Total cost of food sold expense was recorded as $47,250 on the income statement. The food inventory account had a beginning balance of $5,500 and an ending balance of $4,000. How much cash was disbursed for food purchases during the year?

Q: During the current year, merchandise is sold for $8,780,000. The cost of the goods sold is…

A: Given: Merchandise sold =$8780000Cost of goods sold =$5531400

Q: The cost of goods sold for a company for the year was $1,900,000.  Merchandise inventory at the…

A: Merchandise inventory turnover ratio is calculated by dividing the cost of goods sold by the average…

Q: For the past year, Hawkeye, Inc., had a cost of goods sold of $63,882. At the end of the year, the…

A: Accounts payable turnover in days is used to signify how long it takes a company to clear its…

Q: Abbey Co. sold merchandise to Gomez Co. on account, $10,400, terms 2/15, net 30. The cost of the…

A: Gross profit: It implies to the profit that is earned by the business after subtracting it's direct…

Q: If sales are $250,000, merchandise purchases are $126,500, and the balance of the merchandise…

A: Cost of goods sold is the actual cost of goods that is being sold to the customers. It is calculated…

Q: During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of…

A: Gross margin (gross profit):Gross margin is the amount of revenue earned from goods sold over the…

Q: During the current year, Carter Company reported $500,000 in sales, and purchased merchandise that…

A: Gross profit ratio is calculated by dividing gross profit by sales revenue. Gross profit is the…

Q: Income Statement and Accounts for Merchandiser For the fiscal year, sales were $6,580,000 and the…

A: a Compute the gross profit:     Sales $6,580,000   Less: Cost of Goods sold $3,816,000   Gross…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

Q: During the current year, merchandise is sold for $145,500 cash and $609,300 on account. The cost of…

A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…

Q: Target Shoppers Inc. reported cash sales of $28,800 for the month of June. Sales taxes payable are…

A: A journal entry is the act of keeping or making records of any transactions either economic or…

Q: The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown…

A: sales - cost of goods sold  = Gross profit  Gross profit - operating expenses = Net profit

Q: The total cost of goods sold was recorded as $65,900 on the income statement. The inventory account…

A: A company’s closing inventory represents the remaining number of goods after sales. It is calculated…

Q: The company had the following information for the year: beginning inventory, $5,000; ending…

A: The cost of goods sold includes the cost of goods that are sold during the period.Cost of goods sold…

Q: The average collection period determines the number of a.days it takes to sell the inventory.…

A: Average collection period is the time taken by an entity to collect from its accounts receivables…

Q: ournalize the entries to record the following selected transactions. Refer to the Chart of Accounts…

A: Sales tax on sale = $64,300*5% Sales tax on sale = $3,215

Q: Sarasota Company has the following account balances: Sales Revenue $242,100, Sales Discounts $3,310,…

A: Gross profit can be determined by following formula: Gross profit = Net sales - Cost of Goods sold

Q: The following data for the current year ended June 30 are from the accounting records of Zanadu Co.:…

A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…

A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…

Q: During the current year, merchandise is sold for $48000 cash and for $336000 on account. The cost of…

A: Gross profit is the amount of profit earned by the entity after deducting the cost of goods sold…

Q: he following data were provided by Mystery Incorporated for the year ended December 31:…

A: Multiple Income statement:Multiple income statement is a statement that records the operating…

Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: a. A company had the following balances at year end: sales discounts $3,400, sales returns and…

A: Preparation of closing entries is a method used by the business entity to close its temporary…

Q: If August Sundries uses a multi-step income statement format, what is their gross margin?

A: Gross margin is the amount of profit over Sales Revenue by deducting cost of goods sold.  Gross…

Q: The following figures appear on LaGrange’s financial statements for the most recent fiscal year:…

A: Lets understand the basics. Days payable outstanding is a also known as age of account payable. It…

Q: The Income Statement columns of the August 31 (year-end) work sheet for Ralley Company are shown…

A: The question is related Income Statement for the year ended August.The details are given.

Q: Cost of goods sold reported on the income statement was $153,920. The accounts payable balance…

A: payment to creditor=Purchase-increase in payable

Q: Hoyt Company provides this information for the month of November, 2022: sales on credit $170,000;…

A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…

Q: Cost of merchandise sold reported on the income statement was $403,600. The accounts payable balance…

A: Total Purchase of inventory = Cost of merchandise sold + Increase in inventory = $403,600 + $62,700…

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: During the current year, merchandise is sold for $104,100 cash and $545,000 on account. The cost of…

A: Gross profit is the profit a business makes after subtracting all the costs that are related to…

Q: Cost of merchandise sold reported on the income statement was $263000. The accounts payable balance…

A: The value of products sold by a jobber or merchant is noted because the cost of merchandise sold .…

Q: During the prior year Company A had days payables outstanding of 27.  As of the end of the current…

A: Accounts payable are those supplier accounts from whom business has made credit purchases and amount…

Q: The following events occurred at Moore's Hobbies and Crafts store during the most recent fiscal…

A: The Merchandise Inventory account is a crucial component of a company's accounting system,…

Q: A company started the year with $10,000 of inventory, Purchases for resale during the year were…

A: Cost of goods sold is a company's direct cost of producing its products. It is an important line on…

Q: Gross Profit During the current year, merchandise is sold for $140,400 cash and $588,600 on…

A: The cash or profit that is still available after production costs are deducted from sales is known…

Q: During the current year, merchandise is sold for $141,000 cash and $615,200 on account. The cost of…

A: COST OF GOODS SOLD  Cost of goods sold is the carrying value of goods sold during a particular…

Q: The following information was drawn from the Year 1 accounting records of Ozark Merchandisers:…

A: a. Compute the amount of net sales:

Q: he following information summarizes the company's operating activities for the year: Utilities for…

A: Operating income:is the amount of revenue left after deducting the operational direct and indirect…

Q: An operation's Beginning Inventory for an accounting period equaled $15,000. Ending Inventory for…

A: TOTAL COSTTotal Cost is the cost incurred to manufacturing a product.Total Cost Includes Cost of Raw…