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: The financial statements for Warren Company show the following: Cost of goods sold $745,000…

A: As per our guidelines we are supposed to answer only one question (if there are multiple questions…

Q: Account Name Debit Credit Sales 750.C00 Sales Returms and Allowances 15,000 Sales Discounts 10.000…

A: Solution Net purchase is calculated by substracting purchase return and purchase discount . It…

Q: During the current year, merchandise is sold for $53,640 cash and for $82,660 on account. The cost…

A: Gross profit represent the excess amount of revenue over the cost of merchandise sold.

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: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Reported sales revenue = Sales value - Discount amount

Q: Refer to the table. Net purchases are: Sales revenue $750,000 Interest revenue 18,000 Freight…

A: Introduction: Net purchases are defined as the gross amount of purchases made, less deductions for…

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

A:

Q: The following information is available: Cost of goods sold $1,000,000 Sales $500,000 Sales…

A: Ending Inventory = Cost of Goods Sold + Gross profit - Net Sales   Note : Net Sales = Sales - Sales…

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: 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: Cost of goods sold $216,128 Rent expense $34,000 Freight-out 6,000 Sales discounts 8,000 Insurance…

A: Formula: Net income = Total revenues - Total expenses

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: Prepare a statement of cost of goods sold and gross profit

A: Gross Profit = Net Sales Revenue - Cost of Goods Sold  Cost of Goods sold = Opening Stock +…

Q: Given the following data, what is the cost of goods sold? Sales revenue $950,000 Beginning inventory…

A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to earned sales for the…

Q: During the year, a firm purchased $56,970 of merchandise and paid freight charges of $12,680. If the…

A: Net delivered cost of purchases = Purchases + Freight in - Purchase returns and allowances -…

Q: Calculate net sales based on gross sales of $805,000; sales returns of $5,400; and sales discounts…

A: The net sales are the sales calculated after adjusting sales discount, sales return and allowance,…

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: 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: On April 2, George Company sold $46000 of inventory items on credit with the terms 2/10, net 30.…

A: The journal entries are prepared to record the transactions on a regular basis. Using net method,…

Q: Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: Find the gross margin percent with the following figures: Round to 2 decimal points. Net sales…

A: GROSS MARGIN Gross margin is the ratio between Gross Profit & Net Sales Revenue. Gross Profit is…

Q: D P Sales S 68,000 $ 43,600 $ 56,000 $ 25,500 Cost of goods sold Merchandise inventory, beginning…

A: We use the following formulas for determine the amount  Sales  = Cost of goods sold  + Gross…

Q: Financial information is presented below: Operating Expenses $91500 Sales Returns and 18900…

A: The net sales as the name suggests is the amount of sales which has been after all the deductions…

Q: Financial information is presented below: Operating expenses $38,000 Sales returns and…

A: The gross profit margin shows how much money your company made after deducting its operating…

Q: Accounts Payable, beg. 70,000.00; Accounts Payable, end 75,000.00; Merchandise Inventory, beg -…

A: Total Merchandise Inventory Purchases for the year = Cash Payment to Supplier for Purchase on…

Q: For the fiscal year, sales were $7310000, sales discounts were $120000, sales returns and allowances…

A: GROSS PROFIT : = SALES - SALES DISCOUNT - SALES RETURNS AND ALLOWANCES  - COST OF GOODS SOLD

Q: On February 15, ABC Company sold $50,000 of merchandise on credit, 3/10, n/30. The merchandise has a…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: if a company billed its branch at 25% markup and sent goods at billed price 187500, the company…

A: The objective of the question is to determine the correct accounting entry that the company would…

Q: if a company billed its branch at 25% markup and sent goods at billed price 187500, the company…

A: The objective of the question is to determine the correct accounting entry that the company would…

Q: Financial information is presented below: Operating expenses $ 55000 Sales returns and…

A: Sales - Sales are the revenue earned by the company from the selling inventory to the customer at…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: 2: Accounts Payable, beg. 70,000.00; Account Payable, end 75,000.00; Merchandise Inventory, beg -…

A: Solution: Merchandise purchases during the period = Cost of goods sold + Ending inventory -…

Q: Financial information is presented below: Operating Expenses $ 90000 Sales Returns and Allowances…

A: Gross profit is the earnings from the net revenue generated by the company after meeting the costs…

Q: Gross Profit During the current year, merchandise is sold for $21,100 cash and $341,700 on account.…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: During the current year, merchandise is sold for $43000 cash and for $307000 on account. The cost of…

A:

Q: the fiscal year, sales were $7280000, sales discounts were $100000, sales returns and allowances…

A: Gross profit is the  amount left after deducting the cost of goods sold from the net revenue.Gross…

Q: Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory…

A: The journal entries are prepared to keep the record of day to day transactions of the business.