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Using the following information, what is the amount of net sales? What is Cost of Goods...
Question 9 3 pts Using the following information, what is the amount of merchandise available for sale? $32,000 5,700 $...
Question 9 3 pts Using the following information, what is the amount of merchandise available for sale? $32,000 5,700 $960 6,370 Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and allowances Purchases discounts Merchandise inventory September 30 Sales 910 63,000 1,200 Freight In 1,040 35,540 36,580 37,700 34,500
3. Which of the following is recorded in the cash payments journal? a. adjusting entry for...
3. Which of the following is recorded in the cash payments journal? a. adjusting entry for accrued salaries b. receipt of cash on supplies returned c. receipt of cash from services rendered d. payment of employees' salaries 4. When posting the column totals of a cash payments journal, a debit should be posted to a. Cash b. Accounts Payable c. Sales Discounts d. Unearned Revenue 5. Generally, the revenue account for a merchandising business is entitled a. Sales b. Net...
Petty Cash Fund Entries Main Menu ladies clothing - > Main Menu Question 4 BankMobile:Card .....
Petty Cash Fund Entries
Main Menu ladies clothing - > Main Menu Question 4 BankMobile:Card .. Using the following information, what is the amount of merchandise available for sale? $32,000 5,700 Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and allowances Purchases discounts Merchandise inventory September 30 Sales $960 6,370 910 63,000 1,200 Freight In 1,040 $35,540 $36.580 $37.700 $34.500 Question 5 4 pts Merchandise subject to terms 1/10.n/30. FOB shipping point is sold on account to...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances 1,800 Purchases discounts 1,250 1,590 Freight-in Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.
The following information was taken from the accounting records of Bryan’s Auto Part for the month...
The following information was taken from the accounting records of Bryan’s Auto Part for the month of March, 20--: Sales $450,000 Sales Returns and Allowances 2,410 Sales Discounts 960 Purchases 185,000 Purchases Returns and Allowances 8,540 Purchases Discounts 6,560 Freight-In 2,225 Merchandise Inventory, March 1 48,000 Merchandise Inventory, March 31 28,000 Complete a partial income statement for the month of March, showing gross profit. Sales Sales returns and allowances Sales discounts Net sales Cost of goods sold:...
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods...
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods sold, (c) gross margin from sales, and (d) net income. Freight In $ 400 Merchandise Inventory, Jan.1 30,000 Gross Sales 120,000 Purchase Discounts 600 Advertising Expense 8,000 Purchases 40,000 Merchandise Inventory, Dec.31 10,000 Sales Returns and Allowances 1,000 General and Administrative Expenses 14,000 Net Sales a. ____________________ Cost of Goods Sold b. ____________________ Gross Margin from Sales ...
1/8, Daniel's end-of-period spreadsheet at the end of July has SASSOn the Balance Sheet Credit column...
1/8, Daniel's end-of-period spreadsheet at the end of July has SASSOn the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $2.600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? $12,550 b. $7,600 c. $4,950% d. $2,650 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset current liability d. long-term...
8,Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column...
8,Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $7,600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? X$12,550 b. $7,600 c. $4,950x d. $2,650x 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset XCurrent liability d. long-term...
Using the following information, prepare the Cost of Goods Sold section of an income statement. Purchases...
Using the following information, prepare the Cost of Goods Sold section of an income statement. Purchases Discounts $8,500 Merchandise Inventory, December 31 189,000 Purchases 476,000 Merchandise Inventory, January 1 185,000 Purchases Returns and Allowances 9,000 Freight In 12,000 Income Statement (Partial) $ $ $ Net Purchases $ $ $
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...
Question 9 3 pts Using the following information, what is the amount of merchandise available for sale? $32,000 5,700 $960 6,370 Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and allowances Purchases discounts Merchandise inventory September 30 Sales 910 63,000 1,200 Freight In 1,040 35,540 36,580 37,700 34,500
3. Which of the following is recorded in the cash payments journal? a. adjusting entry for accrued salaries b. receipt of cash on supplies returned c. receipt of cash from services rendered d. payment of employees' salaries 4. When posting the column totals of a cash payments journal, a debit should be posted to a. Cash b. Accounts Payable c. Sales Discounts d. Unearned Revenue 5. Generally, the revenue account for a merchandising business is entitled a. Sales b. Net...
Petty Cash Fund Entries
Main Menu ladies clothing - > Main Menu Question 4 BankMobile:Card .. Using the following information, what is the amount of merchandise available for sale? $32,000 5,700 Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and allowances Purchases discounts Merchandise inventory September 30 Sales $960 6,370 910 63,000 1,200 Freight In 1,040 $35,540 $36.580 $37.700 $34.500 Question 5 4 pts Merchandise subject to terms 1/10.n/30. FOB shipping point is sold on account to...
Using the following information, answer the questions. $198,000 Net sales 92,000 Purchases Purchases returns and allowances 1,800 Purchases discounts 1,250 1,590 Freight-in Merchandise inventory, beginning of period 63,000 Merchandise inventory, end of period 37,000 Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Determine the cost of goods sold. Cost of Goods Sold Section Net purchases Cost of goods sold Determine the gross profit.
1/8, Daniel's end-of-period spreadsheet at the end of July has SASSOn the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $2.600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? $12,550 b. $7,600 c. $4,950% d. $2,650 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset current liability d. long-term...
8,Daniel's end-of-period spreadsheet at the end of July has $4,950 in the Balance Sheet Credit column for Accumulated Depreciation. The end-of-period spreadsheet at the end of August has $7,600 in the Balance Sheet Credit column for Accumulated Depreciation. What is the amount of the depreciation expense adjustment for the month of August? X$12,550 b. $7,600 c. $4,950x d. $2,650x 9. Prepaid insurance is reported on the balance sheet as a a. current asset b. fixed asset XCurrent liability d. long-term...
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...
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