Holidays Ltd manufactures caravans. Transactions for the year ended 30 June 2019 were as follows: i. 600 caravans was manufactured at a cost of $15,000 each. ii. 500 caravans were sold for $20,000 each. iii. Cash was collected on 475 of the caravans sold. What was the reported profit for the year ended 30 June 2019 if revenue was recognized when cash was received? a. $0 b. $5,000,000 c. $3,000,000 d. $2,500,000 e. $2,375,000

Get balance sheet as of december 2021 and income statement for the year

X Co. had $2 million in credit sales during 2021. Historically, 2% of its sales are returned by customers. During 2021, customers returned $25,000 worth of merchandise. The adjusting journal entry for 2021 will include: Debit to Refund Liability of $12,500. Debit to Sales Returns for $40,000 Debit to Sales Returns of $15,000. Credit to Sales Returns for $20,000

The net sales of JEY Company in 2019 is ₱580,000. The cost of goods manufactured is ₱480,000. The beginning inventories of goods in process and finished goods are ₱82,000 and ₱65,000, respectively. The ending inventories are: goods in process –₱75,000; finished goods –₱55,000. The selling expenses and general and administrative expenses are 5% and 2.5% of cost of sales, respectively. How much would be the net profit before tax in the year 2019?   45,725       ₱ 53,250       ₱ 90,000       ₱ 83,000

Rusty Hardware makes only cash sales. It began 2021 with a credit balance of $32,300 in the refund liability account. Sales during 2021 were $630,000. Rusty estimates that 6% of all sales will be returned. During 2021, custormers returried merchandise for credit of $28.600 to their accounts. Rusty's 2021 income statement would report net sales of: Muitiple Choice O $635,500. O $692,20O. $630.000. A Prey 11 of 15 Next>

On October 9, 2020, Steven Company purchased $4,500 of product on account from Bryant Company on with credit terms of 2/15 n/30. The product cost Bryant Company $3,750. The freight terms were F.O.B. shipping point, the cost was $125 and the freight was paid in cash to ABC Trucking Company on Oct 12, 2020. On October 15, Bryant Company purchased $2,000 of product from Mitchell Company, with credit terms of 3/10, n/60. The product cost Mitchell Company $1,200. The freight terms were F.O.B. destination. the cost was $75 and the freight was paid in cash to ABC Trucking Company on October 16. On October 17, Steven Company paid for the purchase made on October 9. On October 30, Bryant Company paid for the purchase made on October 15. Prepare the journal entries for Steven, Bryant, and Mitchell Companies. Calculate the gross margin on Bryant’s sale to Steven Company and on Mitchell’s sale to Bryant Company.

Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues  $ 546,190 Cost of revenues  $ 340,275 Inventories as of 31 January 2022  $44,064 Inventories as of 31 January 2021  $41,020 Accounts payable as at 31 January 2022  $58,600 Accounts payable as at 31 January 2021  $51,800 Accounts receivable as at 31 January 2022  $7,482 Accounts receivable as at 31 January 2021  $5,434   Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable  Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing?  8. Using the information provided, compute the change in operating working captial

Judon Corp. provides the following information from its annual report. Assume all revenues are credit sales. The cost of revenues can be used as an approximation of the company's purchases for the year. Revenues  $ 546,190 Cost of revenues  $ 340,275 Inventories as of 31 January 2022  $44,064 Inventories as of 31 January 2021  $41,020 Accounts payable as at 31 January 2022  $58,600 Accounts payable as at 31 January 2021  $51,800 Accounts receivable as at 31 January 2022  $7,482 Accounts receivable as at 31 January 2021  $5,434   Compute the following financial ratios for Judon Corp for 2022 1. Account Receivable Turnover Ratio (Times)? 2. Collection Interval (DSO) / Days? 3. Inventory Turnover Ratio (Times) ? 4. Holding Interval (Days) ? 5. Account Payable  Turnover Ratio (Times)? 6.Payment Interval (Days)? 7. Does Judon Corp need short-term financing?

Kristopher Company sold $40,500 of goods to Evan Company on credit on March 1, 2022. Terms were 3/10, n/30.   Required:   Prepare the journal entry on Kristopher’s books to record the sale. Prepare the journal entries to record collection, if the customer paid on April 8, 2021. Prepare the journal entry to record collection, if the customer paid on March 8, 2021.

19. Under the accrual basis, rental income of Lion’s Pride Company for the current calendar year is P60,000. Additional information regarding rental income are:   Accrued rental income, December 31 4,000 Accrued rental income, January 1 3,000 Unearned rental income, December 31 7,500 Unearned rental income, January 1 5,000   How much actual cash rental was received by Lion’s Price Company in the current year?