Grey Co. sold $45,000 of inventory for $55,000. The customer paid $13,000 in cash for the...
Grey Co. sold $45,000 of inventory for $55,000. The customer paid $13,000 in cash for the inventory and will pay the remainder in 30 days. The customer plans to sell the inventory for $65,000. Prepare the journal entry for Grey Co. Sales for the period were $50,000. Gross profit margin is 10% of sales. What was the dollar amount of the cost of goods sold?
Homework Answers
Journal
|
Date |
Account Title and Explanation |
Debit |
Credit |
| a | Cash | 13,000 | |
| Accounts receivable | 42,000 | ||
| Sales | 55,000 | ||
| (To record sales) | |||
| b | Cost of goods sold | 45,000 | |
| Inventory | 45,000 | ||
| (To record cost of goods sold) |
Sales = $50,000
Gross profit margin = 10% of sales
= 50,000 x 10%
= $5,000
Cost of goods sold = Sales - Gross profit margin
= 50,000 - 5,000
= $45,000
kindly give a positive rating if you are satisfied with the solution. Please ask if you have any query related to the question, Thanks.
Add Answer to:
Grey Co. sold $45,000 of inventory for $55,000. The customer
paid $13,000 in cash for the...
2 Record the cost of goods sold of $24,797. 3 Record the return by a customer...
2 Record the cost of goods sold of $24,797.
3 Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $500 was given to
the customer.
4 Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $300.
5 Record the sales on account of $9,000 on terms n/60.
6 Record the cost of goods sold of $4,275.
7 Record the collection of half of...
Parent Co owns 100% of the common stock of Sub Co. Parent Co sold inventory with...
Parent Co owns 100% of the common stock of Sub Co. Parent Co
sold inventory with a cost of $1,000,000 to Sub Co for $1,100,000
during Year 1. The Year 1 ending inventory of Sub Co included goods
purchased from Parent Co for $660,000. Sub Co had a remaining
account payable balance to Parent Co of $200,000 on December 31,
Year 1.
Record the eliminating journal entry
Q: The following eliminating journal entry and T account are my
understanding of...
Question 08 (Part Level Submission) Inventory was purchased on credit in April and paid for in...
Question 08 (Part Level Submission)
Inventory was purchased on credit in April and paid for in May
by Lebel Ltée. Lebel sold and delivered the merchandise, along with
an invoice, to a customer in June. The customer paid Lebel for the
merchandise in July.
(a) In which month should Lebel record the sale as revenue and
in which month should Lebel record the cost of goods sold as
expense?
The company should record the sale as revenue in the month...
1)Grey Co paid $2,448 cash on September 30 to rent an arena for the months of...
1)Grey Co paid $2,448 cash on September 30 to rent an arena for the months of October, November and December. Grey prepares monthly financial statements. Rent expense reflected on the November income statement will be $_________ 2) Bailey Corporation, prepares the following adjustments required at the end of the month on July 31: Before these adjustments, Bailey had assets of $70,000, Liabilities of $50,000 and Stockholders’ equity of $20,000. Here are the adjustments made: a. Received a $724 utility bill...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets $90,000 $65,000 $23,400 $75,000 $81,000 Compute (a) profit margin and (b) return on total assets Complete this question by entering your answers in the tabs below. Profit Margin Ratio Return On Total Assets Compute the profit margin ratio. Choose Numerator: Profit Margin Ratio Choose Denominator - = Profit Margin Ratio Profit margin ratio...
usinf the amounts below, calculate the inventory turnover ratio, average days in inventory, and gross profit...
usinf the amounts below, calculate the inventory turnover
ratio, average days in inventory, and gross profit ratio.
nventory turnover ratio, average days in inventory Net sales $250,000 180,000 Cost of goods sold Beginning inventory Ending inventory 55,000 45,000 ing a periodic system (106-8)
a)Record the cash sales of $500,000. b)Record the cost of goods sold of $224,350. c)Record the...
a)Record the cash sales of $500,000.
b)Record the cost of goods sold of $224,350.
c)Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $3,000 was given to
the customer.
d)Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $1,900.
e)Record the sales on account of $5,000 on terms n/30.
f)Record the cost of goods sold of $3,000.
g)Record the collection of half of...
Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $67,000.
Sales-related transactions Sayers Co. sold merchandise on account to a customer for $80,000 terms 2/10, n/30. The cost of the goods sold was $67,000. a. Journalize Sayers' entries to record the sale. b. Journalize the receipt of payment within the discount period. c. Journalize the entry to record the receipt of payment beyond the discount period of ten days.
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B)...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
A company that uses the perpetual inventory system sold goods to a customer for cash for...
