Chapter 9, Problem 29E

Financial Accounting Question

V Industries has sales of $240,000 and the cost of goods available for sale of $198,000. If the gross profit rate is 32.75%, the estimated cost of the ending inventory under the gross profit method is?

I need help with this general accounting question using standard accounting techniques.

Can you demonstrate the accurate steps for solving this financial accounting problem with valid procedures?

Can you explain this financial accounting question using accurate calculation methods?

I need help with this general accounting problem using proper accounting guidelines.

Use the information provided to answer following questions  Larry Ltd. is a registered VAT taxpayer. His business transactions for the months of January to March are included below. The VAT rate is 12.5%. All the amounts given are VAT inclusive. Months Sales Purchases Imports January $50,625 $30,375 $17,662.50 February $63,337.50 $38,475 $25,087.50 March $67,500 $52,312.50 $22,612.50   1. What is the Larry Ltd. VAT input tax for the 3 months period? A.$7,262.50 B.$13,462.50 C.$20,725 D.$20,162.50   2. What is the Larry Ltd. VAT output tax for the 3 months period? A.$20,152.50 B.$7,037.50 C.$5,812.50 D.$20,162.50   3. What is the Larry Ltd. VAT payable/refund for the 3 months period? A.$13,125 payable B.$1,562.50 refund C.$562.50 refund D.$20,143.50 payable

Please explain the solution to this general accounting problem with accurate principles.

Need help