What is recorded as Sales if a company sold merchandise on February 19, 2020, with a P540,000 list price, terms of 20%, 10 %, 1/10, 2/15, 3/20, n/30, and collected in full on March 1, 2020?
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- At December 31, 2019, the following information was available from Crisford Companys books: Sales for the year totaled 110,600; markdowns amounted to 1,400. Under the approximate lower of average cost or market retail method, Crisfords inventory at December 31, 2019, was: a. 30,800 b. 28.000 c. 21,560 d. 19,600How much is the accounts payable credited if the company purchased merchandise on February 23, 2020, with a P310,000 list price, P10,000 shipping costs, terms of FOB Destination, freight collect, 2/10, 3/15, n/30, and paid in full on March 5, 2020? Your answerGee Hee Traders started operating in 2021. For the year ended 2021, the sales, purchases, and closing inventory are P500,000, P200,000, and P10,000 respectively. What is the amount of cost of goods sold for the year ended 2021? Your answer
- Jan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and closing inventory are P600,000, P300,000 and P20,000. What is the cot of goods sold for the year ended 2020?Rela taps and tubes uses periodic method and it has reported the following in the year 2020: Sales revenue:P116,000 Purchases:P78,000 Purchase returns and allowances:P3,800 Ending Inventory:P60,000 Opening Inventory:P51,500 Purchase discount:P7,000 With above information find the Cost of sales for the year.Data taken from the records of XYZ Co. revealed the following for 2020: Inventory - January 1 :P2,000,000; Net purchases : P7,000,000; Inventory - December 31 : P2,800,000; Sales Returns and allowances: P750,000. Gross profit based on net sales is 20%. How much is the gross sales for 2020? A. P7,000,000 B. P7,750,000 C. P8,500,000 D. P9,125,000 E. answer not given
- Assume the following are for Bubba Co. for 2019: Sales $980,000; Merchandise inventory January 1, 2019 $55,000; Merchandise inventory December31, 2019 $60,000; Purchases $650,000; Operating expenses $100,000. What would the gross profit for Bubba Co. for 2019 be?On January 1, 2020, the merchandise inventory of Crane, Inc. was $2150000. During 2020 Crane purchased $4289000 of merchandise and recorded sales of $5100000. The gross profit rate on these sales was 25%. What is the merchandise inventory of Crane at December 31, 2020?Restin Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $50,000 with terms 3/15, n/45. On June 12, 2020, Restin received full payment for the June 1 sale. Prepare the required journal entries for Restin Co.
- Sheffield Co. uses the gross method to record sales made on credit. On June 1, 2020, it made sales of $55,000 with terms 4/15, n/45. On June 12, 2020, Sheffield received full payment for the June 1 sale.Prepare the required journal entries for Sheffield Co.Jan Cahilig Traders started operating in 2020. For the year ended 2020, the sales, purchases, and closing inventory are P500,000, P300,000 and P40,000. What is the gross profit for the year ended 2020?The following balances were reported by ABC Co. at December 31, 2020 and 2019: 12/31/20 P2,600,000 P2,900,000 750,000 12/31/19 Inventory Account payable 500,000 ABC Co. paid suppliers P4,900,000 during 2020. How much is the cost of goods sold in 2020?