Aston Company reported the following balances at September 30, 2020: Sales Revenue $280,000 Sales Returns and Allowances 13,000 Sales Discounts 5,000 Cost of Goods Sold 160,500 Calculate the Net sales for the month.

Q: Martinez Corporation had January 1 and December 31 balances as follows. 1/1/20…

A: Opening inventory = $94000 Closing inventory = $108,000 COGS = $440,000 Purchases = Closing…

Q: Income Statement For the Year Ended April 30, 2020 $7,700,000 Sales revenue Cost of goods sold…

A: Cashflow statement prepared using the indirect method adjust  net income to calculate the cashflow…

Q: From the following information regarding the year to 31 August 20X6, what is the payables' payment…

A: We have the following information: Sales: $43,000 Cost of sales: $32,500 Opening Inventory: $6,000…

Q: Following are data for December 31,2021: $5,365,000 Net sales Cost of sales, and related buying…

A: The ratio analysis helps to analyze the financial statements if the business.

Q: Selected information from the accounting records of Dalton manufacturing company is as follows: Net…

A: "Since you have asked multiple questions, we will solve first question for you. To get any specific…

Q: For MASA Company, the following information is available for 2020 Sales revenue 100,000 Sales…

A: Since there are multiple questions, we will answer the only first question. Operating income is…

Q: As of January 1, 2021, NUBD Co. had an accounts receivable of P500,000. The sales for January,…

A: Budgets are the quantitative form of actions to be taken in future. Budgeted cash receipts will show…

Q: The following information appeared in the accounting records of a retail store for the year ended…

A: Answer) Calculation of Gross Margin Gross Margin = Sales – Cost of Goods sold – Sales Commission…

Q: A company reports the following amounts at the end of the year: Total sales revenue = $560,000;…

A: Net revenue is the total amount of gross revenue left after deducting costs, and it is used to cover…

Q: Kelly’s Jewelry has the following transactions during the year: total jewelry sales = $750,000;…

A: Formula to calculate net sales: Net sales = Sales - sales discount - sales returns - sales…

Q: As of January 1, 2021, NUBD Co. had an accounts receivable of P500,000. The sales for January,…

A: Given that, Opening balance of accounts receivables = P500000 Sales for the month of Jan = P1200000…

Q: The income statement of Whitlock Company is presented here. WHITLOCK COMPANY Income Statement For…

A: Introduction: Operating activities are the functions of a company or organization that are directly…

Q: As of January 1, 2021, NUBD Co. had an accounts receivable of P500,000. The sales for January,…

A: The budget is prepared to estimate the requirements for the future period.

Q: Hola Corporation’s shipments to and from its Manila branch are billed at 125% of cost. On December…

A: Generally, the head office sends goods to a branch at a price above the cost that is at a markup.…

Q: Presented below is information for Milito Company for the month of March 2020: Cost of goods sold…

A: A Financial Statement broadly consists of two statements namely: Position Statement and Income…

Q: Presented below is information for Chivu Company for the month of March 2020: Cost of goods sold…

A: An income statement that divides the incomes and expenses into various heads like operating and…

Q: Flint’s Fabrics sold merchandise for $185000 cash during the month of July. Returns that month…

A: Formula: Net Sales = Total sales - sales returns. Deduction of sales returns from total sales…

Q: Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold…

A: Multi-step income statement: The income statement represented in multi-steps with several subtotals,…

Q: Gayagoy Company reported sales from customers of P6,000,000 and purchases of P4,000,000 for the year…

A: Gross Profit(Cash Basis) = AMOUNT COLLECTED FROM DEBTORS(accounts receivable) - AMOUNT PAID TO…

Q: Following are data for December 31,2021: Net sales $5,365,000 Cost of sales, and related buying…

A: Account  receivables turnover  = credit  sales / average  receivables

Q: Current Attempt in Progress Hoyt Company provides this information for the month of November, 2022:…

A: 3) Total sales = Cash sales + Credit sales            = 70,000 + 170,000            = 240,000

Q: X Co. had $2 million in credit sales during 2021. Historically, 2% of its sales are returned by…

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: multiple-step income statement.

