Required 1 : | ||||||||
Inventory | Cost of Goods Sold | |||||||
Beg.Bal | $ 20,000 | JE 3 | $ 20,000 | JE 4 | $ 29,000 | |||
JE 4 | $ 29,000 | JE 3 | $ 20,000 | JE 5 | $ 90,000 | |||
End.Bal. | $ 29,000 | End.Bal. | $ 81,000 |
Required 2 : Compute cost of goods sold by the cost of goods sold model : |
Beginning inventory | $ 20,000 |
Plus: Purchase | $ 90,000 |
Goods available | $ 110,000 |
Less: Ending inventory | ($29,000) |
Cost of goods sold | $ 81,000 |
Required 3 : Prepare the December 2017 income statement of Capital Technologies inc. through Gross profit : |
Capital Technologies Inc. | |
Income Statement | |
For the Year ended December 2017 | |
Sales | $ 155,000 |
Less: Cost of goods sold (Calculation above ) | ($ 81,000) |
Gross Profit | $ 74,000 |
Capital Technologies Inc. began 2017 with inventory of $20.000. During the year. Capital purchased inventory costing...
Cambridge Technologies Inc. began 2017 with inventory of $21,000. During the year, Cambridge purchased inventory costing $110,000 and sold goods for $165,000, with all transactions on account. Cambridge ended the year with inventory of $34,000. Cambridge prepared the following journal entries under the periodic inventory system at year end: och for $185,0CC with winescenccount Carmodge ended the year with in wory of $34.000 Cambridge prepared the followigjcumalis under the Camaridge Tacancies Inc began 2017 with inventory of S2100n During na...
Weston Technologies Inc began 2017 with inventory of $24000 During the year. Weston purchased intory conting $130 000 and sold goods for $15.000 Wedon prepared the following journal entries under the periodic inventory system at year and Click the icon to view the journal entries.) ha actions on account W onded they we r Requirements 1. Post to the Inventory and cost of Goods Sold accounts 2. Compute cost of goods sold by the cost of goods sold model 3....
Cambridge Technologies Inc. began 2017 with inventory of $19.000. During the year. Cambridge purchased Inventory costing $115.000 and old goods for $155.000, wth $32,000 tractions on cout Cambridge anded the y Journalize all the necessary transactions under the periodic inventory system e a r of Requirement 1. Journalize all the necessary transactions under the periodic inventory system (Record debits first, then credits. Explanations are not required) First, journalize the inventory purchase. Journal Entry Debit Credit Jour sales ansaction Journal Entry...
Cambridge Technologies Inc. began 2017 with inventory of $26,000. During the year, Cambridge purchased inventory costing $105,000 and sold goods for $170,000, with all transactions on account. Cambridge ended the year with inventory $33,000 Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journal Entry Accounts Debit Credit Journalize the sales transaction. Journal...
Saxton Technologies Inc. began 2017 with inventory of $26,000. During the year, Saxton purchased inventory costing $125,000 and sold goods for $ 155,000, with all transactions on account. Saxton ended the year with inventory of $34,000. Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the inventory purchase. Journal Entry Accounts Debit Credit Journalize the sales...
Flexon Technologies began the year with inventory of $500. During the year, Flexon purchased inventory costing $1,160 and sold goods for $2,700, with all transactions on account. Flexon ended the year with inventory of $670. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Exclude explanations from journal entries.) Journalize the inventory purchase. Journal Entry Accounts Debit Credit
Capital tech inc stared 2017 with inventory of: Capital Tectroluyios inc. Leyar 2017 with inventory of $10,0CC. During the year. Capia purchased inventory cueling $100,000 and so good for $175,000, with al transactions on account. Capital ended the year with immertory of $38.000. Joumalize all the necessary transactions under the parede Inventory system. Requirement 1. Joumalze al the necessary transactions under the periodo inventory system. (Record debits first, then credits. Explanations are not required) Frs journaia ha rwantory purch Joumal...
Technologies Inc. began 20172017 with inventory of $ 25 comma 000$25,000. During the year, ParklandParkland purchased inventory costing $ 110 comma 000$110,000 and sold goods for $ 155 comma 000$155,000, with all transactions on account. ParklandParkland ended the year with inventory of $ 34 comma 000$34,000. Journalize all the necessary transactions under the periodic inventory system. Requirement 1. Journalize all the necessary transactions under the periodic inventory system. (Record debits first, then credits. Explanations are not required.) First, journalize the...
Sunny Technologies Inc. began operations on January 1, 2016. Its post-closing trial balance at December 31, 2016 and 2017, is shown below along with some other information. Sunny Technologies Inc. Income Statement For Year Ended December 31, 2017 Revenues: Sales Cost of goods sold Gross Profit Expenses and other Other expenses Depreciation expense Total operating expenses $627,400 483,400 144,000 $155,400 25,800 181,200 (37,200) 21,000 Operating Profit (Loss) Loss on sales of plant assets Profit (Loss) $(58,200) Sunny Technologies Inc. Post-Closing...
End of 2017 Beginning of 2017 28,000 24,000 16,000 Benesch Company Direct materials inventory Work-in-process inventory Finished-goods inventory Purchases of direct materials Direct manufacturing labor Indirect manufacturing labor Plant insurance Depreciation-plant, building, and equipment Repairs and maintenance-plant Marketing, distribution, and customer service costs General and administrative costs 29,000 21,000 20,000 79,000 22,000 14,000 8,000 15,000 5,000 98,000 23,000 Consider the following account balances (in thousands) for the Benesch Company B Click the icon to view the account balances.) Requirements 1....