Question 9The statement of earnings of Spazman Corporation includes the items listed below:Net salesGross profit021Beginning inventoryPurchase discountsPurchase returns and allowancesFreight inOperating expensesPurchasesang$725,000310,000105,00012,0008,00010,000285,000Cailletongpha490,000Required:Use the appropriate items listed above as a basis for determining:(a)Cost of goods sold.(b)Cost of goods available for sale.Ending inventory.

1. Cost of goods sold = The cost of goods sold is that cost which includes all the costs incurred…

Answered: The statement of earnings of Spazman…

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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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? $
USE THE BELOW INCOME STATEMENT AND INFORMATION TO ANSWER THE NEXT FOUR QUESTIONS AND COMPLETE THE INCOME STATEMENT. Net Sales Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expenses Other Expenses Income before Taxes Income Tax Expenses Net Income ● ● MY Company Income Statement December 31, 2018 (Amounts in thousands) Use the following ratio data to complete FS Company's income statement. Inventory turnover is 4 (beginning inventory was $895: ending inventory was $758). Inventory turnover = cost of goods sold / Average inventory Rate of Return on Sales is 0.15 O $10,500 (a) $2,561 $458 (b) $554 $2,046 (c) (d)
Below are some of the account balances of FDN Company. Purchases P 1,269,500 Purchase returns and allowances 59,725 Freight in 33,800 Freight out 28,950 Beginning inventory 289,150 Cost of goods sold 1,232,825 How much is the total cost of goods available for sale?
pate Selected information from the accounting records of Gavina Company is as follows: P 2,000,000 Net sales for 2021 500,000 Cost of goods sold for 2021 Inventory on December 31, 2020 600,000 Inventory on December 31, 2021 200,000 Gavina's inventcxy for 2021 is: Inventory turnover = Cost of goods sold Average inventory a. 1.25 times b. 3.66 times O c. 4.0 times d. 10.00 times
Selected data for three companies are given below. All inventory amounts are ending balances. Description Amount Subcategory, Accounts Receivable 16,100 Administrative Expenses 15,300 Cash 26,500 Cost of Goods Sold 46,500 Equipment 53,000 Merchandise Inventory 7,300 Sales Revenue 92,000 Sellilng Expenses 20,500 Description Amount Subcategory, Accounts Receivable 10,800 Cash 7,800 Equipment 47,400 Rent Expense 5,200 Service Revenue 34,100 Utilities Expense 2,200 Wages Expense 10,500 Description Amount Subcategory, Accounts Receivable 25,400 Administrative Expenses 42,900 Cash 27,700 Cost of Goods Manufactured 112,900 Cost of Goods Sold 98,000 Equipment 259,000 Finished Goods Invetory 10,800 Raw Materials Inventory 8,800 Sales Revenue 223,900 Selling Expenses 49,500 Work-in-Process Inventory 5,200 Using the data above, indentify each company as a Service Company, Merchandising Company, or…

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