Homework Answers
Freight out is not included in
Inventoriable cost
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The following information applied to Waterway Industries for 2020: Merchandise purchased for resale Freight-in Freight-out Purchase...
The following information applied to Bonita Industries for 2020: Merchandise purchased for resale $406000 Freight-in 8100...
The following information applied to Bonita Industries for 2020: Merchandise purchased for resale $406000 Freight-in 8100 Freight-out 5400 Purchase returns 2500 Bonita's 2020 inventoriable cost was $408900. $406000. $417000. $411600.
The following information is available for Waterway Industries for 2020: Disbursements for purchases $1556000 Increase in...
The following information is available for Waterway Industries for 2020: Disbursements for purchases $1556000 Increase in trade accounts payable 98000 Decrease in merchandise inventory 38000 Cost of goods sold for 2020 was
Novak Inc., a retail store chain, had the following information in its general ledger for the...
Novak Inc., a retail store
chain, had the following information in its general ledger for the
year 2018.
(a5) Novak Inc., a retail store chain, had the following information in its general ledger for the year 2018. Merchandise purchased for resale $956,069 Interest on notes payable to vendors 8,198 Purchase returns 17,650 Freight-in 21,610 Freight-out (delivery expense) 17,832 Cash discounts on purchases 6,582 What is Novak's inventoriable cost for 2018? Novak's inventoriable cost for 2018 $ LINK TO TEXT LINK...
Jackson Company reported the following information relating to its inventory for 2020: sales revenue ........... freight-in...
Jackson Company reported the following information relating to its inventory for 2020: sales revenue ........... freight-in ....... purchase returns .......... cost of goods available for sale .......... purchases .......... gross profit ........... freight-out ... purchase discounts ........ ... $427,000 10,980 16,590 419, 250 392,800 96,250 11,730 ? Jackson Company reported an inventory turnover ratio of 4.20 for 2020. Calculate the amount of purchase discounts reported by Jackson Company during 2020.
The following information was taken from the annual manufacturing overhead cost budget of Waterway Industries. Variable...
The following information was taken from the annual manufacturing overhead cost budget of Waterway Industries. Variable manufacturing overhead costs $52800 Fixed manufacturing overhead costs $26400 Normal production level in labor hours 22000 Normal production level in units 5500 Standard labor hours per unit 4 During the year, 5325 units were produced, 17240 hours were worked, and the actual manufacturing overhead was $78600. Actual fixed manufacturing overhead costs equaled budgeted fixed manufacturing overhead costs. Overhead is applied on the basis of...
Problem 3 The Jessica Company supplies you with the following information: Freight-in $ 2,000 Freight-out (selling...
Problem 3 The Jessica Company supplies you with the following information: Freight-in $ 2,000 Freight-out (selling expense) 7,000 Gross sales 122,000 Merchandise inventory, Jan 1, 20x4 12,000 Merchandise inventory, Dec 31, 20x4 15,000 Purchases 75,000 Office supplies used 7,000 Purchase discounts 7,000 Purchase returns and allowances 6,000 Sales returns and allowances 15,000 Supplies inventory, Dec 31, 20x4 5,000 Required - Calculate the cost of goods sold for Jessica Company. Prepare the journal entry to (1) record cost of goods sold...
Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue Common stock...
Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $836000 185000 246000 728000 205000 56000 38000 100000 94000 449000 Waterway's stockholders' equity on December 31, 2022 is:
Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue $1200000 Common...
Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue $1200000 Common stock 230000 Equipment 309000 Salaries and wages expense 370000 Rent expense 92500 Depreciation expense 462500 Cash 282000 Dividends 75000 Supplies 42000 Accounts payable 158000 Accounts receivable 104500 Retained earnings, 1/1/22 555000 Waterway's total assets at December 31, 2022 are:
4 Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the...
4 Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the journal, ledger, and financial statements: Perpetual system LO 4-2,4-4, 4-6 [The following information applies to the questions displayed below) The trial balance for Terry's Auto Shop as of January 1 Year 2, follows: Account Titles Debit Credit 516,000 Inventory $20,000 Retained Earnings Total Cash 8.000 Common stock 524.00 $24,000 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise...
Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the journal,...
Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the journal, ledger, and financial statements: Perpetual system LO 4-2, 4-4. 4-6 [The following information applies to the questions displayed below) The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Debit Credit $16,000 Inventory 8,000 Common Stock $20,000 Retained Earnings Total Cash 4,000 $24,000 $24,000 The following events affected the company during the Year 2 accounting period: 1. Purchased...
Novak Inc., a retail store
chain, had the following information in its general ledger for the
year 2018.
(a5) Novak Inc., a retail store chain, had the following information in its general ledger for the year 2018. Merchandise purchased for resale $956,069 Interest on notes payable to vendors 8,198 Purchase returns 17,650 Freight-in 21,610 Freight-out (delivery expense) 17,832 Cash discounts on purchases 6,582 What is Novak's inventoriable cost for 2018? Novak's inventoriable cost for 2018 $ LINK TO TEXT LINK...
Jackson Company reported the following information relating to its inventory for 2020: sales revenue ........... freight-in ....... purchase returns .......... cost of goods available for sale .......... purchases .......... gross profit ........... freight-out ... purchase discounts ........ ... $427,000 10,980 16,590 419, 250 392,800 96,250 11,730 ? Jackson Company reported an inventory turnover ratio of 4.20 for 2020. Calculate the amount of purchase discounts reported by Jackson Company during 2020.
Waterway Industries compiled the following financial information as of December 31, 2022: Service revenue Common stock Equipment Operating expenses Cash Dividends Supplies Accounts payable Accounts receivable Retained earnings, 1/1/22 $836000 185000 246000 728000 205000 56000 38000 100000 94000 449000 Waterway's stockholders' equity on December 31, 2022 is:
4 Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the journal, ledger, and financial statements: Perpetual system LO 4-2,4-4, 4-6 [The following information applies to the questions displayed below) The trial balance for Terry's Auto Shop as of January 1 Year 2, follows: Account Titles Debit Credit 516,000 Inventory $20,000 Retained Earnings Total Cash 8.000 Common stock 524.00 $24,000 The following events affected the company during the Year 2 accounting period: 1. Purchased merchandise...
Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the journal, ledger, and financial statements: Perpetual system LO 4-2, 4-4. 4-6 [The following information applies to the questions displayed below) The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Debit Credit $16,000 Inventory 8,000 Common Stock $20,000 Retained Earnings Total Cash 4,000 $24,000 $24,000 The following events affected the company during the Year 2 accounting period: 1. Purchased...
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