Homework Answers
| 1 | A | |
| 2 | Sales | 695,000 |
| Less: COGS | 278,000 | |
| Gross Profit | 417,000 | |
| D | ||
| 3 | Beginning Inventory | 1,500 |
| Add: Purchases | 6,500 | |
| Less: Closing Inventory | 500 | |
| COGS | 7,500 | |
| C | ||
| 4 | The next period beginning inventory | |
| A | ||
| 5 | Goods Available for Sales | |
| B | ||
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Number 1, 3 am not sure if they are correct.
Quiz 3 Nale. UUWIL ACCT 201...
Hi this is for my study guide, please show work where its applicable. Much appreciated. 1....
Hi this is for my study guide, please show work where its
applicable. Much appreciated.
1. A merchandising company:
A. earns net income by buying and selling merchandise
B. Receives fees only in exchange for services
C. Earns profit from commissions only
D. Earns profit from fares only
E. Buys products from consumers
2. Cost of goods sold:
A. Is another term for merchandise sales
B. Is the term for the cost of buying and preparing merchandise
for sale
C....
The operating eycle for a merchandiser that sells only for A. Purchases of merchandise to inventory...
The operating eycle for a merchandiser that sells only for A. Purchases of merchandise to inventory to cashs sales. B Purchases of merchamdise to inventory to accounts receivable to cash sales, C. Iaventory to purchases of merchandise to cash sales. Accounts receivable to purchases of merchandise to inventory to cash sales. E Accounts receivable to inventory to cash sales. Jan 2 Jen 15 Feb 3 Feb It Feb 1 Mar Mar 21 Mar 3 7. The eurrent period's ending inventory...
4 i Saved Help Save Fun the banks in the following separate income statements a through...
4 i Saved Help Save Fun the banks in the following separate income statements a through e. Amounts to be deducted should by a minus sign.) d $ 68,000 b $ 43,600 $ c 56,000 e 25,500 los 16,950 6,500 8,000 59,000 Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) 7,400 29,000 (7.100) 4,550 5,200 (2,500) 17,000 (8,100) 33.720 7,600 22,000 3,200...
I tried to answer A, but it is not correct! b. $31. a $15,600 11. JaCo...
I tried to answer A, but it is not correct!
b. $31. a $15,600 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000, and the cost of merchandise on hand at year end is $91,000. At year end, JaCo records the following entry: 91,000 17,000 850,000 878,000 11,000 69,000 a. Ending...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E:...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E: (Click the icon to view the Income Statements.) i Data Table Snyder Corp. Jones, Inc. 100,000 $ Jones, Inc. 100,000 Snyder Corp. $ 29,000 $ (d) 52,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost...
Fill in the blanks: Fit Apparel Boswell, Inc. Net Sales Revenue $ 99,000 $ (d) Cost...
Fill in the blanks: Fit Apparel Boswell, Inc. Net Sales Revenue $ 99,000 $ (d) Cost of Goods Sold: Beginning Merchandise Inventory (a) 31,000 Purchases and Freight In 47,000 (e) Cost of Goods Available for Sale (b) 88,000 Ending Merchandise Inventory (2,000) (2,000) Cost of Goods Sold 60,000 (f) Gross Profit 39,000 113,000 Selling and Administrative Expenses (c) 87,000 Operating Income $ 11,000 $ (g)
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data Table Fit Apparel Laura's Bakery $ 99,000 Fit Apparel Laura's Bakery 99,000 32,000 $ (d) 48,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost of Goods Sold:...
please answer column E - a $ 66,000 b 44,600 c 47,000 d 93,600 e 25,300...
please answer column E
- a $ 66,000 b 44,600 c 47,000 d 93,600 e 25,300 $ $ $ $ Sales Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise inventory, ending Cost of goods sold Gross profit Expenses Net income (loss) 8,900 39,000 14,000 33,900 32,100 10,000 | $ 16,990 5,910 2,900 20,000 24,600 10,310 14,290 5,900 7,900 4,330 44,700 41,000 5,000 8,200 5,000 42,400 43,900 7,700 4,600 49,700 10,0705,2006,800 $ (5,470) $ 44,500
Exercise 4-1 Computing revenues, expenses, and income LO C1, C2
Exercise 4-1 Computing revenues, expenses, and income LO C1, C2 Fill in the blanks in the following separate income statements a through e (Amounts to be deducted should be indicated by a minus sign.)a bcdeSales$ 62,000$ 43,500$ 46,000$ 25,600Cost of goods sold Merchandise inventory (beginning)$ 8,000$ 17,050$ 7,500$ 8,000$ 4,560 Total Cost of merchandise purchases$ 38,000$ $ $ 32,000$ 6,600 Merchandise inventory (ending)$ ()$ (3,000)$ (9,000)$ (6,600)$ Cost of goods sold$ 34,050$ 16,000$ ...
