The adjusted trial balance of Pharoah Company shows these data pertaining to sales at the end of its fiscal year, October 31, 2025:Sales Revenue $904,100, Freight-Out $13,400, Sales Returns and Allowances $20,100, and Sales Discounts $15,500.Prepare the sales section of the income statement.SalesSales RevenueLessSales DiscountsSales Returns and AllowancesDividendsExpenses✓ Net Income / (Loss)Net SalesRetained Earnings, November 1, 2024Retained Earnings, October 31, 2025SalesTotal ExpensesTotal RevenuesPHAROAH COMPANYIncome Statement (Partial)For the Month Ended October 31, 2025$155002010069$$904100868500855100Assistance Used

The income statement is one of the important financial statement of the business. The net sales are…

Answered: The adjusted trial balance of Pharoah…

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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Using the following data for the current year, determine the accounts receivable turnover. Net sales on account during the year $ 457,065 Cost of merchandise sold during the year 461,280 Accounts receivable, beginning of year 75,290 Accounts receivable, end of year 26,280 Inventory, beginning of year 185,000 Inventory, end of year 169,570 a.7 b.8 c.10 d.9
Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 38,000 Other (noninventory) assets 152,000 Total liabilities $ 43,890 K. Valley, Capital 125,585 K. Valley, Withdrawals 8,000 Sales 259,920 Sales discounts 3,977 Sales returns and allowances 17,155 Cost of goods sold 100,577 Sales salaries expense 35,609 Rent expense—Selling space 12,216 Store supplies expense 3,119 Advertising expense 22,093 Office salaries expense 32,490 Rent expense—Office space 3,119 Office supplies expense 1,040 Totals $ 429,395 $ 429,395 On August 31, 2014, merchandise inventory was $30,666. Supplementary records…
SCC Company reported the following for the current year: $ 52,000 45,900 2,400 8,400 Net sales Cost of goods sold Beginning balance in inventory Ending balance in inventory Compute (a) Inventory turnover and (b) days' sales in Inventory. Hint Inventory turover uses average Inventory and days' sales in Inventory uses the ending balance in Inventory. Complete this question by entering your answers in the tabs below. Inventory Days Sales In Turnover Inventory Compute the inventory turnover. Numerator: 1 1 1 Inventory Turnover Denominator:
The following is selected information from Mars Corp. Compute net purchases, and cost of goods sold for the month of March. Inventory, Februray 28, 2018 $450,000 Inventory, March 31, 2018 330,500 Purchase discounts 12,450 Purchase returns and allowances 23,870 sales 276,900 sales discounts 34,660 Gross purchaases 120,400
Denger
Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 38,000 Other (noninventory) assets 152,000 Total liabilities $ 43,890 K. Valley, Capital 125,585 K. Valley, Withdrawals 8,000 Sales 259,920 Sales discounts 3,977 Sales returns and allowances 17,155 Cost of goods sold 100,577 Sales salaries expense 35,609 Rent expense—Selling space 12,216 Store supplies expense 3,119 Advertising expense 22,093 Office salaries expense 32,490 Rent expense—Office space 3,119 Office supplies expense 1,040 Totals $ 429,395 $ 429,395 On August 31, 2014, merchandise inventory was $30,666. Supplementary records…
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? $
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows: a. The inventory at January 1, 2022, had a retail value of $49,000 and a cost of $34,380 based on the conventional retail method. b. Transactions during 2022 were as follows: Gross purchases Purchase returns Purchase discounts Sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost $ 323,040 6,300 5,400 Beginning inventory 28,500 Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Retail $530,000 14,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, inventory was $85,330, the cost-to-retail percentage for 2023 under the LIFO retail method was 69%, and the appropriate price index was 106% of the January 1, 2023, price level. d. The retail value of the December 31, 2024, inventory was $52,320, the cost-to-retail percentage for…
Tauros Company’s usual sales terms are net 60 days, FOB Shipping point. Sales, net of returns and allowances, totaled P2,300,000 for the year ended December 31, 2022, before year-end adjustments. Additional data are as follows: · On December 27, 2022, Taurus authorized a customer to return, for full credit, goods shipped and billed at P50,000 on December 15, 2022. The returned goods were received by Taurus on January 4, 2023, and a P50,000 credit memo was issued and recorded on the same date. · Goods with an invoice amount of P80,000 were billed and recorded on January 3, 2023. The goods were shipped on December 30, 2022. · Goods with an invoice amount of P100,000 were billed and recorded on December 30, 2022. The goods were shipped on January 3, 2023. The adjusted net sales for 2022 should be? a. 2,300,000b. 2,250,000c. 2,230,000d. 2,070,000
Jaded Corporation has the following account balances for the year-ended December 31, 2024. K In addition, the 12/31/23 balances for Accounts Receivable and Inventory are $45,000 and $95,000, respectively. dr Accounts Receivable Inventory Purchases Freight-In Purchases Discount Purchases Returns Purchase Allowances 32,000 20,000 480,000 5,000 Sales Revenue Interest Revenue Sales Returns & Allowances Sales Discounts Selling Expenses General & Administrative Exp 15,000 30,000 Other Operating Expenses Freight-Out 9,000 Interest Expense 2,000 Loss on Sale of Truck 5,000 What is the operating income for the period? OA. $1,146,000 OB. $1,167,000 OC. $1,156,000 O D. $1,176,000 $8,000 50,000 10,000 cr $ 4,000 3,000 1,000 1,850,000 1,000
Freedman Company estimates that sales this year of $12,000 will be returned next year and customers will be granted a full refund. Which of the following journal entries would Freedman Company record as part of its year-end adjustments assuming it uses the perpetual inventory system? a.Debit Estimated Returns Inventory for $12,000 and credit Income Summary for $12,000 b.Debit Sales Returns and Allowances for $12,000 and credit Cost of Goods Sold for $12,000 c.Debit Inventory Short and Over for $12,000 and credit Merchandise Inventory for $12,000 d.Debit Sales Returns and Allowances for $12,000 and credit Customer Refunds Payable for $12,000
Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 38,000 Other (noninventory) assets 152,000 Total liabilities $ 43,890 K. Valley, Capital 125,585 K. Valley, Withdrawals 8,000 Sales 259,920 Sales discounts 3,977 Sales returns and allowances 17,155 Cost of goods sold 100,577 Sales salaries expense 35,609 Rent expense—Selling space 12,216 Store supplies expense 3,119 Advertising expense 22,093 Office salaries expense 32,490 Rent expense—Office space 3,119 Office supplies expense 1,040 Totals $ 429,395 $ 429,395 On August 31, 2014, merchandise inventory was $30,666. Supplementary records of…

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