An entity reported operating expenses other than interest expense for the year at 40% of cost of goods sold but only 20% of sales. Interest expense is 5% of sales. The amount purchased is 120% of cost of goods sold. Ending inventory is twice as much as the beginning inventory. The net income for the year is P2,100,000. The income tax is 30%. Question 1: What is the amount of sales for the year? a. 10,000,000 c. 18,000,000 b. 15,000,000 d. 12,000,000 Question 2: What is the amount of purchases? a. 6,000,000 c. 3,000,000 b. 7,200,000 d.3,600,000

Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 73.0 daysa Inventory turnover ratio: 4x Fixed assets turnover: 3.0x Current ratio: 2.5x Gross profit margin on sales: (Sales - Cost of goods sold)/Sales = 20% aCalculation is based on a 365-day year. Do not round intermediate calculations. Round your answers to the nearest dollar. Cash Accounts receivable Inventories Fixed assets Total assets Sales $ $ Balance Sheet $270,000 Current liabilities Long-term debt Common stock Retained earnings Total liabilities and equity Cost of goods sold $ $ $ 54,000 67,500

NEED ANSWER WITH EXPLANATION

Assume the following sales data for a company:   Current year $778,795   Preceding year 600,257 What is the percentage increase in sales from the preceding year to the current year?

Complete the balance sheet and sales information using the following financial data: Total assets turnover: 1.1x Days sales outstanding: 73.0 daysa Inventory turnover ratio: 4.25x Fixed assets turnover: 3.0x Current ratio: 2.0x Gross profit margin on sales: (Sales Cost of goods sold)/Sales aCalculation is based on a 365-day year. = 15% Do not round intermediate calculations. Round your answers to the nearest dollar. Cash Accounts receivable Inventories Fixed assets Balance Sheet Current liabilities Long-term debt Common stock Retained earnings Total assets $300,000 Total liabilities and equity Sales $ Cost of goods sold $ EA $ A 75,000 75,000

In the current year, Borden Corporation had sales of $2,000,000 and cost of goods sold of $1,200,000. Borden expects returns in the following year to equal 8% of sales. The unadjusted balance in Inventory Returns Estimated is a debit of $6,000, and the unadjusted balance in Sales Refund Payable is a credit of $10,000. The adjusting entry or entries to record the expected sales returns is (are): (A) Accounts Receivable 2,000,000   Sales   2,000,000 (B) Sales returns and allowances 150,000   Sales   150,000 Cost of Goods Sold 90,000   Inventory Returns Estimated   90,000 (C) Sales 2,000,000   Sales Refund Payable   160,000 Accounts receivable   1,840,000 Sales Refund Payable 150,0000   Accounts receivable   150,000 (D) Sales Returns and Allowances 150,000   Sales Refund Payable   150,000 Inventory Returns Estimated 90,000   Cost of goods sold   90,000

If your cost of goods sold for the year was $825,000, with beginning inventory of $240,000 and ending inventory of $260,000, what is the inventory turnover ratio?

During the fiscal year 20x4, the initial inventory of the goods of company A is 15.000 €, purchases of goods for the fiscal year 25.000,00 € and the final stock of goods 10.000,00 €. The revenue from the sales of goods is 75.000,00 €, the operating expenses 30.000,00 € and the tax rate is 40%. An employee of the accounting department registered as the final stock of goods the amount of 12.000 €. What is the effect on the cost of sales during the use of 20X4?

Following is an incomplete current-year income statement. Determine Net Sales, Cost of goods sold and Net Income. Additional information follows: Return on total assets is 16% (average total assets is $62,500). Inventory turnover is 5 (average inventory is $7,800). Accounts receivable turnover is 8 (average accounts receivable is $7,700). Income Statement Net Sales   Cost of goods sold   Selling, general, and administrative expenses 8800 Income tax expenses 3800 Net Income

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