Hh3. Od.DR Supplies $1,785, CR Supplies expense $1,785.QUESTION 9Crafty Colin is an independent merchant, who sells cotton bales to several customers in the South-East Asian markets. At the beginning of March 2023, Crafty Collinheld 150 bales of cotton at $720 each for a total opening value of $108,000 at his Brisbane warehouse. During the month of March 2023, Crafty Colin had the followingpurchases and salesPurchasesSupplier ASuppler BSupplier CTotalSalesCustomer ABales125135150410Ob.$303,112Oc$305,050Od $394,750Bales430Purchase Price/Bale$710$700$690Sale Price/Bale810$$S$$Total88,75094,500103,500286,750Total348.300Assuming Crafty Colin uses the periodic inventory system and the first-in-first-out (FIFO) inventory method, what is the value of the cost of sales for the month of March2023 (rounded to the nearest whole dollar)?O a $301,1501.5 pa

FIFO Method :— It is one of the method of inventory valuation in which it is assumed that old…

Answered: QUESTION 9 Crafty Colin is an…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Smith had the following transactions during March, 2022. 2 4. 5. Smith sold and delivered $13.000 of merchandise to LJ Enterprises. terms 2/10,n30. LJEnterprises also ordered an additional $4,000 worth of goods on the last day of the month. Smith lent $900 to its company president who promised to repay the loan on the 15th day of the next month. Smith sold old storage sheds to Alt Traders on 3/31. Alt Traders gave a $2.000 promissory note to Smith agreeing to pay for the sheds in 3 months. Other current assets totaled $45,000. Smith received no cash arising from the above transactions during March. Based only on the above transactions, and ignoring beginning balances, compute the accounts receivable as a percentage of the total current assets as of month end. (Round answer to 0 decimal places, e.g. 25%.) Accounts Receivable
Seesaw Ltd is a growing retail business in Hornsby NSW, buying and selling children socks. Seesaw buys socks at $12 each and sells them at $18, and extends credit terms of 2/7, n/30 to its customers. During the month of March 2022, the following inventory transactions occurred: March 1 Purchased 400 socks on account for $12 each from ABC Ltd, terms 1/7,n/30 2 Paid freight costs of $180 on the March 1 purchases. 4 Sold 220 socks on account to XYZ Ltd for $18 each. 5 Returned 25 socks to ABC Ltd, and received $300 credit. 7 Paid ABC Ltd the amount owing. 12 Received payment from XYZ Ltd. 15 Sold 100 socks on account to Mr. Benson Ltd for $18 each. 20 Received payment of account from Mr Benson Ltd. Journalise the above transactions for the month of March for Seesaw Ltd using a periodic inventory system.No GST needed
Seesaw Ltd is a growing retail business in Hornsby NSW, buying and selling children socks. Seesaw buys socks at $12 each and sells them at $18, and extends credit terms of 2/7, n/30 to its customers. During the month of March 2022, the following inventory transactions occurred: March 1 Purchased 400 socks on account for $12 each from ABC Ltd, terms 1/7,n/30 Paid freight costs of $180 on the March 1 purchases. 2 Sold 220 socks on 4 account to XYZ Ltd for $18 each. Returned 25 socks to ABC Ltd, and received $300 credit. Paid ABC Ltd the amount 7 owing. Received payment from 12 XYZ Ltd. Sold 100 socks on 15 account to Mr. Benson Ltd for $18 each. Received payment of account from Mr Benson 20 Ltd. Required: Journalise the above transactions for the month of March for Seesaw Ltd using a periodic inventory system. IGNORE GST.
The home office ships merchandise to the branch at 25 percent above cost. At whatamount should the Home Office account be credited if merchandise costing P120,000will be shipped? On January 01, 2020 Kit Company, Inc. establishes a branch in Bauang. During theyear, Kit Inc. transfers cash and merchandise to the branch worth P15,000 andP45,000 respectively. Freight was paid by the home office worth P1,500 included inthe cost of merchandise. The home office also incurred P5,700 expenses of which 30percent was allocated to the branch. On December 31, 2020, the branch incurred aloss of P4,000. What is the balance of the branch account as per home office books? *Please answer in good Accounting form. Thank you!
