Information is available for Betty DeRose The following information is available for BettyDeRose, Inc.:AccountspayableInventoryJanuary1, December31,20122012$70,000$55,000$88,000$79,000Betty DeRose reported $145,000 of cash paid tosuppliers for purchases of inventory in its 2012 cashflow statement.Calculate Betty's cost of goods sold for 2012.

Explanation of Beginning Inventory and Ending Inventory:Beginning Inventory is the value of goods…

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Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

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Chapter16: Statement Of Cash Flows

Section: Chapter Questions

Problem 18EA: Use the following excerpts from Huckleberry Companys financial statements to determine cash paid to...

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Use the following excerpts from Jasper Companys financial statements to determine cash paid to suppliers for inventory in 2018.
The following information is available for Carla Vista Products: Accounts receivable Cost of goods sold Inventory (ending) Net cash provided by operating activities Net sales Capital expenditures Dividends Accounts receivable turnover 2014 Average collection period $70,800 623,040 61,360 259,600 1,067,310 47,200 28,674 2013 $87,320 684,400 days 80,240 200,600 1,109,200 Compute the following for 2014: (Round answers to 1 decimal place, e.g. 52.7. Use 365 days for calculation.) 44,840 37,760 times =SUPPORT
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
8. Using the following excerpts from the Michigan Company’s financial statements and the list of terms that follow, please complete the worksheets below to determine cash paid to suppliers for inventory in 2018. From Balance Sheets: Dec. 31, 2018 Dec.31, 2017 Inventory $74,000 $82,000 Accounts Payable 55,000 58,000 From Income Statement: 2018 Cost of Goods Sold $520,000 Use these terms to complete the worksheets below: Beginning balance, Inventory Cash paid for inventory Ending balance, Inventory Ending balance, Accounts Payable Goods available to sell Beginning balance, Accounts Payable Inventory purchased Total obligation to pay…
The following information relates to SE10-5 through SE10-7: (in millions) Net sales... Cost of goods sold SE10-7. Gross profit. Selling and administrative expenses Income from operations Interest expense.. EVANS & SONS, INC. Income Statement For Years Ended December 31, 2019 and 2018 Income before income taxes Income tax expense. Net income (in millions) Assets Current assets Cash and cash equivalents Accounts receivable Inventory.. Other current assets. Total current assets Property, plant, & equipment (net) Other assets. Total Assets Liabilities and Stockholders' Equity Current liabilities. Long-term liabilities. Total liabilities.. EVANS & SONS, INC. Balance Sheet December 31, 2019 and 2018 Stockholders' equity - common. Total Liabilities and Stockholders' Equity.. 2019 9,800 (5,500) 4,300 (2,800) 1,500 (300) $ 1,200 2019 100 900 500 400 2018 1,900 2,600 5,700 $10,200 9,300 (5,200) 4,100 (2,700) (220) (200) $980 $950 1,400 $ (250) 1,150 2018 300 800 650 250 2,000 2,500 5,900 $10,400…
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 ] > > > > > > > > > > > >
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 $24,800 Use this information to determine the accounts receivable average collection period for FY 2019. (Use 365 days a year. Round your answers to one decimal place.)
Shown below In T-account format are the beginning and ending balances ($ 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 ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""] ["", "", "", "", ""]…
Adams Company is preparing their financial statements for the year ended December 31, 2022. During the year, Adams sold inventory for $52,500 on credit and $75,000 for cash. In addition to sales, Adams had the following account balances at year end Cash Accounts Receivable Sales Discounts Inventory Accounts Payable Deferred Revenue Salary Expense Rent Expense Interest Expense Dividends Tax Expense Cost of Goods Sold What are net sales? $17,500 7,800 15,000 22,800 5,400 4,800 21,000 6,000 2,200 2,000 7,000 51,000
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 X
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