if a company send the goods for 20% markup to its branch the branch received during january 2024 180,000 goods at billed price when beggining of inventory was 48,000, the branch sold goods which cost 192,000 for 260,000, if there isnt any more transaction, the unrealized gain balance is OA. 6000$ OB. 24,000$ O c. 30,000$ O D. 38,000$
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- Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.Presented below are the information taken from the books of NMIXX Co. 2022 2023 Sales Regular P 125,000 P 187,500 Installment 62,500 100 000 Cost of goods sold: Regular 75.000 112,500 Installment 31,250 45,000 Selling expenses 25,000 31,250 Collection on accounts from Regular sales 100,000 137,500 Installment sales - 2022 37.500 25,000 Installment sales - 2023 62,500 How much is the Realized gross profit in installment and net income for the year 2023?The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:13. If the term is FOB shipping point, freight prepaid, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000
- The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:12. If the term is FOB destination, freight prepaid, how much net cash dis Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000Exercise ER The Income statement of Vince Gill Company Is shown below. VINCE GILL COMPANY INCOME STATENENT FOR THE YEAR ENDED DECENBER 31, 2020 $6,900,000 Sales revenue Cost of goods sold Purchases uauanur Bபrப்பம்Sg: 000 0000 Goods available for sale 6,300,000 Ending Inventory Cost of goods sold 4,700,000 Gross profit Operating expenses Selling expenses Administratve expenses ఈ50,000 700,000 1,150,000 $1,050,000 Net Income. Additional Information: 1. Accounts recelvable decreased $360,000 durIng the year. 2. Prepald expenses Increased S170,000 during the year. 3. Accounts payable to suppliers of merchandise decreased S275,000 during the year. 4. Accrued expenses payable decreased $100,000 durIng the year. 5. Administrative expenses Include depredatlon expense of $60,000. Prepare the operating activities secton of the statement of cash flows for the year ended December 31, 2020, for Vince Gill Company, using the Indirect method parenthesis e.g. (15,000 VINCE GILL COMPANY Statement of…Assuming that net purchases was P90,000 during the year and that ending merchandise inventory was P20,000 less than beginning merchandise inventory of P250,000, how much was the cost of goods sold? a. P1,130,000 b. P670,000 c. P920,000 d. P1,170,000.
- A company reported the following data for the year ending 2018: Description Amount Sales Sales discount Sales returns and allowances $400,000 $16,000 $13,000 $117,000 $153,000 |Cost of goods sold |Operating expense Income tax expense $23,750 Compute the amount of gross profit to be reported on the income statement. a. $101,000 b. $117,000 c. $254,000 d. $124,750 Answer O O O O#36 On March 1, 2020, SWANSEA Company acquired P1,500,000 of merchandise, terms 2/10, 1/15, n/45. The shipping costs amounted to P25,000, terms FOB shipping point, freight prepaid. On March 5, the Company returned merchandise worth P200,000. What is the total amount paid by the Company assuming it paid all its obligations to its supplier on March 12, 2020?The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:9. If the term is FOB destination, how much sales should be recorded by Spurs for the year ended December 31, 2023? a. P0b. P490,000c. P495,000d. P500,000
- 16. Given the following information, calculate the gross margin %: Cost $144,900.00 $345,000.00 Retail opening inventory gross purchases $101,200.00 $220,000.00 returns to vendors $11,500.00 $25,000.00 $2,000.00 freight additional markup $3,000.00 $2,000.00 CMU = net transfers out $9,200.00 %3D total merch handled cost % = net sales $275,000.00 markdowns $35,000.00 markdown cancellations $5,000.00 employee discounts $3,000.00 total retail deductions closing book inventory gross cost of merch sold $2,500.00 $6,000.00 alterations costs cash discounts net cost of merch sold gross margin $ gross margin %Sound Break CorporationIncome and Retained Earnings StatementFor the year Ended December 31, 2020Net Sales P1,000,000Cost of Goods Sold:Inventory, Dec. 31, 2019 P250,000Purchases 720,000Total Goods Available P970,000Inventory 220,000 750,000Gross Margin on Sales P 250,000Selling and Administrative (including Depreciation of P20,000) 125,000Net Income before Tax P 125,000Provision for Income Tax 35,000Net Income for the Year P 90,000Retained Earnings, beginning 130,000Total P 220,000Dividends Paid 30,000Retained Earnings, December 31, 2020 P 190,000 Sound Break CorporationBALANCE SHEETDecember 31, 2019 and 2020 ASSETS 2019 2020Current Assets:Cash P 75,000 P 85,000Marketable Securities 25,000 25,000Trade Receivables, net 185,000 245,000Inventory, at cost 250,000 220,000Prepaid Expenses 15,000 10,000Total Current Assets P550,000 P585,000Property and Other Assets:Equipment, net P340,000 P320,000Other Assets 15,000 15,000Total Property and Other Assets P355,000 P335,000 Total Assets…The following information is available for Ace Company for 2021: Disbursements for purchases $1,150,000 Increase in trade accounts payable 75,000 Decrease in merchandise inventory 30,000 Costs of goods sold for 2021 was a. P1,255,000. b. P1,195,000. c. P1,105,000. d. P1,045,000.