Marr Trading purchases and sells a single product called ALGA. Opening inventories of ALGA 1 March 2019 was 400 units at a total cost of RM1,200. The sale price of ALGA per unit is RM7. T transactions during the month are as follows: 1 Date Purchase Sale Unit Total (RM) (Unit) 2 March 5,500 24,500 7 March 7,000 20,000 13 March 2,200 19 March 4,000 12,000 22 March 2,600 28 March 2,000 Required: (a) Prepare a store ledger card of ALGA for March 2019 using the first-in, first-out (FIFO) method of pricing issues. (b) Calculate the value of inventory for the financial year ended 31 March 2019. (c) Prepare extracts from the Statement of Profit and Loss for the year ended 31 March 2019.
Tree top Products, Ltd. sells stuffed animals to local convenience stores and small pharmacy chains. All of Tree top sales are on consignment. The consignee receives a 15% commission for each product sold. Treetop completed the following consignment-related transactions. Date Transaction Amount February 2, 2024 Ships merchandise on consignment to Next Door Pharmacy. Cost = $600,000 Retail Value = $2,000,000 May 15, 2024 Next Door Pharmacy sells 80% of the consigned inventory for cash. $1,600,000 June 1, 2024 Next Door notifies Treetop about the sale and remits the cash collected to Treetop, net of the 15% commission. $1,600,000 January 3, 2025 Next Door sells the remainder of the consigned merchandise for cash. $400,000 January 5, 2025 Next Door notifies Treetop and remits the cash collected net of the 15% commission. $400,000 Let's begin our journal entries with the consignor (Treetop) entries.…
A. Camy Enterprise is a wholesaler company that sells various types of kitchenware. The following is the list of transactions in December 2021. Dec 2 Makes a payment of RM220,500 to Yuhan Sdn Bhd for the pressure cooker purchased on 18 October 2021. 6 Purchases 25 units of frying pans from The King Ware Sdn Bhd with a total cost of RM7,000 by account. The credit term is 5/15, n/45. The frying pans were delivered with an agreement of F.O.B shipping point that cost RM100. 11 Sells 32 units of steamers to Pan Asia Nusantara Resort at a total sales price of RM9,600. The cost of the steamer is RM220 per unit. The transaction was made by cash. Accepts a return of two units of steamers from Pan Asia Nusantara Resort due to a slight dent on the steamers. Camy Enterprise made full cash return to Pan Asia Nusantara Resort. 16 A unit of frying pan is returned to The King Ware Sdn Bhd due to the wrong size and the outstanding balance owed is reduced by RM280. 18 Golden Chef Cullinary College…
Dream Big Pillow Co. pays 65% of its purchases in the month of purchase, 30% the month after the purchase, and 5% in the second month following the purchase. It made the following purchases at the end of 2017 and the beginning of 2018: Dream Big Pillow Co. purchase data December 2017 January 2018 February 2018 Month Purchases $34,136 $30,395 $34,493 Calculate the payments made in February. Round to the nearest penny, two decimal places. March 2018 $45,379
Pick n Pay retail shop shipped 22 000 litres of orange juice at N$50 000 and paid N$42 000 to ship 18 000 litres in October 2021. If Pick n Pay ships 20 000 litres in November 2021, its expected shipping expense would be
The Gift Company has a branch in Bohol. During 2016, the home office shipped to the branch merchandise billed at P150,000 including a markup of 20% on cost. The branch reports opening and closing inventories of P90,000 and P120,000, respectively, while the home office has a closing inventories of P210,000 which includes merchandise which are held on consignment valued at P10,000. Both locations use the periodic inventory system. What closing inventory would be reported in the combined statement of income for the year 2016?
Omar imports picture frames from India, He prepares accounts to 30 April each year. In the year ending April 2020 he records the following totals for trading transactions: Revenue 347,348 Purchases 240,153 Import duties 6,043 Operating expenses 5,467 2,971 7,500 Sales returns Drawings Purchase returns 1,800 Omar's opening inventory at 1 May 2019 was£43,730 and his closing inventory at 30 April 2020 was £41,180. What is Omar's net profit for the year? a. £104,050 b.£94,306 c. £91.964
Al Qud, Paramount House, Bausher, is dealing in trading. of Furniture. They are selling the following items through his retail shop in Bausher: Tables $600 per table, Chairs at $600 per chair, Cupboard at $3000 per Cupboard Revolving Chairs at $200 per chair. Required: Calculate the amounts to be recorded in Sales Day Book in respect of the following sales made during the month of November 2019[3 MARKS] Nov 1 To Farid, Muladha: 20 tables, 2 revolving chair. Less 25% trade discount. Gross Amount: Trade Discount $1,200 $12,400 Net Amount: $124,000 $1,600

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