Cal Farms reported supplies expense of $2,400,000 this year. The supplies account decreased by $280,000 during the year to an ending balance of $370,000. What was the cost of supplies the Cal Farms purchased during the year? $2,680,000. $2,120,000. $2,030,000. $2,770,000.
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Cal Farms reported supplies expense of $2,400,000 this year. The supplies account decreased by $280,000 during the year to an ending balance of $370,000. What was the cost of supplies the Cal Farms purchased during the year? $2,680,000. $2,120,000. $2,030,000. $2,770,000.
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- Shipments received from home office are billed at 120% of cost. During the year, the branch received shipments billed at P360,000, and returned damaged goods with billed price of P24,000. The branch has an ending inventory of P72,000. The branch reported a loss of P10,000. How much is the true branch income?PPP Company sold $5 million of protective equipment during the current year of operations. The company received payments of $4.4 million from its customers for these goods. The company's income statement for the current year would report?During the year, Rex Store purchased goods worth P150,000. There were P40,000 unsold goods at the end of the year but old stock brought forward from last year's purchases was P10,000. Cost of sales was
- The following transactions pertain to the supplies of Jupiter Firm for the current year: Supplies on hand at the beginning and at the end of the year were P5,150 and P6,730, respectively. Total supplies acquired this period amounted to #25,280. P3,810 worth of supplies were defective and returned to suppliers. How much of the supplies were actually consumed for the year?the business is a trading business. for the period, it purchased goods for sale valued at 120,000. for the sale only 10% was received as down payment, 60% were collected, and at the end of the year, 30% are still for collection. How much is the business income?The accounts for this income year show the following:Income ($)Sales (excluding GST) 240,000Expenses ($)Cost of goods sold 130,000Interest on capital paid to Richard and Tracy 8,000Salary to Alice 25,000Superannuation to Alice 6,000Lease payments on car (excluding GST) 7,000Other deductible operating expenses (excluding GST) 14,000The leased car was used 80% of the time for business and 20% of the time for private purposes.Required:With reference to the facts above:A.Calculate the net income of the partnership.B.Show the allocation of net income to each of the three partners.C.You must refer to relevant legislation and/or case law in your answer.
- From the following data, compute the duration of the operating cycle for each of the two years and comment on the increase/ decrease: (Rupees in Thousands) Year I 20 14 21 96 140 160 32 16 Year II 27 18 24 135 180 200 50 18 Stock of Raw materials Work in process Finishes Goodsł Purchases Cost of Goods sold Sales Debtors Creditors Assume 360 days per year for computational purposes.Rogue Industries reported the following items for the current year: Sales = $3,000,000; Cost of Goods Sold = $1,500,000; Depreciation Expense = $170,000; Administrative Expenses = $150,000; Interest Expense = $30,000; Marketing Expenses = $80,000; and Taxes = $300,000. Rogue's gross profit is equal to Select one: a. 1,070,000 b. $1,100,000 c. $1,500,000 d. $770,000The balance sheet of Hidden Valley Farms reports total assets of $900,000 and $1,010,000 at the beginning and end of the year, respectively. The return on assets for the year is 10%. What is Hidden Valley's net income for the year? Multiple Choice $10,100,000. $9,550,000. $95,500. $101,000.
- Shipments received from home office are billed at 120% of cost. During the year, the branch received shipments billed at P360,000, and returned damaged goods with billed price of P24,000. The branch has an ending inventory of P72,000. The branch reported a loss of P10,000. How much is the true branch income? Choices: P44,000 P34,000 P54,000 P56,000The Coffee Hut reported year-end cost of goods sold $20 million. It listed $3 million of inventory on its balance sheet. Using a 365-day year, how many days did the Coffee Hut's inventory stay on the premises? A-63 days B- 54.75 day C- 55.5 days D-20.25 daysThe Beatrice Manufacturing Company increased its merchandise inventory by $29,000 over the year. The company also granted its customers more liberal credit terms which increased the accounts receivable by $55,500. Sales were $1,035,000 and the accounts payable decreased by $51,500. The gross profit on sales is 45%. Marketing and administrative expenses were $169,000; this included depreciation expense of $28,000. What were the cash disbursements for the year? Multiple Choice $657,090. $790,750. $774.000, $755,000.