A company that uses the perpetual inventory system sold goods to a customer for cash for $4.500 The cost of the goods sold was $1.000 Which of the wong journal entre correctly records this transaction? 4.600 4600 4.600 4.600 1,000 OA Merchandise Inventory Sales Revenue OB Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory O c. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OD. Cost of Goods Sold Sales Revenue 1,000 4,600 1,000 4,600 1,000 4,600
2 Record the cost of goods sold of $24,797.
3 Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $500 was given to
the customer.
4 Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $300.
5 Record the sales on account of $9,000 on terms n/60.
6 Record the cost of goods sold of $4,275.
7 Record the collection of half of...
Parent Co owns 100% of the common stock of Sub Co. Parent Co
sold inventory with a cost of $1,000,000 to Sub Co for $1,100,000
during Year 1. The Year 1 ending inventory of Sub Co included goods
purchased from Parent Co for $660,000. Sub Co had a remaining
account payable balance to Parent Co of $200,000 on December 31,
Year 1.
Record the eliminating journal entry
Q: The following eliminating journal entry and T account are my
understanding of...
Question 08 (Part Level Submission)
Inventory was purchased on credit in April and paid for in May
by Lebel Ltée. Lebel sold and delivered the merchandise, along with
an invoice, to a customer in June. The customer paid Lebel for the
merchandise in July.
(a) In which month should Lebel record the sale as revenue and
in which month should Lebel record the cost of goods sold as
expense?
The company should record the sale as revenue in the month...
Edison Co, reported the following for the current year Net sales Cost of goods sold Net income Beginning balance of total assets Ending balance of total assets $90,000 $65,000 $23,400 $75,000 $81,000 Compute (a) profit margin and (b) return on total assets Complete this question by entering your answers in the tabs below. Profit Margin Ratio Return On Total Assets Compute the profit margin ratio. Choose Numerator: Profit Margin Ratio Choose Denominator - = Profit Margin Ratio Profit margin ratio...
usinf the amounts below, calculate the inventory turnover
ratio, average days in inventory, and gross profit ratio.
nventory turnover ratio, average days in inventory Net sales $250,000 180,000 Cost of goods sold Beginning inventory Ending inventory 55,000 45,000 ing a periodic system (106-8)
a)Record the cash sales of $500,000.
b)Record the cost of goods sold of $224,350.
c)Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $3,000 was given to
the customer.
d)Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $1,900.
e)Record the sales on account of $5,000 on terms n/30.
f)Record the cost of goods sold of $3,000.
g)Record the collection of half of...
1) On a merchandising balance sheet, merchandise inventory is listed as a(n) A) current liability. B) expense. C) revenue. D) current asset. 2) A company that uses the perpetual inventory system purchases inventory for $65,000 on account, with terms of 2/1o, n/30. Which of the following is the journal entry to record the payment made within 1 A) a debit to Accounts Payable for $63,700, a debit to Merchandise Inventory for $1,300 and a credit to Cash fors65,000 B) a...
A company that uses the perpetual inventory system sold goods to a customer for cash for $4.500 The cost of the goods sold was $1.000 Which of the wong journal entre correctly records this transaction? 4.600 4600 4.600 4.600 1,000 OA Merchandise Inventory Sales Revenue OB Accounts Receivable Cash Cost of Goods Sold Merchandise Inventory O c. Cash Sales Revenue Cost of Goods Sold Merchandise Inventory OD. Cost of Goods Sold Sales Revenue 1,000 4,600 1,000 4,600 1,000 4,600
Most questions answered within 3 hours.
-
Calculate the molarity of Fe3+ in solution A.
Solution A: 10 mL of 0.0600 M Fe(No3)3 ...
asked 1 minute from now -
two dogs pull 2 strings horizontally which are tied to a sleigh.
the angle between the...
asked 24 seconds from now -
please write a paper about any ethical violation based on the
case study Stanford's Prison Experiment....
asked 20 minutes ago -
What is the advantage of considering each of the
following in calculating the work done by...
asked 26 minutes ago -
Write a stored function that takes a number as its input and
returns that number as...
asked 25 minutes ago -
In the laboratory, a general chemistry student measured the pH
of a 0.527 M aqueous solution...
asked 32 minutes ago -
Water can decompose into H2 and O2 via electrolysis. How many
moles of H2 could theoretically...
asked 40 minutes ago -
How many moles of oxygen would be consumed during the aerobic
oxidation of one mole of...
asked 56 minutes ago -
Choose an enzyme and tell its function and what substrate it
works on.
asked 55 minutes ago -
You are helping the CFO of a manufacturing company assess
whether the firm should embark on...
asked 50 minutes ago -
a) Given these data for the reaction , write the rate-law
expression.
(Use k for the...
asked 55 minutes ago -
Compare two countries how the culture
of those country enhances or impedes your understanding of the...
asked 56 minutes ago