Mr Johannes started business with Cash N$200000; purchased goods for cash N$60 000 and on credit N$150 000; sold goods for cash costing N$40 000 at a profit of 20% and on credit costing N$72 000 at a profit of 25%. He paid for rent N$5 000. Determine the selling price for goods sold for cash Answer:
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- A. Cruz, owner of Bingget Trading, invested P2,000 cash, merchandise P4,500, and store equipment with a fair market value of P8,600. Sold P1,200 goods to Bonete Store. Terms: 2/10; n/20. 3 Sold P3,000 worth of merchandise to Rufie Trading. Terms: 2/10, 1/20: n/30. Sold for cash P500 goods. Purchased P1,800 goods and paid freight for the merchandise P50. Bonete store paid its account in full. Rufie Store paid P1,000 in partial settlement of its account. Sold merchandise for P2,500 to Rading Mini Grocery. Terms: 7500 down, P1,000 60-day 6% note, and the balance on account. Rufie paid another 1,000 in partial settlement of its account. Received P250 commission from ABC Store for selling its items. 6 7 . 9 0 2 Rufie Store paid the balance of its account. 3 Received P500 from the tenant of the store. Paid the half month's salary of the helper, P1,000. Create a General JournalThe following transactions took place in April 2020: 1. Mwale started his business with Cash 50,000 2. Purchased goods for cash 5,000 3. Purchased more goods for cash 10,000 4. Purchased goods from Mr Kuku on credit 15,000 5. Sold goods for cash 6,000 6. Sold more goods for Cash 12,000 7. Sold goods to Mr Phiri for 18,000 on account 8. Purchased goods on credit from Mr Kapalu 10,000 9. Purchased goods from Ms Chewe on credit 20,000 10. Sold goods for cash to Ms Mushiba 12,500 11. Sold goods to Mr Bbuku on account for 25,000 12. Mr Phiri returned goods worth 2,500 13. Returned goods to Ms Chewe 2,000 14. Received cash from Mr Phiri 9,900; allowed him discount 100 15. Paid Mr Kuku 7,880; discount allowed by him 120 16. Withdrew cash for personal use 1,000 17. Withdrew goods for private use (Cost ` 500, Selling Price ` 600) 18. Paid Salary to Mr Banda, an employee 500 19. Paid Rent for cash to Mr Limbani, landlord 500 Required: Demonstrate how the above transactions will affect the…esther has a small store. last month, she purchased merchandise costing p75,000.00, for which she paid freight of p7,500.00. she sold 60% of the merchandise for p68,000.00, after spending for various expenses totalling p13,000.00. she also paid p2,000.00 for interest on money she borrowed for her store. a. how much was her cost of sales? b. how much gross profit did she make? c. how much operating profit did she make? d. what was her net profit?
- She purchased merchandise costing 75,000 for which she paid freight of 7,500. She sold 60% of the merchandise for 68,000, after spending for various expenses totalling 13,000. She also paid 2,000 for interest on a money she borrowed for her store. Questions 1. How much was her cost of sales? 2. How much gross profit did she make? 3. How much was her net profit?The company made a sale of goods for RO. 15000 (cost RO 10000) and received 30% in cash and balance on the account. Which of the following is the correct presentation on the accounting equation? Select one: a. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +12000 (Cash ) = 0 + + 2000 (Profit) b. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) + 10500 (Receivables) = 0 + + 5000 (Profit) c. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +12000 (Cash ) = 0 + + 2000 (Profit) d. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 11500 (Receivables) + + 3000 (Profit)FarmCo sold a tractor for $40,000 that they initially purchased for $30,000 cash from John Deere. How is the $30,000 journalized? Select an answer: as a credit to Assetsas a liabilityas revenueas cost of goods sold
- The following transactions relate to Pat’s business for the month of December 2019.1.12.19 Started the business with Rs.10000 in cash.2.12.19 Bought goods on credit from the following suppliers:Grass Rs.6000Seed Rs.700010.12.19 Sold goods on credit to the following customers:Fog Rs.3000Mist Rs.400012.12.19 Returned goods to the following suppliers:Grass Rs.1000Seed Rs.200015.12.19 Bought additional goods on credit from Grass for Rs.3000 and from Seed for Rs.4000.20.12.19 Sold more goods on credit to Fog for Rs. 2000 and to Mist for Rs. 3000.24.12.19 Paid office expenses of Rs. 5000 in cash. 29.12.19 Received Rs. 4000 in cash from Fog and Rs. 6000 in cash from Mist.31.12.19 Pat paid Grass and Seed Rs. 6000 and Rs.8000, respectively, in cash.You are required to:Enter the above transactions in Pat’s journal and ledger accounts and compile a trial balance as at 31 December 2019.2. Below are the transactions for the month of October 2020 of Mrs Rose, a sole trader:Oct 2 Bought goods from Siti Enterprise on credit for RM4806 Sold goods on credit to Kiki Enterprise for RM2159 Returned good to Siti Enterprise that had cost RM6212 Bought goods from Hasif Enterprise on credit for RM39015 Kiki Enterprise returned goods which she had bought on 6 Oct for RM4518 Returned goods to Hasif Enterprise that has cost RM6520 Received cheque for RM80 from Kiki Enterprise in part payment21 Sold goods to Mimi Enterprise on credit for RM53523 Sent cheque for RM418 to Siti Enterprise26 Mimi Enterprise returned goods that she had bought on 21 Oct for RM9027 Sold goods to Kiki Enterprise on credit for RM38329 Received cheque for RM70 from Mimi EnterpriseRequired:a. Record all the transaction in the general journalb. Record the transaction in the appropriate ledger accounts and balance all the accountc. Prepare the trial balance as at 30 October 2020On May 11, 2023, Wilson Purchasing purchased $24,000 of merchandise from Happy Sales; terms 3/10, n/90, FOB Happy Sales. The cost of the goods to Happy was $19,000. Wilson paid $1,400 to Express Shipping Service for the delivery charges on the merchandise on May 11. On May 12, Wilson returned $3,800 of goods to Happy Sales, which restored them to inventory. The returned goods had cost Happy $3,000. On May 20, Wilson mailed a cheque to Happy for the amount
- I purchased goods on account for 8,200, terms 1/10, n/30. I returned $1,700 of the goods and received full credit. If I pay the invoice within the discount period, what is the amount of cash required for the payment? Round the answer to the nearest dollar.The company made a sale of goods for RO. 10000 (cost RO 12000) and received 45% in cash and balance on the account. Which of the following is the correct presentation on the accounting equation? Select one: a. Assets = Liabilities + Owners' Equity -12000 (stock of goods) +4500 (Cash) + 5500 (Receivables) = 0 + - 2000 (Loss) b. Assets = Liabilities + Owners' Equity -12000 (stock of goods) +4500 (Cash) = + 5500 (Payable) + - 2000 (Loss) c. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 5500 (Payable) + + 2000 (Profit) d. Assets = Liabilities + Owners' Equity -10000 (stock of goods) +4500 (Cash) = + 5500 (Receivables) + + 2000 (Profit)Suppose your company sells goods for $300, of which $200 is received in cash and $100 is on account. The goods cost your company $125 and were paid for in a previous period. Your company also recorded salaries and wages of $70, of which only $30 has been paid in cash. prepare journal entries a) Record the sales revenue of $200 for cash and $100 on account and record the cost of goods sold of $125 using one journal entry. b) Record the salaries and wages expense of $70.