B began business March 15 with a cash investment of $25000. The records show: Sales: $56000...
B began business March 15 with a cash investment of $25000. The records show:
Sales: $56000
Accnt Rec 12/31 $30000
Accnt Payable 12/31: $20,000
Inventory 12/31: $24,000
Gross profit mark up on selling price: 25%
Cash balance on 12/31 was:
Homework Answers
Statement showing Cash balance on 12/31:
| Amount | Amount | |
| Opening cash balance | $25000 | |
| (+) Cash receipt: | ||
| Cash received from sales | $26000 | |
| (-) Cash payments | ||
| Cash paid for purchases | ($46000) | |
| Closing cash balance | $5000 |
Therefore,
Cash balance on 12/31 = $5000
Solution:
Gross profit = Sales * gross profit%
= $56000 * 25%
= $14000
Cost of goods sold = Sales - Gross profit
= $56000 - $14000
= $42000
Cost of goods sold = Opening inventory + purchases - closing inventory
$42000 = $0 +purchases - $24000
purchases = $42000+$24000
purchases = $66000
Cash paid for purchases = Total purchases - Accounts payable
= $66000 - $20000
= $46000
Cash received from sales = Total sales - Accounts receivable
= $56000 - $30000
= $26000
Add Answer to:
B began business March 15 with a cash investment of $25000. The
records show:
Sales: $56000...
The following information is taken from records of ABC Company: Items Amount Account receivables 30000 Inventory...
The following information is taken from records of ABC Company: Items Amount Account receivables 30000 Inventory 80000 Cash 10000 Prepaid expense 6000 Equipment’s 60000 Land 100000 Building 40000 Wages payable 5000 Account payables 30000 Notes payable 25000 Long term liabilities 70000 Owners’ Equity 196000 Sales revenue 150000 Cost of goods sold 125000 Net income 25000 According to above information, answer the following questions: The company’s gross profit margin is: 60% 55% None of the above The company’s net profit margin...
Can you please show me what the sales budget for this information would be in excel....
Can you please show me what the sales budget for this
information would be in excel. Thank you
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,500 $ 24,000 $ 45, 600 $ 121,200 $ 27,300 $ 150,000 $ 22,000 a. The gross margin is 25% of sales. b. Actual and...
a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual)...
a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 60,000 $ 76,000 $ 81,000 $106,000 $ 57,000 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e One-half...
Q4. (15 Marks) From the following information, prepare cash budget of a business firm for the...
Q4. (15 Marks) From the following information, prepare cash budget of a business firm for the month of April. (a) The firm makes 20 per cent cash sales. Credit sales are collected 40, 30 and 25 per cent in the month of sales, month after and second month after sales, respectively. The remaining 5 per cent becomes bad debts. (b) The firm has a policy of buying enough goods cach month to maintain its inventory at two and one-half times...
SCF Company - due March 2, 2020 - Prepare the Statement of Cash Flows Company Smart...
SCF Company - due March 2, 2020 - Prepare the Statement of Cash Flows Company Smart had the following balance sheet data for 2018 and 2019: Cash Accounts Receivable Merchandise Machinery Accumulated Depreciation Long-term Investments Total Assets 12/31/2018 $ 23,000 26,000 38,000 34,000 (23,000) 28.000 $126.000 12/31/2019 $ 36,000 35.000 32,000 38.000 (24,000) 26,000 $143.000 Accounts Payable Expenses Payable Note Payable Common Stock Retained Earnings Total Liabs and Equities $ 18,000 6,000 30,000 34,000 38.000 $126.000 $ 24,000 4.000 28,000...
This is for shilow company. Can you show the sales budget sheet as well. Thank you...
This is for shilow company. Can you show the sales budget sheet
as well. Thank you
TULUNJ UI JMOW CUMPally, a Wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,500 $ 24,000 $ 45,600 $ 121,200 $ 27, 300 $ 150,000 $ 22,000 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale....
The accounting records of Michigan Shoe Store at December 31 list the following: Cash $ 32,100...
The accounting records of Michigan Shoe Store at December 31 list the following: Cash $ 32,100 Accounts Receivable 48,600 Accounts Payable 34,300 Advertising Expense 9,200 Cost of Goods Sold 254,700 Interest Revenue 3,400 Inventory 64,800 Rent Expense 42,000 Salaries Expense 112,300 Sales Revenue 585,000 Sales Discounts 8,400 Sales Returns and Allowances 10,600 Selling Expenses 75,200 a. Compute Net Sales: b. Compute Gross Profit Margin c. Compute Net Income d. Compute the Gross Profit Percentage
1.The accounting records of Seattle Outlet include the following for January: A physical count determined the...
1.The accounting records of Seattle Outlet include the following for January: A physical count determined the cost of inventory on hand at January 31 to be $42,000. If gross profit amounts to 25% of net sales, compute the beginning inventory at January 1. Select one: a. $10,000 b. $26,000 c. $8,000 d. $24,000 e. $6,000 2. On 12/31/12, as part of the year-end adjusting journal entries, the Strickland Company accrues three day's wages of $600 ($200 per day). The proper...
help on the income statement and balance sheet On March 10, 2020, Sunland Company sold to...
help on the income statement and balance sheet
On March 10, 2020, Sunland Company sold to Barr Hardware 210 tool sets at a price of $52 each (cost $31 per set with terms of n/60, f.o.b.shipping point. Sunland allows Barr to return any unused tool sets within 60 days of purchase. Sunland estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at...
