Additional information: ROSO COMPANY INCOME STATEMENT Instructions FOR THE YEAR ENDED DECEMBER 31, 2021 Sales $800,000 Cost of goods sold: ***** Beginning inventory. . $50,000 Purchases .400,000 Ending inventory........ 20.000 Cost of goods sold Gross profit. Operating expenses: Selling expenses.......... 50,000 Administrative expenses ..70,000 Net income 1. Accounts receivable increased $30,000 during the year. 2. Prepaid Rent on sale store increased $70,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $275,000 during the year 4. Utility payable on administration office decreased $20,000 during the year. 5. Administrative expenses include depreciation expense of $30,000. a. Compute the cash collection from sale. b. Compute the cash payment for selling expense. inistrati 430.000 370,000 expense 120,000 ..$250,000

Additional information: ROSO COMPANY INCOME STATEMENT Instructions FOR THE YEAR ENDED DECEMBER 31, 2021 Sales $800,000 Cost of goods sold: ***** Beginning inventory. . $50,000 Purchases .400,000 Ending inventory........ 20.000 Cost of goods sold Gross profit. Operating expenses: Selling expenses.......... 50,000 Administrative expenses ..70,000 Net income 1. Accounts receivable increased $30,000 during the year. 2. Prepaid Rent on sale store increased $70,000 during the year. 3. Accounts payable to suppliers of merchandise decreased $275,000 during the year 4. Utility payable on administration office decreased $20,000 during the year. 5. Administrative expenses include depreciation expense of $30,000. a. Compute the cash collection from sale. b. Compute the cash payment for selling expense. inistrati 430.000 370,000 expense 120,000 ..$250,000

Century 21 Accounting General Journal

11th Edition

ISBN:9781337680059

Author:Gilbertson

Publisher:Gilbertson

Chapter20: Accounting For Inventory

Section: Chapter Questions

Problem 3AP

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Similar questions

The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000
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Shaquille Corporation began the current year with inventory of 50,000. During the year, its purchases totaled 110,000. Shaquille paid freight charges of 8,500 for those purchases. At the end of the year, Shaquille had inventory of 47,800. Prepare a schedule to determine Shaquille's cost of goods sold for the current year.
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