Answer pleaser with calculation of both required In its May 31, 2017, annual report, Beyonce Ltd.(Beyonce) reported that it had an inventory of...Question:In its May 31, 2017, annual report, Beyonce Ltd. (Beyonce) reported that it had an inventory of $175,000 and accounts payableof $104,000 on May 31, 2016, and inventory of $196,000 and accounts payable of $122,000 on May 31, 2017. Beyonce'sincome statement for the year ended May 31, 2017, reported the cost of goods sold of $1,220,000.Required:Calculate the amount of cash that Beyonce paid to suppliers for purchases of inventory during fiscal 2017. Assume thataccounts payable pertain only to the purchase of inventory on credit.

Step 1: Changes in accounts payable Balance, May 31, 2016$ 196,000Purchases** 1,199,000 Goods…

Answered: In its May 31, 2017, annual report,…

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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In its May 31, 2017, annual report, Beyonce Ltd. (Beyonce) reported that it had an inventory of $175,000 and accounts payable of $104,000 on May 31, 2016, and inventory of $196,000 and accounts payable of $122,000 on May 31, 2017. Beyonce's income statement for the year ended May 31, 2017, reported the cost of goods sold of $1,220,000. Required: Calculate the amount of cash that Beyonce paid to suppliers for purchases of inventory during fiscal 2017. Assume that accounts payable pertain only to the purchase of inventory on credit.
In its May 31, 2017, annual report, Beyonce Ltd. (Beyonce) reported that it had an inventory of $175,000 and accounts payable of $104,000 on May 31, 2016, and inventory of $196,000 and accounts payable of $122,000 on May 31, 2017. Beyonce's income statement for the year ended May 31, 2017, reported the cost of goods sold of $1,220,000.
provide answer for req. 1 and 2
Miranda Company reported the following amounts on its 2017 income statement: Purchases, P100,000; Beginning inventory, P20,000; and Cost of goods sold, P110,000. Therefore, the 2017 ending inventory was _____
Sheffield Inc. reported the following partial statement of income data for the years ended December 31, 2024 and 2023: Sales Cost of goods sold Gross profit (a) The company reported inventory in the statement of financial position at $46,000, $49,500, and $48,000 at the end of 2022, 2023, and 2024, respectively. The ending inventory amounts for 2022 and 2024 are correct. However, the company has understated the ending inventory at December 31, 2023, by $7,620. Sales 2024 $263,000 Cost of goods sold 204,000 $59,000 Your answer has been saved. See score details after the due date. Prepare correct statements of income for 2023 and 2024 through to gross profit. 2024 Gross profit (b) 2023 $254,000 199,390 $54,610 $ eTextbook and Media 263000 211620 51380 $ $ 2023 Cumulative effect of the inventory error on total gross profit $ 254000 191770 62230 Attempts: 1 of 1 used What is the cumulative effect of the inventory error on total gross profit for these two years? (If answer is zero, please…
Geiger Corporation reportes inventories of $1,320,000 in 2016 and $1,460,000 in 2017. The 2017 income statement reported cost of goods sold of $6,980,000. Compute the amount of inventory purchase during 2017 and prepare journal entries to record purcahses and cost of goods sold.
Headlands Industries reports net income of $86,320 in 2017. However, ending inventory was understated by $6,990. What is the correct net income for 2017? The correct net income List of Accounts What effect, if any, will this error have on total assets as reported in the balance sheet at December 31, 2017? in the balance sheet will be v by the amount that ending inventory is $ List of Accounts %24
The Kwok Company’s inventory balance on December 31, 2016, was $165,000 (based on a 12/31/16 physical count) before considering the following transactions: 1. Goods shipped to Kwok f.o.b. destination on December 20, 2016, were received on January 4, 2017. The invoice cost was $30,000. 2. Goods shipped to Kwok f.o.b. shipping point on December 28, 2016, were received on January 5, 2017. The invoice cost was $17,000. 3. Goods shipped from Kwok to a customer f.o.b. destination on December 27, 2016, were received by the customer on January 3, 2017. The sales price was $40,000 and the merchandise cost $22,000. 4. Goods shipped from Kwok to a customer f.o.b. destination on December 26, 2016, were received by the customer on December 30, 2016. The sales price was $20,000 and the merchandise cost $13,000. 5. Goods shipped from Kwok to a customer f.o.b. shipping point on December 28, 2016, were received by the customer on January 4, 2017. The sales price was $25,000 and the merchandise cost…
Following are the account balances from Connery Company's statement of comprehensive income:Inventory, January 1, 2017 $34,000Purchases 50,000Purchase returns 5,000Purchase discounts 4,000Freight-in 6,000Inventory, December 31, 2017 15,000Freight-out 8,000 Given this information, the cost of goods sold during 2017 is?
The December 31, 2016, year-end inventory balance of the Raymond Corporation is $210,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Goods shipped to Raymond f.o.b. destination on December 26, 2016, were received on January 2, 2017. The invoice cost of $30,000 is included in the preliminary inventory balance. 2. At year-end, Raymond held $14,000 of merchandise on consignment from the Harrison Company. This merchandise is included in the preliminary inventory balance. 3. On December 29, merchandise costing $6,000 was shipped to a customer f.o.b. shipping point and arrived at the customer’s location on January 3, 2017. The merchandise is not included in the preliminary inventory balance. 4. At year-end, Raymond had merchandise costing $15,000 on consignment with the Joclyn Corporation. The merchandise is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in…
The dollar-value LIFO method was adopted by Windsor Corp. on January 1, 2017. Its inventory on that date was $379,400. On December 31, 2017, the inventory at prices existing on that date amounted to $358,400. The price level at January 1, 2017, was 100, and the price level at December 31, 2017, was 112. Compute the amount of the inventory at December 31, 2017, under the dollar-value LIFO method. Inventory 12/31/17 under dollar-value LIFO method $ LINK TO TEXT On December 31, 2018, the inventory at prices existing on that date was $399,510, and the price level was 115. Compute the inventory on that date under the dollar-value LIFO method. Inventory 12/31/18 under dollar-value LIFO method $ Click if you would like to Show Work for this question: Open Show Work
Yellow Bell Company started operations on March 2016. The following information were provided in relation to its inventory for the past three years 2016 Inventory, beg Net Purchases Inventory, end 2017 P 900,000 5,000,000 1,100,000 2018 P 1,100,000 4,200,000 850,000 4,500,000 900,000 In preparing the 2018 financial statements of Yellow Bell Company the following items were noted: • The ending inventory reported in the past three years were based on physical counts made in Yellow Bell Company's warehouses. • Goods out on consignment at the end of 2016, 2017 and 2018 were P150,000, P180,000 and P140,000 respectively The last purchase invoice recorded in 2018 was P80,000. These goods were shipped on December 29, 2018 under the terms fob shipping point and arrived on January 3, 2019 The prior period adjustment to be recorded on January 1, 2018 is a. 0 ъ. 30,000 с. 150,000 d. 180,000 The amount to be reported as cost of sales in the 2018 income statement of Yellow Bell Company is a.…

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