Homework Answers
Total sales revanue. $55000
Less:-sales return. $40000
Sales discount . $13000
Sales allowance. $17000
Net revanue . =%480000
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A company reported the following amounts at the end of 2020: Total sales revenue = $550,000...
Hoyt Company provides this information for the month of November, 2020: sales on credit $170,000; cash...
Hoyt Company provides this information for the month of November, 2020: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. HOYT COMPANY Income Statement (Partial) For the Month Ended November 30, 2014 Sales Returns and Allowances $ $ $
BE5-2 Kelly's Jewelry has the following transactions during the year: total jewelry sales = $750,000; sales...
BE5-2 Kelly's Jewelry has the following transactions during the year: total jewelry sales = $750,000; sales discounts = $20,000; sales returns = $50,000; sales allowances = $30,000. In addition, at the end of the year the company estimates the following transactions associated with jewelry sales in the current year will occur next year: sales discounts = $2,000; sales returns - $6,000; sales allowances = $4,000. Compute net sales.
Assume Kader Company has the following reported amounts: Sales revenue $510,000
Brief Exercise 5-10 Assume Kader Company has the following reported amounts: Sales revenue $510,000, Sales returns and allowances $15,000, Cost of goods sold $330,000, and Operating expenses $110,000. (a) Compute net sales. Net sales = $_______ (b) Compute gross profit. Gross profit = $_______ (c) Compute income from operations. Income from operations = $_______(d) Compute the gross profit rate. (Round answer to 1 decimal place, e.g. 25.29.) Gross profit rate = $_______
The following information was taken from BammerCo's bank reconciliation at the end of the year: Bank...
The following information was taken from BammerCo's bank reconciliation at the end of the year: Bank balance $ 12,000 $ 4,000 Checks outstanding Note collected by the bank $ 1,500 Service fee $ 20 Deposits in transit $ 5,000 NSF check $ 480 What is the correct cash balance that should be reported in BammerCo's balance sheet at the end of the year? You must provide an answer to this question before selecting "NEXT." If you skip this question it...
Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end...
Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end of the year: Total sales Accounts receivable Sales allowances Allowance for Uncollectible accounts Sales discounts Sales returns $890,000 80,000 500 4,200 10,000 1,000 Determine total contra revenues for the company Determine net sales for the company
Jackson Company reported the following information relating to its inventory for 2020: sales revenue ............................. $427,000...
Jackson Company reported the following information relating to its inventory for 2020: sales revenue ............................. $427,000 freight-in ................................ 10,980 purchase returns .......................... 16,590 cost of goods available for sale .......... 419,250 purchases ................................. 392,800 gross profit .............................. 96,250 freight-out ............................... 11,730 purchase discounts ........................ ? Jackson Company reported an inventory turnover ratio of 4.20 for 2020. Calculate the amount of purchase discounts reported by Jackson Company during 2020.
Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end...
Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end of the year: $800,000 70,000 1,000 Total sales Accounts receivable Sales allowances Allowance for Uncollectible accounts Sales discounts Sales returns 3,000 12,000 3,000 6. $ _ Determine total contra revenues for the company 7. $_ _Determine net sales for the company
Jackson Company reported the following information relating to its inventory for 2020: sales revenue ........... freight-in...
Jackson Company reported the following information relating to its inventory for 2020: sales revenue ........... freight-in ....... purchase returns .......... cost of goods available for sale .......... purchases .......... gross profit ........... freight-out ... purchase discounts ........ ... $427,000 10,980 16,590 419, 250 392,800 96,250 11,730 ? Jackson Company reported an inventory turnover ratio of 4.20 for 2020. Calculate the amount of purchase discounts reported by Jackson Company during 2020.
Determine Sales revenue for Merema Company with the following data: Cost of Goods Sold $1,680,000 Operating...
Determine Sales revenue for Merema Company with the following data: Cost of Goods Sold $1,680,000 Operating Expenses 420,000 Sales Discounts 30,000 Sales Returns and Allowances 195,000 Net Income 510,000 Select one: A. $2,385,000 B. $2,835 000 C. $2,445,000 D. $2,775,000
Thank you. thumbs up! Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts...
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Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To dose accounts with...
Hoyt Company provides this information for the month of November, 2020: sales on credit $170,000; cash sales $70,000; sales discounts $2,000; and sales returns and allowances $9,000. Prepare the sales revenues section of the income statement based on this information. HOYT COMPANY Income Statement (Partial) For the Month Ended November 30, 2014 Sales Returns and Allowances $ $ $
BE5-2 Kelly's Jewelry has the following transactions during the year: total jewelry sales = $750,000; sales discounts = $20,000; sales returns = $50,000; sales allowances = $30,000. In addition, at the end of the year the company estimates the following transactions associated with jewelry sales in the current year will occur next year: sales discounts = $2,000; sales returns - $6,000; sales allowances = $4,000. Compute net sales.
The following information was taken from BammerCo's bank reconciliation at the end of the year: Bank balance $ 12,000 $ 4,000 Checks outstanding Note collected by the bank $ 1,500 Service fee $ 20 Deposits in transit $ 5,000 NSF check $ 480 What is the correct cash balance that should be reported in BammerCo's balance sheet at the end of the year? You must provide an answer to this question before selecting "NEXT." If you skip this question it...
Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end of the year: Total sales Accounts receivable Sales allowances Allowance for Uncollectible accounts Sales discounts Sales returns $890,000 80,000 500 4,200 10,000 1,000 Determine total contra revenues for the company Determine net sales for the company
Use the following to answer questions 6-7 MBC, Inc., reported the following amounts at the end of the year: $800,000 70,000 1,000 Total sales Accounts receivable Sales allowances Allowance for Uncollectible accounts Sales discounts Sales returns 3,000 12,000 3,000 6. $ _ Determine total contra revenues for the company 7. $_ _Determine net sales for the company
Jackson Company reported the following information relating to its inventory for 2020: sales revenue ........... freight-in ....... purchase returns .......... cost of goods available for sale .......... purchases .......... gross profit ........... freight-out ... purchase discounts ........ ... $427,000 10,980 16,590 419, 250 392,800 96,250 11,730 ? Jackson Company reported an inventory turnover ratio of 4.20 for 2020. Calculate the amount of purchase discounts reported by Jackson Company during 2020.
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Hudson Company has the following account balances: Sales Revenue $195,000, Sales Discounts $2,000, Cost of Goods Sold $117,000, and Inventory $40,000. Prepare the entries to record the closing of these items to Income Summary. (Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter o for the amounts.) Account Titles and Explanation Debit Credit (To dose accounts with...
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