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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Given: Below are some data of the Income Statement accounts of Wishing Well Company for the year ended December 31, 2021: Gross Purchases 543,100 Freight - in 59,402 Inventory, end 182,400 Merchandise Available for Sale 798,400 Net purchases 611,340 Required: How much is the Inventory, beginning?
Perform a horizontal analysis for the entry "Gross Sales" shown on the income statement portion below. (Round percentages to one decimal place.) Increase/Decrease Revenue 2019 2018 Amount Percent Gross Sales $271,000 $200, 500 Less: Sales Returns 14,200 12,400 and Allowances Net Sales 256,800 188,100 Cost of Goods Sold Merchandise Inventory 31,900 33,800 Net Purchases 60,300 55,500 Goods Available for Sale 92,200 89,300 Less: Merchandise 43,000 60,200 Inventory, Dec. 31 Cost of Goods Sold 49,200 29,100 207,600 159,000 Gross Margin
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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? $
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Below are some of the account balances of FDN Company. Purchases 1,213,500 Purchase returns and allowances 35,725 Freight in 35,800 Freight out 22,950 Beginning inventory 288,150 Cost of goods sold 1,232,825 How much is the total cost of goods available for sale?
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Required: Compute the net sales, cost of goods sold and gross profit for the following information provided by Cruz Company on December 31,2020. P 301,000 16,000 9,000 91,300 Sales Sales Returns & Allowances Sales Discounts Purchases Purchases Returns and Allowances 2,000 Purchases Discounts 3,000 2,200 Transportation In Merchandise Inventory, 01/01/2020 19,450 Merchandise Inventory, 12/31/2020 21,870
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Analyze and compute for the Cost of Goods Sold and Net purchase: Data given are the following: Merchandise Inventory, Beginning 100,000 Purchases 250,000 Purchases returns and allowances 5,000 Purchases returns and allowances 2,000 Net purchases Add: Freight in 6,000 Cost of goods purchased 249.000 Cost of goods available for sale 349,000 Merchandise Inventory, Ending 118,570 COST OF GOODS SOLD

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