Principles of Financial Accounting.
24th Edition
ISBN: 9781260158601
Author: Wild
Publisher: MCG
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Chapter 5, Problem 3MCQ
To determine
Determine the net sales.
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Students have asked these similar questions
Prentice Company had cash sales of $95,275, credit sales of $84,050, sales
returns and allowances of $2,100, and sales discounts of $3,875. Prentice's
net sales for this period equal:
Multiple Choice
$175,450
$177,225.
$173,350.
$179,325.
$95,275.
A company has cash sales of $75,000, credit sales of $320,000, sales returns and allowances of $13,700, and sales discounts of $6,000. Its net sales equal a. $395,000. c. $300,300. e. $414,700. b. $375,300. d. $339,700.
The company's gross profit based on the following is sales $48,000, sales returns and allowances $6,000,
operating expenses $6,200, beginning inventory $900, net purchases $9,100, ending inventory $2,300.
A.
$34,003
B.
None of these
C.
$43,000
D.
$34,000
E.
$34,300
Chapter 5 Solutions
Principles of Financial Accounting.
Ch. 5 - Prob. 1MCQCh. 5 - Prob. 2MCQCh. 5 - Prob. 3MCQCh. 5 - Prob. 4MCQCh. 5 - A companys net sales are 675,000, its cost of...Ch. 5 - Prob. 1DQCh. 5 - In comparing the accounts of a merchandising...Ch. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - How does a company that uses a perpetual inventory...
Ch. 5 - Distinguish between cash discounts and trade...Ch. 5 - Prob. 7DQCh. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - What is the difference between the single-step and...Ch. 5 - APPLE Refer to the balance sheet and income...Ch. 5 - Prob. 12DQCh. 5 - Prob. 13DQCh. 5 - Prob. 14DQCh. 5 - Prob. 15DQCh. 5 - QUICK STUDY Applying merchandising terms C1 P1...Ch. 5 - Identifying inventory costs Costs of 5,000 were...Ch. 5 - Prob. 3QSCh. 5 - Question: Compute the amount to be paid for each...Ch. 5 - Recording purchases, returns, and discounts taken...Ch. 5 - Prob. 6QSCh. 5 - Prob. 7QSCh. 5 - Prob. 8QSCh. 5 - Accounting for shrinkageperpetual system P3 Nix'It...Ch. 5 - Closing entries P3 Refer to QS 4-9 and prepare...Ch. 5 - Prob. 11QSCh. 5 - Prob. 12QSCh. 5 - Prob. 13QSCh. 5 - Computing and interpreting acid-test ratio Use the...Ch. 5 - Prob. 15QSCh. 5 - Contrasting periodic and perpetual systems...Ch. 5 - Prob. 17QSCh. 5 - Prob. 18QSCh. 5 - Prob. 19QSCh. 5 - Prob. 20QSCh. 5 - Prob. 21QSCh. 5 - Prob. 22QSCh. 5 - Prob. 23QSCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Recording purchases, purchases returns, and...Ch. 5 - Recording sales, purchases. and cash...Ch. 5 - Prob. 7ECh. 5 - Inventory and cost of sales transactions in...Ch. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 11ECh. 5 - Impacts of inventory error on key accounts P3 A...Ch. 5 - Impacts of inventory error on key accounts P3 A...Ch. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Recording purchases, returns, and allowances...Ch. 5 - Recording sales, purchases, and cash...Ch. 5 - Prob. 19ECh. 5 - Prob. 20ECh. 5 - Recording estimates of future returns P6 Chico...Ch. 5 - Prob. 22ECh. 5 - Recording sates, purchases. shipping. and...Ch. 5 - Recording purchases, sales, returns, and...Ch. 5 - Prob. 25ECh. 5 - Preparing journal entries for merchandising...Ch. 5 - Prob. 2APCh. 5 - Prob. 3APCh. 5 - Prob. 4APCh. 5 - Prob. 5APCh. 5 - Preparing journal entries for merchandising...Ch. 5 - Prob. 2BPCh. 5 - Prob. 3BPCh. 5 - Prob. 4BPCh. 5 - The following unadjusted trial balance is prepared...Ch. 5 - This serial problem began in Chapter 1 and...Ch. 5 - Prob. 1AACh. 5 - Prob. 2AACh. 5 - Prob. 3AACh. 5 - Prob. 1BTNCh. 5 - You are the financial officer for Music Plus, a...Ch. 5 - Prob. 3BTNCh. 5 - Prob. 5BTN
