Stationery paid for during 20X5 amounted to $1,350. At the beginning of 20X5 there was an inventory of stationery on hand of $165 and an outstanding invoice for $80. At the end of 20X5, there was an inventory of stationery on hand of $140 and an outstanding invoice for $70. The stationery figure to be shown in the income statement for 20X5 is A $1,195 B $1,335 C $1,365 D $1,505

Q: he sales of Super Store for the month is P 80,756.00. Beg Ending inventory is amounting to P…

A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: Date 2014 . A A A A A/ A Debit Credit Jan. 1 a Dec. 31 Jan. 1 Dec. 31 Bal Jan. 1 a Dec. 31 w Bal…

A: The first record of any transaction in a business is a journal entry. A book or collection of…

Q: Cost of merchandise sold reported on the income statement was $179,230. The accounts payable balance…

A: The cost of goods sold by a wholesaler or retailer is referred to as the cost of merchandise sold.…

Q: McKendrick Shoe Store has a beginning inventory of $45,000. During the period, purchases were…

A: The cost of goods available for sale is the cost that is incurred to produce the goods that are…

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: ournal entry that would be necessary for each of the following situations. (a) Sales per cash…

A:

Q: Record the following transactions using: a) Perpetual and b) Periodic Method a. During the year, 300…

A: A.  By using perpetual inventory system:- The transactions are as follows:- Journal  S. No.…

Q: The following data were gathered from the records of Sevillo Bolivar Enterprises: Inventories:…

A:

Q: Mash Inc. had cost of goods sold of $114,000 for the just completed year. Shown below are the…

A: Cost of goods sold adjusted to a cash basis = Cost of goods sold + (Ending inventory - beginning…

Q: Home office shipped merchandise costing $120,000 to branch at a billed price of $168,000. Assume at…

A: Branches are responsible to keep an accounting record of investment received from the Home office.…

Q: Company H had the following information for the year:   Beginning inventory: $20,000 Purchases:…

A: To calculate the cost of goods sold using the periodic inventory system, we need to determine the…

Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…

A: Formula used: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: Calculate the cost of the inventory purchased for the purchasing company: Invoice price of goods is…

A: Lets understand the basics. For the attracting early payment from the customer, supplier provide…

Q: Total cost of food sold expense was recorded as $47,250 on the income statement. The food inventory…

A: Statement of cash flows: Cash flow statement is also known as statement of cash flows. It is a…

Q: At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company…

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

Q: A company reported the following balances in some selected accounts: Purchases $ 18,000, Cost of…

A: Net Sales = Sales – Sales Discount Net Sales = 35,000 – 1,500 = $33,500

Q: Branch Book Dr. Cr. Cash 400,000 Home office | 400,000 Equipment 180,000 Home Office 180,000…

A: Profit refers to the net revenue earned by a business from its operations. This amount is determined…

Q: Summer Kluxon, Inc. purchased inventory costing $150,000 and sold 75% of the goods for $180,000. All…

A: The perpetual inventory system provides a more accurate and immediate calculation of the cost of…

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: Turkeyen Inc. had opening receivables of $5,000. With the hire of a new credit controller their…

A: Accounts receivables refer to the outstanding amounts owed to a business by its customers or clients…

Q: Norwood Company reported a receivables turnover ratio of 8.4. Cost of goods sold was $370,000 and…

A: The Financial ratios are calculated to compare the different elements of the business. The account…

Q: The cash register tape for Larkspur Industries reported sales of $7,146.30. Record the journal entry…

A: a. Cash = Sales revenue - Cash short  = 7146.30 - 52.78 = 7093.52 b. Cash = Sales revenue + Cash…

Q: Cost of merchandise sold reported on the income statement was $403,600. The accounts payable balance…

A: Total Purchase of inventory = Cost of merchandise sold + Increase in inventory = $403,600 + $62,700…

Q: The cost of goods sold for a company for the year was $1,900,000. Merchandise inventory at the…

A: Ratio analysis helps to analyze the financial statements of the company. Management can take…

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

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

Q: At the end of August, Orison Supply Store had $25,000 of inventory on hand. During September,…

A: Beginning inventory will not be there in a newly started business.The the goods remaining unsold at…

Q: During the prior year Company A had days payables outstanding of 27.  As of the end of the current…

A: Accounts payable are those supplier accounts from whom business has made credit purchases and amount…

Q: Sellall Department Stores reported the following amounts as of its December 31 year-end:…

A: The gross profit is calculated as difference between sales and cost of goods sold. The gross profit…

Q: The following selected account balances appeared on the financial statements of the Washington Co…

A: >Statement of Cash flows is one of the financial statements, and is prepared for a particular…

Q: palace made sales of merchandise inventory of $10,000 in 20Y5. The cost of sales for the year was…

A: Multi-step income statement shows the net income under various steps.

Q: At the beginning of the year, the inventory of a convenience store was 189,950. The purchases made…

A: Here in this question, we are required to calculate net profit/loss from the convenience store. Net…

Q: At the start of the period the accounts payable balance was P75,000 and the unused supplies has a…

A: Supplies: Supplies are the consumables that are used regularly in offices by the organizations in…

Q: will inventory be recorded on the balan sheet?

A: Inventory is one of the important current asset being used in business. One method for valuation of…

Q: A company uses a periodic inventory system.  The beginning inventory was $20,000, purchases amounted…

A: The cost of goods sold is the total amount your company paid as a cost directly related to the sale…

Q: he following information summarizes the company's operating activities for the year: Utilities for…

A: Operating income:is the amount of revenue left after deducting the operational direct and indirect…

Q: An operation's Beginning Inventory for an accounting period equaled $15,000. Ending Inventory for…

A: TOTAL COSTTotal Cost is the cost incurred to manufacturing a product.Total Cost Includes Cost of Raw…