During the current year, merchandise is sold for $95,500 cash and $1,315,000 on account. The cost of the goods sold is $848,500. What is the amount of the gross profit

The cost of merchandise sold by Kohl's Corporation for a recent year was $12,265 million. The balance sheet showed the following current account balances (in millions): Merchandise inventories Accounts payable Balance, End of Year Balance, Beginning of Year $ 4,038 1,251 $ 3,814 1,511 Determine the amount of cash payments for merchandise.

Question: During the current year, merchandise is sold for $194,200 cash and $454,200 on account. The cost of the merchandise sold is $505,800. What is the amount of the gross profit?

The following figures appear on LaGrange’s financial statements for the most recent fiscalyear: Cost of Goods Sold       $1,960,000 Beginning Inventory            238,000 Ending Inventory                 278,000 Accounts Payable               182,000 What is the age of this company’s accounts payable?     Responses 33.2 days 35.3 days 34.7 days 33.9 days

The Bottling Department of Mountain Springs Water Company had 4,400 liters in beginning work in process inventory (25% complete). During the period, 55,400 liters were completed. The ending work in process inventory was 3,000 liters (65% complete). All inventories are costed by the first-in, first-out method. What are the equivalent units for conversion costs under the FIFO method? what are the equivalent units for conversion costs

LaRoe Lawns’ inventory increased during the year by $5.9 million. Its accounts payable increased by $4.8 million during the same period.Required: What is the amount of cash LaRoe paid to suppliers of merchandise during the reporting period if its cost of goods sold was $56 million? Prepare a summary entry that represents the net effect of merchandise purchases during the reporting period. Record the net effect of merchandise purchases.

CHERRY Company has 10,000 units of merchandise with unit cost of ₱50 at the beginning of the year. Purchases in chronological order during the year are as follows: 2,000 units at ₱51; 1,000 units at ₱52; 500 units at ₱53. The entity sold 13,100 units during the year. What is the ending inventory cost at year-end using FIFO? A. ₱ 20,000 B. ₱ 21,200 C. ₱ 655, 000 D. ₱ 680, 000

AB Ltd. has MCC has prepared the Income statement including the following data (all sales are on account): Sales $80,000 Cost of Goods Sold Gross Profit Expenses Net Profit $50,000 $ 25,000 $ 10,000 $15,000 The comparative balance sheet shows the following data (by definition, accounts payable relates to merchandise purchases only): End of Year Beginning of Year Accounts Receivables (net) Inventory Prepaid Expenses Accounts Payable $7,000 $3,000 $2,000 $1,140 $5,280 $2,000 $1,000 $1,500 Required 1: What is the amount of Cash received from Customers? $ Required 2: What is the amount of Cash paid for merchandise purchase? $

At the beginning of the current period, Penny Worth Corporation had balances in Accounts Receivable of $176,000 and in Allowance for Expected Credit Losses of $8,000 (credit). During the period, Penny Worth had credit sales of $704,000 and collections on account of $671,600. Penny Worth expects a return rate of 5%. Penny Worth uses a perpetual inventory system and determined that the cost of goods sold during the period was $589,600. Penny Worth wrote off as uncollectible, accounts receivable of $6,400. However, a $2,800 account previously written off as uncollectible was recovered before the end of the current period. Uncollectible accounts are estimated to total $22,000 at the end of the period. (a) Prepare the entries to record sales, cost of goods sold, and collections during the period. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the…

Good Buy Company made total purchases of $270,000 in the most current year. It paid freight in of $1,000 on its purchases. Freight​ out, the cost to deliver the merchandise when it was sold to Good Buy​'s ​customers, totaled $7,200. Of the total purchases Good Buy made during the​ period, it returned $24,000 of the merchandise. Good Buy took advantage of $2,300 of purchase discounts offered by its vendors. What was Good Buy​'s cost of​ inventory?