I just need Solutions for my review. Thanks. 2. Happy Selling Company's salaries to sales agents amounted to Php 10,000. Salaries of accountantsamounted to Php 20,000. No other expenses were incurred. How much is the company's generaland administrative expense?Answer: P20,000.Medium:1. Happy Selling's beginning inventory amounted to 250,000. Net purchases amounted to 70,000.Freight In totaled 15,000. Compute for the company's cost of goods available for sale.Answer: P335,000.2. Happy Selling's Sales amounted to Php 500,000. Sales returns and sales discounts amounted to Php30,000 and Php 10,000 respectively. Purchases of the company totaled Php 100,000 while purchasereturns and purchase discounts amounted to Php 20,000 and Php 10,000 respectively. How much isthe company's Net Sales? Net Purchases?Answer: Net sales - P460,000; Net Purchases - P70,000Difficult1. Company's Cost of Goods Sold amounted to Php 285,000. Net cost of purchases totaled Php85,000. Beginning inventory amounted to Php 250,000. Sales amounted to Php 500,000. Computefor the company's Ending Inventory.Answer: P50,000.2. Gross profit of Happy Selling amounted to Php 175,000. Beginning Inventory totaled Php 250,000.Ending Inventory amounted to Php 50,000 while Net Cost of Purchases totaled Php 85,000.Compute for Happy's Net Sales.Answer: P460,000

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Answered: 2. Happy Selling Company's salaries to…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter3: Analyzing And Recording Transactions

Section: Chapter Questions

Problem 18EB: Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received...

