Homework Answers
| Sales | 119500 | |
| Less: Sales returns and allowances | -940 | |
| Less: Sales Discounts | -710 | |
| Net sales | 117850 | |
| Merchandise Inventory, January 1 | 35700 | |
| Add: Purchases during the period | 76900 | |
| Add: Freight-in | 1300 | |
| Less: Purchases returns and allowances | -3880 | |
| Less: Purchase discounts | -2160 | |
| Cost of goods available for sale | 107860 | |
| Less: Merchandise Inventory, December 31 | -31900 | |
| Cost of goods sold | 75960 | |
| Net sales | 117850 | |
| Less: Cost of goods sold | 75960 | |
| Gross Profit | 41890 |
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Main doinvokere&takeAssignmentSessionLocator Binprogressetalse eBook Show Me How Calculator Computing Gross Profit The following data were taken...
ReadSpeaker E 11-4A Computing Gross Profit (L02 ) The following data were taken from the accounts...
ReadSpeaker E 11-4A Computing Gross Profit (L02 ) The following data were taken from the accounts of Fluter Hardware, a small retail business. Determine the gross profit. Sales Sales returns and allowances Sales discounts Merchandise inventory, January 1 Purchases during the period Purchases returns and allowances during the period Purchases discounts taken during the period Freight-in on merchandise purchased during the period Merchandise inventorv. December 31 $120,000 900 650 35,000 77,600 4,100 2,300 1,250 32.000
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The following information was taken from the accounting records of Northern Lights for the month of...
The following information was taken from the accounting records of Northern Lights for the month of October, 20--: Sales $344,000 Sales Returns and Allowances 3,410 Sales Discounts 370 Purchases 194,500 Purchases Returns and Allowances 9,740 Purchases Discounts 5,560 Freight-In 1,580 Merchandise Inventory, October 1 42,000 Merchandise Inventory, October 31 33,000 Complete a partial income statement for the month of October, showing gross profit. Northern Lights Income Statement (partial) For the month ended October 31, 20- Sales Sales returns and allowances...
help me please Do you want to install the update eBook Show Me How Calculator Calculation...
help me please
Do you want to install the update eBook Show Me How Calculator Calculation of Cost of Goods Sold: Periodic Inventory System With Sales Returns And Allowances Instructions Amount Descriptions Income Statement Н Instructions The following amounts are known: $31.000 25,000 62,000 Beginning merchandise inventory Ending merchandise inventory Purchases Purchases returns and allowances Purchases discounts Freight-in 2,600 3,500 290 Assume the business makes estimates for sales returns and allowances at year end. The balances for estimated returns inventory...
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eBook Calculator Gross Profit Method Based on the following data, estimate the cost of the ending...
eBook Calculator Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $4,300,000 42% Estimated gross profit rate Beginning inventory Purchases (net) $2,477,000 251,000 $2,728,000 Merchandise available for sale Estimated Cost of Ending Inventory Merchandise available for sale $2,728,000 Estimated cost of goods sold 4,300,000 Estimated ending inventory Feedback Check My Work Inventory available for sale - estimated cost of goods sold = estimated cost of inventory. Recall that the estimated cost of goods...
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2)
3)
Gross Profit During the current year, merchandise is sold for $100,000 cash and $505,400 on account. The cost of merchandise sold is $423,800. What is the amount of the gross profit? Purchases Transactions Rolfes Company purchased merchandise on account from a supplier for $11,100, terms 2/10, n/30. Rolfes Company returned $2,300 of the merchandise and received full credit. a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for...
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The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: Increase in estimated returns inventory $ 9,400 Merchandise inventory, May 1, 2018 377,900 Merchandise inventory, April 30, 2019 472,400 Purchases 3,070,400 Purchases returns and allowances 94,500 Purchases discounts 56,700 Sales 4,723,700 Freight in 14,200 a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. Harkins Company Income...
3. Which of the following is recorded in the cash payments journal? a. adjusting entry for...
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CALCULATOR INTER VERSION BACK NEX Exercise 9-14 Metlock Company uses the gross profit method to estimate...
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ReadSpeaker E 11-4A Computing Gross Profit (L02 ) The following data were taken from the accounts of Fluter Hardware, a small retail business. Determine the gross profit. Sales Sales returns and allowances Sales discounts Merchandise inventory, January 1 Purchases during the period Purchases returns and allowances during the period Purchases discounts taken during the period Freight-in on merchandise purchased during the period Merchandise inventorv. December 31 $120,000 900 650 35,000 77,600 4,100 2,300 1,250 32.000
The following information was taken from the accounting records of Northern Lights for the month of October, 20--: Sales $344,000 Sales Returns and Allowances 3,410 Sales Discounts 370 Purchases 194,500 Purchases Returns and Allowances 9,740 Purchases Discounts 5,560 Freight-In 1,580 Merchandise Inventory, October 1 42,000 Merchandise Inventory, October 31 33,000 Complete a partial income statement for the month of October, showing gross profit. Northern Lights Income Statement (partial) For the month ended October 31, 20- Sales Sales returns and allowances...
help me please
Do you want to install the update eBook Show Me How Calculator Calculation of Cost of Goods Sold: Periodic Inventory System With Sales Returns And Allowances Instructions Amount Descriptions Income Statement Н Instructions The following amounts are known: $31.000 25,000 62,000 Beginning merchandise inventory Ending merchandise inventory Purchases Purchases returns and allowances Purchases discounts Freight-in 2,600 3,500 290 Assume the business makes estimates for sales returns and allowances at year end. The balances for estimated returns inventory...
eBook Calculator Gross Profit Method Based on the following data, estimate the cost of the ending inventory: Sales $4,300,000 42% Estimated gross profit rate Beginning inventory Purchases (net) $2,477,000 251,000 $2,728,000 Merchandise available for sale Estimated Cost of Ending Inventory Merchandise available for sale $2,728,000 Estimated cost of goods sold 4,300,000 Estimated ending inventory Feedback Check My Work Inventory available for sale - estimated cost of goods sold = estimated cost of inventory. Recall that the estimated cost of goods...
1)
2)
3)
Gross Profit During the current year, merchandise is sold for $100,000 cash and $505,400 on account. The cost of merchandise sold is $423,800. What is the amount of the gross profit? Purchases Transactions Rolfes Company purchased merchandise on account from a supplier for $11,100, terms 2/10, n/30. Rolfes Company returned $2,300 of the merchandise and received full credit. a. If Rolfes Company pays the invoice within the discount period, what is the amount of cash required for...
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