Homework Answers
--Correct Answer = Option 'C' $ 7,972
| Sales | $35,000 | |
| Sales Return & Allowances | ($3,600) | |
| Sales discount ($31400 x 2%) | ($628) | |
| Net Sales | $30,772 | |
| Cost of merchandise sold | $24,500 | |
| Cost of merchandise returned | ($1,700) | |
| Net cost of merchandise sold | $22,800 | |
| Gross Profit | [$ 30772 - 22800] | $7,972 Answer |
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O c. $265 O d. $635 Clear my choice on 2 ered Abbey Co. sold merchandise...
4. Abbey Co. sold merchandise to Gomez Co, on account. $33,000, terms 2/15, net 45. The cost of the merchandise s...
4. Abbey Co. sold merchandise to Gomez Co, on account. $33,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co, issued a credit memo for $2,800 for merchandise returned that originally cost $1,500. Journalize the above transactions for Abbey Co.
Abbey Co. sold merchandise to Gomez Co. on account, $34,500, terms 2/15, net 45. The cost...
Abbey Co. sold merchandise to Gomez Co. on account, $34,500, terms 2/15, net 45. The cost of the goods sold was $15,336. Abbey Co. issued a credit memo for $1,100 for merchandise returned that originally cost $1,217. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? $19,691 $14,119 $15,673 $4,100 (Ctrl) x N O P
Calculator Abbey Co. sold merchandise to Gomez Co. on account, $29,900, terms 2/15, net 30. The...
Calculator Abbey Co. sold merchandise to Gomez Co. on account, $29,900, terms 2/15, net 30. The cost of the merchandise sold is $20,930. Abbey Co. issued a credit memo for $2,500 for merchandise returned that originally cost $1,800. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? The net income is s
Abbey Co. sold merchandise to Gomez Co. on account, $31,100, terms 2/15, net 45. The cost...
Abbey Co. sold merchandise to Gomez Co. on account, $31,100, terms 2/15, net 45. The cost of the merchandise sold was $13,900. Abbey Co. issued a credit memo for $3,400 for merchandise returned that originally cost $1,400. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Coon the above transactions? Ca. $30,478 . $27,146 c. $14,646 d. $3,400
Calculator Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15. net 45. The...
Calculator Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15. net 45. The cost of the merchandise sold was $13.700. Abbey Co, issued a dedi memo for $4,000 for merchandise returned that originally cost $1,100. Gomez Co, paid the invoice within the discount period. What is the amount of groot profit earned by Abbey Co. on the above transactions? Oa. $29,400 Ob. $16,800 Oc. $4,000 Od. $33,320
1.Abbey Co. sold merchandise to Gomez Co. on account, $33,000, terms 2/15, net 45. The cost...
1.Abbey Co. sold merchandise to Gomez Co. on account, $33,000, terms 2/15, net 45. The cost of the merchandise sold was $13,700. Abbey Co. issued a credit memo for $3,200 for merchandise returned that originally cost $1,500. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? 2.Using the following information, what is the amount of net income? Purchases $ 29,425 Selling expenses $ 751 Merchandise...
Tapter O C ULISUluateu Pillalltidl Olalella. IILUI LUPO 2, 4 P6.16 Equity Method. Intercompany Merchandise and...
Tapter O C ULISUluateu Pillalltidl Olalella. IILUI LUPO 2, 4 P6.16 Equity Method. Intercompany Merchandise and Service Transactions, Consolid tion Pearl Footwear acquired all of the voting stock of Sebogo Inc. at the beginning of 2016 acquisition cost was $450 million, and Sebogo's book value at that time was $50 million Revol information for Sebogo's identifiable net assets is as follows: • Plant assets with a 20-year remaining life, straight-line, were overvalued by $20 million • Inventory (FIFO) was overvalued...
a. Sampson Co. sold merchandise to Batson Co. on account, $25,500, terms 2/15, net 45. b....
a. Sampson Co. sold merchandise to Batson Co. on account, $25,500, terms 2/15, net 45. b. The cost of the goods sold is $19,125. c. The Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. If no entry is required, select "No entry required" and leave the amount boxes blank. Prepare the entries that Sampson Company would record for the information above. If an amount box does not require an...
A B C D E F G H M N O Exercises Twin Oak Corp has the following comparative balance sheet data. $ Cash Receivables (net...