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Analyzing the Accounts The controller for Summit Sales Inc. provides the following information on transactions that occurred during the year: a. Purchased supplies on credit, $18,600 b. Paid $14,800 cash toward the purchase in Transaction a c. Provided services to customers on credit1 $46,925 d. Collected $39,650 cash from accounts receivable e. Recorded depreciation expense, $8,175 f. Employee salaries accrued, $15,650 g. Paid $15,650 cash to employees for salaries earned h. Accrued interest expense on long-term debt, $1,950 i. Paid a total of $25,000 on long-term debt, which includes $1.950 interest from Transaction h j. Paid $2,220 cash for l years insurance coverage in advance k. Recognized insurance expense, $1,340, that was paid in a previous period l. Sold equipment with a book value of $7,500 for $7,500 cash m. Declared cash dividend, $12,000 n. Paid cash dividend declared in Transaction m o. Purchased new equipment for $28,300 cash. p. Issued common stock for $60,000 cash q. Used $10,700 of supplies to produce revenues Summit Sales uses the indirect method to prepare its statement of cash flows. Required: 1. Construct a table similar to the one shown at the top of the next page. Analyze each transaction and indicate its effect on the fundamental accounting equation. If the transaction increases a financial statement element, write the amount of the increase preceded by a plus sign (+) in the appropriate column. If the transaction decreases a financial statement element, write the amount of the decrease preceded by a minus sign (-) in the appropriate column. 2. Indicate whether each transaction results in a cash inflow or a cash outflow in the Effect on Cash Flows column. If the transaction has no effect on cash flow, then indicate this by placing none in the Effect on Cash Flows column. 3. For each transaction that affected cash flows, indicate whether the cash flow would be classified as a cash flow from operating activities, cash flow from investing activities, or cash flow from financing activities. If there is no effect on cash flows, indicate this as a non-cash activity.
Krespy Corp. has a cash balance of $7,500 before the following transactions occur: A. received customer payments of $965 B. supplies purchased on account $435 C. services worth $850 performed, 25% is paid in cash the rest will be billed D. corporation pays $275 for an ad in the newspaper E. bill is received for electricity used $235. F. dividends of $2,500 are distributed What is the balance in cash after these transactions are journalized and posted?
XYZ Inc. had the following figures in its Income Statement: (please show solution) Sales Php 920,000.00 Cost of Goods Sold Php 320,000.00 Other Income Php 50,000.00 Salaries Php 220,000.00 Advertising Php 100,000.00 Rent Php 80,000.00 Other Expenses Php 50,000.00 How much is the income/loss? Kindly indicate if your answer is income or loss.
nancial information for two companies are presented below. Fill in the missing amounts. Sheffield Corp. Tamarisk, Inc. Sales revenue $100,000 $enter a dollar amount Sales returns and allowances enter a dollar amount 6,000 Net sales 94,000 116,000 Cost of goods sold 64,860 enter a dollar amount Gross profit enter a subtotal of the two previous amounts 38,280 Operating expenses 16,920 enter a dollar amount Net income enter a total net income 17,400 eTextbook and Media Calculate the profit margin and the gross profit rate for each company. (Round answers to 0 decimal places, e.g. 15%.) Sheffield Corp. Tamarisk, Inc. Profit margin enter percentages rounded to 1 decimal place % enter percentages rounded to 1 decimal place % Gross profit rate enter percentages rounded to 1 decimal place % enter percentages rounded to 1 decimal place %
Suppose your company sells goods for $450, of which $275 is received in cash and $175 is on account. The goods cost your company $155 and were paid for in a previous period. Your company also recorded salaries and wages of $145, of which only $45 has been paid in cash. How would I record the following activities in the journal?
The following accounting information exists for Aspen and Willow companies. Aspen Willow Cash $ 18,000 $ 28,000 Wages payable 20,500 24,000 Merchandise inventory 25,035 59,600 Building 60,000 120,000 Accounts receivable 33,710 40,625 Long-term notes payable 75,000 130,000 Land 45,000 50,000 Accounts payable 37,000 43,500 Sales revenue 220,000 280,000 Expenses 185,000 235,000 Requireda-1. Determine the amount of current assets and current liabilities for each company.a-2. Compute the current ratio for each company.b. Assuming that all assets and liabilities are listed above, compute the debt-to-assets ratios for each company.c-1. Determine which company has the greater financial risk in the short term.c-2. Determine which company has the greater financial risk in the long term
Financial information for two companies are presented below. Fill in the missing amounts. Oriole Company Ivanhoe Company Sales revenue $90,800 $enter a dollar amount Sales returns and allowances enter a dollar amount $ 5,000 Net sales 80,000 135,000 Cost of goods sold 54,000 enter a dollar amount Gross profit $enter a subtotal of the two previous amounts 43,000 Operating expenses 14,520 enter a dollar amount Net income $enter a total net income 18,200 Calculate the profit margin and the gross profit rate for each company. (Round answers to 1 decimal place, e.g. 15.5%.) Oriole Company Ivanhoe Company Profit margin enter percentages rounded to 1 decimal place % enter percentages rounded to 1 decimal place % Gross profit rate enter percentages rounded to 1…
During Year 1, Hardy Merchandising Company purchased $16,000 of inventory on account. Hardy sold inventory on account that cost $12,000 for $18,000. Cash payments on accounts payable were $10,000. There was $16,000 cash collected from accounts receivable. Hardy also paid $3,600 cash for operating expenses. Assume that Hardy started the accounting period with $24,000 in both cash and common stock. What are the amounts of gross margin and net income for Year 1? Determine the amount of net cash flow from operating activities.
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $195,000 (assume Marchetti uses a perpetual inventory system); (2) paid $50,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $140,000 to credit customers for $250,000; (4) collected $230,000 in cash from credit customers; and (5) paid suppliers of inventory $175,000.Analyze each transaction and show the effect of each on the accounting equation for a corporation. (Amounts to be deducted should be indicated by a minus sign. Enter the net change on the accounting equation.)
Determine the Income and Expenses of this situation: The business is a trading business. For the period, it purchased goods for sale valued at ₱100,000.The goods were all sold for a total price of ₱120,000. For the sale only 10% was received as downpayment, 60% were later collected, and at the end of the year 30% are still for collection. How much isthe business income?
Following information is related to the financial results of Al Baloushi Iron & Steel LLC: Particulars Amount Stock (1-1-2020) 5,000 Purchases 70,000 Purchases Returns 2,500 Direct Wages 5,000 Office Salaries 4,500 Carriage Inwards 4,500 Carriage Outwards 3,000 Rent Paid 2,500 Sales Returns 7,500 Stock (31-12-2020) 6,500 Sales 100,000 Calculate the Cost of Goods Sold and Gross Profit from the above information.
The Marchetti Soup Company entered into the following transactions during the month of June: (1) purchased inventory on account for $165,000 (assume Marchetti uses a perpetual inventory system); (2) paid $40,000 in salaries to employees for work performed during the month; (3) sold merchandise that cost $120,000 to credit customers for $200,000; (4) collected $180,000 in cash from credit customers; and (5) paid suppliers of inventory $145,000. Analyze each transaction and show the effect of each on the accounting equation for a corporation.

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2. Happy Selling Company's salaries to sales agents amounted to Php 10,000. Salaries of accountants amounted to Php 20,000. No other expenses were incurred. How much is the company's general and administrative expense? Answer: P20,000.