John commenced business on 1 January Year 9. During the year ending on 31 December Year 9, he bought a quantity of leather briefcases at a uniform cost and sold 5,800 of them at £50 each. An inventories check on 31 December Year 9 established that he holds 650 unsold briefcases. John's gross profit for the year was £116,000. How much was the cost of each briefcase? OA. £22.52 OB. £20 OC. £30 OD. £33.78

Gretchen’s  sales,  current  assets  and  current  liabilities  (all  in thousands of pesos) have been reported as follows over the last four years (Year 4 is the most recent year):                                              Year 4    Year 3    Year 2    Year 1 Sales                                 P5,400    P4,950    P4,725     P4,500 Current assets                     1,448      1,332      1,368       1,280 Current liabilities                   318         324         330          300   Express all of the assets, liabilities and sales data in trend percentages (show percentages in each item). Use year 1 as the base year and carry computations to one decimal place.

PHE, Inc.estimates warranty expense at 2% of sales. Sales during the year were $4 million and warranty related cash expenditures were $34,000. What was the balance in the Warranty Liability account at the end of the year? Select one: O a. $56,000 O b. $34,000 c. $80,000 O d. $36,000 O e. $46,000

July 17 Purchased 50 watches for $7,500 ($150 per watch) on account. July 31 Sold 40 watches for $20,000 cash. August 12 Purchased 40 watches for $6, 400 ($160 per watch) cash. August 22 Sold 30 watches for $15,000 on account. September 19 Paid for watches purchased on July 17. September 27 Receive cash of $9,000 for watches sold on account on August 22. October 27 Purchased 80 watches for $13,600 ($170 per watch) cash. November 20 Sold 90 watches for $45,000 cash. December 4 Purchased 100 watches for $18,000 ($180 per watch) on account. December 8 Sold 40 watches for $20,000 on account. Required: 1 - a. Calculate sales revenue, cost of goods sold, and ending inventory as of December 31, 2025, assuming Suzie uses a FIFO perpetual inventory system to account for inventory. 1 - b. Prepare the gross profit section of a partial income statement for transactions related to MU watches

The following items were selected from among the transactions completed by Sherwood Co. during the current year:   Feb. 15. Purchased merchandise on account from Kirkwood Co., $144,000, terms n/30. Mar. 17. Issued a 60-day, 7% note for $144,000 to Kirkwood Co., on account. May 16. Paid Kirkwood Co. the amount owed on the note of March 17. June 15. Borrowed $136,800 from Triple Creek Bank, issuing a 60-day, 8% note. July 21. Purchased tools by issuing a $114,000, 90-day note to Poulin Co., which discounted the note at the rate of 7%. Aug. 14. Paid Triple Creek Bank the interest due on the note of June 15 and renewed the loan by issuing a new 60-day, 10% note for $136,800. (Journalize both the debit and credit to the notes payable account.) Oct. 13. Paid Triple Creek Bank the amount due on the note of August 14. Oct. 19. Paid Poulin Co. the amount due on the note of July 21. Dec. 1. Purchased office equipment from Greenwood Co. for $144,000, paying $24,000 cash and…

Mani

Yui Sum Ltd commenced business on 1 January Year 9. During the year ending on 31 December Year 9, they bought a quantity of leather briefcases at a uniform cost and sold 6,000 of them at £50 each. An inventories check on 31 December Year 9 established that they hold 650 unsold briefcases. The gross profit for the year was £114,000. How much was the cost of each briefcase? OA. £17.01 B. £31.00 C. £27.76 D. £19.00

Mercado Ltd started its business with £21,000 in cash on 1 Jan 20X1, and immediately purchased 400 items of inventory at the price of £50 per item and put the remaining £1,000 in a bank account without any fees or interests. On 1 July 20X1, it sold all items at the price of £80 per item and received the payment in cash. The general price index during the year was as follows: 01-Jan 01-Jul 31-Dec General price index 100 120 150 What is the cash balance at the year end 31 Dec 20X1 under current purchasing power accounting? Select one: a. £41,500 b. £40,000 c. £32,000 d. £33,000 e. £1,000

In the year ended 31 December 20X7 Bobby traded in for £3,430 a vehicle costing £6,000 on 1 November 20X5 against the cost (£4,800) of a replacement vehicle. The balance due for the new vehicle has been paid in cash and debited to the cost of vehicles account and credited to cash at bank. What net adjustment is required to the company's cost of vehicles account as a result of this transaction?

K Agnes Ltd commenced business on 1 January Year 9. During the year ending on 31 December Year 9, they bought a quantity of leather briefcases at a uniform cost and sold 6,000 of them at £50 each. An inventories check on 31 December Year 9 established that they hold 650 unsold briefcases. The gross profit for the year was £114,000. How much was the cost of each briefcase? OA. £27.97 B. £17.14 OC. £31.00 O D. £19.00