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Page < 2 of 5 - ZOOM + Use the following to answer questions 18-21 GOL Inc., begins the year with inventory of $51,200 and ends the year with inventory of $44,300. During the year, the following amounts are recorded: Sales Sales returns & allowances Sales discounts Purchases Operating expenses $900,000 6,700 15,000 582,300 212,000 _Net Sales _Calculate cost of goods sold Gross profit 21. % Gross profit ratio (rounded to once decimal place) Chapter 6 Page 6-2 Use the...
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please show work! thank you
Chapter 6 Homework Submit your answers in CANVAS before it is due Use the following to answer questions 1-6 Case 4 Case 1 $85,200 Case 2 $35,400 22,000 Beginning inventory Ending inventory Purchases Cost of goods sold Case 3 $40,000 31,200 447,500 695,000 724,000 41,500 856,200 900,000 654,700 2. $___ For case 1, determine goods available for sale _For case 1, determine ending inventory For case 2, determine goods available for sale For case 2,...
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A company begins the year with inventory of $15,000 and ends the year with inventory of $56,000. During the year amounts are recorded: Purchases $210,000 Purchase returns 30,000 Purchase discounts 17,000 Freight-in 33,000 Calculate cost of goods sold for the year Cost of goods sold Preu 10 10
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A company begins the year with inventory of $46,000 and ends the
year with inventory of $60,000. During the year, the following
amounts are recorded:
Purchases
$
230,000
Purchase
returns
23,000
Purchase
discounts
12,000
Freight-in
33,000
Calculate cost of goods sold for the year.
Cost of goods sold:
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1) Alpha Company provided the following data concerning
its income statement: sales, $900,000; purchases, $401,000;
beginning inventory, $260,000; ending inventory, $252,000;
operating expenses, $102,000; freight-in, $5,000; sales discounts,
$21,000; purchases discounts, $15,000; sales returns &
allowances, $140,000; and purchases returns & allowances,
$44,000. The data are complete and provide the basis for
preparation of an income statement. How much is net
income?
2) Easton Company had average inventory for the year of
$640,000 and an inventory turnover ratio of 8.8....
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Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
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PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported the following selected amounts at lune 30, 2019 (the beginning inventory balance is also provides (25 Points) Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings AED 22,000 19,000 96,000 5,000 8,500 3,200 212.400 1,400 44,200 45,000 24,500 T Compute the following:...
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PART B: COMPREHENSIVE QUESTIONS: SHOW WURK PORTA 7. Durable Equipment Company uses the periodie inventory system. Durable reported the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided (25 Points) AED Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings 22,000 19,000 96.000 5,000 8,500 3,200 212.400 1.400 44,200 45,000 24,500 Compute the...
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The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable 25,000 Freight-In 2,400 8,300 Inventory, December 31, 2019 Prepaid Rent 8,000 Purchases 69,700 Purchases Discounts Purchases Returns and Allowances $1,500 2,350 Sales Discounts 4,550 Sales Revenue 115,000 Sales Salaries Expense 15,000 Required: Prepare a partial income statement through gross profit. The beginning inventory balance was $10,000. ROBERTS COMPANY Income Statement For Year Ended December 31, 2019
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Required information (The following information applies to the questions displayed below.) Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $53,000 and a cost of $36,930 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $327,870 6,700 5,800 Retail $570,000 18,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in...
Page < 2 of 5 - ZOOM + Use the following to answer questions 18-21 GOL Inc., begins the year with inventory of $51,200 and ends the year with inventory of $44,300. During the year, the following amounts are recorded: Sales Sales returns & allowances Sales discounts Purchases Operating expenses $900,000 6,700 15,000 582,300 212,000 _Net Sales _Calculate cost of goods sold Gross profit 21. % Gross profit ratio (rounded to once decimal place) Chapter 6 Page 6-2 Use the...
please show work! thank you
Chapter 6 Homework Submit your answers in CANVAS before it is due Use the following to answer questions 1-6 Case 4 Case 1 $85,200 Case 2 $35,400 22,000 Beginning inventory Ending inventory Purchases Cost of goods sold Case 3 $40,000 31,200 447,500 695,000 724,000 41,500 856,200 900,000 654,700 2. $___ For case 1, determine goods available for sale _For case 1, determine ending inventory For case 2, determine goods available for sale For case 2,...
A company begins the year with inventory of $15,000 and ends the year with inventory of $56,000. During the year amounts are recorded: Purchases $210,000 Purchase returns 30,000 Purchase discounts 17,000 Freight-in 33,000 Calculate cost of goods sold for the year Cost of goods sold Preu 10 10
Flounder Corp. uses a periodic inventory system and reports the following information: sales $1,840,000; sales returns and allowances $125,000; sales discounts $29,000; purchases $879,000; purchase returns and allowances $12,000; purchase discounts $15,000; freight in $14,000; freight out $41,000; beginning inventory $99,000; and ending inventory $78,000. Assuming Flounder uses a multiple-step income statement Calculate net sales Net sales $ Calculate net purchases. Net purchases $ Calculate cost of goods purchased. Cost of goods purchased 5 Calculate cost of goods sold. Cost...
PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported the following selected amounts at lune 30, 2019 (the beginning inventory balance is also provides (25 Points) Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings AED 22,000 19,000 96,000 5,000 8,500 3,200 212.400 1,400 44,200 45,000 24,500 T Compute the following:...
PART B: COMPREHENSIVE QUESTIONS: SHOW WURK PORTA 7. Durable Equipment Company uses the periodie inventory system. Durable reported the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided (25 Points) AED Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings 22,000 19,000 96.000 5,000 8,500 3,200 212.400 1.400 44,200 45,000 24,500 Compute the...
The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable 25,000 Freight-In 2,400 8,300 Inventory, December 31, 2019 Prepaid Rent 8,000 Purchases 69,700 Purchases Discounts Purchases Returns and Allowances $1,500 2,350 Sales Discounts 4,550 Sales Revenue 115,000 Sales Salaries Expense 15,000 Required: Prepare a partial income statement through gross profit. The beginning inventory balance was $10,000. ROBERTS COMPANY Income Statement For Year Ended December 31, 2019
Required information (The following information applies to the questions displayed below.) Raleigh Department Store uses the conventional retail method for the year ended December 31, 2019. Available information follows: a. The inventory at January 1, 2019, had a retail value of $53,000 and a cost of $36,930 based on the conventional retail method. b. Transactions during 2019 were as follows: Cost $327,870 6,700 5,800 Retail $570,000 18,000 Gross purchases Purchase returns Purchase discounts Gross sales Sales returns Employee discounts Freight-in...