Homework Answers
| 1 | |
| Merchandise Inventory, September 1 | 43000 |
| Add: Purchases | 111000 |
| Less: Merchandise Inventory, September 30 | -38000 |
| Cost of goods sold for Samuel Merchandising Co. | 116000 |
| 2 | |
| Finished goods, September 1 | 61000 |
| Add: Cost of goods manufactured | 267000 |
| Less: Finished goods, September 30 | -67000 |
| Cost of goods sold for Clark Manufacturing Inc. | 261000 |
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Check My Work ( rem and Haค.facturer The following data were taken from the general ledgers...
P1-2 Cost of goods sold-merchandiser and manufacturer The following data were taken from the general ledgers...
P1-2 Cost of goods sold-merchandiser and manufacturer The following data were taken from the general ledgers and other sources of Gamma Manufacturing Inc. and Epsilon Merchandising Co. on April 30 of the current year: X Merchandise inventory, April 1 $ 38,000 Finished goods, April 1 67,000 Purchases..... 121,000 Cost of goods manufactured.. 287,000 Merchandise inventory, April 30. 33,000 Finished goods, April 30 61,000 Required: 1. Compute the cost of goods sold for Epsilon Merchandising Co., selecting the appropriate items from...
The following selected account balances were taken from ABC Company's general ledgers for 2019: J...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 61,000 36,000 Notes payable 95,000 81,000 Unearned revenue 18,000 25,000 Accounts payable 49,000 53,000 Retained earnings 23,000 42,000 Land 80,000 ? Common stock 38,000 92,000 Accounts receivable 53,000 77,000 ABC Company's 2019 income statement included sales revenue of $420,000, loss on sale of land of $14,000, and net income of $32,000. ABC Company's 2019 statement of cash flows included...
Question 2 The following selected account balances were taken from ABC Company's general ledgers for 2019:...
Question 2 The following selected account balances were taken from ABC Company's general ledgers for 2019: Inventory Notes payable Unearned revenue Accounts payable Retained earnings Land Common stock Accounts receivable January 1, 2019 61,000 95,000 18,000 49,000 23,000 80,000 38,000 53,000 December 31, 2019 36,000 81,000 25,000 53,000 42,000 92,000 77,000 ABC Company's 2019 income statement included sales revenue of $420,000, loss on sale of land of $14,000, and net income of $32,000. ABC Company's 2019 statement of cash flows...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1,...
The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 December 31, 2019 Inventory 74,000 56,000 Accounts payable 50,000 28,000 Salaries payable 9,000 4,000 Investments 68,000 75,000 Accounts receivable 69,000 35,000 Land 58,000 88,000 Notes payable 195,000 120,000 Unearned revenue 17,000 25,000 Common stock 100,000 190,000 Retained earnings 23,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 68,000 Net...
Question 4 The following selected account balances were taken from ABC Company's general ledgers for 2019:...
Question 4 The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 Inventory 61,000 Notes payable 95,000 Unearned revenue 18,000 Accounts payable 49,000 Retained earnings 23,000 Land 80,000 Common stock 38,000 Accounts receivable 53,000 December 31, 2019 36,000 81,000 25,000 53,000 42,000 ? 92,000 77,000 ABC Company's 2019 income statement included sales revenue of $420.000, loss on sale of land of $14,000, and net income of $32,000. ABC Company's 2019 statement of cash...
Question 4 The following selected account balances were taken from ABC Company's general ledgers for 2019:...
Question 4 The following selected account balances were taken from ABC Company's general ledgers for 2019: Inventory Accounts payable Salaries payable Investments Accounts receivable Land Notes payable Unearned revenue Common stock Retained earnings January 1, 2019 74,000 50,000 9,000 68,000 69,000 58,000 195,000 17,000 100,000 23,000 December 31, 2019 56,000 28,000 4,000 75,000 35,000 88,000 120,000 25,000 190,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue Cost of goods sold Salaries expense Net income...
The following selected account balances were taken from XYZ Company's general ledgers for 2022: January 1,...
The following selected account balances were taken from XYZ Company's general ledgers for 2022: January 1, 2022 December 31, 2022 Inventory 47,000 56,000 Accounts payable 50,000 28,000 Salaries payable 4,000 9,000 Investments 69,000 75,000 Accounts receivable 68,000 35,000 Land 58,000 88,000 Notes payable 120,000 95,000 Unearned revenue 17,000 25,000 Common stock 100,000 170,000 Retained earnings 23,000 35,000 The following information was taken from XYZ Company's 2022 income statement: Sales revenue $420,000 Cost of goods sold 300,000 Salaries expense 88,000 Net...
