if a company billed its branch at 25% markup and sent goods at billed price 187500, the company recorded OA. credit inventory for 187500 OB. credit invetory 234375 O c. credit overvaluation 27500 OD. debit inventory 150,000
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- Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.Last year, Nikkola Company had net sales of 2.299.500,000 and cost of goods sold of 1,755,000,000. Nikkola had the following balances: Refer to the information for Nikkola Company above. Required: Note: Round answers to one decimal place. 1. Calculate the average accounts receivable. 2. Calculate the accounts receivable turnover ratio. 3. Calculate the accounts receivable turnover in days.Sold goods for $650, credit terms net 30 days. Which journal would the company use to record this transaction? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
- The following selected information is taken from the financial statements of Arnn Company for its most recent year of operations: During the year, Arnn had net sales of 2.45 million. The cost of goods sold was 1.3 million. Required: Note: Round all answers to two decimal places. 1. Compute the current ratio. 2. Compute the quick or acid-test ratio. 3. Compute the accounts receivable turnover ratio. 4. Compute the accounts receivable turnover in days. 5. Compute the inventory turnover ratio. 6. Compute the inventory turnover in days.MDTB Company provided the following information: Net accounts receivable, beginning P 900,000 Net accounts receivable, ending 1,000,000 Accounts receivable turnover 5 to 1 Inventory, beginning 1,100,000 Inventory, ending 1,200,000 Inventory turnover 4 to 1 Required: What is the gross margin for the current year? |if a company billed its branch at 25% markup and sent goods at billed price 187500, the company recorded OA. credit inventory for 187500 OB. credit invetory 234375 O c. credit overvaluation 27500 OD. debit inventory 150,000
- FN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P45,000, terms 1/10, n/30. Returned P800 of the shipment for credit. Paid P300 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases?Sales-related transactions Sayers Co. sold merchandise on account to a customer for $83,000 terms 1/10, n/30. The cost of the goods sold was $59,000. a. Journalize Sayers’ entries to record the sale. Accounts Receivable x Sales x Cost of Goods Sold x Inventory x b. Journalize the receipt of payment within the discount period. Cash x Accounts Receivable x c. Journalize the entry to record the receipt of payment beyond the discount period of ten days. Cash x Accounts Receivable x Sales xVC Corporation's books disclosed the following information as of December 31, 2021 P 2,000,000 500,000 Net credit sales Net cash sales 1,000,000 Merchandise purchased Inventory at beginning Inventory at end Accounts receivable at beginning Accounts receivable at end 600,000 200,000 300,000 700,000 Net income 100,000 VC Corporation's accounts receivable turnover is: Net credit sales Accounts receivable turnover = Average accounts receivable O a. 4.0 times O b. 5.0 O c. 3.6 times
- 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?The following are taken from the record of ABM Company for the year ended December 31, 20X2: DEBIT CREDIT |Sales Purchase Discount Purchase Returns and allowances Purchases Freight-in P764,985 8,200 5,465 459,990 9,180 13,300 5,455 25,000 Sales discount Sales returns and allowances Depreciation Expense Amortization expense Salaries Expense Utilities Expense Advertising Expense Rent Expense Interest Income Interest Expense Gain on sale of PPE Bad Debts Expense 10,000 80,000 55,000 35,000 60,000 5,444 5,677 5,465 ??? • Based on actual physical count, inventory balance are as follows: January 1, 20X2 December 31, 20X2 P25,455 P20,765 Bad debts expenso is 4% of net sales. Classify the bad debt expense as general and administrative expense. Determine the following by preparing a multi-step form of SCI. a. Net Sales b. Net Purchases c. Cost of goods sold d. Bad debts expense e. Gross Profit. f. Total Expenses g. Net Income/LossSales-Related Transactions Merchandise is sold on account to a customer for $16,500, terms FOB shipping point, 1/10, n/30. The seller paid the freight of $630. Determine the following: a. Amount of the sale $ b. Amount debited to Accounts Receivable $ c. Amount received within the discount period $