A B C D E F G H M N O Exercises Twin Oak Corp has the following comparative balance sheet data. $ Cash Receivables (net) Inventory LT Investments Plant and equipment (net) Twin Oak Corp Balance Sheet December 31 2014 $ 25.000 50,000 90,000 75.000 400.000 $6.10.000 70,000 80,000 345.000 145.000 $6.40.000 2013 20.000 45.000 95.000 70,000 370,000 $600.000 75,000 85.000 315.000 125,000 $600.000 2012 $ 18.000 48.000 64,000 45.000 358,000 $533.000 $ 70,000 50.000 300.000 113,000 $933.000 $...
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 6, had the...
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 6, had the following normal balances: Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 @ $265; 1 @ $260) Land Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings $ 74,210 13,500 200 3,200 6,620 4,000 1,950 900 1,000 50,000 47,880 During Year 6, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6,...
4. Abbey Co. sold merchandise to Gomez Co, on account. $33,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co, issued a credit memo for $2,800 for merchandise returned that originally cost $1,500. Journalize the above transactions for Abbey Co.
Abbey Co. sold merchandise to Gomez Co. on account, $34,500, terms 2/15, net 45. The cost of the goods sold was $15,336. Abbey Co. issued a credit memo for $1,100 for merchandise returned that originally cost $1,217. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? $19,691 $14,119 $15,673 $4,100 (Ctrl) x N O P
Calculator Abbey Co. sold merchandise to Gomez Co. on account, $29,900, terms 2/15, net 30. The cost of the merchandise sold is $20,930. Abbey Co. issued a credit memo for $2,500 for merchandise returned that originally cost $1,800. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? The net income is s
Abbey Co. sold merchandise to Gomez Co. on account, $31,100, terms 2/15, net 45. The cost of the merchandise sold was $13,900. Abbey Co. issued a credit memo for $3,400 for merchandise returned that originally cost $1,400. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Coon the above transactions? Ca. $30,478 . $27,146 c. $14,646 d. $3,400
Calculator Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15. net 45. The cost of the merchandise sold was $13.700. Abbey Co, issued a dedi memo for $4,000 for merchandise returned that originally cost $1,100. Gomez Co, paid the invoice within the discount period. What is the amount of groot profit earned by Abbey Co. on the above transactions? Oa. $29,400 Ob. $16,800 Oc. $4,000 Od. $33,320
Tapter O C ULISUluateu Pillalltidl Olalella. IILUI LUPO 2, 4 P6.16 Equity Method. Intercompany Merchandise and Service Transactions, Consolid tion Pearl Footwear acquired all of the voting stock of Sebogo Inc. at the beginning of 2016 acquisition cost was $450 million, and Sebogo's book value at that time was $50 million Revol information for Sebogo's identifiable net assets is as follows: • Plant assets with a 20-year remaining life, straight-line, were overvalued by $20 million • Inventory (FIFO) was overvalued...
a. Sampson Co. sold merchandise to Batson Co. on account, $25,500, terms 2/15, net 45. b. The cost of the goods sold is $19,125. c. The Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. If no entry is required, select "No entry required" and leave the amount boxes blank. Prepare the entries that Sampson Company would record for the information above. If an amount box does not require an...
A B C D E F G H M N O Exercises Twin Oak Corp has the following comparative balance sheet data. $ Cash Receivables (net) Inventory LT Investments Plant and equipment (net) Twin Oak Corp Balance Sheet December 31 2014 $ 25.000 50,000 90,000 75.000 400.000 $6.10.000 70,000 80,000 345.000 145.000 $6.40.000 2013 20.000 45.000 95.000 70,000 370,000 $600.000 75,000 85.000 315.000 125,000 $600.000 2012 $ 18.000 48.000 64,000 45.000 358,000 $533.000 $ 70,000 50.000 300.000 113,000 $933.000 $...
The trial balance of Pacilio Security Services, Inc. as of January 1, Year 6, had the following normal balances: Cash Accounts Receivable Supplies Prepaid Rent Merchandise Inventory (24 @ $265; 1 @ $260) Land Accounts Payable Unearned Revenue Salaries Payable Common Stock Retained Earnings $ 74,210 13,500 200 3,200 6,620 4,000 1,950 900 1,000 50,000 47,880 During Year 6, Pacilio Security Services experienced the following transactions: 1. Paid the salaries payable from Year 5. 2. On March 1, Year 6,...
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