From the following details, calculate net sales revenue. Sales Revenue $460,000 Sales Discounts Forfeited 6,000 Cost of Goods Sold 300,000 Operating Expenses 78,000 Interest Revenue 7,000 A. $473,000 B. $466,000 C. $454,000 D. $460000
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Sales Revenue
|
$460,000
|
|
Sales Discounts Forfeited
|
6,000
|
|
Cost of Goods Sold
|
300,000
|
|
Operating Expenses
|
78,000
|
|
Interest Revenue
|
7,000
|
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- 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.Income Statement for Year Ended December 31, 2018 (Millions of Dollars) Net sales 795.0 Cost of goods sold 660.0 Gross profit 135.0 Selling expenses 73.5 EBITDA 61.5 Depreciation expenses 12.0 Earnings before interest and taxes (EBIT) 49.5 Interest expenses 4.5 Earnings before taxes (EBT) 45.0 Taxes (40%) 18.0 Net income 27.0 a. Calculate the ratios you think would be useful in this analysis. b. Construct a DuPont equation, and compare the companys ratios to the industry average ratios. c. Do the balance-sheet accounts or the income statement figures seem to be primarily responsible for the low profits? d. Which specific accounts seem to be most out of line relative to other firms in the industry? e. If the firm had a pronounced seasonal sales pattern or if it grew rapidly during the year, how might that affect the validity of your ratio analysis? How might you correct for such potential problems?Make the cost of goods sold and balance sheet Cash ₱ 5,596.00 Account Recievable 20,760.00Equipment 9,000.00Supplies 6,500.00Notes Payable ₱ 20,000.00Capital 52,000.00Personal 2,050.00Purchases 73,020.00purchase Return 1,200.00Purchase Discount 302.00Frienght In 275.00Sales 54,960.00Sales Return 753.00Sales Discount 558.00Freight Out 225.00General Expenses 950.00Miscellenous Exp. 750.00Salary Expense 4,500.00Rent Expense 3,000.00Selling Expense 350.00Tax Expense 175.00Totals ₱ 128,462.00
- The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:11. If the term is FOB destination, freight collect, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:10. If the term is FOB shipping point, freight collect, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000Calculate net profit Details Debit(OMR) Credit(OMR) General expenses 11700 Prepaid Rent 5100 Cost of goods sold 99700 Salaries 9300 Depreciation 1560 Account Payable 3575 Net Sales 150000 Other income 2500 Select one: a. OMR 34715 b. OMR 30240 c. OMR 39815 d. OMR 31140
- The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:13. If the term is FOB shipping point, freight prepaid, how much net cash did Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000(5) The company "Z" displays in its accounting records the following costs for the goods purchased to reach safely its warehouses: Invoice value of goods 150.000€, discounts given on the invoice value of the purchase of 11.000 €, transport paid for the transport of goods from the warehouse of the supplier to the premises of the buyer 2.500 €, insurance premiums of goods 3.150 € were paid, packing costs for the transport 8.450 €, fees and customs clearance costs 7.780 €, commissions purchases 4.140 €, administrative expenses 5.550 €, salaries and wages 6.750 €, light-water-phone 3.150€, advertising-promotion costs 3.550€ and financial interest (debit) 1.485€. Requested: To determine the cost of purchase of the quantities purchased.36.On Dec 31, 20X1 ABC Corp sold goods at P250,000 on account. The shipping costs was P20,000. The terms of the sale are FOB destination, freight collect. The buyer received the goods on Jan 5, 20X2 and settled the account. How much cash was received from the buyer? 210,000 230,000 250,000 270,000
- The following relates to a single sale of goods made by Spurs in 2023: Selling price P500,000Freight costs 5,000Terms 3/15, n/30Shipping Date December 28, 2023Date goods received by the customer January 3, 2024Date payment is received by Spurs January 5, 2024 Question:12. If the term is FOB destination, freight prepaid, how much net cash dis Spurs receive on January 5, 2024? a. P480,000b. P485,000c. P490,000d. P495,000Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.Net sales OR 156000 Cost of the goods sold OR 99700 Details Debit. Credit General expenses 11700 Furniture 5100 Salaries. 9300 Depreciation. 2000 Account payable. 3575 Dividend revenue 2500
