American Importers reports net income of S50,000 and sales revenue of S625,000. If the company's gross profit rate was 60%, what was the company's cost of goods sold (COGS) ?
Q: Condensed financial data of Crane Inc. follow. CRANE INC. Comparative Balance Sheets December 31 As...
A: Cash Flow Statement: A cash flow statement is a financial statement that summaries all of the cash i...
Q: unrealized gain or loss?
A: During 2020 , Boston Company purchased marketable securities as a trading investment. At the end of ...
Q: Required: a) Prepare all necessary journal entries to record the above acquisition. (Using the provi...
A: Business acquisition is the acquisition of the business of another business entity by other business...
Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire o...
A: The procedure includes all this steps Recalculate (foot) summary schedules -Reconcile summary sc...
Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire o...
A: The procedure for equipment and machine are as follows more properly have been capitalized -Recalc...
Q: Provisions Grocery Store purchased merchandise on account from Federal Grocers for $500.00 on April ...
A: Total amount paid = Net Purchase - discount amount + freight charges where, Discount amount = Net Pu...
Q: 9-11. (Individual or component sources of financing for Doosan Babcock: a. A $1,000 par value bond w...
A: Note: Hi! Thank you for the question, As per the honor code, we are allowed to answer three sub-part...
Q: Congratulations on your appointment as a Tax Trainee at a recognized audit firm in Jamaica. On your ...
A: Tax Written Down Value (TWDV):- The tax written down value (TWDV) of a resource is the use remaining...
Q: Capital balances in Grouper Co, are Dene S64,000, Aneta $38,200, and Harriet $25,500. The partners s...
A: when there is a deal between two or more person to share profit and losses and contribute capital in...
Q: Compute the depreciation expense under the following methods for the year indicated. a) Straight lin...
A: Solution:- a)Calculation of deprecation using SLM as follows:- Formula =(Original cost of asset - sa...
Q: July 15, 2020. Prepare the journal entries fo Cullumber related to this contract. Either party may t...
A: Date Accounts and Explanation Debit Credit May 10, 2020 No entry (To record entry of contr...
Q: Prepare the journal entries, that Whispering should record on December 31, 2020. (Credit account tit...
A: Journal entries shows the recording of transactions during an accounting year and every transaction ...
Q: Economic Value Added (EVA
A: EVA is an important concept in the world of finance and accounting. It is one of the often used fina...
Q: Kayak Co. budgeted the following cash receipts (excluding cash receipts from loans received) and cas...
A: January February March Beginning Cash Balance $ 40,000 $ 40,000 $ 69,746 Ca...
Q: M & C Corporation charter authorizes 1,000,000 shares of common stock and 100,000 shares of preferre...
A: Stockholders' equity: Stockholders' equity refers to the summation of total ordinary share capital, ...
Q: Adora Inc. acquired one hundred percent of Alvah Co. on January 1, 2018, at a price in excess of the...
A: Solution Equipment is a non-current or long term asset account which report the cost of Equipment. I...
Q: [The following Information applies to the questions displayed below) Patel and Sons Inc. uses a stan...
A: A journal entry is a form of accounting entry that is used to report a business transaction in a com...
Q: What amount should be reported as accrued liability on December 31, 2023? What amount should b...
A: 1. As the Grapes Company became aware in December 2023 that Engineering flaw in the product poses a ...
Q: In performing risk assessment procedures for property, plant and equipment, an auditor may inquire o...
A: Firstly let us understand what are risk assessment procedures. Risk assessment is the assessment of ...
Q: (refundable) for the quarter ending 30 June 2018 if the business reports GST on: ii) Accrual basis?
A: Purchase Invoice Date Payment Date Suppliers Amount ( GST Inclusive) 12-Nov-17 10-Jan-18 Wa...
Q: Selling, general, and administrative expenses were $80,000; net sales were $390,000; interest expens...
A: Gross Profit = Net Sales - Cost of goods sold
Q: Petty Cash Fund Entries Journalize the entries to record the following: a. Check No. 12-375 is issue...
A: Journal entry - It refers to the process where the business transactions are recorded in the books o...
Q: On January 1, 2020, Zen Company acquired trading securities with the following market value on Dece...
A: The trading securities are recorded on the fair value in the balance sheet. But the gain on such fai...
Q: At the begining of 2019, Cameron Company’s retained earnings was $212,000. For 2019, Cameron has cal...
A: A partial income statement displays data for only a portion of a typical accounting period. This is ...
Q: On January 1, 2020, Nun Company had ordinary and preference shares outstanding. The incorporators or...
A: Retained earning is the amount of profit accumulated over a period of time. The ending retained earn...
Q: On June 30, the end of the first month of operations, Tudor Manufacturing Co. prepared the following...
A: The income statement is prepared to record revenue and expenses for the current period. The income s...
Q: During the month of March, direct labor cost totaled PhP850,000 and direct labor cost was 70% of pri...
A: Prime cost = Direct labor cost/Percentage of direct labor cost on prime cost
Q: Using the following excerpts from the Michigan Company's financial statements and the list of terms ...
A: Inventory purchased = Ending balance inventory + Cost of goods sold - Beginning balance inventory Ca...
Q: ces ear dropper solution which can be sold for PHP. 125.00 per bottle. Annually, the company can pro...
A: Given as,
Q: Use the following excerpts from Fruitcake Company's financial records. Acquired new plant assets $2...
A: Statement of cash flows: It is a financial statement that shows the increase or decrease in the cash...
Q: Spiceland Corporation is in the process of obtaining a loan at City Bank. The bank has requested aud...
A: Here student asked for multi sub part question we will solve first three sub part question for you. ...
