Use the following information about the current year's operations of a company to calculate the cash...
Use the following information about the current year's operations of a company to calculate the cash paid for merchandise. Cost of goods sold $ 233,000 Merchandise inventory, January 1 61,800 Merchandise inventory, December 31 63,700 Accounts payable, January 1 60,700 Accounts payable, December 31 66,800.
Homework Answers
| Computation of Amount of Cash Paid to Supplier | |
| Cost of Goods Sold | $233,000.00 |
| Add: Beg Inventory | $61,800.00 |
| Less: Ending Inventory | -$63,700.00 |
| nventory Purchase | $231,100.00 |
| Add: beg Account Payable | $60,700.00 |
| Less: Ending Account Payable | -$66,800.00 |
| Amout Paid to Supllier | $225,000.00 |
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Use the following information about the current year's
operations of a company to calculate the cash...
Use the following information about the current year's operations of a company to calculate the cash...
Use the following information about the current year's operations of a company to calculate the cash paid for merchandise. Cost of goods sold Merchandise inventory, January 1 $550,000 90,000 Merchandise inventory, December 31 Accounts payable, January 1 Accounts payable, December 31 187,000 78,000 65,000 Multiple Choice $640,000 $580,000
s. Use the following income statement and information about selected current assets and current liab calculate...
s. Use the following income statement and information about selected current assets and current liab calculate the net cash provided or used by operating activities using the indirect method. Use the tempo the next page. Hint: Add back loss on sale of land. Check: Net cash provided by operating activities should be and current liabilities to number greater than $38,000 but less than $41,000. (5 points) National L Inc. Income Statement For Year Ended December 31, 2018 $180.000 Cost of...
The following information is available for Kringle Company. What amount of cash was paid for merchandise...
The following information is available for Kringle Company. What amount of cash was paid for merchandise during 2018? Cost of goods sold Merchandise inventory, 12/31/17 95,000 Merchandise inventory, 12/31/18 132,000 Accounts Payable, 12/31/17 98,500 Accounts Payable, 12/31/18 99,300 $535,000 O $571,200 $572,800 O$498,800 $535,000
The following data relate to the operations of Gaudreau Company, which distributes consumer goods: Current assets...
The following data relate to the operations of Gaudreau Company, which distributes consumer goods: Current assets as of December 31 Cas.. Accounts receivable.. Inventory. $6,000 $36,000 $9,800 Buildings and equipment, net ..$110,885 Accounts payable Common shares.. Retained earnings $32,550 $100,000 $30,135 a. The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows: December (actual) .. January. February.. March.... April. $60,000 $70,000 $80,000 $85,000...
The following data relate to the operations of Gaudreau Company, which distributes consumer goods: Current assets...
The following data relate to the operations of Gaudreau Company, which distributes consumer goods: Current assets as of December 31 Cas.. Accounts receivable.. Inventory. $6,000 $36,000 $9,800 Buildings and equipment, net ..$110,885 Accounts payable Common shares.. Retained earnings $32,550 $100,000 $30,135 a. The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows: December (actual) .. January. February.. March.... April. $60,000 $70,000 $80,000 $85,000...
The following data relate to the operations of Gaudreau Company, which distributes consumer goods: Current assets...
The following data relate to the operations of Gaudreau Company, which distributes consumer goods: Current assets as of December 31: Cash............................ $6,000 Accounts receivable............... $36,000 Inventory........................ $9,800 Buildings and equipment, net ......... $110,885 Accounts payable .................. $32,550 Common shares.................... $100,000 Retained earnings .................. $30,135 a. The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows: December (actual) ...... $60,000 January.............. $70,000...
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes...
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of dividends...
Required information [The following information applies to the questions displayed below.) Assume that you are the...
Required information [The following information applies to the questions displayed below.) Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to...
extra info: total current assets is 108,000 The following information is available for Buckeye Company: January...
extra info: total current assets is 108,000
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
Use the following information about the current year's operations of a company to calculate the cash paid for merchandise. Cost of goods sold Merchandise inventory, January 1 $550,000 90,000 Merchandise inventory, December 31 Accounts payable, January 1 Accounts payable, December 31 187,000 78,000 65,000 Multiple Choice $640,000 $580,000
s. Use the following income statement and information about selected current assets and current liab calculate the net cash provided or used by operating activities using the indirect method. Use the tempo the next page. Hint: Add back loss on sale of land. Check: Net cash provided by operating activities should be and current liabilities to number greater than $38,000 but less than $41,000. (5 points) National L Inc. Income Statement For Year Ended December 31, 2018 $180.000 Cost of...
The following information is available for Kringle Company. What amount of cash was paid for merchandise during 2018? Cost of goods sold Merchandise inventory, 12/31/17 95,000 Merchandise inventory, 12/31/18 132,000 Accounts Payable, 12/31/17 98,500 Accounts Payable, 12/31/18 99,300 $535,000 O $571,200 $572,800 O$498,800 $535,000
The following data relate to the operations of Gaudreau Company, which distributes consumer goods: Current assets as of December 31 Cas.. Accounts receivable.. Inventory. $6,000 $36,000 $9,800 Buildings and equipment, net ..$110,885 Accounts payable Common shares.. Retained earnings $32,550 $100,000 $30,135 a. The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows: December (actual) .. January. February.. March.... April. $60,000 $70,000 $80,000 $85,000...
The following data relate to the operations of Gaudreau Company, which distributes consumer goods: Current assets as of December 31 Cas.. Accounts receivable.. Inventory. $6,000 $36,000 $9,800 Buildings and equipment, net ..$110,885 Accounts payable Common shares.. Retained earnings $32,550 $100,000 $30,135 a. The gross margin is 30% of sales. (In other words, cost of goods sold is 70% of sales.) b. Actual and budgeted sales data are as follows: December (actual) .. January. February.. March.... April. $60,000 $70,000 $80,000 $85,000...
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods sold. Buckeye Company paid $9,000 of dividends...
Required information [The following information applies to the questions displayed below.) Assume that you are the president of Highlight Construction Company. At the end of the first year of operations (December 31), the following financial data for the company are available: Cash Receivables from customers (all considered collectible) Inventory of merchandise (based on physical count and priced at cost) Equipment owned, at cost less used portion Accounts payable owed to suppliers Salary payable (on December 31, this was owed to...
extra info: total current assets is 108,000
The following information is available for Buckeye Company: January 1, 2018 Cash $25,000 Land 40,000 Notes payable 29,000 Retained earnings 33,000 Accumulated depreciation 4,000 Supplies 8,000 Accounts payable 16,000 Equipment 20,000 Accounts receivable 11,000 Common stock 40,000 Inventory 18,000 December 31, 2018 $30,000 42,000 45,000 58,000 7,000 10,000 17,000 26,000 40,000 42,000 During 2018, Buckeye Company reported sales revenue of $98,000, salaries expense of $22,000, rent expense of $17,000, and cost of goods...
Accounts receivable Depreciation expense Land Cost of goods sold Retained earnings Cash Equipment Supplies Accounts payable Service revenue Interest expense Common stock Income tax expense Accumulated depreciation Long-term debt Supplies expense Merchandise inventory Net sales $ 32,300 11,500 24,600 87,500 60,700 10,000 69,500 5,900 22,100 22,700 2,000 5,000 16,614 41,000 40,000 13,800 26,500 156,000 < Prev 3 of Required: o. Calculate the total current assets at December 31, 2019. b. Calculate the total liabilities and stockholders' equity at December 31,...
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