CALCULATOR PRINTER VERSION NMENT RESOURCES 370 EXAM 02 Question 3 estion 1 Pharoah Company's trial balance of income statement accounts only for the year ended December 31, 2020 included the following: estion 2 estion 3 nestion 4 Debit Credit Sales revenue $280000 uestion 5 uestion 6 estion 7 uestion 8 Cost of goods sold $176000 Administrative expenses 39400 Loss on sale of equipment Commissions to salespersons 18300 15300 uestion 9 uestion 10 uestion 11 Interest revenue 0066 Freight-out 6000 Loss from discontinued operations 24700 uestion 12 Duestion 13 Question 14 Question 15 Question 16 Question 17 Question 18 Question 19 Question 20 Bad debt expense 6100 Other information: Pharoah's income tax rate is 30%. Finished goods inventory: January 1, 2020 $158600 December 31, 2020 141800 On Pharoah's multiple-step income statement for 2020, The discontinued operations loss is view Score view Results by Study jective $30100. Windows Activate Go to Settigs to activete $43000. $17290. $24700. Type here to search DELL

CALCULATOR PRINTER VERSION NMENT RESOURCES 370 EXAM 02 Question 3 estion 1 Pharoah Company's trial balance of income statement accounts only for the year ended December 31, 2020 included the following: estion 2 estion 3 nestion 4 Debit Credit Sales revenue $280000 uestion 5 uestion 6 estion 7 uestion 8 Cost of goods sold $176000 Administrative expenses 39400 Loss on sale of equipment Commissions to salespersons 18300 15300 uestion 9 uestion 10 uestion 11 Interest revenue 0066 Freight-out 6000 Loss from discontinued operations 24700 uestion 12 Duestion 13 Question 14 Question 15 Question 16 Question 17 Question 18 Question 19 Question 20 Bad debt expense 6100 Other information: Pharoah's income tax rate is 30%. Finished goods inventory: January 1, 2020 $158600 December 31, 2020 141800 On Pharoah's multiple-step income statement for 2020, The discontinued operations loss is view Score view Results by Study jective $30100. Windows Activate Go to Settigs to activete $43000. $17290. $24700. Type here to search DELL

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter22: Accounting For Changes And Errors.

Section: Chapter Questions

Problem 4RE: Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020....