Question 3 The following selected account balances were taken from ABC Company's general ledgers for 2019: January...
Question 3 The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 Inventory 61,000 Notes payable 95,000 Unearned revenue 18,000 Accounts payable 49,000 Retained earnings 23,000 Land 80,000 Common stock 38,000 Accounts receivable 53,000 December 31, 2019 36,000 81,000 25,000 53,000 42,000 92,000 77,000 ABC Company's 2019 income statement included sales revenue of $420,000, loss on sale of land of $14,000, and net income of $32,000. ABC Company's 2019 statement of cash flows...
Check my work The following data from the just completed year are taken from the accounting...
Check my work The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 653,000 $ 87,000 $ 135,000 $ 104,000 $ 42,000 $ 224,000 $ 206,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,500 $ 5,600 $ 77,000 Ending $ 10,000 $ 20,300 $ 25,500 Required: 1....
P1-2 Cost of goods sold-merchandiser and manufacturer The following data were taken from the general ledgers and other sources of Gamma Manufacturing Inc. and Epsilon Merchandising Co. on April 30 of the current year: X Merchandise inventory, April 1 $ 38,000 Finished goods, April 1 67,000 Purchases..... 121,000 Cost of goods manufactured.. 287,000 Merchandise inventory, April 30. 33,000 Finished goods, April 30 61,000 Required: 1. Compute the cost of goods sold for Epsilon Merchandising Co., selecting the appropriate items from...
Question 2 The following selected account balances were taken from ABC Company's general ledgers for 2019: Inventory Notes payable Unearned revenue Accounts payable Retained earnings Land Common stock Accounts receivable January 1, 2019 61,000 95,000 18,000 49,000 23,000 80,000 38,000 53,000 December 31, 2019 36,000 81,000 25,000 53,000 42,000 92,000 77,000 ABC Company's 2019 income statement included sales revenue of $420,000, loss on sale of land of $14,000, and net income of $32,000. ABC Company's 2019 statement of cash flows...
Question 4 The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 Inventory 61,000 Notes payable 95,000 Unearned revenue 18,000 Accounts payable 49,000 Retained earnings 23,000 Land 80,000 Common stock 38,000 Accounts receivable 53,000 December 31, 2019 36,000 81,000 25,000 53,000 42,000 ? 92,000 77,000 ABC Company's 2019 income statement included sales revenue of $420.000, loss on sale of land of $14,000, and net income of $32,000. ABC Company's 2019 statement of cash...
Question 4 The following selected account balances were taken from ABC Company's general ledgers for 2019: Inventory Accounts payable Salaries payable Investments Accounts receivable Land Notes payable Unearned revenue Common stock Retained earnings January 1, 2019 74,000 50,000 9,000 68,000 69,000 58,000 195,000 17,000 100,000 23,000 December 31, 2019 56,000 28,000 4,000 75,000 35,000 88,000 120,000 25,000 190,000 63,000 The following information was taken from ABC Company's 2019 income statement: Sales revenue Cost of goods sold Salaries expense Net income...
Question 3 The following selected account balances were taken from ABC Company's general ledgers for 2019: January 1, 2019 Inventory 61,000 Notes payable 95,000 Unearned revenue 18,000 Accounts payable 49,000 Retained earnings 23,000 Land 80,000 Common stock 38,000 Accounts receivable 53,000 December 31, 2019 36,000 81,000 25,000 53,000 42,000 92,000 77,000 ABC Company's 2019 income statement included sales revenue of $420,000, loss on sale of land of $14,000, and net income of $32,000. ABC Company's 2019 statement of cash flows...
Check my work The following data from the just completed year are taken from the accounting records of Mason Company: Sales Direct labor cost Raw material purchases Selling expenses Administrative expenses Manufacturing overhead applied to work in process Actual manufacturing overhead costs $ 653,000 $ 87,000 $ 135,000 $ 104,000 $ 42,000 $ 224,000 $ 206,000 Inventories Raw materials Work in process Finished goods Beginning $ 8,500 $ 5,600 $ 77,000 Ending $ 10,000 $ 20,300 $ 25,500 Required: 1....
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