Supply the missing dollar amounts for each of the following independent cases Question 3 - Chapter 6 Ho X Q Record receipt of payment X Q Record the sales on accour Xezto.mheducation.com/ext/map/index.html?_con=con&external_browser=0&launchUrl=https%253A%252F%252Flms.mheducation.com%25Austin Utilities G Texas Gas Service ActiveBuilding canvas Self-Service: Financ... qmst hw Portal ba 2310mework i1 Sp XSupply the missing dollar amounts for each of the following independent cases:CasesE6-6 (Algo) Inferring Missing Amounts Based on Income Statement Relationships [LO 6-2, LO 6-ABCDere to searchSales Beginning PurchasesRevenue Inventory$ 1,400 $ 300 $1,030330200960Ai650800680CTotalAvailable(8FEndingInventory$(11)450300400Cost of GrossGoods Sold Profit300530Selling andGeneralExpenses$<< PrevQ Prepare the journal entries250200250300SavedIncomefromOperations3 of 9502015 CHRY150Next > E6-2 (Algo) Inferring Merchandise Purchases [LO 6-2]Morgan & Cook, is a specialty retailer that operates stores selling clothes under various trade names. Assume that you are employedas a stock analyst and your boss has just completed a review of Morgan & Cook, for the first quarter of 2019. She provided you withher notes, but they are missing some information that you need. Her notes show the inventory for Morgan was $2,380 million at theend of the quarter and $2,270 million at the beginning of the quarter. Net Sales for the quarter were $4,400 million. Gross Profit was$1,620 million and Net Income was $367 million.

The formulas to determine the missing values are as follows: Sales = Cost of goods sold + Profit…

Supply the missing dollar amounts for each of the following independent cases: Cases A B C D Sales Beginning Revenue Inventory $ 1,400 $ 1,030 960 Purchases 300 $ 650 330 800 200 680 Total Available Ending Inventory $ 450 300 400 Cost of Goods Sold 300 Gross Profit 530 Selling and General Expenses $ 250 200 250 300 Income from Operations 50 150

Supply the missing dollar amounts for each of the following independent cases: Cases A B C D Sales Beginning Revenue Inventory $ 1,400 $ 1,030 960 Purchases 300 $ 650 330 800 200 680 Total Available Ending Inventory $ 450 300 400 Cost of Goods Sold 300 Gross Profit 530 Selling and General Expenses $ 250 200 250 300 Income from Operations 50 150

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 5EA: Review the following transactions and prepare any necessary journal entries for Tolbert Enterprises....

