f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. how would I journalize this?
Q: During the current year, merchandise is sold for $366, 100 cash and $1,420,000 on account. The cost…
A: Gross Profit is defined as the profit which the company makes after subtracting the costs linked…
Q: For the next seven (6) items, use the information below: Debit Credit Account Title Sales Sales…
A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts…
Q: A home office ships merchandise to the branch at 30% above cost. The allowance for overvaluation at…
A: Head office means from where the company mainly operate and all branches are controlled from that…
Q: Following are data for December 31,2021: $5,365,000 Net sales Cost of sales, and related buying…
A: The ratio analysis helps to analyze the financial statements if the business.
Q: What is the net amount due (in $) on the order if the bill is paid by the 20th day?
A: Here is the answer for the above question.
Q: e balance is P
A: Introduction Net Income: Total revenue less all other expenditures and costs (including any other…
Q: The Happy Auto Shop has the following annual information: gross sales,$700,000; net sales, $696,000;…
A: GROSS SALE $700,000.00 NET SALES $696,000.00 GROSS PROFIT $448,000.00
Q: Financial information is presented below: Operating expenses $ 35000 Sales returns and 9000…
A: Gross profit is an excess of revenue over the cost of goods sold.
Q: e current year, merchandise is sold for $135,100 cash and $501,500 on account. The cost of the goods…
A: Gross profit is the profit which is arrived at by deducting cost of goods sold from Total net sales.…
Q: Prepare the sales section of the income statemen. E5-6 Presented below is information for Lieu Co.…
A: Assuming the requirement to prepare an income statement using multi-step format and prepare a…
Q: During the current year, merchandise is sold for $145,500 cash and $609,300 on account. The cost of…
A: A. Gross profit = Sales - Cost of goods sold = $6,400,000 - $5,376,000 = $1,024,000 B. Gross profit…
Q: The home office bills shipments of merchandise to its branch at a markup of 20% based on cost. At…
A: Mark up on shipments from home office = $960, 000*20/80 = $240, 000
Q: During the current year, merchandise is sold for P86,000 cash and for P93,950 on account. The cost…
A: Gross profit = Sales - Cost of merchandise sold. First, compute the total sales as shown below:
Q: Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would…
A: Goods costing $21,000 were sold for $52,000 on account
Q: Goods costing $15,000 were sold for $20,000 on account. The entry to record this transaction would…
A: Cost of goods sold: It is the cost of goods that were sold during the period. The costs include all…
Q: Following are data foE Net sales $5,365,000 Cost of sales, and related buying costs Accounts…
A: The ratio analysis helps to analyze the financial statements of the business.
Q: Presented below is information for Milito Company for the month of March 2020: Cost of goods sold…
A: A Financial Statement broadly consists of two statements namely: Position Statement and Income…
Q: You are given the information below and you are requested to answer the following questions (keep…
A: Formula: Gross margin = [ ( Sales revenue - cost of goods sold ) / sales revenue ] x 100 Deduction…
Q: During the current year, merchandise is sold for $206,200 cash and $430,300 on account. The cost of…
A: The Gross Profit is figured by deducting the Cost of goods sold (COGS) from Total Sales. It is also…
Q: Calculate the gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and…
A: Sales return = Return inwards = OMR 4000 Net sales = Sales - Sales return = OMR 10000 - OMR 4000 =…
Q: On January 2, Alfredo Corporation sold merchandise with a gross price of $100,000 to a customer with…
A: Formula: Sales discount = Net sales x Discount rate
Q: If Sales revenue is SR 26,000, beginning finished goods inventory is SR 8,000, ending finished goods…
A: Cost of goods sold = Cost of goods manufactured + Beginning finished goods inventory - Ending…
Q: During the current year, merchandise is sold for $43000 cash and for $307000 on account. The cost of…
A: Gross profit is considered as the excess of revenue over the cost of merchandise sold.
Q: If merchandise is sold on account to a customer for 1000 terms FOB shipping point, 1/10, n/30 and…
A: Discount on merchandise is given by the seller to buyer, when the seller repay the credit early or…
Q: Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and 26,000…
A: The gross profit margin is calculated as gross profit divided by net sales revenue. Gross profit =…
Q: Find the average payment period of accounts payable is $20,000, costs of goods sold is $200,000, and…
A: A solvency ratio that provides information regarding the capability of a firm to pay off its…
Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The coset of…
A: Gross profit: Gross profit can be defined as the profit generated from deducting the cost of goods…
Q: During the current year, merchandise is sold for $366,100 cash and $1,420,000 on account. The cost…
A: Revenue (Cash) = 366,100 Revenue (Credit) = 1,420,000 Total Revenue = Cash Revenue + Credit Revenue…
Q: For the fiscal year, sales were $7310000, sales discounts were $120000, sales returns and allowances…
A: GROSS PROFIT : = SALES - SALES DISCOUNT - SALES RETURNS AND ALLOWANCES - COST OF GOODS SOLD
Q: If August Sundries uses a multi-step income statement format, what is their gross margin?
