Activity 3. Comprehensive Problems. Solve the following problems below. Presentyour solutions in good format.For the next seven (6) items, use the information below:Debit CreditAccount TitleSales875,000Sales Returns and AllowancesSales DiscountsPurchases12,00010,000295,000Purchases Returns and Allowances14,000Freight inMerchandise Inventory, 1/1/202036,00046,00020,00075,000125,00015,000Merchandise Inventory, 12/31/2020Freight OutOffice SalariesCommission Expense1. Net purchases for the period were2. Cost of goods available for sale for the period were3. Cost of goods sold for the period were4. Net sales for the period5. Gross profit for the period were6. The Profit or Loss for the period.7. The following data pertain to the two year operation of Despacito business:Year 1P200,000250,00090,000Despacito's gross profit for year 1 and year 2 is?Year 2SalesP250,000150,00040,000PurchasesEnding inventory8. The cost of sale is P250,000. Total purchases amounted to P300,000 which increasedthe total goods available for sale to P310,000. The ending inventory is?9. Company's Cost of Goods Sold amounted to Php 285,000. Net cost of purchases totaled Php85,000. Beginning inventory amounted to Php 250,000. Sales amounted to Php 500,000.Compute for the company's Ending Inventory.

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Answered: For the next seven (6) items, use the…

College Accounting, Chapters 1-27

23rd Edition

ISBN:9781337794756

Author:HEINTZ, James A.

Publisher:HEINTZ, James A.

Chapter10: Accounting For Sales And Cash Receipts

Section: Chapter Questions

Problem 7SEB: JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a...

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Which of the following accounts would normally have adebit balance?a. Inventoryb. Sales Returns and Allowancesc. Sales Discountsd. All of the above
You are provided with the following information:Sales for the year $400 000Discounts provided during the year to customers for early payment $10 000Doubtful debts expense for the year $5 000Opening balance of accounts receivable $90 000Closing balance of accounts receivable $80 000Opening balance of the provision for doubtful debts $9 000Closing balance of the provision for doubtful debts $8 000Cost of goods sold for the year $60 000Purchases for the year (on credit terms) $80 000Discounts received for early payment to suppliers $2 000Stock write-offs owing to water damage caused by melting ice inthe Antarctic$5 000HI5020 Corporate Accounting Tutorial Assignment T1 2021 Page 3 of 5Opening balance of trade creditors $40 000Closing balance of trade creditors $35 000Opening balance of inventory $10 000Closing balance of inventory $25 000Required:(a) Calculate the cash receipts from customers during the year. (3.5 marks)(b) Calculate the cash payments to suppliers during the year. (3.5…
Suppose the following information was taken from the 2022 financial statements of FedEx Corporation, a major global transportation/delivery company. (in millions)20222021Accounts receivable (gross)$ 3,650$ 4,530Accounts receivable (net)3,4004,450Allowance for doubtful accounts25080Sales revenue32,97035,470Total current assets7,1427,304 Answer each of the following questions.(a)Calculate the accounts receivable turnover and the average collection period for 2022 for FedEx. (Round answers to 1 decimal place, e.g. 12.5. Use 365 days for calculation.) Accounts receivable turnoverenter the accounts receivable turnover in times rounded to 1 decimal place timesThe average collection period for 2022enter the average collection period for 2022 in days rounded to 1 decimal place days
Given the following data; TOTAL SALES OMR 250000 CASH SALES OMR 125000 SALES RETURN OMR 5000 OPENING SUNDRY DEBTORS OMR 20000 CLOSING SUNDRY DEBTORS OMR 10000What will be the Net credit sales? a.OMR 245000 b.OMR 200000 c.OMR 125000 d.OMR 120000
You are provided with the following information: Sales for the year $400 000 Discounts provided during the year to customers for early payment $10 000 Doubtful debts expense for the year $5 000 Opening balance of accounts receivable $90 000 HI5020Tutorial T1 2021 Closing balance of accounts receivable $80 000 Opening balance of the provision for doubtful debts $9 000 Closing balance of the provision for doubtful debts $8 000 Cost of goods sold for the year $60 000 Purchases for the year (on credit terms) $80 000 Discounts received for early payment to suppliers $2 000 Stock write-offs owing to water damage caused by melting ice in the Antarctic $5 000 Opening balance of trade creditors $40 000 Closing balance of trade creditors $35 000 Opening balance of inventory $10 000 Closing balance of inventory $25 000…
Refer to RE6-3. Assume Long records accounts receivable and sales using the net price method. Prepare the related journal entries for Long.
JOURNALIZING SALES RETURNS AND ALLOWANCES Enter the following transactions starting on page 60 of a general journal and post them to the appropriate general ledger and accounts receivable ledger accounts. Use account numbers as shown in the chapter. Beginning balance in Accounts Receivable is 3,900. Beginning balances in selected customer accounts are Adams, 850; Greene, 428; and Phillips, 1,018.
Which of the following numbers represents the discount percentage applied if a customer pays within a discount window and credit terms are 3/15, n/60? A. 3 B. 15 C. 60 D. 3 and 15
Jackson Company had the following information in 2018:Accounts receivable 12/31/18...................................................................Allowance for uncollectible-accounts credit balance12/31/18 (before adjustment) ...................................................................Credit service revenue during 2018 ..........................................................Cash service revenue during 2018 ............................................................Collections from customers on account during 2018................................$ 8,00090039,00020,00040,0008. Uncollectible accounts are determined by the percent-of-sales method to be 3% of creditsales. How much is uncollectible-account expense for 2018?a. $1,010b. $900c. $320d. $1,170
1))For the years ended December 31, 2018 of your analysis, assume all sales are on credit and then compute the following: · (a) collection period, · (b) accounts receivable turnover, · (c) inventory turnover, and · (d) days' sales in inventory. · (e) Based on your estimates, comment on the changes in the ratios from 2018 year by drawing conclusion regarding efficiency in managing inventory and in collecting receivables (Note: Comment not more than 10 lines). 2))Provide your recommendations for improving the financial condition of your company. (Note: Comment not more than 10 lines).
What entry format is appropiate if sales returns and allowances occur on factored accounts? a. Sales returns and allowances xx Receivable from factor xx b. Reveivable from Factor xx Factoring expense xx c. Sales returns and allowances xx Factoring expense xx d. Reveivable from factor xx Accounts receivable xx
Use the following information for Transylvania Railroad: Long-term debt ratio: 0.4 Times-interest-earned: 5.0 Current ratio: 1.5 Quick ratio: 1.0 Cash ratio: 0.2 Inventory turnover: 6.3 Receivables collection period: 55.0 days Tax rate = 0.25 Work out the missing entries. For this problem, use the following definitions: Inventory turnover = COGS / average inventory Receivables collection period = average receivables / (sales / 365). (Enter your answers in millions. Do not round intermediate calculations. Round your answers to 2 decimal places.)

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