Sales P950,000 (credit)Sales returns and allowances 15,000 (debit)Sales discounts 10,000 (debit)Purchases 220,000 (debit)Purchases Returns and Allowances 20,000 (credit)Transportation In 30,000 (debit)Selling Expenses 75,000 (debit)General and Administrative Expenses 275,000 (debit)In addition, beginning merchandise inventory was P 55,000 and ending merchandise inventory was P35,000. Net purchases for the period were  P250,000 P230,000

Q: On January 15, Nifty Company sells merchandise on account to Martinez Associates for $5,000 with…

A: COncept -  The term 3/10, n/30 Indicates that,  If the payment is made within 10days then the…

Q: If sales are $250,000, merchandise purchases are $126,500, and the balance of the merchandise…

A: Cost of goods sold is the actual cost of goods that is being sold to the customers. It is calculated…

Q: d on the following data, determine the cost of merchandise sold for November: Merchandise…

A:

Q: Love Co. sold merchandise to Kind Co. on account, P35,000, terms 2/15, net 45. The cost of the…

A: Cost of goods sold less return=Cost of goods sold-Return=P 24,500-P1,700=P 22,800

Q: The following amounts are known: Beginning merchandise inventory $27,000 Ending merchandise…

A: Cost of goods sold is the cost of manufacturing the goods which have been sold, it only includes…

Q: For the current year, Purchases were P324,000; Purchase Returns and Allowances were $3,500; Freight…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

Q: The following amounts are known: Beginning merchandise inventory $29,000 Ending merchandise…

A: Income statement is the statement which states the expenses and the revenues of the company during…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

Q: Sales P950,000 (credit)Sales returns and allowances 15,000 (debit)Sales discounts 10,000…

A: Solution: Net sales for the period is the amount of sales which is reduced by any Sales returns and…

Q: During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost…

A: Gross profit = Sales - Cost of merchandise sold. First, compute the total sales as shown below:

Q: The following information pertained to Azur Co. for the year: Purchases $102,800 Purchases…

A: Cost of Goods sold = Sales Revenue - Business gross profit . It is represented as COGS .

Q: Simon recently received a credit card with a 12% nominal interest rate. With the card, he purchased…

A: I/Y = interest rate per month PV= Present Value PMT= Installment Amount FV = Future Value   CAse A -…

Q: if the cost of goods sold is $ 400,000 and credit purchases is $250,000, the inventory balance at…

A: Inventory days turnover is calculated by dividing the number of days in a year by inventory turnover…

Q: Sales P950,000 (credit)Sales returns and allowances 15,000 (debit)Sales discounts 10,000…

A: Net sales = Sales - Sales returns - Sales discount

Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…

A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…

Q: 3) Using the following information, what is the amount of net sales? Purchases $32,000 Purchases…

A: Formula: Net sales = Sales - Sales returns and allowances

Q: During the current year, merchandise is sold for $59,180 cash and for $86,380 on account. The cost…

A: Gross Profit is Sales minus Cost of Goods Sold

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…

A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…

Q: During the current year, merchandise is sold for $48000 cash and for $336000 on account. The cost of…

A: Gross profit is the amount of profit earned by the entity after deducting the cost of goods sold…

Q: Official Brands’s general ledger and supplementary records at the end of its current period reveal…

A:

Q: The following amounts are known: Beginning merchandise inventory $28,000 Ending merchandise…

A: Cost of Goods sold: It is the cost incurred for manufacturing the product which sold the company.

Q: During the current year, merchandise is sold for $98,300 cash and $644,900 on account. The cost of…

A: Calculate the amount of net sales.

Q: During the current year, merchandise is sold for $54,400 cash and for $81,400 on account. The cost…

A: The difference between the net sales and cost of goods is called Gross profit. Total sales are…

Q: Determine the cost of goods sold.     Cost of Goods Sold Section Purchases      $     $     $…

A:

Q: Using the following information, what is the amount of gross profit?​ Purchases $44,000 Merchandise…

A: Cost of goods sold = Opening inventory + Purchases - Closing inventory

Q: Account Name Debit Credit Sales 750,000 Sales Return & Allowances 15,000 Sales Discounts 10,000…

A: Net Profit is the measure of profitability used by the business. This is calculated by deducting all…

Q: Using the following information, determine the cost of merchandise sold. Purchases $32,000…

A: Cost of merchandise sold = Merchandise inventory, September 1 + Purchases - Merchandise inventory,…

Q: Using the following information, determine the cost of merchandise sold. Purchases $30,544 Selling…

A: Cost of merchandise sold is also known as cost of goods sold refers to the direct cost of producing…

Q: Using the following information, what is the amount of gross profit?​ Purchases $42,000 Merchandise…

A: Cost of Goods Sold = Opening stock + Net Purchases + Direct Expenses - Closing Stock…

Q: is sold for $173,900 cash and $467,700

A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…

Q: The following information applies to the Grady Company for the current year: Purchases of…

A: We have the following information: Purchases of merchandise for resale: $300,000 Merchandise…

Q: During the current year, merchandise is sold for $237,500 cash and $625,000 on account. The cost of…

A: Gross profit means sales revenue earned over and above cost of goods that are sold to customers.…

Q: During the current year, merchandise is sold for $158,900 cash and $434,900 on account. The cost of…

A: Gross profit = Total sales - Cost of merchandise sold.

Q: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Solution: Gross margin is computed as Net sales minus cost of goods sold.

Q: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Solution: Net sales is computed as deducting sales discounts and returns and allowances from total…

Q: Using the following information, answer the questions. Net sales $198,000 Purchases 92,000…

A: Gross profit is the profit a company makes after deducting the costs associated with making and…

Q: The following accounts and balances are taken from the books of Bosox Company which             uses…

A: Cost of goods sold is the actual cost of goods that is being sold to the customers. Gross profit is…

Q: Using the information below, calculate Gross Profit: Sales Revenue $5,000 Sales Discounts $664 Sales…

A: Answer) Calculation of Gross Profit Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = $…