Shown below in T-account format are the beginning and ending balances ($ in millions) of both inventory and accounts payable.DebitBeginning balanceEnding balanceInventory150.0154.2CreditAccounts PayableDebitCredit48.0 Beginning balance53.4 Ending balanceRequired:1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost ofgoods sold was $360 million.2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.Complete this question by entering your answers in the tabs below.Required 1Required 2Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if costof goods sold was $360 million.Note: Enter your answer in millions rounded to 1 decimal place (i.e., 5,500,000 should be entered as 5.5).Cash paid to suppliersmillion< Required 1Required 2 >

Cost of Goods Sold360Add: Increase in Inventory (154.2-150)4.2Purchases of the Year364.2Less:…

Answered: Shown below in T-account format are the…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would include: a. credit to accounts receivable for $14,000 b. debit to accounts receivable for $20,000 c. debit to cost of goods sold for $20,000 d. credit to inventory for $20,000
Given the following information, answer the questions provided in the space below. Cash Gross accounts receivable Allowance for doubtful accounts Inventory Prepaid expenses Total long-term assets (net) Total assets Net credit sales Cost of goods sold Gross profit Net income 2019 $ 14,400 $ $ 106,300 $ $ 98,700 7,200 115,600 $ 108,700 7,000 $ 131,550 $ 140,000 5 363,050 $ 358,700 $ 976,600 $ 902.500 $ 598,000 $ 576,000 $ 378,600 $ 326,500 13,450 17,000 $ $ $ $ 9,800 $ 2018 11,500 5,000 $ Time left 2:15: 1. If target accounts receivable turnover is 30 days, how well is this company managing its accounts receivable in 2019? Be sure to include your calculations. 2. If target inventory turnover is 80 days, how well is this company managing its inventory in 2019? Be sure to include your calculations. 3. All of this company's competitors have a return on assets of 3.2-4,4%. How does this company compare? Are they better or worse?
For the current period, the following data were taken from the ledger: Purchases Purchases Returns and Allowances Purchases Discounts Freight-in Select one: a. $9,600 b. $39,300 40,000 c. $47,300 d. $34,600 e. None of the above 600 Beginning inventory was $8,000 and ending inventory was $13,000. What was cost of goods sold? 300 200
The following information is available for a company: Beginning inventory $ 33,000 Inventory purchases (on account) 163,000 Freight charges on purchases (paid in cash) 18,000 Inventory returned to suppliers (for credit) 20,000 Ending inventory 38,000 Sales (on account) 258,000 Cost of inventory sold 156,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Record merchandise purchased on account for $163,000. Record the payment of $18,000 in cash for freight charges. Record merchandise returned to supplier for credit of $20,000. Record sales on account of $258,000. Record cost of merchandise sold of $156,000.
A manufacturer reports the data below. Accounts payable Accounts receivable Inventory Net sales $ 9,649 18,474 5,455 233,607 Cost of goods sold 138,200 (1) Compute the number of days in the cash conversion cycle. (2) Is the company more efficient at managing cash than its competitor who has a cash conversion cycle of 14 days? Complete this question by entering your answers in the tabs below. Required 1 Required 2 Compute the number of days in the cash conversion cycle. Note: Use 365 days in a year. Round calculations to the nearest whole day. Cash conversion cycle days
268. Subject : - Accounting
AB Ltd. has MCC has prepared the Income statement including the following data (all sales are on account): Sales $80,000 Cost of Goods Sold Gross Profit Expenses Net Profit $50,000 $ 25,000 $ 10,000 $15,000 The comparative balance sheet shows the following data (by definition, accounts payable relates to merchandise purchases only): End of Year Beginning of Year Accounts Receivables (net) Inventory Prepaid Expenses Accounts Payable $7,000 $3,000 $2,000 $1,140 $5,280 $2,000 $1,000 $1,500 Required 1: What is the amount of Cash received from Customers? $ Required 2: What is the amount of Cash paid for merchandise purchase? $
Below are some of the account balances of FDN Company. Purchases P 1,269,500 Purchase returns and allowances 59,725 Freight in 33,800 Freight out 28,950 Beginning inventory 289,150 Cost of goods sold 1,232,825 How much is the total cost of goods available for sale?
Selected data for three companies are given below. All inventory amounts are ending balances. Description Amount Subcategory, Accounts Receivable 16,100 Administrative Expenses 15,300 Cash 26,500 Cost of Goods Sold 46,500 Equipment 53,000 Merchandise Inventory 7,300 Sales Revenue 92,000 Sellilng Expenses 20,500 Description Amount Subcategory, Accounts Receivable 10,800 Cash 7,800 Equipment 47,400 Rent Expense 5,200 Service Revenue 34,100 Utilities Expense 2,200 Wages Expense 10,500 Description Amount Subcategory, Accounts Receivable 25,400 Administrative Expenses 42,900 Cash 27,700 Cost of Goods Manufactured 112,900 Cost of Goods Sold 98,000 Equipment 259,000 Finished Goods Invetory 10,800 Raw Materials Inventory 8,800 Sales Revenue 223,900 Selling Expenses 49,500 Work-in-Process Inventory 5,200 Using the data above, indentify each company as a Service Company, Merchandising Company, or…

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