The following information is available for Betty DeRose, Inc.: Accounts payable Inventory January 1, December 31, 2012 2012 $70,000 $55,000 $88,000 $79,000 Betty DeRose reported $145,000 of cash paid to suppliers for purchases of inventory in its 2012 cash flow statement. Calculate Betty's cost of goods sold for 2012.
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Calculate Betty's cost of good sold for 2012
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- Use the following excerpts from Jasper Companys financial statements to determine cash paid to suppliers for inventory in 2018.Betty's cost of goods sold for 2012?Level Up reported the following information for 2016 and 2017: Accounts payable, 31 December 2016 $50 000 Accounts payable, 31 December 2017 $80 000 Inventory, 31 December 2016 $60 000 Inventory, 31 December 2017 $150 000 Cost of goods sold, 2017 $850 000 Assume that all merchandise purchases are on account. How much cash was paid to suppliers for inventory purchases during 2017? O $1 060 000 O $910 000 O $970 000 O $790 000
- Use the following excerpts from Huckleberry Company's financial statements and complete the worksheets below to determine cash paid to suppliers for inventory in 2018. From Balance Sheets: Inventory Accounts Payable Dec. 31, 2018 $ 74,000 55,000 Dec. 31, 2017 $82,000 58,000 From Income Statement: 2018 Cost of Goods Sold $520,000 PLEASE NOTE: You are to follow the format shown in the textbook. Step01: Inventory Purchased ( Select 1 [ Select ] [ Select ] | Select ] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] Step02: Cash paid for Inventory Purchases | Select ] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] [ Select ] | Select ] > > > > > > > > > > > >Shown below In T-account format are the beginning and ending balances ($ in millions) of both Inventory and accounts payable. Inventory Debit 110.0 115.0 Beginning balance Ending balance Accounts Payable Debit Credit Credit 32.0 Beginning balance. 35.8 Ending balance Required: 1. Use a T-account analysis to determine the amount of cash paid to suppliers of merchandise during the reporting period if cost of goods sold was $280 million. 2. Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period.7. Use the following excerpts from Jasper Company’s financial statements and complete the worksheets below to determine cash paid to suppliers for inventory in 2018. From Balance Sheets: Dec. 31, 2018 Dec.31, 2017 Inventory $35,000 $31,000 From Income Statement: 2018 Cost of Goods Sold 175,900 PLEASE NOTE: You are to follow the format shown in the textbook. Step01: Inventory Purchased ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""] Step02: Cash paid for Inventory Purchases ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""]…
- The following financial information is for Annapolis Corporation for the fiscal years ending 2018 and 2019 (all balances are normal): Cost of Accounts Net Sales Net Item/Account Inventory Goods Receivable (all credit) Income Sold 2019 2018 $44,000 $42,000 $410,000 $154,000 $27,200 $34,000 $38,000 $350,000 $152,000 $24,800 Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 days a year. Round your answers to one decimal place.)Answer??Abc
- Use the following financial information to find the entry you would make on an income statement for COST OF GOODS SOLD for the year ended December 31, 2011: Gross Sales, $241,000; Sales Returns and Allowances, $5,600; Sales Discounts, $1,000; Merchandise Inventory, January 1, 2011, $62,500; Merchandise Inventory, December 31, 2011, $70,200; net purchases, $95,600; Freight In, $525; Salaries, $93,800; Rent, $17,900; Utilities, $1,325; Insurance, $2,025; and Income Tax, $16,950. O $38,200 $70,525 O $88,425 $234,400 XIn fiscal 2017 and 2016, Estée Lauder's financial statements included the following items. Inventory Receivables $ millions Payables Sales Cost of goods sold Cash cycle 2017 2016 $ 1,583 $ 1,264 1,242 1,258 2,924 2,349 14,071 11, 262 2,876 2,181 What was its cash cycle? Assume 365 days in a year. (Negative amounts should be indicated by a minus sign. Do not round intermediate calculations. Round your answer to the nearest whole number.) (228) daysAa.69.