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- Newark Company has provided the following information: • Cash sales, $450,000 Credit sales, $1,350,000. Selling and administrative expenses, $330,000 Sales returns and allowances, $90,000 Gross profit, $1,360,000 Increase in accounts receivable, $55,000 Bad debt expense, $33,000 Sales discounts, $43,000 Net income, $1,030,000 How much are Newark's net sales? $1,800,000. $1,634,000. $1,667,000. $1,745,000.arrow_forwardPrince Company had cash sales of $94,900, credit sales of $83,825, sales returns and allowances of $1,950, and sales discounts of $3,725. Prince's net sales for this period equal:arrow_forwardQuartz Corporation had the following account balances: Sales, $875,000; Sales Returns and Allowances, $73,000; Cost of Goods Sold, $580,000; and Selling, General & Administrative Expenses, $120,000. How much was Quartz’s net sales? $222,000 $802,000 $248,000 $102,000 $875,000arrow_forward
- The following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000; Sales discounts P20,000; Sales returns and allowances P15,000; Purchase discounts P5,000; Purchase returns and allowances P7,000; Selling Expenses P40,000; General & Administrative expense P45,000; Interest income P5,000. What is the net sales? P400,000 P445,000 P415,000 P255,000arrow_forwardQuartz Corporation had the following account balances: Sales, $875,000; Sales Returns and Allowances, $73,000; Cost of Goods Sold, $580,000; and Selling, General & Administrative Expenses, $120,000. How much was Quartz’s gross profit? $802,000 $222,000 $875,000 $248,000 $102,000arrow_forwardThe following are ABM Store's year-end balances of selected accounts: Cash, P200,000.00; Sales, P185,000.00; Sales Discount, P5,000.00; Cost of Goods Sold, P80,000.00; Operating Expenses, P40,000.00. a. How much is the net sales? b. How much is the gross profit? C. How much is the net income?arrow_forward
- 1)Brown Glory Corp. has sales revenue of $150,000, sales discounts of $12,000, sales returns allowances of $24,000, and cost of goods sold of $60,000. What would be the net sales revenue of Brown Glory Corp.?arrow_forwardFlyer Company has provided the following information. Cash sales, $325,000 Credit sales, $850.000 Selling and administrative expenses, $220,000. Sales retums and allowances, $75,000 Gross profit, $830,000. Increase in accounts receivable $75,000. Bad debt expense, $28,000 Sales discounts, 552,000. Net income, $920,000 How much is Newark's cost of sales?arrow_forwardFinancial information is presented below: Operating Expenses $ 92, 800 Sales Returns and Allowances 18,000 Sales Discounts 12,000 Sales Revenue 350,000 Cost of Goods Sold 176,000 The amount of net sales on the income statement would be Select one: a. $ 338,000. b. $332,000. c. $350,000. d. $320,000.arrow_forward
- Interest expense = 36,000. Sales revenue = 2,195,000. Interest and dividends = 9,000. Selling expenses = 253,000. Administrative expenses = 104,000. Sales returns and allowances = 98,000. Income tax expense = 168,200. Cost of goods sold = 1,281,000. How much is the gross profit?arrow_forwardA company has $550,000 in net sales and $193,000 in gross profit. This means its cost of goods sold equals a. $743,000. c. $357,000. e. $(193,000). b. $550,000. d. $193,000.arrow_forwardIf gross sales is P40,000, sales returns and allowances P1,000, sales discounts P400, and delivery expenses P100, the net sales of the business will totalarrow_forward
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