Homework Answers
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Cash basis under the direct method would be = 109,000 + (21,700 - 12,800) + 4,900 = 109,000 + 8,900 + 4,900 = 122,800 Option C is the answer |
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Last year Anderson Corporation reported a cost of goods sold of $109,000. The company's inventory at...
A company reported cost of goods sold of $1,520,000 for the year. During the year, inventory...
A company reported cost of goods sold of $1,520,000 for the year. During the year, inventory decreased from a $92,000 beginning balance to a $75,000 ending balance, and accounts payable decreased from a $48,000 beginning balance to a $38,000 ending balance. How much is the cash paid for merchandise purchased during the year? $1,547,000 $1,503,000 $1,527,000 $1,513,000
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QUESTION 7 KRJ Corporation reported cost of goods sold of $812 million for the year. Inventory...
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In its financial statements WalkerCo reported cost of goods sold of $1,787. Inventory at the beginning...
In its financial statements WalkerCo reported cost of goods sold of $1,787. Inventory at the beginning of the year was $317 and at the end of the year $495. In the footnotes it is reported that the LIFO reserve at the beginning of the year was $121 and at the end of the year $87. Calculate the days' sales in inventory after accounting for the inpact of the LIFO inventory valuation. Present your answer rounded to one decimal place, e.g.,...
Sales revenue $7,541,400 Cost of goods sold Beginning inventory $1,949,500 Purchases 4,316,100 Goods available for sale...
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Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Beginning...
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In a periodic inventory system, the cost of goods sold is: In a periodic inventory system,...
In a periodic inventory system, the cost of goods sold is:
In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. O Determined by subtracting the balance in the Gross Profit account from the amount of net sales.
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A company reported cost of goods sold of $1,520,000 for the year. During the year, inventory decreased from a $92,000 beginning balance to a $75,000 ending balance, and accounts payable decreased from a $48,000 beginning balance to a $38,000 ending balance. How much is the cash paid for merchandise purchased during the year? $1,547,000 $1,503,000 $1,527,000 $1,513,000
QUESTION 7 KRJ Corporation reported cost of goods sold of $812 million for the year. Inventory at the beginning of the year was $118 million and at the end of the year it was $280 million. Accounts payable at the beginning of the year was $144 million and at the end of the year it was $135 million. How much cash (in $ millions) was paid for inventory purchased during the year? QUESTION 8 KRJ Corporation reported annual wages expense...
Newton Corporation reported an increase in inventory of $55,000. The cost of goods sold for the year was $190,000. There was also a $7,000 decrease in accounts payable from the beginning of the year to the end of the year. What is Newton's cash payment to suppliers for inventory? O A. $197,000 OB. $252,000 O C. $238,000 D. $245,000 Click to select your answer.
Lucia Company reported cost of goods sold for Year 1 and Year 2 as follows: Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Year 1 $125,000 251,000 376,000 131,000 $245,000 Year 2 $131,000 280,000 411,000 136,000 $275,000 (8 02:518 Lucia Company made two errors: 1) ending inventory at the end of Year 1 was understated by $16,000 and 2) ending inventory at the end of Year 2 was overstated by...
In a periodic inventory system, the cost of goods sold is:
In a periodic inventory system, the cost of goods sold is: Multiple Choice Recorded as sales transactions occur. Determined by a computation which is performed at year-end, after the taking of a complete physical inventory. Equal to the beginning inventory, plus purchases made during the period, less sales revenue for the period. O Determined by subtracting the balance in the Gross Profit account from the amount of net sales.
Bramble Corp. reported cost of goods sold as follows. Beginning inventory Cost of goods purchased Cost of goods available for sale Less: Ending inventory Cost of goods sold 2022 $ 28,810 174,650 203,460 38,450 $165,010 2021 $ 21,540 151,520 173,060 28.810 $144,250 Bramble Corp. made two errors: 1. 2. 2021 ending inventory was overstated by $1,860. 2022 ending inventory was understated by $5,490. Compute the correct cost of goods sold for each year. 2021 2022 The correct cost of goods...
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