The following information is available for Coronado Industries for 2020: Disbursements for purchases $1556000 Increase in...
The following information is available for Coronado Industries
for 2020:
| Disbursements for purchases | $1556000 |
| Increase in trade accounts payable | 107000 |
| Decrease in merchandise inventory | 41500 |
Cost of goods sold for 2020 was
|
a. |
$1621500. |
|
b. |
$1407500. |
|
c. |
$1490500. |
|
d. |
$1704500. |
Homework Answers
d. $ 1704500
| Step-1:Calculation of Total Purchase made in 2020 | |
| Disbursements for purchases | $ 15,56,000 |
| Increase in trade accounts payable | $ 1,07,000 |
| Total Purchase for 2020 | $ 16,63,000 |
| Step-2:Calculation of cost of goods sold | |
| Purchase | $ 16,63,000 |
| Decrease in merchandise inventory | $ 41,500 |
| Cost of goods sold | $ 17,04,500 |
Add Answer to:
The following information is available for Coronado Industries
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Cost of goods sold
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Dividend revenue
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available:
Cost of goods sold
$400000
Dividend revenue
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Income tax expense
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Operating expenses
139500
Sales revenue
607000
In Cullumber’s single-step income statement, gross profit
should be reported at $207000.
should be reported at $222300.
should be reported at $46900.
should not be reported.
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for 2020:
Disbursements for purchases
$1532000
Increase in trade accounts
payable
98000
Decrease in merchandise
inventory
39000
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