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( Appendices 6A and 6B) Inventory Costing Methods Edwards Company began operations in February 2019. Edwards accounting records provide the following data for the remainder of 2019 for one of the items the company sells: Â Edwards uses a periodic inventory system. All purchases and sales were for cash. Required: 1. Compute cost of goods sold and the cost of ending inventory using FIFO. 2. Compute cost of goods sold and the cost of ending inventory using LIFO. 3. Compute cost of goods sold and the cost of ending inventory using the average cost method. ( Note: Use four decimal places for per-unit calculations and round all other numbers to the nearest dollar.) 4. Prepare the journal entries to record these transactions assuming Edwards chooses to use the FIFO method. 5. CONCEPTUAL CONNECTION Which method would result in the lowest amount paid for taxes? 6. CONCEPTUAL CONNECTION Refer to Problem 6-67B and compare your results. What are the differences? Be sure to explain why the differences occurred.
Refer to RE22-2. Assume Heller Company had sales revenue of 510,000 in 2019 and 650,000 in 2020. Prepare Hellers partial income statements (through gross profit) for 2019 and 2020. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Purchase-related transactions The following selected transactions were completed by Epic Co. during August of the curr ent year: Aug. 3. Purchased merchandise on account for $33400, terms FOB destination. 2/10. n/30. 9. Issued debit memorandum for $2500 ($2450 net of 2% discount) for merchandise from the August 3 purchase that was damaged in shipment. 10. Purchased merchandise on account, $25,000, terms FOB shipping point, n/com. Paid $600 cash to the freight company for delivery of the merchandise. 13. Paid for invoice of August 3, less debit memorandum of August 9 31. Paid for invoice of August 10. Instructions Illustrate the effects of each of the preceding transactions on the accounts and financial statements of Epic Co. Identify each transaction by date.
Inventory by three cost flow methods Details regarding the inventory of appliances on January 1, 20Y7, purchases invoices during the year, and the inventory count on December 31. 2O’7. of Amsterdam Appliances are summarized as follows: Instructions Discuss which method (FIFO or LIFO) would be preferred for income tax purposes in periods of (a) rising prices and (b) declining prices.
Refer to RE22-2. Assume the pretax cumulative effect adjustment is 50,000. Prepare the journal entry that Heller Company would make at the beginning of 2020 to record the cumulative effect of the change from LIFO to FIFO. RE22-2 Heller Company began operations in 2019 and used the LIFO method to compute its 300,000 cost of goods sold for that year. At the beginning of 2020, Heller changed to the FIFO method. Heller determined that its cost of goods sold under FIFO would have been 250,000 in 2019. For 2020, Hellers cost of goods sold under FIFO was 360,000, while it would have been 410,000 under LIFO. Heller is subject to a 21% income tax rate. Compute the cumulative effect of the retrospective adjustment on prior years income (net of taxes) that Heller would report on its retained earnings statement for 2020.
Costco, Walmart, Nordstrom: Inventory turnover and number of days sales in inventory The general merchandise retail industry has a number of segments represented by the following companies: Company Name Merchandise Concept Costco Wholesale Corporation Membership warehouse Walmart Stores, Inc. Discount general merchandise Nordstrom, Inc. Fashion department store For a recent year, the following cost of goods sold and beginning and ending inventories are provided from corporate annual reports (in millions) for these three companies: Costco Walmart Nordstrom Cost of goods sold 98,458 365,086 8,406 Inventories: Beginning of year 7,894 44,858 1,531 End of year 8,456 45,141 1,733 A. Determine the inventory turnover ratio for all three companies. (Round all calculations to one decimal place.) B. Determine the number of days sales in inventory for all three companies. (Use 365 days and round all calculations to one decimal place.) C. Interpret these results based on each companys merchandising concept.
Prepare Income statement for the year ended 31 December2020. Prepare the statement of financial position as at 31 December 2020 Inventory at 31 December 2020 was £4,400. Aderonke took out some goods costing £500 for personal use. No payment was made for these goods Rent prepaid at 31 December 2020 was £1,300 Motor running expenses owing at 31 December 2020 was £90 Delivery Van 25% on the reducing balance basis Shop fittings 20% on the straight-line basis Trial Balance Capital 30,000 Purchases 100,000 Sales Revenue 164,000 Trade payable 5,000 Trade receivable 13,000 Discount received 500 Discount allowed 920 Carriage outwards 1,500 Drawings 14,000 Rent & Rates 9,300 Heating and Lighting 4,500 Salaries and wages 37,000 Cash in hand 1,350 Bank Over draft 1,200 Inventory 1/1/2020 6,000 Delivery van 9,000 Motor running cost 630 Shop…
Subject: accounting Q: A company had annual cost of goods sold for calendar year 2021 of $85,000 Revenues were $200.000. The inventory balance on 12/31/2021 was $19.000 The balance on 12/31/2020 was $16,000 What is the company's days sales in inventory for 20212 (Hint recall that the inventory turnover ratio for this set of data is 5.0.) (Please select only one best answer) • A. 73 0 B. 82 O C. 70 •O D. 76
the sales ledger and purchase ledger junta ltd as at 31 may 2020. purchase ledger balances as 1 june 2020 $19,420sales ledger balance as 1 june 2020 $28,227purchase journal $210,416sales journal $305,824returns outwards $1,452returns inwards $3,618cheques paid to suppliers $205,751cash paid to supplier $62cheques ans cash received from customers $287,317discount allowed $4,102discount received $1,721contras against purchase ledger $640 1) Sales ledger control2)Puchase ledger control
An entity have two items that are under evaluation for possible year end adjustments . (1) Purchase with supplier invoice dated Dec. 30, 2020 P120,000 . This was shipped FOB shipping point , freight prepaid . Freight costs P5,000 . The purchase was recorded but the freight was not. ( 2) A purchase return of P20,000 was made but not recorded. If the correct ending inventory is P200,000 and the cost of goods sold before adjustments is P5,000,000, what is the correct cost of goods available for sale?
Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?
Applying the Cost of Goods Sold Model The following amounts were obtained from the accounting records of Enderle Company: 2019 2020 2021 Beginning inventory $38,900 (b) (d) Net purchases (a) $71,200 $91,820 Ending inventory $42,100 (c) $42,350 Cost of goods sold $ 83,500 $90,800 (e) Required: Next Level Compute the missing amounts.