A business has opening inventory of $12,000 and closing inventory of $18,000. Purchase returns were $5,000. The cost of goods sold was $111,000. Purchases were

Q: During September, Khan had sales of 148,000, which made a gross profit of 40,000. Purchases amounted…

A: Sales = 148000 Gross profit = 40000 Purchase = 100,000 Opening inventory = 34000

Q: The trading results of a Merchandise trader is as follows: Net Sales OMR 100,000, Cost of Goods sold…

A: This question deals with the concept of multi-step income statement. In multi-step income statement…

Q: A business operates based on a mark-up on cost 40%. If opening inventory was 5000, sales were 98000…

A: Closing inventory = Opening inventory + Purchases - COGS

Q: A company has sales of $1,200,000. COGS is $900,000. Average inventory is $200,000. What is the…

A: An evaluation method that provides information regarding the number of days inventory held in the…

Q: For the year, your company's sales are $305,000, the gross profit is $250,000, and ending inventory…

A: Gross profit = Net sales - Cost of goods sold where, Cost of goods sold = Beginning inventory + Net…

Q: McKendrick Shoe Store has a beginning inventory of $45,000. During the period, purchases were…

A: The cost of goods available for sale is the cost that is incurred to produce the goods that are…

Q: Given figures showing: sales $8,200, opening inventory $1,300, closing inventory $900, purchases…

A: Cost of sales: Cost of sales is the manufacturing costs associated with the sold units. The cost of…

Q: Given the following account information, calculate net income: Sales          500,000   Beginning…

A:

Q: The business had 200 units in inventory at 1st February 2018 valued at RO 20. On 10th February…

A:

Q: The business had 200 units in inventory at 1st February 2018 valued at RO 20. On 10th February…

A: Ending units=Beginning units+Purchase-Sale=200+400-500=100 units

Q: Carrilion Company had beginning inventory of $80,000, ending inventory of $110,000, cost of goods…

A: Inventory turnover = Cost of goods sold/Average inventory

Q: Hope Inc. has the following information: Beginning inventory P 56,000 Purchases 148,000…

A: The question is based on the concept of Cost Accounting. Cost of sales = Beginning inventory +…

Q: Conor Company provided the following data for the current year:             Sales…

A: solution concept cash basis of accounting id different from accrual basis of accounting under cash…

Q: A company begins the year with inventory of $52,000 and ends the year with inventory of $42,000.…

A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory Deduction of ending…

Q: Conor Company provided the following data for the current year:             Sales…

A: solution under cash method we record the transaction as and when the payments are made let us first…

Q: A company has beginning inventory for the year of $11,000. During the year, the company purchases…

A: Cost of goods sold = Beginning inventory + Net purchases + Direct expenses - Ending inventory

Q: At the beginning of the year, Bennett Supply has inventory of $3,500. During the year, the company…

A: Cost of goods sold (COGS) : Cost of goods sold shows the expenses incurred for producing a product.…

Q: Walker Corp. is a merchandising company that uses the periodic inventory system. Selected account…

A: Cost of goods sold = Beginning inventory + Purchases - Ending inventory  Net income = Sales - COGS -…

Q: A company has beginning inventory for the year of $15,000. During the year, the company purchases…

A: The cost of goods sold is the cost incurred on the goods that are sold during the period.

Q: A business has compiled the following information for the year ended 31 October 20X2: $ Opening…

A: Sales revenue = Cost of goods sold /  ( 1 - Gross profit rate )

Q: Kemuning Jaya store had a beginning merchandise inventory of RM30,000. During the period, purchases…

A: Cost of goods available for sale = Beginning inventory +Purchases -Purchase return+ carriage inwards…

Q: A business has compiled the following information for the year ended 31 October 2002: $ Opening…

A: Sales = Cost of sales×10060=$952500×10060=$1587500

Q: The following information is given about Arab Inc., sales were $500,000 and sales discounts were…

A: Cost of goods sold = Sales - Gross Profit Cost of goods sold = Cost of goods available for sale -…

Q: A business has opening inventory $15,000, achieves a mark up of 25% on sales, sales totalled…

A: Formula: Closing inventory = Beginning inventory + Purchases - cost of goods sold Deduction of cost…

