Inc.: • Inventory on December 31, 2020: $5,000 • Inventory on December 31, 2021: $3,000 • Accounts payable on December 31, 2020: $12,000 Accounts payable on December 31, 2021: $15,000 . Cost of goods sold for the year 2021: $50,000 The net cash paid to suppliers of inventory during the year 2021 is: 1) $49,000 2) $55,000 3) $45,000 4) $51,000 5) None of the above.Combate Company reported total purchases of P3,200,000 in its accrual basis financial statement on December 31, 2020. Additional information revealed the following: Accounts payable, December 31, 2019 P900,000 Accounts payable- December 31, 2020 1,250,000 What is the amount of purchases under the cash basis for the year ended December 31, 2020? A.P4,100,000 B. P4,450,000 C. P2,850,000 D. P3,550,000
- Please solve this Question fast as possiblet the osts Santiago, Inc. has the following on receipts during 2018 for sale of products: Compute the gross income using accrual basis P 400,000 P 100,000 P 500,000 From service billings to clients Advances from clients Total cash collection O 400,000 O 100,000 O 500,000 2. O 1,000,000 ntPhina A. Asa Trading gives you the following information for the year ended December 31,2019 a. Cost of Sales (60% of sales) Php. 57,600.00 b. Cash sales ? 79,160.00 7,000.00 10,275.00 4,000.00 6,500.00 2,138.00 c. Cash paid to suppliers d. Paid taxes e. Purchased equipment f. Paid dividends g. Proceeds of loan Cash, beginning 01/2019 Note: Sales are recorded under cash basis.
- In 2021, Hope Company incurred sales on account of $105,000. The company also has the following information: December 31, 2021 December 31, 2020 Accounts Receivable $21,500 $53,000 Accounts Payable $72,000 $47,000 What is the amount of cash received from customers for Hope Company in 2021? Multiple Choice $114,400 $136,500 $105,000 $88,500Bridgeport Corporation had January 1 and December 31 balances as follows. 1/1/20 12/31/20 $78,000 $93,000 Inventory Accounts payable 59,000 66,000 For 2020, cost of goods sold was $486,000. Compute Bridgeport's 2020 cash payments to suppliers. Cash payments to suppliers $ 93000The 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
- What was the gross margin for 2022? Choices: 300,000 P400,000 P725,000 P200,000 P150,000Presented below are the information taken from the books of NMIXX Co. 2022 2023 Sales Regular P 125,000 P 187,500 Installment 62,500 100 000 Cost of goods sold: Regular 75.000 112,500 Installment 31,250 45,000 Selling expenses 25,000 31,250 Collection on accounts from Regular sales 100,000 137,500 Installment sales - 2022 37.500 25,000 Installment sales - 2023 62,500 How much is the Realized gross profit in installment and net income for the year 2023?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:11. If the term is FOB destination, freight collect, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000