Homework Answers
4. cost of goods sold = opening stock + purchase + carriage inwards - closing stock
= 3,300 + 7,770 + 1,100 - 3,770
= 8,400
answer is C. RM 8,400
5. gross profit = sale - return inwards - cost of goods sold
= 19,250 - 955 - 8,400
= 9,895
answer is A. RM 9,895
Add Answer to:
4 and 5.
4. Given figures showing: Sales RM 19,250; Opening stock RM 3,300; Closing stock...
Question 2 (3 +2 = 5 marks) a) Opening Stock RO. 210000; Sales RO.400000; Fuel expenses...
Question 2 (3 +2 = 5 marks) a) Opening Stock RO. 210000; Sales RO.400000; Fuel expenses RO. 7000; Furniture Purchased RO 50000, Returns Inwards RO. 3000; Gross Profit RO. 40000; Purchases RO. 100000; Returns outwards RO. 5000. Calculate the closing Stock and the cost of Goods Sold. b) Operating profit earned by Sugar Stores in 2016-2017 was RO. 580,000 its interest income during the year RO 17300 and loss due to discontinued operations during the year was RO18000. Calculate the...
5 Selected account balances of Miller Inc. as at 31 December 2015 are given in TABLE...
5 Selected account balances of Miller Inc. as at 31 December 2015 are given in TABLE Q5 TABLE Q5: Account balances RM 3,000 2,000 7.200 4,200 Lubricants used Carriage inwards on raw materials Factory rent Depreciation of factory plant and machinery Internal transport expenses (for factory) Insurance of factory buildings and plant General factory expenses Purchase of raw materials Fuel and power 1,800 1,500 3,300 Direct expenses Direct wages Indirect wages Opening stock of raw materials Opening stock of work...
2. Given the following, what is the amount of Capital? Assets: Premises $20,000; Inventory $8,500; Cash...
2. Given the following, what is the amount of Capital? Assets: Premises $20,000; Inventory $8,500; Cash $100. Liabilities: Accounts payable $3,000; Loan from A.Adams $4,000: $21,100 b. $21,600 c. $32,400 d. $21,400 3. A debit balance of $100 in a cash account shows that: There was $100 cash in hand Cash has been overspent by $100 $100 was the total of cash paid out The total of cash received was less than $100 4. Discounts...
TASK 5 a) WEEK 11 Closing journal entries and the Adjusted Trial Balance are provided below....
TASK 5 a) WEEK 11 Closing journal entries and the Adjusted Trial Balance are provided below. Required: Complete the Profit & Loss Statement for the period ending 31/08/20XX & the Statement of Changes in Equity as at 31/8/20XX GENERAL JOURNAL Closing Entries August 31 Date Particulars DR CR Aug-31 P & L Summary $ 162,847.10 Opening Inventory $ 100,174.00 Purchases $ 49,350.00 Freight inwards $ 200.00 Sales salaries expense $ 6,900.00 Depreciation Deliv. Truck $ 450.00 Delivery expense $ 33.00...
(4), (5) You are given the following information concerning inventory movements in a firm for April...
(4), (5) You are given the following information concerning inventory movements in a firm for April as recorded in the General Ledger. [Note: You may perform calculations below. Workings in your answer book are not required for these parts.] RAW MATERIALS 7,000 1/4 Opening Balance Creditors (-Purchases) 1/5 Balance c/d (next month) Work in Progress 30/4 Closing Balance 12.000 12,000 WORK IN PROGRESS 1/4 Opening Balance Raw materials Direct Labour Overhead Applied 1/5 Balance c/d (next month) Finished Goods 24,000...
please help me do all question , i need it by 5 PM 2. Given the...
please help me do all question , i need it by 5 PM
2. Given the following, what is the amount of Capital? Assets: Premises $20,000; Inventory $8,500; Cash $100. Liabilities: Accounts payable $3,000; Loan from A.Adams $4,000 $21,100 b. $21,600 c. $32,400 3. d. $21,400 A debit balance of $100 in a cash account shows that: 2. There was $100 cash in hand b. Cash has been overspent by $100 $100 was the total of cash paid out d....