The Triquel Theater Inc. was recently formed. It began operations in March 2022. The Triquel is...
The Triquel Theater Inc. was recently formed. It began operations in March 2022. The Triquel is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Triquel showed Cash $16,000; Land $38,000; Buildings (concession stand, projection room, ticket booth, and screen) $22,000; Equipment $16,000; Accounts Payable $12,000; and Common Stock $80,000. During the month of March, the following events and transactions occurred: Mar. 2 3 9 10 11 Rented the...
Can you please show me what the sales budget for this
information would be in excel. Thank you
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,500 $ 24,000 $ 45, 600 $ 121,200 $ 27,300 $ 150,000 $ 22,000 a. The gross margin is 25% of sales. b. Actual and...
a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April May June July $ 60,000 $ 76,000 $ 81,000 $106,000 $ 57,000 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March 31 are a result of March credit sales d. Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold. e One-half...
Q4. (15 Marks) From the following information, prepare cash budget of a business firm for the month of April. (a) The firm makes 20 per cent cash sales. Credit sales are collected 40, 30 and 25 per cent in the month of sales, month after and second month after sales, respectively. The remaining 5 per cent becomes bad debts. (b) The firm has a policy of buying enough goods cach month to maintain its inventory at two and one-half times...
SCF Company - due March 2, 2020 - Prepare the Statement of Cash Flows Company Smart had the following balance sheet data for 2018 and 2019: Cash Accounts Receivable Merchandise Machinery Accumulated Depreciation Long-term Investments Total Assets 12/31/2018 $ 23,000 26,000 38,000 34,000 (23,000) 28.000 $126.000 12/31/2019 $ 36,000 35.000 32,000 38.000 (24,000) 26,000 $143.000 Accounts Payable Expenses Payable Note Payable Common Stock Retained Earnings Total Liabs and Equities $ 18,000 6,000 30,000 34,000 38.000 $126.000 $ 24,000 4.000 28,000...
This is for shilow company. Can you show the sales budget sheet
as well. Thank you
TULUNJ UI JMOW CUMPally, a Wholesale distributor of consumer goods: Current assets as of March 31: Cash Accounts receivable Inventory Building and equipment, net Accounts payable Common stock Retained earnings $ 8,500 $ 24,000 $ 45,600 $ 121,200 $ 27, 300 $ 150,000 $ 22,000 c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale....
help on the income statement and balance sheet
On March 10, 2020, Sunland Company sold to Barr Hardware 210 tool sets at a price of $52 each (cost $31 per set with terms of n/60, f.o.b.shipping point. Sunland allows Barr to return any unused tool sets within 60 days of purchase. Sunland estimates that (1) 10 sets will be returned, (2) the cost of recovering the products will be immaterial, and (3) the returned tools sets can be resold at...
The Triquel Theater Inc. was recently formed. It began operations in March 2022. The Triquel is unique in that it will show only triple features of sequential theme movies. On March 1, the ledger of The Triquel showed Cash $16,000; Land $38,000; Buildings (concession stand, projection room, ticket booth, and screen) $22,000; Equipment $16,000; Accounts Payable $12,000; and Common Stock $80,000. During the month of March, the following events and transactions occurred: Mar. 2 3 9 10 11 Rented the...
Most questions answered within 3 hours.
-
At the local hockey rink, a puck with a mass of 0.12 kg is given
an...
asked 4 seconds from now -
Market segments that can be effectively reached and served are
said to be ________.
measurable
profitable...
asked 2 minutes ago -
For this lab, you will be writing search algorithms. I
have provided method signatures for you...
asked 2 minutes ago -
1. What form of energy do cells rely on most to carry out
important processes?
2....
asked 3 minutes ago -
On January 1, 2021, the Allegheny Corporation purchased
equipment for $331,000. The estimated service life of...
asked 7 minutes ago -
The first-order reaction C4H8→2C2H4 has the reaction constant k
of 7.60×10−3 s−1. If the initial concentration...
asked 11 minutes ago -
A real object is located 20.6 cm from a diverg- ing lens of
focal length 38.5...
asked 12 minutes ago -
TRUE OR FALSE
When an investor uses futures in a market timing strategy, the
only objective...
asked 14 minutes ago -
1..Research the microorganisms listed below. List the full
taxonomy (phylum, class, order, family, genus, species) of...
asked 15 minutes ago -
Suppose the gold spot price is $300/oz., the 1-year forward
price is $310.686, and the continuously...
asked 21 minutes ago -
46.3 mL of a 0.0999 M solution of this acid (HOOC-(CH2)2-COOH)
is titrated to the equivalence...
asked 16 minutes ago -
What is the difference between steady-state and equilibrium? Be
sure to include three properties of each...
asked 18 minutes ago