13. If we sold 50,000 items of inventory for $440 each on credit (GST inclusive). The...
13. If we sold 50,000 items of inventory for $440 each on credit (GST inclusive). The inventory initially cost $200 each how much is the total amount of ?Cost of Goods Sold? recorded?
| $10,000,000 |
| $22,000,000 |
| $16,000,000 |
| none of the above |
14. If we purchased 1,000 items of inventory for $20 each by cash (GST exclusive), then return 5 of these items back to supplies since the quality is not up to standard. How much is the total amount CASH that we should get back from supplier?
| $110 |
| $100 |
| $20,000 |
| none of the above |
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13. If we sold 50,000 items of inventory for $440 each on credit
(GST inclusive). The...
If we sold 20,000 items of inventory for $400 each on credit (GST exclusive). The inventory...
If we sold 20,000 items of inventory for $400 each on credit (GST exclusive). The inventory initially cost $200 each, how much is the total amount of Cost of Goods Sold recorded? $4,000,000 $8,000,000 $16,000,000 none of the above
If we sold 20,000 items of inventory for $770 each on credit (GST inclusive), how much...
If we sold 20,000 items of inventory for $770 each on credit (GST inclusive), how much is the total amount of Sales Revenue recorded? $16,800,000 $15,400,000 $14,000,000 d none of the above
We have purchased 20 items at 2500 each (GST exclusive) on 26 July 2014 from The...
We have purchased 20 items at 2500 each (GST exclusive) on 26
July 2014 from The Suppliers Pty Ltd on account. Terms are 5/10
n30.
The Suppliers Pty Ltd is your only creditor. Assume a perpetual
inventory system.
(GST rate 10%)
All numerical answers should consist of digits from 0 to 9 (no symbols, spaces or commas). Dates should be entered as dd/mm/yy (eg 01/06 13) Each box must be have an aswer - If it would normally be blank...
Assume that the following business is registered for GST. For each of the following transactions,...
please answer this correctly and in the same format
Assume that the following business is registered for GST. For each of the following transactions, indicate whether or not GST would be applicable, and if so, how much GST not applicable GST Payable GST Input Credit Transaction Example: Purchased stationery $77 Example: Bought milk and bread $44 GST-free Example: Sold inventory $330 Complete the table for the following: Received cash for sales $880 Sold goods to customer on credit account $550...
Calculate the CLOSING INVENTORY and the COST OF GOODS SOLD using the FIFO, LIFO and AVCO...
Calculate the CLOSING INVENTORY and the COST OF GOODS SOLD using the FIFO, LIFO and AVCO methods based on the following information about purchases and sales throughout the year (assuming that the opening inventory has been zero): January 500 items at £65 each as opening inventory. March Bought 1,200 items at £70 each. May Sold 1,000 items at £100 each. September Bought 450 items at £80 each. November Sold 750 items at £110 each. Total rent payable for the year...
Correct the red spaces to fix Ledgers (with the GST rate being 10%) This question carries...
Correct the red spaces to fix Ledgers
(with the GST rate being 10%)
This question carries on from the previous purchase transaction. Now we assume that we have sold 5 items for a total of 27500 (GST inclusive) on 30 July 2014 to ABC Pty Ltd on account. Terms are 2/10 n30. ABC Pty Ltd is your only debtor. Assume a perpetual average cost inventory system. All numerical answers should be in the format xxoxx (no symbols, spaces or commas)....
Could you help me to complete the classified statement of Financial Position? Attention that you need to use FIFO_perpetual inventory system, thank you. ASSIGNMENT GROUP 2: Information to process Jun...
Could you help me to complete the classified statement of
Financial Position? Attention that you need to use
FIFO_perpetual inventory system, thank you.
ASSIGNMENT GROUP 2: Information to process June Transaction The opening balances for the stock ledger cards (all amounts are GST exclusive): 15 packs of quince seeds ($2.00 each) 40 packets of sunflower seeds ($1.80 each) 15 packets of pumpkin seeds ($3.30 each) Hollis Seeds purchased 15 packs of quince seeds for $2.42 per pack; and 5 packs...
Tomlin Limited, a New Zealand GST registered company, is a retailer of filter systems. Shown below...