Q: The business had 200 units in inventory at 1st February 2018 valued at RO 20. On 10th February…

A: LIFO means last in first out where as FIFO means first in first out. Inventory and cost of goods…

Q: During year 2, Dunn Company purchased $1,920,000 of inventory. The cost of goods sold for year 2 was…

A: Compute the beginning inventory: Cost of goods sold $1,800,000 Add: Ending inventory 360,000…

Q: Urban Outfitters reported the following information for its most recent year of operation:…

A: Ending inventory = Beginning inventory + Purchases - Cost of goods sold

Q: Koto Corporation began the month of June with $300,000 of current assets, a current ratio of 2.5:1,…

A: As there are many transactions for calculating the current ratio , acid test ratio , working capital…

Q: Boron Company has sales of $60,000, beginning inventory of $7.000, purchases of $35,000, and ending…

A: Cost of goods sold in the business means total cost of goods that are being sold to the ultimate…

Q: Rams Inc reported the following amounts for the year: It uses periodic method Ending…

A: Cost of sales can be computed as follows, =Opening inventory level + Purchases made - Purchases…

Q: The 200X records of Thompson Company showed beginning inventory of $6,000, cost of goods sold of…

A: Accounting:   Accounting is the art of recording, classifying and summarizing in a significant…

Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…

A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: When preparing the Multiple-Step Income Statement for a merchandising business that is using the…

A: Hey, since there are multiple questions posted, we will answer first question. If you want any…

Q: business has compiled the following information for the year ended 31 October 20X2: $ Opening…

A: Formula: Cost of sales = Opening inventory + purchases - closing inventory Deduction of closing…

Q: Funky Dance sold inventory for $250,000, terms 1/10, n/30. Cost of goods sold was $168,000. How much…

A: Formula: Sales revenue to be recorded =Sales value - sales discount

Q: Using the following information, what is the amount of income from operations? Purchases $ 34,358…

A: Income from operations: Income from operations or Operating income refers to the income generated…

Q: BC Training reports sales revenue of $2,800,000. Average inventory during the year was $130,000. The…

A: Gross profit can be calculated as sales less gross cost of goods sold

Q: The business had 200 units in inventory at 1st February 2018 valued at RO 20. On 10th February…

A: LIFO is last in first out inventory method in which inventories which are purchase last will be sold…

Q: A business had an opening inventory of $180,000 and a closing inventory of $220,000 in its financial…

A: We have the following information: Opening Inventory at the end of the year: $180,000 Closing…

Q: A company has beginning inventory for the year of $14,500. During the year, the company purchases…

A: Cost of Goods Sold: It  is the cost of the products  which a business has sold. Cost of Goods…

Q: The club had beginning inventory of $8000 and purchases of $1200. The company had cost of goods sold…

A: Cost of Goods Sold: Cost of Goods sold is the Cost of the items that are sold it is calculated for…

Q: Lux had net purchases of $50,000, ending inventory of $25,000, net sales of $100,000, and gross…

A: Formula used: Cost of goods sold = Beginning inventory + Net purchases - Ending inventory.

Q: A company reported the following balances in some selected accounts: Inventory, 1 March $4,000,…

A: Cost of Goods Sold is the amount of cost incurred for the procurement of the goods that are sold.…

Q: At the beginning of the year, Paradise Co. had an inventory of $200,000. During the year, the…

A: We have the following information: Opening Inventory: $200,000 Purchases: $900,000 Ending…

Q: company provided the following data: sales, $500,000; beginning inventory, $40,000; ending…

A: Cost of goods sold=Sales -Gross profit=$5,00,000-$1,50,000=$3,50,000... As per formula;;; Cost of…

Q: A company uses periodic system for stock/inventory valuation. At the beginning of the period there…

A: The cost of goods sold is the cost of production or purchase of goods sold during the year. This…

Q: Austin Sound sold inventory for $300,000, terms 2/10, n/30. Cost of goods sold was $152,000. How…

A: Austin Sound sold inventory for $300,000, terms 2/10, n/30, here Austin receives payment within 10…

Q: Jackson Manufacturing Company had a beginning inventory of $30,000. During the year, the company…

A: Total cost of goods available for sale = Beginning inventory + purchases = $30,000 + $90,000 =…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is