A merchandiser: Multiple Choice Ol 16:49 Earns net income by buying and selling merchandise. O Receives...
A merchandiser: Multiple Choice Ol 16:49 Earns net income by buying and selling merchandise. O Receives fees only in exchange for services. O Earns profit from commissions only. O Earns profit from fares only Cost of goods sold: Multiple Choice points (8 02:43:56 Is another term for merchandise sales. C) is the term used for the expense of buying and preparing merchandise for sale. Is another term for revenue O is also called gross margin O
Hi this is for my study guide, please show work where its
applicable. Much appreciated.
1. A merchandising company:
A. earns net income by buying and selling merchandise
B. Receives fees only in exchange for services
C. Earns profit from commissions only
D. Earns profit from fares only
E. Buys products from consumers
2. Cost of goods sold:
A. Is another term for merchandise sales
B. Is the term for the cost of buying and preparing merchandise
for sale
C....
The operating eycle for a merchandiser that sells only for A. Purchases of merchandise to inventory to cashs sales. B Purchases of merchamdise to inventory to accounts receivable to cash sales, C. Iaventory to purchases of merchandise to cash sales. Accounts receivable to purchases of merchandise to inventory to cash sales. E Accounts receivable to inventory to cash sales. Jan 2 Jen 15 Feb 3 Feb It Feb 1 Mar Mar 21 Mar 3 7. The eurrent period's ending inventory...
4 i Saved Help Save Fun the banks in the following separate income statements a through e. Amounts to be deducted should by a minus sign.) d $ 68,000 b $ 43,600 $ c 56,000 e 25,500 los 16,950 6,500 8,000 59,000 Sales Cost of goods sold Merchandise inventory (beginning) Total cost of merchandise purchases Merchandise inventory (ending) Cost of goods sold Gross profit Expenses Net income (loss) 7,400 29,000 (7.100) 4,550 5,200 (2,500) 17,000 (8,100) 33.720 7,600 22,000 3,200...
I tried to answer A, but it is not correct!
b. $31. a $15,600 11. JaCo uses the periodic method and records merchandise purchases at net. Its 20X4 ending inventory is $69,000. During 20X5, JaCo purchases merchandise for $878,000, with freight-in of $11,000. Purchase returns are $17,000, purchase discounts lost are $4,000, and the cost of merchandise on hand at year end is $91,000. At year end, JaCo records the following entry: 91,000 17,000 850,000 878,000 11,000 69,000 a. Ending...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E: (Click the icon to view the Income Statements.) i Data Table Snyder Corp. Jones, Inc. 100,000 $ Jones, Inc. 100,000 Snyder Corp. $ 29,000 $ (d) 52,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data Table Fit Apparel Laura's Bakery $ 99,000 Fit Apparel Laura's Bakery 99,000 32,000 $ (d) 48,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost of Goods Sold:...
please answer column E
- a $ 66,000 b 44,600 c 47,000 d 93,600 e 25,300 $ $ $ $ Sales Cost of goods sold Merchandise inventory, beginning Total cost of merchandise purchases Merchandise inventory, ending Cost of goods sold Gross profit Expenses Net income (loss) 8,900 39,000 14,000 33,900 32,100 10,000 | $ 16,990 5,910 2,900 20,000 24,600 10,310 14,290 5,900 7,900 4,330 44,700 41,000 5,000 8,200 5,000 42,400 43,900 7,700 4,600 49,700 10,0705,2006,800 $ (5,470) $ 44,500
A merchandiser: Multiple Choice Ol 16:49 Earns net income by buying and selling merchandise. O Receives fees only in exchange for services. O Earns profit from commissions only. O Earns profit from fares only Cost of goods sold: Multiple Choice points (8 02:43:56 Is another term for merchandise sales. C) is the term used for the expense of buying and preparing merchandise for sale. Is another term for revenue O is also called gross margin O
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