Homework Answers
Net sales = sales - returns = 31,100 - 3400= 27700
Merchandise cost = COGS - COGS of returned goods = 13900 - 1400 = 12500
Discount allowed= net sales * discount rate = 27700*2%= 554
Gross profit earned = Net sales - COGS - discount = 27700 - 12500 - 554 = 14,646 Option c.
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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, $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, $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
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
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...
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.
ilm/takeAssignment takeAssignmentMain doinprogress true e Calculator Abbey Co. sold merchandise to Gomez Co, on account, $29,000,...
ilm/takeAssignment takeAssignmentMain doinprogress true e Calculator Abbey Co. sold merchandise to Gomez Co, on account, $29,000, terms 2/15, net 45. The cost of the goods sold was $13,532. Abbey Co. issued a credit memo for $3,500 for merchandise returned that originally cost $1,434. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? $16,322 $12,892 $3,500 $12,098 Previous Next > Email instructor Submit Test for Grading
O c. $265 O d. $635 Clear my choice on 2 ered Abbey Co. sold merchandise...
O c. $265 O d. $635 Clear my choice on 2 ered Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? ed out of ag question Select one:...
wered Travelli Co. sold merchandise to Trapani Co. on account, $17,000, terms 2/15, net 45. The...
wered Travelli Co. sold merchandise to Trapani Co. on account, $17,000, terms 2/15, net 45. The cost of the merchandise sold is $15,400. Travel Co. issued an allowance for $1,750 for merchandise returned that originally cost $1,400. Trapani Co paid the invoice within the discount period. What is amount of net sales from the above transactions? of 2.50 estion Select one A $17,000 B. $15,250 C. $14,945 D. None of these choices
Sampson Co. sold merchandise to Batson Co. on account, $36,900, terms 2/15, net 45. The cost...
Sampson Co. sold merchandise to Batson Co. on account, $36,900, terms 2/15, net 45. The cost of the merchandise sold is $27,675. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above.
a. Sampson Co. sold merchandise to Batson Co. on account, $29,900, terms 2/15, net 45. b....
a. Sampson Co. sold merchandise to Batson Co. on account, $29,900, terms 2/15, net 45. b. The cost of the merchandise sold is $22,425. c. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above. a. Accounts Payable-Batson Co. Sales b. Cost of Merchandise Sold Merchandise Inventory C Sales Accounts Receivable-Batson Co. Prepare the entries that Batson Co. would...
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, $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
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
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.
ilm/takeAssignment takeAssignmentMain doinprogress true e Calculator Abbey Co. sold merchandise to Gomez Co, on account, $29,000, terms 2/15, net 45. The cost of the goods sold was $13,532. Abbey Co. issued a credit memo for $3,500 for merchandise returned that originally cost $1,434. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? $16,322 $12,892 $3,500 $12,098 Previous Next > Email instructor Submit Test for Grading
O c. $265 O d. $635 Clear my choice on 2 ered Abbey Co. sold merchandise to Gomez Co. on account, $35,000, terms 2/15, net 45. The cost of the merchandise sold was $24,500. Abbey Co. issued a credit memo for $3,600 for merchandise returned that originally cost $1,700. Gomez Co. paid the invoice within the discount period. What is the amount of gross profit earned by Abbey Co. on the above transactions? ed out of ag question Select one:...
wered Travelli Co. sold merchandise to Trapani Co. on account, $17,000, terms 2/15, net 45. The cost of the merchandise sold is $15,400. Travel Co. issued an allowance for $1,750 for merchandise returned that originally cost $1,400. Trapani Co paid the invoice within the discount period. What is amount of net sales from the above transactions? of 2.50 estion Select one A $17,000 B. $15,250 C. $14,945 D. None of these choices
a. Sampson Co. sold merchandise to Batson Co. on account, $29,900, terms 2/15, net 45. b. The cost of the merchandise sold is $22,425. c. Batson Co. paid the invoice within the discount period. Assume both Sampson and Batson use a perpetual inventory system. Prepare the entries that Sampson Co. would record for the information above. a. Accounts Payable-Batson Co. Sales b. Cost of Merchandise Sold Merchandise Inventory C Sales Accounts Receivable-Batson Co. Prepare the entries that Batson Co. would...
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