5 MID-SEMESTER (PART TWO) (a) From YOUR COPY of the Profit or Loss Statement and the...
5 MID-SEMESTER (PART TWO) (a) From YOUR COPY of the Profit or Loss Statement and the Statement of Financial Position of Glory Company for the year ended 2019, calculate the following ratios: (i) Net Profit Margin; Current Ratio; (iii) Acid Test Ratio; (iv) Debtors Collection Period (in days); (v) Creditors Payment Period (in days); and (vi) Inventory (Stock) Turnover. I (b) In the table labelled "TABLE A™ below, ratios of Praise Company for the same period, have been provided. Put...
5 MID-SEMESTER (PART TWO) (a) From YOUR COPY of the Profit or Loss Statement and the...
5 MID-SEMESTER (PART TWO) (a) From YOUR COPY of the Profit or Loss Statement and the Statement of Financial Position of Glory Company for the year ended 2019, calculate the following ratios: (i) Net Profit Margin; Current Ratio; (iii) Acid Test Ratio; (iv) Debtors Collection Period (in days); (v) Creditors Payment Period (in days); and (vi) Inventory (Stock) Turnover. I (b) In the table labelled "TABLE A™ below, ratios of Praise Company for the same period, have been provided. Put...
The following trial balance was extracted from the books of G & E Production Company Ltd...
The following trial balance was extracted from the books of G
& E Production Company Ltd on 31 December 2018 and presented to
you the Financial Accountant:
Trial Balance
Details/Accounts
Dr $
Cr $
Purchases of direct raw materials
24,200,000
Stock of direct raw materials 1 January 2018
5,500,000
Wages paid to manufacture goods
12,000,000
Insurance
2,000,000
Electricity
1,450,000
Cash at bank
28,000,000
Accounts payable
3,500,000
Discounts
450,000
500,000
Return of direct raw materials
200,000
Cash in hand
600,000
Work-in-progress...
Joytoys Manufacturers had a policy of transferring factory production to the sales department at a profit...
Joytoys Manufacturers had a policy of transferring factory production to the sales department at a profit of 10% on total cost of production of finished goods. The following particulars related to the records of the firm for the period 1 January 2000 to 31 December 2000. Balances 1 January 2000 Raw materials Work in progress Finished goods Direct wages due Direct wages prepaid Electricity due Purchases of raw materials for the year Carriage inwards Customs duty Purchases returns Raw materials...
Question 2 (3 +2 = 5 marks) a) Opening Stock RO. 210000; Sales RO.400000; Fuel expenses RO. 7000; Furniture Purchased RO 50000, Returns Inwards RO. 3000; Gross Profit RO. 40000; Purchases RO. 100000; Returns outwards RO. 5000. Calculate the closing Stock and the cost of Goods Sold. b) Operating profit earned by Sugar Stores in 2016-2017 was RO. 580,000 its interest income during the year RO 17300 and loss due to discontinued operations during the year was RO18000. Calculate the...
5 Selected account balances of Miller Inc. as at 31 December 2015 are given in TABLE Q5 TABLE Q5: Account balances RM 3,000 2,000 7.200 4,200 Lubricants used Carriage inwards on raw materials Factory rent Depreciation of factory plant and machinery Internal transport expenses (for factory) Insurance of factory buildings and plant General factory expenses Purchase of raw materials Fuel and power 1,800 1,500 3,300 Direct expenses Direct wages Indirect wages Opening stock of raw materials Opening stock of work...
TASK 5 a) WEEK 11 Closing journal entries and the Adjusted Trial Balance are provided below. Required: Complete the Profit & Loss Statement for the period ending 31/08/20XX & the Statement of Changes in Equity as at 31/8/20XX GENERAL JOURNAL Closing Entries August 31 Date Particulars DR CR Aug-31 P & L Summary $ 162,847.10 Opening Inventory $ 100,174.00 Purchases $ 49,350.00 Freight inwards $ 200.00 Sales salaries expense $ 6,900.00 Depreciation Deliv. Truck $ 450.00 Delivery expense $ 33.00...