A: Gross margin is the amount of profit over Sales Revenue by deducting cost of goods sold. Gross…
Q: Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would…
A: Sales are described as the term which is used when the business provides the goods or services to…
Q: Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within…
A: Net sales = Sales - Discount Gross profit = Net sales - Cost of goods sold
Q: D. The following selected account balances were taken from the records of J. Gucela Company, for the…
A: Q1. Computation of Input Tax: given, VAT @ 12% Particulars Amount Purchase 100000…
Q: Bravo Company has the following information at month-end: Sales - P100,000 Sales Returns and…
A: Net sales = Gross sales -Sales returns and allowances - Sales Discounts
Q: Goods costing $630,000 were sold for $1,200,000 on account. The entry to record this transaction…
A: When goods has bee sold out , then finished goods is going out and it should be debited to cost of…
Q: Goods costing $21,000 were sold for $52,000 on account. The entry to record this transaction would…
A: When goods are sold to customers, then accounts receivable is debited and Sales is credited. To…
Q: Goods costing $630,000 were sold for $1,200,000 on account. The entry to record this transaction…
A: The activity where the goods which are produced or manufactured by the entity are sold for cash or…
Q: is sold for $173,900 cash and $467,700
A: Gross profit represents the revenue after the deduction of cost of goods sold from the net sales of…
Q: ory is $10,000. the merchandise purchases are $110,000, and the ending merchandise inventory is…
A: Solution: Cost of goods sold = beginning inventory + purchases - ending inventory
Q: The entry to record the sale of $20,000 of merchandise on account with cost of $14,000, would…
A: Sale of goods on credit Accounts receivable a/c or debtors a/c debit $20,000 To sales a/c $20,000…
Q: Karla Company provided the following information for the current year: 5,250,000 150,000 250,000…
A: An income statement is a financial report that indicates the revenue and expenses of a business. It…
Q: During the current year, merchandise is sold for $50,940 cash and for $83,900 on account. The cost…
A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…
Q: During the current year, merchandise is sold for $925000. The Gross Profit is $411000. What is the…
A: Gross profit = Sales - Cost of merchandise sold
Q: A retailer buys merchandise from a supplier with an invoice amount of $12,800. The terms of the sale…
A: 6/20 net 30 means that 6 percent discount will be given if payment is made with in 20 days and no…
Q: sing the financial information is presented below: Operating Expenses $ 55,000…
A: Formula: Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = (Sales – Sales returns and…
Q: During the current year, merchandise is sold for $60,300 cash and for $87,600 on account. The cost…
A:
Q: A home office ships merchandise to the branch at 30% above cost. The allowance for overvaluation at…
A: The shipments to branch account during the year Particulars Amount Allowance for Overvaluation…
Q: Assume the following information: merchandise is sold on account to customer for P120,000, FOB…
A: Under FOB Shipping arrangement, the responsibility of seller is to deliver the goods to the shipping…
Q: Donovan Inc., a retail store chain, had the following information in its general ledger for the year…
A: Inventoriable costs: Inventoriable cost or Product costs are the costs which are incurred in the…
f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold.
how would I journalize this?
Trending now
This is a popular solution!
Step by step
Solved in 2 steps with 1 images
- Merchandise costing $2,000 is sold for $3,000 on terms 2/10, n/30. If the buyer pays within thediscount period, what amount will be reported on the income statement as net sales and as grossprofit?Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?Snyder’s cost of goods sold using the average-cost method would be:a. $1,725.b. $6,500.c. $7,475.d. $9,200.
- с. Prepare the T-accounts and post transactions. cost of P500,000. Required: Compute the cost charged to cost of goods sold. b. Calculate the ending balance of cost of goods sold. a. 10/10 ...Snyder’s cost of goods sold using the LIFO method would be:a. $7,200.b. $7,400.c. $7,475.d. $7,700.The following is select account information for August Sundries. Sales: $850,360; Sales Returns and Allowances: $148,550; COGS: $300,840; Operating Expenses: $45,770; Sales Discounts: $231,820. If August Sundries uses a multi-step income statement format, what is their gross margin?
- If a customer purchased merchandise in the amount of $340, terms 3/10, n/30, returned $70 of the inventory for a full refund, and received an allowance for $65, how much discount would be applied if the customer remitted payment within the discount window?Merchandise invoiced at $8,900 is sold on terms 1/10, n/30. If the buyer pays within the discount period, what amount will be reported on the income statement as net sales?questions displayed below.] The following data were provided by Mystery Incorporated for the year ended December 31: Cost of Goods Sold Income Tax Expense Merchandise Sales (gross revenue) for Cash Merchandise Sales (gross revenue) on Credit Office Expense Sales Returns and Allowances Salaries and Wages Expense E6-17 (Algo) Part 2 2-a. What was the dollar amount of gross profit? 2-b. What was the gross profit percentage? (Round your percentage to 1 decimal place.) 2-a. Gross Profit 2-b. Gross Profit Percentage MERCA Prev % 78 of 13 $ 171,000 19,530 252,000 44,400 19,600 7,410 42,600 Next > #
- Calculate the gross profit from the following? Sales OMR 10000, Cost of goods sold OMR 4000 and Return inwards OMR 4000, Return outwards 2000, Purchases 5000.Ayayai Company provides the following information for the month ended October 31, 2020: sales on credit $ 280,100, cash sales $ 100,100, sales discounts $ 5,100, and sales returns and allowances $ 10,100. Prepare the sales section of the income statement based on this information. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses eg. (45).) AYAYAI COMPANY Income Statement (Partial) 24 %24chapter 3 3. Given the information below, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140