Chapter 18, Problem 18.10P

Please give me true answer this financial accounting question

Explanation: Question:A company has the following information: Beginning Inventory: $50,000Purchases: $120,000Ending Inventory: $60,000The company uses the periodic inventory system. What is the cost of goods sold (COGS) for the period?

✓ Unit Price $12.51 $35.39 $34.98 $12.13 $43.98 A B D E F G H K 1 Product Order Quantity ✓ Product ID ✓ Unit Price Gross Sales Formulas for Columns C, D, & E Product Product ID 2 Carry-on Suitcase 3 Carry-on Suitcase 4 Bluetooth Headphones 5 Carry-on Suitcase 6 Travel Pillow 7 Travel Umbrella 8 Battery Pack 9 Travel Pillow 10 Travel Pillow 11 Battery Pack 12 Battery Pack 13 Travel Pillow 14 Bluetooth Headphones 15 Battery Pack 16 Bluetooth Headphones 17 Travel Umbrella 18 Carry-on Suitcase 19 Bluetooth Headphones 20 Travel Umbrella 21 Bluetooth Headphones 22 Travel Umbrella 23 #N/A #N/A #N/A Travel Umbrella B07NQKQ19S #N/A #N/A #N/A Bluetooth Headphones B01NAJGGA2 10 #N/A #N/A #N/A Battery Pack B00Z9QVE4Q 9 23 27 27 23 6 1 #N/A #N/A #N/A Travel Pillow B00GXBZM5I #N/A #N/A #N/A Carry-on Suitcase B07PB3P1N8 #N/A #N/A #N/A #N/A #N/A #N/A Pivot Table #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A #N/A 19 23 Battery Pack 25 24 Bluetooth Headphones 25 Carry-on Suitcase 26 Travel Pillow 27 Battery…

A company sold a piece of equipment that originally cost $55,000 for $20,000 when accumulated depreciation on the equipment was $40,000. What is the amount of gain or loss recorded on the sale of this equipment?

Financial Accounting Question

Can you help me solve this general accounting problem with the correct methodology?

On August 31, 20X1, the balance in the checkbook and the Cash account of the Dry Creek Bed and Breakfast was $12,831. The balance shown on the bank statement on the same date was $13,677. Notes a. The firm's records indicate that a $1,700 deposit dated August 30 and a $701 deposit dated August 31 do not appear on the bank statement. b. A service charge of $35 and a debit memorandum of $250 covering an NSF check have not yet been entered in the firm's records. (The check was issued by Andrew Corollo, a credit customer) c. The following checks were issued but have not yet been paid by the bank Check 712, Check 713, Check 716, $125 $ 130 $ 245 Check 736, $ 577 Check 739, Check 741, $187 $ 118 d. A credit memorandum shows that the bank collected a $2,095 note receivable and interest of $55 for the firm. These amounts have not yet been entered in the firm's records. Required: 1. Prepare a bank reconciliation statement for the firm as of August 31. 2. Record general journal entries for items…

I need help finding the correct solution to this financial accounting problem with valid methods.

I am looking for help with this general accounting question using proper accounting standards.