Tomlin Limited, a New Zealand GST registered company, is a retailer of filter systems. Shown below are the company's beginning inventory and purchases of a particular filter for unit Z-398 in March, all exclusive of GST Beginning inventory (March 1st) 0 Purchase (March 5th) Purchase Return (March 7th) Purchase (March 26th) Purchase (March 31st) Quantity Unit Cost Total Cost $190 $212 $212 $215 $220 $0 $4,240 $1,060 $4,300 $6,600 20 20 30 On March 21st, Tomlin Limited sold, on credit,...
Tomlin Limited, a New Zealand GST registered company, is a retailer of filter systems. Shown below...
Tomlin Limited, a New Zealand GST registered company, is a retailer of filter systems. Shown below are the company's beginning inventory and purchases of a particular filter for unit Z-398 in March, all exclusive of GST Beginning inventory (March 1st) 0 Purchase (March 5th) Purchase Return (March 7th) Purchase (March 26th) Purchase (March 31st) Quantity Unit Cost Total Cost $190 $212 $212 $215 $220 $O $4,240 $1,060 $4,300 $6,600 20 20 30 On March 21st, Tomlin Limited sold, on credit,...
On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses a periodic inventory syste...
On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses a periodic inventory system. Alberta pays the invoice on October 8 and takes the appropriate discount. What journal entry will be recorded by Robertson on October 8? a. Debit Cash for $3,920, debit Sales Discounts for $80, and credit Accounts Receivable for $4,000 b. Debit Cash and credit Accounts...
If we sold 20,000 items of inventory for $770 each on credit (GST inclusive), how much is the total amount of Sales Revenue recorded? $16,800,000 $15,400,000 $14,000,000 d none of the above
We have purchased 20 items at 2500 each (GST exclusive) on 26
July 2014 from The Suppliers Pty Ltd on account. Terms are 5/10
n30.
The Suppliers Pty Ltd is your only creditor. Assume a perpetual
inventory system.
(GST rate 10%)
All numerical answers should consist of digits from 0 to 9 (no symbols, spaces or commas). Dates should be entered as dd/mm/yy (eg 01/06 13) Each box must be have an aswer - If it would normally be blank...
please answer this correctly and in the same format
Assume that the following business is registered for GST. For each of the following transactions, indicate whether or not GST would be applicable, and if so, how much GST not applicable GST Payable GST Input Credit Transaction Example: Purchased stationery $77 Example: Bought milk and bread $44 GST-free Example: Sold inventory $330 Complete the table for the following: Received cash for sales $880 Sold goods to customer on credit account $550...
Correct the red spaces to fix Ledgers
(with the GST rate being 10%)
This question carries on from the previous purchase transaction. Now we assume that we have sold 5 items for a total of 27500 (GST inclusive) on 30 July 2014 to ABC Pty Ltd on account. Terms are 2/10 n30. ABC Pty Ltd is your only debtor. Assume a perpetual average cost inventory system. All numerical answers should be in the format xxoxx (no symbols, spaces or commas)....
Could you help me to complete the classified statement of
Financial Position? Attention that you need to use
FIFO_perpetual inventory system, thank you.
ASSIGNMENT GROUP 2: Information to process June Transaction The opening balances for the stock ledger cards (all amounts are GST exclusive): 15 packs of quince seeds ($2.00 each) 40 packets of sunflower seeds ($1.80 each) 15 packets of pumpkin seeds ($3.30 each) Hollis Seeds purchased 15 packs of quince seeds for $2.42 per pack; and 5 packs...
Tomlin Limited, a New Zealand GST registered company, is a retailer of filter systems. Shown below are the company's beginning inventory and purchases of a particular filter for unit Z-398 in March, all exclusive of GST Beginning inventory (March 1st) 0 Purchase (March 5th) Purchase Return (March 7th) Purchase (March 26th) Purchase (March 31st) Quantity Unit Cost Total Cost $190 $212 $212 $215 $220 $0 $4,240 $1,060 $4,300 $6,600 20 20 30 On March 21st, Tomlin Limited sold, on credit,...
Tomlin Limited, a New Zealand GST registered company, is a retailer of filter systems. Shown below are the company's beginning inventory and purchases of a particular filter for unit Z-398 in March, all exclusive of GST Beginning inventory (March 1st) 0 Purchase (March 5th) Purchase Return (March 7th) Purchase (March 26th) Purchase (March 31st) Quantity Unit Cost Total Cost $190 $212 $212 $215 $220 $O $4,240 $1,060 $4,300 $6,600 20 20 30 On March 21st, Tomlin Limited sold, on credit,...
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