The following relates to a single sale of goods made by Spurs in 2023: Selling price                                                               P500,000 Freight costs                                                                    5,000 Terms                                                                        3/15, n/30 Shipping Date                                            December 28, 2023 Date goods received by the customer             January 3, 2024 Date payment is received by Spurs                 January 5, 2024 Question: 9. If the term is FOB destination, how much sales should be recorded by Spurs for the year ended December 31, 2023? a. P0 b. P490,000 c. P495,000 d. P500,000

Q: Q5. The following information extracted from the cost records during January 2023 Dates January 1…

A: Lets understand the basics.In first in first out method entity assumes that, goods purchased first…

Q: If the Cost of Sales for the year 2023 is $104,914 and nventories Balance: $18,885 in Year 2023 and…

A: The cash flow from operating activities include the cash flow from various activities during the…

Q: Gigabyte traders has the following transactions for the month of August 2018: Aug 7- Goods returned…

A: Amount transfer to Purchases return daybook for the month of September 2018 = Goods returned to Max…

Q: HC4Q2. Based on following schedule Sales Rate Up to OMR 8000 5% OMR 8001- OMR 15000 8% OMR 15001 and…

A: Gross pay is amount earned by a person without making any deductions.

Q: Calculate the gross profit from the following? Sales of OMR 20000, Cost of goods sold OMR 8000 and…

A: Sales = OMR 20000 Cost of goods sold = OMR 8000 Return inwards = OMR 6000 Net sales = Sales-Return…

Q: ! Required information ($ thousands) Net sales Cost of goods sold Current Year $804,234 395,462…

A: Trend analysis is an analysis which is done based on the previous year and current year, in order to…

Q: DCI & Co. reported the following 2021 balances: January 1 P2,175,000 P375,000 December 31 P1,950,000…

A: Cost of goods sold is the amount paid as a cost directly related to sale of products. This is being…

Q: Alaliya trading Company announces annual Sales of OMR 30000, Carriage inwards of OMR 2000, Sales…

A: The term sales revenue represents gross earnings generated by a business entity from selling goods…

Q: On January 1, 2021, Pharoah Corp. had 491,000 shares of common stock outstanding. During 2021, it…

A: Here is the summary of transactions done along with the journals:Below are the journals to be passed…

Q: During February 1, 2018 Royal Company sold merchandise with a price of P100,000 towards Dew…

A: The invoice for sales includes the terms for sales price, discount terms and payment date, etc. It…

Q: The following relates to a single sale of goods made by Spurs in 2023: Selling price…

A: Under FOB destination, Goods are taken into inventory costing when goods are delivered to the buyer…

Q: i need solution :

A: The objective of the question is to calculate the cost of goods sold (COGS) for the year 2021. COGS…

Q: On 17 April Ak traders sold goods for R3400 by creadit card to M moody .The cost price on goods sold…

A: In order to earn a profit, goods are sold at a higher price than the cost of goods sold.

Q: VICO's accounts payable balance at December 31, 2020 was P1,100,000 before considering the following…

A: Accounts payable refers to the short-term liabilities or debt of an organization. It is recorded…

Q: ARSENAL Company recorded the following events involving a recent purchase of merchandise: Received…

A: The net value of merchandise inventory is recorded in the financial statement. The net value of the…

Q: Ameen traders have reported annual sales of OMR 15000, Carriage inwards of OMR 1000, Sales discount…

A: Net sales will be calculated after deduction of discount, allowance and sales return from annual…

Q: Sales Purchases Wages Stock as on 01 April 2020 Stock as on 31 March 2021 Freight inwards 18,00,000…

A: Difference between the Net sales and Gross profit is called cost of goods sold.

Q: What will be the effect of the following on Trade Receivable Turnover Ratio (DTR) and Inventory…

A: In the problem we will calculate the inventory Turnover Ratio form the given information in the…

Q: The following information is available for an entity for the quarter ended March 31, of the current…

A: Cost of goods sold is actual cost of goods that are being sold to customers. Excess of sales revenue…

Q: On June 1, Sabrex Electric bought $7,500 of goods with terms of 3/15, n/45. Required: Fill in the…

A: “Since you have asked multiple sub-parts, we will solve the first three sub-parts for you. If you…

Q: Determine the Prior Year and Current Year trend percents for net sales using the Prior Year as the…

A: Trend analysis is the tool to analyze the financial statements. It measures the proportion of each…

Q: Ameena traders have reported annual sales of OMR 15000, Carriage inwards of OMR 1000, Sales discount…

A: Net sales refer to the amount of sales after deducting the discount and returns from the gross…

Q: Given:Avarege trade receivables of afirm is40.000,average finished goodsis 50.000, cost of goods…

A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Question Three: Journalize the following selected transaction for Paradise Co. during July 2022 12th…

A: Journal Entries - Journal Entries are the recording of transactions of the organization. It is…

Q: the data and terms and condition for the purchase of merchandise: Invoice Date October 12, 2020…

A: Net purchases = Catalog Price X (1 -  Trade Discoun1 ) x (1 - Trade Discount 2 ) = P230.000 x (1 -…

Q: Calculate the sale price (including VAT)

A: Purchase Cost = R7500 (excluding VAT) Mark up on Cost = 30% Profit = Cost x Mark up on cost = R7500…

Q: An invoice shows a net price of $176.72 after trade discounts of 30%, 10%, and 2% have been…

A: STEP1 The rate of return used to reduce future cash flows to their present value is known as a…

Q: P7-5 ABC & Co Company uses JIT operating system with E cost of P500,000. Required: a. b. Calculate…

A: The total cost required to manufacture goods is referred to as the factory cost. This concept serves…

Q: According to the above Financial Statements and assuming that all Accounts Receivable is from Trade,…

A: ACCOUNT RECEIVABLE TURNOVER RATIOAccount Receivable Turnover Ratio is the Ratio between Net Sales…

Q: The following relates to a single sale of goods made by Spurs in 2023: Selling price…

A: Freight prepaid in FOB destination means the freight charges are paid by the seller till the goods…

Q: On July 2, 2021, Metlock Company sold to Sue Black merchandise having a sales price of $12,000 (cost…

A: Journal entries are the entries recorded in the accounting books of the business for all the…

Q: Calculate gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return…

A: Gross profit is the profit a company makes after deducting the costs associated with making and…

Conversion Cycle

Conversion cycle is also known as cash cycle or net operating cycle. Conversion cycle refers to how much time a company takes to turn its investments which is done from stock or any other financial resources into cash flows from sales.