Q: bank reconciliation.
A: Bank reconciliation statement means a statement showing the causes of differences in the balance of ...
Q: ABC Company sells 75 units on June 3. The inventory data on that date are: Lot Date Acquired Units C...
A: Formula: FIFO: FIFO stands for First in First out. Which means first received inventory to be sold f...
Q: MD Manufacturing Company is estimating the following raw material purchases for the last four months...
A:
Q: Straight-line, sum of the year's digits and double declining balance are types of a. Appreciation b....
A: Fixed Assets: Fixed Assets are those assets which are acquired by company for utilizing them in long...
Q: On November 1, 2019, Woods Company announced its plans to sell its subsidiary, Williams Division ( a...
A: Given as,
Q: c. Purchased Php2,500 worth of supplies on accounts (on credit) d. Returned defective piece of equip...
A: TRANSACTIONS ASSETS = LIABILITIES + OWNERS EQUITY Balances 89000 9000 80000 ...
Q: my wc Information pertaining to Noskey Corporation's sales revenue follows: November 2021 (Actual) $...
A: A cash budget is a forecast of a company's free cash flow over a given time period. This budget is u...
Q: h. Assume that accounts receivable at December 31, 2020, totaled $310 million. Calculate the number ...
A: Accounts receivable: Accounts receivables refer to the amount of money due to the organization for w...
Q: How much is the accumulated depreciation at the 10th year.
A: As the method of depreciation is not mentioned in the question, straight line method of depreciation...
Q: A machine with a 4-year estimated usefull life and an estimated 15% residual value was acquired on J...
A: Depreciation is the allocation of cost of asset over the useful life of the asset. There are several...
Q: 42. REVISED WITHHOLDING TAX TABLE FOR COMPENSATION DAILY 1 2 3 4 5...
A:
Q: n performing risk assessment procedures for investments, an auditor may inquire of the client person...
A: The procedure of risk assessment is performed by auditor in order to assess the risk of material mis...
Q: Which of the following statements best explains the relationship between the acquisition/payment pro...
A: Solution Explanation - Sales collection process is a series of operating events that collectively se...
Q: allumber Company manufactures basketballs. The first step is the production of internal rubber bladd...
A: The equivalent units are the units which are completed or the portion of units completed during the ...
Q: vardhaman traders purchased a machinery on 4.4.2019 at a price of rs 250000 and paid rs50000 on the ...
A: Discuss the concept of charging depreciation through the WDV method. WDV means written down value ...
Q: Prepare the journal entries, that Whispering should record on December 31, 2021. (Credit account tit...
A: Accounting for Leases There are mainly two types of lease system are there one is operating leases a...
Q: Bond Company adopted the dollar-value LIFO inventory method on January 1, 2021. In applying the LIFO...
A: Given, Ending Inventory Year At Year-End At BaseYear Cost Cost Index 1/1/2021 $ 303,5...
Q: The following information is for the Jeffries Corporation Product A Seling prie per un Vanable cot p...
A: Total breakeven point = Total fixed costs / Weighted average contribution margin per unit where, Wei...
Q: 31. On January 1, 2021, a company issued P2,000,000, 16% bonds at 102. Each P1,000 bonds has one det...
A: 31) The amount credited to Share premium would be a number of share exercise time differences in par...
Step by step
Solved in 2 steps
- During the current year, Sokowski Manufacturing earned income of $350,000 from total sales of $5,500,000 and average capital assets of $12,000, 000. What is the sales margin?During the current year. Plainfield Manufacturing earned income of $845,000 from total sales of $9,350,000 and average capital assets of $13,500,000. What is the sales margin?Brandt Corporation had sales revenue of 500,000 for the current year. For the year, its cost of goods sold was 240,000, its operating expenses were 50,000, its interest revenue was 2,000, and its interest expense was 12,000. Brandts income tax rate is 30%. Prepare Brandts multiple-step income statement for the current year.
- Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.For a recent year Best Buy (BBY) reported sales of $39,528 million. It's gross profit was $9,191 million. What was the amount of Best Buy's cost of goods sold?Cupery Co. has net sales of $105,000, cost of goods sold of $70,000, and operating expenses of $20,000. What is its gross profit and its gross profit rate?
- 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.?A company has sales of Gh1,000.The company sells three types of goods . Sixty percent of sales are of types A which is sold at a mark-up of 20%. Type B goods are sold at a margin of 30%.The cost of this B sold in the year was Gh 154 and total gross profit for the year was Gh 184. What wast the cost of sales for type C?A company has sales of Ghc1,000. The company sell three types of goods. Sixty percent of sales are of type A. Which is sold at a mark -up of 20%. Type B goods are sold at a margin of 30%. The cost of type B sold in the year was Ghc154 and the total gross profit for the year was Ghc184. What was the gross profit for type C?
- Sales is 160% of Cost of Goods Sold. The company had a profit after tax of (40,000). If tax rate is 20%, and operating expenses is 50,000. Compute for the following: Sales, Cost of Goods Sold, Gross Profit, Net Income Before Tax, and Income Tax Expense. ANSWER ASAP PLEASE!Our company is a manufacturer and has the following data available for the current year: sales, $550,000; sales discounts, $20,000; sales returns and allowances, $15,000; and cost of goods sold, $200,000. What is the amount reported on the income statement for net sales? $530,000 $515,000 $500,000 $330,000The weighted-average cost method is used by Mendez, Inc. Sales are $90,000, the number of units available for sale is 300, the number of units sold during the period is 275, and the weighted-average cost of the goods available for sale is $220 each. How much is gross profit for the company?