A: Multi-Step Income statement - Under multi-step income statement all expenses and income are dividend…

Q: Mahogany Company Income Statement For the year ended Dec 31, 2020 Net Sales PI11,348 Cost of goods…

A: Cash flow statement is a statement which records inflow & outflow of cash from the three main…

Q: Presented below is information for Ayayai Company for the month of March 2020. Cost of goods sold…

A: Gross profit is an excess value of revenue over the cost of goods sold. The gross profit rate can be…

Q: Consider the following information about operations of a business for the period ending December 31,…

A: Gross profit is the amount of profit that is arrived at by deducting cost of goods sold from Net…

Q: Presented below is information for Obley Company for the month of March 2010. Cost of goods sold…

A: Income statement gives the details of the revenues and expenses of the current year.

Q: The following are ABM Store's year-end balances of selected accounts: Cash, P200,000.00; Sales,…

A: Net Sales = Sales - Sales Discount Gross Profit = Net Sales - Cost of Goods sold Net Income = Gross…

Q: Last year, Dogwood Company had net sales of $9,375,000 and cost of goods sold of $4,877,000. Dogwood…

A: Introduction: Inventory turnover ratio = Cost of goods sold / Average Inventory. Division of Average…

Q: Conrad Company reported the following balances at June 30, 2015: $16,200 Sales Revenue Sales Returns…

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

Q: The following are selected ledger accounts of Spock Corporation at December 31, 2020. Cash   $…

A: A condensed income statement is prepared by the company to help users in assessing the financial…

Q: A company reported the following data for the year ending 2018: Description Amount Sales Sales…

A: Gross profit is a profit that a company makes after deducting the cost associated with making and…

Q: Following are data for December 31,2021: Net sales $5,365,000 Cost of sales, and related buying…

A: Inventory  turnover  = cost of goods sold/ average  Inventory

Q: Milton Company provides this information for the month of November, 2008: sales on credit P150,000;…

A: Formula: Net sales = Cash sales + Credit sales - Sales discount - Sales returns and allowances

Q: Liam Co., had the following data in 2020. Compute the MCIT at 2%. Gross Sales 1,000,000 Sales…

A:

Q: Joana's Boutique incur the following amounts for the month of November 2020. Compute for the income…

A: Gross profit= sales- cost of goods sold Net Income= gross profit- operating expenses

Q: Based on the following data, determine the cost of merchandise sold for July: Increase in estimated…

A: COGS = Opening Inventory + Purchases – Closing Inventory

Q: Presented below is information for Jorge Company for the month of March 2012. Cost of goods sold…

A: Net income refers to the income earned after deducting the company’s expenditures from the company’s…

Q: The adjusted trial balance of Cullumber Company shows the following data pertaining to sales at the…

A: Net sales can be calculated by deducting sales return and allowance and sales discount from the…

Q: ABC company's records included the following, assume 365 days in a year: Accounts Receivable,…

A: Given, Cost of sales during 2020 = 5,950,000 Merchandise inventory, 12/31/20 = 900,000 Merchandise…

Q: As of January 1, 2021, NUBD Co. had an accounts receivable of P500,000. The sales for January,…

A: Solution: Accounts receivable balance as of March 31, 2021 = March credit sales * 40% = 1600000 *…

Q: Presented below is information for Ayayai Company for the month of March 2017. Purchases $212,426…

A: Gross profit = Net sales - Cost of goods sold Net income = Gross profit - Operating expenses

Q: Westlawn Company discloses the following for the year ended May 31, 2020: Sales $486,000 Sales…

A: “Since you have posted a question with many sub-parts, we will solve three sub-parts for you. To get…

Q: Presented below is information for Chivu Company for the month of March 2020: Cost of goods sold…

A: The income statement is prepared to record the revenues and expenses of the current period.  The…

Q: Presented below is information for OB Company for the month of April 2019. Cost of goods sold…

A: Gross Profit Rate = (Gross profit / sales) x 100 (68,500/174500)×100=39%

Q: Presented below is information for Ayayai Company for the month of March 2020. Cost of goods sold…

A: Multiple income statement is prepared to segregate the income and expenses into different…

Q: The following accounts are extracted from the worksheet of X Company on December 31, 2020 Sales…

A: ending inventory=Beginning inventory+Purchases-Purchase returns-Cost of goods…

Q: Russell Retail Group begins the year with inventory of $55,000 and ends the year with inventory of…

A: Here in this question, we are required to calculate the cost of goods sold. Cost of goods sold is a…

Inventory Valuation

Before discussing the topic inventory valuation let’s discuss the meaning of inventory. In accounting, inventory is also known as stock. Inventory means all the finished goods, materials, merchandise that a business holds for the purpose of selling it in the market with the motive of earning profit.