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Problem #1 (15 points) e end of Swann Company year-end on December 31, 2016, Swann Company...
The following balances are from the December 31, 2015 unadjusted trial balance of Carlton Company: Inventory...
The following balances are from the December 31, 2015 unadjusted trial balance of Carlton Company: Inventory (1/1) $64,000 Sales 2,200,000 Sales returns and allowance 150,000 Purchases 1,450,000 Purchase returns and allowances 20,000 Purchase discounts 25,000 Freight-in 40,000 A physical inventory on December 31, found inventory equal to $230,000 on-hand. Carlton uses the periodic inventory method. What is cost of goods sold for 2015?
The adjusted trial for the year ended December 31, 2017 balance data given below is from...
The adjusted trial for the year ended December 31, 2017 balance data given below is from the Morgen Company's worksheet ADJUSTED TRIAL BALANCE DEBIT 62,000 57,000 OUNT N Merchandise Inventory, Jan. 1, 2017 Merchandise Inventory. Dec. 31, 2017 Sales 250,000 Sales Returns and Allowances Purchases 4,500 125,000 Freight In Purchases Returns and Allowances Purchases Discounts 3,000 1,600 1,900 Prepare a classified income statement. up to the Gross Profit for the year ended December 31, 2017. (Input all amount as positive...
ABC Company’s accounting records show the following at the year-end December 31, 2022. Purchase Discounts $ ...
ABC Company’s accounting records show the following at the year-end December 31, 2022. Purchase Discounts $ 3,400 Freight-In $ 6,100 Purchases 162,500 Beginning Inventory 18,000 Ending Inventory 20,000 Purchase Returns and Allowances 5,200 Assuming that ABC Company uses the periodic system, compute cost of goods sold. Show all your work
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016...
Raleigh Department Store uses the conventional retail method for the year ended December 31, 2016. Available information follows: The inventory at January 1, 2016, had a retail value of $46,000 and a cost of $29,160 based on the conventional retail method. Transactions during 2016 were as follows: Cost Retail Gross purchases $ 291,540 $ 500,000 Purchase returns 6,000 11,000 Purchase discounts 5,100 Gross sales 500,000 Sales returns 8,500 Employee discounts 3,500 Freight-in 27,000 Net markups 26,000 Net markdowns 11,000 Sales...
1. For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances...
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
The June 30, 2021, year-end trial balance for Askew company contained the following information: Credit Debit 32,500 38...
The June 30, 2021, year-end trial balance for Askew company contained the following information: Credit Debit 32,500 385,000 Account Inventory, 7/1/2020 Sales revenue Sales returns Purchases Purchase discounts Purchase returns Freight-in 12,500 245,000 6,500 10,500 18,000 In addition, you determine that the June 30, 2021, inventory balance is $40,500. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021. Cost of goods sold This is a numeric cell, so please enter numbers...
Problem 6-10A a-b Swifty Company lost all of its inventory in a fire on December 26, 2020. The accounting records...
Problem 6-10A a-b Swifty Company lost all of its inventory in a fire on December 26, 2020. The accounting records showed the following gross profit data for November and December December November (to 12/26) Net sales $602,500 $740,000 Beginning inventory 31,000 37,000 Purchases 381,000 430,000 Purchase returns and allowances 14,000 14,900 Purchase discdents 8,500 9,500 Freight-in 9,000 10,200 Ending Inventory 37 000 Swifty is fully insured for fire losses but must prepare a report for the insurance company. Compute the...
On January 1, 2019, Sheffield Corp. had inventory of $52,000. At December 31, 2019, Sheffield had...
On January 1, 2019, Sheffield Corp. had inventory of $52,000. At December 31, 2019, Sheffield had the following account balances. Freight-in Purchases Purchase discounts Purchase returns and allowances Sales revenue Sales discounts Sales returns and allowances $4,100 504,000 6,350 3,150 803,000 5,400 10,300 At December 31, 2019, Sheffield determines that its ending inventory is $62,000. Compute Sheffield's 2019 gross profit. Gross profit $ e Textbook and Media Compute Sheffield's 2019 operating expenses if net income is $134,000 and there are...
Answer both questions please. QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning...
Answer both questions please.
QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $105,000 15,300 67,500 42,900 What is Maercker Company's Ending Inventory and Cost of Goods Sold for the year? O A. Ending Inventory $17,500; Cost of Goods SoldS40,400 O B. Ending Inventory $ 9,900; Cost of Goods Sold $62,100 O C. Ending Inventory $20,700; Cost of Goods Sold- $62,100 D. Ending Inventory...
LIEU DULDI Pomnes. PROBLEM 1: 15 POINTS The income statement of Leang's Luggage includes the items...
LIEU DULDI Pomnes. PROBLEM 1: 15 POINTS The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory. (a)
The adjusted trial for the year ended December 31, 2017 balance data given below is from the Morgen Company's worksheet ADJUSTED TRIAL BALANCE DEBIT 62,000 57,000 OUNT N Merchandise Inventory, Jan. 1, 2017 Merchandise Inventory. Dec. 31, 2017 Sales 250,000 Sales Returns and Allowances Purchases 4,500 125,000 Freight In Purchases Returns and Allowances Purchases Discounts 3,000 1,600 1,900 Prepare a classified income statement. up to the Gross Profit for the year ended December 31, 2017. (Input all amount as positive...
1.
For Whitehair Company, beginning inventory is $12,000 and ending
inventory is $15,000. Yearend account balances are:
Freight-In
$1,100
Purchases
50,000
Purchase Discounts
800
Purchase Returns and Allowances
1,250
Sales
Discounts
2,500
Sales
Returns and Allowances
3,600
Whitehair’s Cost of Goods Purchased is
2. In a period of inflation, which cost flow method produces the
highest net income?
For Whitehair Company, beginning inventory is $12,000 and ending inventory is $15,000. Yearend account balances are: $1,100 50,000 800 Freight-In Purchases Purchase...
The June 30, 2021, year-end trial balance for Askew company contained the following information: Credit Debit 32,500 385,000 Account Inventory, 7/1/2020 Sales revenue Sales returns Purchases Purchase discounts Purchase returns Freight-in 12,500 245,000 6,500 10,500 18,000 In addition, you determine that the June 30, 2021, inventory balance is $40,500. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2021. Cost of goods sold This is a numeric cell, so please enter numbers...
Problem 6-10A a-b Swifty Company lost all of its inventory in a fire on December 26, 2020. The accounting records showed the following gross profit data for November and December December November (to 12/26) Net sales $602,500 $740,000 Beginning inventory 31,000 37,000 Purchases 381,000 430,000 Purchase returns and allowances 14,000 14,900 Purchase discdents 8,500 9,500 Freight-in 9,000 10,200 Ending Inventory 37 000 Swifty is fully insured for fire losses but must prepare a report for the insurance company. Compute the...
On January 1, 2019, Sheffield Corp. had inventory of $52,000. At December 31, 2019, Sheffield had the following account balances. Freight-in Purchases Purchase discounts Purchase returns and allowances Sales revenue Sales discounts Sales returns and allowances $4,100 504,000 6,350 3,150 803,000 5,400 10,300 At December 31, 2019, Sheffield determines that its ending inventory is $62,000. Compute Sheffield's 2019 gross profit. Gross profit $ e Textbook and Media Compute Sheffield's 2019 operating expenses if net income is $134,000 and there are...
Answer both questions please.
QUESTION 22 Maercker Company reported the following year-end amounts Net Sales Beginning Inventory Net Cost of Purchases Ending Inventory Cost of Goods Sold Gross Profit $105,000 15,300 67,500 42,900 What is Maercker Company's Ending Inventory and Cost of Goods Sold for the year? O A. Ending Inventory $17,500; Cost of Goods SoldS40,400 O B. Ending Inventory $ 9,900; Cost of Goods Sold $62,100 O C. Ending Inventory $20,700; Cost of Goods Sold- $62,100 D. Ending Inventory...
LIEU DULDI Pomnes. PROBLEM 1: 15 POINTS The income statement of Leang's Luggage includes the items listed below: Net sales $875,000 Gross profit 305,000 Beginning inventory 75,000 Purchase discounts 12,000 Purchase returns and allowances 8,000 Freight-in 10,000 Operating expenses 320,000 Purchases 560,000 Instructions Use the appropriate items listed above as a basis for determining: Cost of goods sold. (b) Cost of goods available for sale. (c) Ending inventory. (a)
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