2:24 O P3 all 31%docs.google.com/forms/d/e/118The following accounts are extracted fromthe worksheet of X Company on December31, 2020Sales Retums and AllowancesS410,000Sales Discount140,000Sales1,500,000Salaries Expenses - Sales52,000Rent Revenue22,000Purchases Retums and Allowances120,000Purchases600,000Loss from write down of Inventory17,000Inventory, January 1, 2020460,000Interest Expense55,000Gain from Sale of Building23,000Freight-out14,000Freight-in30,000Depreciation Expense - Sales22,000Cost of Goods Sold600,000Based on the data above, the inventoryaccount showed a balance of $------ onDecember 31, 2020: *$340,000$370,000$354,000None of the above 2:24 P令l 31%docs.google.com/forms/d/e/118None of the aboveBased on the data above, net sales were:$1,500,000$950,000$1,360,000None of the aboveBased on the data above, gross profit was:$350,000$900,000$580,000None of the aboveBased on the data above, selling expenses

Hi student Since there are multiple questions, we will answer only first question. If you want…

Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales Rent Revenue 52,000 22,000 Purchases Retums and Allowances 120,000 Purchases Loss from write down of Inventory 600,000 17,000 Inventory, January 1, 2020 460,000 Interest Expense Gain from Sale of Building Freight-out Freight-in Depreciation Expense - Sales Cost of Goods Sold 55,000 23,000 14,000 30,000 22,000 600,000 Based on the data above, the inventory account showed a balance of $------ on December 31, 2020: * O $340,000 $370,000 O $354,000 EO None of the above

Sales Retums and Allowances $410,000 Sales Discount 140,000 Sales 1,500,000 Salaries Expenses - Sales Rent Revenue 52,000 22,000 Purchases Retums and Allowances 120,000 Purchases Loss from write down of Inventory 600,000 17,000 Inventory, January 1, 2020 460,000 Interest Expense Gain from Sale of Building Freight-out Freight-in Depreciation Expense - Sales Cost of Goods Sold 55,000 23,000 14,000 30,000 22,000 600,000 Based on the data above, the inventory account showed a balance of $------ on December 31, 2020: * O $340,000 $370,000 O $354,000 EO None of the above

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

GB SalesRevenue 16800 Purchases 12800 Gross Profit 4000 Selling Expenses 2000 Admin Cost 7200 Operating Loss 5200 b) Calculate mark-up (in percentage to 2 decimal places) c) Calculate the margin as a % to 1 decimal place d) What is the operating profit margin percentage if the admin cost is reduced by 60%? Show this to 1 decimal place e) Define the following and provide respective examples with numeric calculations where possible: Trade discountBulk discountEarly settlement discount f) If a company has a mark-up of 37% and sales revenue of £163,970, then what is the cost of sales in whole £’s? g) If a company has a net margin of 15%, gross margin of 35% and costs of sale of £25,000, then what is the sales revenue and overhead?
Please answer properly
2 The Elegance Manufacturing Company, in its statement of financial position as of December 31, 2019, has an inventory of P1,760,000 which consists of: Direct materials Direct materials purchases in transit, FOB destination Direct materials purchases in transit, FOB shipping point Prepaid insurance on inventory Work in process Finished goods Goods shipped on consignment, at selling price with 20% profit on sales P550,000 120,000 90,000 20,000 380,000 450,000 150,000 What is the cost of inventory to be shown in the statement of financial position of Elegance as of December 31, 2019?
The following information is available from Goodyear Company’s 2022 accounting records: Purchases P530,000 Purchase discounts 10,000 Beginning inventory 160,000 Ending inventory 215,000 Freight-out 40,000Goodyear’s 2022 cost of goods sold is: a. 465,000 b. 475,000 c. 505,000 d. 585,000
What is the current ratio? Use the information below. Current Assets $450,000 Costs of Goods Sold: $2.000,000 Inventory $250,000 Total Sales $3.000,000 Acct Rec: $200,000 Credit Sales: $1,500,000 Total Assets $900,000 Total Purchases: $2,500,000 Current $300,000 Operating Expenses: $700.000 Liabilities: Acct Payable $100,000 Pre-Tax Income: $60.000 Total Liabilities: $600,000 Owner's Equity $300.000
if a company send the goods for 20% markup to its branch the branch received during january 2024 180,000 goods at billed price when beggining of inventory was 48,000, the branch sold goods which cost 192,000 for 260,000, if there isnt any more transaction, the unrealized gain balance is OA. 6000$ O B. 24,000$ O c. 30,000$ OD. 38,0005
Sales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end. 28,000 Purchases 120,000 Freight-in 5,000 Purchases discounts 3,000 Purchase returns 2,000 How much is the gross profit? 89,000 82,000 99,000 94,000 How much is the cost of goods sold? Choices: 114,000 126,000 119,000 109,000
Sales 230,000 Sales Discounts 7,000 Sales Returns 15,000 Inventory, beg. 22,000 Inventory, end. 28,000 Purchases 120,000 Freight-in 6,000 Purchases discounts 3,000 Purchase returns 2,000 How much is the cost of goods sold?
I need help with problem
How much is the VAT Payable? RTT opt to register to VAT on its 3rd year of operation Beginning Inventory (including vat of 5,005) Sales (VAT inc) Purchases (VAT Exc) 250,000.00 4,200,000.00 2,500,000.00 195,000 198,995 144,995 Other:
For the Year Ended December 31, 2020 Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Selling Expenses: Salaries Expense Rent Expense Advertising Expense Total Selling Expenses Administrative Expenses: Salaries Expense Insurance Expense Rent Expense Deprecaition Expense Total Administrative Expenses Total Operating Expenses Operating Income Other Income and Expenses Sales Discounts Forfeited 125,466 45,167 80,299 2,615 725 3,340 12,543 2,563 1,562 1,253 17,921 21,261 59,038 1,575 (265) Interest Expenses Total Other Income and Expenses Net Income 1,310 57.728 What type of financial statement is this? Statement of Owner's Equity Multiple-step Income Statement Balance Sheet O Single-step Income Statement
Net sales OR 165000 Cost of the goods sold OR 109000 Details Debit Credit General expenses 11700 Rent 5100 Salaries Payable 9300 Depreciation 1560 Account Payable 3575 Other income 2500 Calculate net profit Select one: O a. RO 31140 O b. RO 34715 O c. RO 40140 O d. RO 27265