(4), (5) You are given the following information concerning inventory movements in a firm for April as recorded in the General Ledger. [Note: You may perform calculations below. Workings in your answer book are not required for these parts.] RAW MATERIALS 7,000 1/4 Opening Balance Creditors (-Purchases) 1/5 Balance c/d (next month) Work in Progress 30/4 Closing Balance 12.000 12,000 WORK IN PROGRESS 1/4 Opening Balance Raw materials Direct Labour Overhead Applied 1/5 Balance c/d (next month) Finished Goods 24,000...
please help me do all question , i need it by 5 PM
2. Given the following, what is the amount of Capital? Assets: Premises $20,000; Inventory $8,500; Cash $100. Liabilities: Accounts payable $3,000; Loan from A.Adams $4,000 $21,100 b. $21,600 c. $32,400 3. d. $21,400 A debit balance of $100 in a cash account shows that: 2. There was $100 cash in hand b. Cash has been overspent by $100 $100 was the total of cash paid out d....
5 MID-SEMESTER (PART TWO) (a) From YOUR COPY of the Profit or Loss Statement and the Statement of Financial Position of Glory Company for the year ended 2019, calculate the following ratios: (i) Net Profit Margin; Current Ratio; (iii) Acid Test Ratio; (iv) Debtors Collection Period (in days); (v) Creditors Payment Period (in days); and (vi) Inventory (Stock) Turnover. I (b) In the table labelled "TABLE A™ below, ratios of Praise Company for the same period, have been provided. Put...
5 MID-SEMESTER (PART TWO) (a) From YOUR COPY of the Profit or Loss Statement and the Statement of Financial Position of Glory Company for the year ended 2019, calculate the following ratios: (i) Net Profit Margin; Current Ratio; (iii) Acid Test Ratio; (iv) Debtors Collection Period (in days); (v) Creditors Payment Period (in days); and (vi) Inventory (Stock) Turnover. I (b) In the table labelled "TABLE A™ below, ratios of Praise Company for the same period, have been provided. Put...
The following trial balance was extracted from the books of G
& E Production Company Ltd on 31 December 2018 and presented to
you the Financial Accountant:
Trial Balance
Details/Accounts
Dr $
Cr $
Purchases of direct raw materials
24,200,000
Stock of direct raw materials 1 January 2018
5,500,000
Wages paid to manufacture goods
12,000,000
Insurance
2,000,000
Electricity
1,450,000
Cash at bank
28,000,000
Accounts payable
3,500,000
Discounts
450,000
500,000
Return of direct raw materials
200,000
Cash in hand
600,000
Work-in-progress...
Joytoys Manufacturers had a policy of transferring factory production to the sales department at a profit of 10% on total cost of production of finished goods. The following particulars related to the records of the firm for the period 1 January 2000 to 31 December 2000. Balances 1 January 2000 Raw materials Work in progress Finished goods Direct wages due Direct wages prepaid Electricity due Purchases of raw materials for the year Carriage inwards Customs duty Purchases returns Raw materials...
Most questions answered within 3 hours.
-
Garcia Company issues 20.00%, 15-year bonds with a par value of
$470,000 and semiannual interest payments....
asked 14 minutes ago -
The price of 1 lb of potatoes is $1.75. If all the potatoes sold
today at...
asked 16 minutes ago -
In C++ Programming, Try using loops only.
This lab demonstrates the use of the While Loop...
asked 1 hour ago -
Effect of DCMU and sodium azide on Chlamydomonas? We did an
experiment where we had Chlamydomonas...
asked 1 hour ago -
1a) According to the ideal gas law, _______________.
a. a gas has infinite volume at absolute...
asked 3 hours ago -
Oakdale Fashions, Inc. had $245,000 in 2018 taxable income.
Using the tax schedule in Table 2.3...
asked 3 hours ago -
The marketing class at CSUS had an average score of 150. An
educational analyst determined that...
asked 4 hours ago -
Justin Case has purchased a $250 000 home by putting 20 % down
and taking out...
asked 5 hours ago -
1. In a labor market, marginal cost for a firm is
____________.
a. recruiting cost
b....
asked 5 hours ago -
On January 1, 2019, ABC Company issued $60,000,000 of 20-year,
10.5% bonds when the market rate...
asked 6 hours ago -
39.4% of US homes continue to use a landline in addition to cell
phone service. 3...
asked 6 hours ago -
Starting with benzene, synthesize 1-phenyl-1-butyne.
Show intermediates and reagents.
asked 7 hours ago