Company X (A) S 105,200 350,600 Sales revenue Beginning inventory Net purchases Ending inventory Cost of goods sold Gross profit 104,400 190,600
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- Adjustments for a Merchandising Business: Perpetual Inventory System with Sales Returns and Allowances A partial Trial Balance for Curless Company as of December 31, 20-- is shown. Curless Company Partial Trial Balance For Year Ended December 31, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Merchandise Inventory 150,000.00 Estimated Returns Inventory 500.00 Customer Refunds Payable 650.00 Sales 425,000.00 Sales Returns and Allowances 18,000.00 Cost of Goods Sold 288,000.00 Curless has made the following estimates for next year: • Sales made this year of $7,800 will be returned next year and customers will be granted full refunds. • The estimated cost of the inventory sold this year and expected to be returned by customers next year is $5,900. Open T accounts and enter the balances for the above accounts. Make appropriate adjustments to the T accounts. For grading purposes use the labels shown. TB Trial balance (beginning balance) ATB Adjusted trial balance (ending balance) (1)…Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System with Sales Returns and Allowances Sam Edwards owns a business called Sam's Stuff. A physical count determined his ending inventory as of December 31, 20-- was $72,000. Based on past experience, Sam estimates that $5,000 of sales from this year will be returned next year. The cost of the merchandise expected to be returned is $3,000. Using the partial Trial Balance provided below, set up T accounts for Merchandise Inventory, Estimated Returns Inventory, Customer Refunds Payable, Sales Returns and Allowances, and Income Summary and prepare the year-end adjustments for Merchandise Inventory and related accounts. TRIAL BALANCE (PARTIAL) DEBIT CREDIT Merchandise Inventory 60,000.00 Estimated Returns Inventory 2,500.00 Customer Refunds Payable 4,000.00 Sales Returns and Allowances 20,000.00 Income Summary For grading purposes use the labels shown and enter transactions in alphabetical order. TB Trial balance…Company X (A)S 105,200 Sales revenue Beginning inventory Net purchases Ending inventory Cost of goods sold Groes profit Oporating expenses Income before taxes 350,600 104,400 (B). 190,600 (C) 12,000
- Financial information is presented below: Operating Expenses Sales Returns and Allowances Sales Discounts Sales Revenue Cost of Goods Sold Gross profit would be O $126400. O $144500. O $113700. O $24200. $ 89500 18100 12700 319200 174700Question 8) Below is a series of cost of goods sold sections for companies A, P. M. and W. M $700 (g) 290 7,410 (h) 8,050 Beginning inventory Purchases Purchases returns and allowances. Net purchases Freight-in Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold $375 2,250 195 (a) 180 P $120 1,080 (d) 990 (e) 1,250 1,370 W $(j) 32,670 (k) 28,840 1,980 (1) 52,180 12,580 39,600 (b) 2,610 (1) 540 1,150 (c) 7,600 Instructions (no color required): Fill in the lettered blanks to complete the cost of goods sold sections. (1) 1,23045 Calculate gross profit from the following? Sales OMR 25000, Cost of goods sold OMR 15000 and Return inwards OMR 5000. t of O a. OMR 10000 stion O b. OMR 15000 O c. OMR 5000 O d. OMR 45000 In which of the following Inventory techniques are the 立
- Current Assets Accounts Receivable Inventory Company 1 23,485 Company 1 O Company 2 7,354 Company 2 12,519 0 11,395 Total Assets 45400 Current Liabilities 20,374 Total Liabilities 29,816 Gross Profit 150,317 Sales 601,268 Which company marks its selling prices up the most? 1,528 3,431 753 1,753 5,349 17,830Sales Revenue Cost of Goods Sold Beginning Inventory Purchases Goods Available for Sale Ending Inventory (FIFO cost) Cost of Goods Sold Gross Profit Operating Expenses Income from Operations Income Tax Expense (30%) Net Income $ 22,500 121,000 $215,000 143,500 25,525 117,975 97,025 46,000 51,025 15,308 $ 35,718 Assume that you have been asked to restate the financial statements to incorporate the LC&NRV. You have developed the following data relating to the ending inventory: 1,650 Current Replacement Cost per Unit (Net Realizable Value) $4.25 Purchase Cost Item Quantity Per Unit Total $2.00 $ 3,300 900 3,640 4.50 4,050 2.50 2.50 9,100 2.00 1,650 5.50 9,075 4.50 $25,525 ABCDPROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
- solve The Arc 95-9876556 Income Statement For the Year Ended December 31, 2021 Revenue: Gross Sales $144,000.00 Less: Sales Returns and Allowances - Net Sales $144,000.00 Cost of Goods Sold: Beginning Inventory $10,500.00 Add: Purchases 62,200.00 $72,700.00 Less: Ending Inventory 10,100.00 Cost of Goods Sold 62,600.00 Gross Profit (Loss) $81,400.00 Expenses: Dues and Subscriptions - Estimated Federal Tax Payments 4,000.00 Estimated State Tax Payments 3,900.00 Insurance 3,950.00 Meals and Entertainment 1,500.00 Miscellaneous - Payroll Taxes 3,800.00 Professional Fees 1,700.00 Rent 8,400.00 Travel 1,250.00 Utilities 1,300.00 Vehicle Expenses - Wages 25,000.00 Total Expenses 54,800.00 Net Operating Income $26,600.00 How to calculate capital gain step by step answerA company shows the following balances: Sales Revenue $2962000Sales Returns and Allowances 402000Sales Discounts 60000Cost of Goods Sold 1350000 What is the gross profit rate? 46.0%58.0%54.0%66.0%Beginning inventory 32 000 Cost of goods sold 404 000 Ending inventory 45 000 Net icome 28 000 Net sales 750 000 Operating expenses 220 000 Sales revenue 765 000 Compute each of the follwoing ratios Gross profit rate Inventory turnover Days in inventory Profit ma