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14) Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The payment is received with the discount of 3% from the supplier. How would you record this in the books of buyer under the Perpetual inventory system? a. Cash RO 1,649 Dr / Account payable RO 1,649 Cr b. Cash RO 1,649 Dr / Merchandise inventory RO 1,649 Cr c. Account payable RO 1,649 Dr / Merchandise inventory RO 1,649 Cr d. Cash RO 1,700 Dr / Account receivable RO 1,700 Cr
17) Magnum mart purchased goods on 4th January, 2019 for RO 86,000 on credit under the payment terms 2/10, n/30 and paid cash on 12th January 2019. How would you record this in the books of buyer under Perpetual inventory system? a. Account payable RO 86,000 Dr / Cash RO 86,000 Cr b. Cash RO 84,280 Dr / Merchandise inventory RO 1,720 Dr /Account payable RO 86,000 Cr c. Cash RO 86,000 Dr / Account payable RO 86,000 Cr d. Account payable RO 86,000 Dr / Merchandise inventory RO 1,720 Cr / Cash RO 84,280 Cr Clear my choice
answer in text form please (without image), Note: .Every entry should have narration please
E7-4 Inferring Merchandise Purchases LO7-1 Abercrombie and Fitch is a leading retailer of casual apparel for men, women, and children. Assume that you are employed as a stock analyst and your boss has just completed a review of the new Abercrombie annual report. She provided you with her notes, but they are missing some information that you need. Her notes show that the ending inventory for Abercrombie in the current and previous years was $424,393,000 and $399,795,000, respectively. Net sales for the current year were $3,492,690,000. Cost of goods sold was $1,408,848,000. Income before taxes was $55,161,000. For your analysis, you determine that you need to know the amount of purchases for the year. Required: Can you develop the information from her notes? Explain and show calculations. (Hint: Use the cost of goods sold equation or the inventory T-account to solve for the needed value.)
answer in text form please (without image), Note: .Every entry should have narration please
Al Bushra LLC accounting records shows the following for the year ending on 31 December 2019, Purchase Discounts RO 5,600, Purchases RO 300,000, Ending Inventory (Counted) RO 28,800, Purchase Returns 6,400. The value of Cost of goods sold assuming that the business does not have any beginning merchandise inventory a. RO 316,800 b. RO 265,600 c. RO 288,000 d. RO 259,200
On March 12th, Company B sold $800 of inventory to a customer for $1,400. The customer paid $400 and promised to pay the difference within 10 days. Based on this transaction, match the account on the left with its appropriate debit or credit entry on the right. Inventory [ Choose] Accounts Receivable [Choose] Cash [ Choose] Cost of Goods Sold [ Choose ] Sales Revenue V[ Choose ] Credit $1,400 This account should not be indcluded in this entry. Debit $1,000 Debit $800 Net Income Credit $800 Debit $400 Debit $1,400
5) Magnum mart purchased goods on 4th January 2019 for RO 86,000 on credit under the payment terms 2/10, n/30 and paid cash on 12th January 2019. How would you record this in the books of buyer under Periodic inventory system? a. Cash RO 84,280 Dr / Purchase discount RO 1,720 Dr /Account payable RO 86,000 Cr b. Account payable RO 86,000 Dr / Purchase discount RO 1,720 Cr / Cash RO 84,280 Cr c. Cash RO 86,000 Dr / Account payable RO 86,000 Cr d. Account payable RO 86,000 Dr / Cash RO 86,000 Cr
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8. Hampton Computers has the following transactions in August related to the sale of merchandise inventory. i (Click the icon to view the transactions.) Journalize the sales transactions for Hampton Computers assuming the company uses the perpetual inventory system. (Record debits first, then credits. Select the explanation on the last line of the journal entry table. Assume the company records sales at the net amount.) Aug. 12: Sold computers on account for $11,900 to a customer, terms 1/15, n/ 60. The cost of the computers is $7,140. Begin by preparing the entry to journalize the sale portion of the transaction. Do not record the expense related to the sale. We will do that in the following step. Date Accounts and Explanation Debit Credit Aug. 12 More Info August 12 Sold computers on account for $11,900 to a customer, terms 1/15, n/60. The cost of the computers is $7,140. 26 Received payment from the customer on balance due. Choose from any list or enter any number in the input…
ACCOUNTING INFORMATION SYSTEM Mr. Amjad is a retail merchandiser. The business sells different types of Mobiles to wholesale as well as retail business. Following is the list of transactions that occurred during May 2019.The business uses periodic inventory system. 5th May 2019 : Purchased RO15,000 of merchandise inventory from Rahman mobiles terms 1/15, n 45, (Invoice no. 201) 11th May 2019: Purchased RO30,000 of merchandise inventory from Ameena mobiles terms 1/10, n 45, (Invoice no. 651) 20th May 2019 : Purchased RO20,000 of merchandise inventory from Muna mobiles terms 5/20, n 45, (Invoice no. 107) 28th May 2019: Full payment was made to Muna Mobiles 29th May 2019: Goods returned to Ameena mobiles RO10,000 30th May 2019 : Purchase mobiles from Sara mobiles and paid cash immediately. RO 5,000 31st May 2019 : Salary payment RO 7,500. General expenses incurred RO 2,500 ANSWER QUESTION NO 45 TO 47 1-The total cash payment to be shown in…
ACCOUNTING INFORMATION SYSTEM Mr. Amjad is a retail merchandiser. The business sells different types of Mobiles to wholesale as well as retail business. Following is the list of transactions that occurred during May 2019.The business uses periodic inventory system. 5th May 2019 : Purchased RO15,000 of merchandise inventory from Rahman mobiles terms 1/15, n 45, (Invoice no. 201) 11th May 2019: Purchased RO30,000 of merchandise inventory from Ameena mobiles terms 1/10, n 45, (Invoice no. 651) 20th May 2019 : Purchased RO20,000 of merchandise inventory from Muna mobiles terms 5/20, n 45, (Invoice no. 107) 28th May 2019: Full payment was made to Muna Mobiles 29th May 2019: Goods returned to Ameena mobiles RO10,000 30th May 2019 : Purchase mobiles from Sara mobiles and paid cash immediately. RO 5,000 31st May 2019 : Salary payment RO 7,500. General expenses incurred RO 2,500 ANSWER QUESTION NO 46 TO 48 1-The total cash payment to be shown in…