If PetCo had net sales of $600,000, goods available for sale of $450,000, and cost of goods sold of $375,000, what is its grossmargin? What amount of inventory will be shown on its balance sheet?

Q: During the current year, merchandise is sold for $31,850,000. The cost of the merchandise sold is…

A: Gross Profit: Gross profit represents the revenue after the deduction of cost of goods sold from the…

Q: How is the gross profit percentagecomputed? Illustrate its calculation and interpretationassuming…

A:

Q: The sole proprietor had the following data for the year 2020. Sales P500,000; Beginning inventory,…

A: Cost of Goods sold = Beginning Inventory + Net Purchases - Ending Inventory Gross Profit = Sales -…

Q: The income statement includes the items listed below: Net Sales $900,000 Gross Profit…

A: 1. Cost of Goods Sold =  Net sales- Gross Profit   2. Net Purchase= Purchase-Discount-Returns…

Q: Common Size Analysis

A: First option is wrong because in horizontal analysis, the items of financial statements are compared…

Q: The records of a business show the following information: Sales, P364,000; Purchases, P252,000;…

A: GIVEN: Sales  P364,000 Purchases P252000                                     Freight-in, P11,000…

Q: InThe income statement of Pina Company is shown below. PINA COMPANY INCOME STATEMENT FOR THE YEAR…

A: Cash flow statement is a statement which is prepared to find out the cash comes in and goes out , by…

Q: At the beginning of the year, Midtown Athletic had an inventory of P400,00o. During the year, the…

A: Cost of goods sold : Opening inventory + Purchases - closing inventory Therefore COGS :…

Q: Given the following data, what is the cost of goods sold? Sales revenue $950,000 Beginning inventory…

A: Cost of Goods Sold - Cost of Goods Sold is the cost incurred by the company to earned sales for the…

Q: VERPOOL Company reported the following amounts: Net income is 7.50% of net sales. On the other…

A: 1. Operating Expenses:- Only freight inwards will be considered as operating expense as sales…

Q: On January 1, 2020, the merchandise inventory of Shoesmith Corp. was $600,000. During 2020,…

A: Sales Revenue in the business is made up of cost of goods sold and gross profit.  Sales Revenue =…

Q: The income statement of Marin Company is shown below. MARIN COMPANY INCOME STATEMENT FOR THE YEAR…

A: Cash Flow Statement:   The cash flow statement, is one of the financial statements that summarizes…

Q: The income statement of Windsor Company is shown below. WINDSOR COMPANY INCOME STATEMENT FOR THE…

A: The Income Statement for the year ended 31st December 2020 is given. Required  Prepare Operating…

Q: The Income statement of Vince Gill Company is shown below. VINCE GILL COMPANY INCOME STATEMENT FOR…

A: Statement of cash flows: This statement reports all the cash transactions which are responsible for…

Q: The data shown below were obtained from the financial records of the BST Corporation for the year…

A: Ratio analysis is a financial accounting technique to measure the overall performance and health of…

Q: The income statement of Concord Company is shown below. CONCORD COMPANY INCOMESTATEMENT FOR THE YEAR…

A: A cash flow is a financial statement which provides aggregate data regarding all cash inflows and…

Q: The income statement of Sunland Company is shown below. SUNLAND COMPANY INCOME STATEMENT FOR THE…

A: Calculation of change in inventory : Particulars  Amount  Beginning inventory $1,850,000…

Q: Tee company had a $20,000 beginning inventory and $24,000 ending inventory. Net sales were $160,000;…

A: Cost of goods sold = Beginning inventory + Net purchases + Freight in - Ending inventory

Q: What was Paloma Company's approximate inventory turnover ratio if the beginning inventory was…

A: gross profit = sales - the cost of goods sold   given that, sales = $60000 gross profit = $22000…

Q: How to compute this problem?  Problem: The data shown below were obtained from the financial…

A: ‘’Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: LM ltd has the following products in inventory at the year end. Product             Quantity…

A: Inventory of an entity must be reported at the lower of two; cost or  NRV (Net realizable value).

Q: If a firm's inventories on hand are $200,000, its cost of goods sold is $600,000, and its sales are…

A: Given data: Cost of goods sold = $600,000 Inventory = $200,000

Q: The income statement of Sweet Company is shown below. SWEET COMPANY INCOME STATEMENT FOR THE YEAR…

A:

Q: Given the following information, how much is the Inventory, beginning? Inventory end. P162,000 Net…

A: Cost of goods sold (COGS) : Cost of goods sold budget shows the expenses incurred for producing a…

Q: Hiligaynon Company provided the following information for the current year: Beginning inventory of…

A: Solution Cost of good sold is the cost which a business incur to sales a product.

Q: A company provided the following data: sales, $500,000; beginning inventory, $40,000; ending…

A:

Q: If a firm's beginning inventory is $35,000, goods purchased during the period cost $130,000, and the…

A: Cost of goods sold is calculated by adding the beginning inventory and purchases and deducting the…

Q: Lindsey Corporation had the following account balances: Sales revenue $200,000 Beginning inventory…

A: The journal entries are prepared to keep the record of day to day transactions of the business.

Q: use the following information relating to clover company to calculate the inventory turnover, ratio,…

A: Inventory Turnover Ratio = Cost of goods sold/ Average Inventory

Q: If average inventory is P80,000 and the inventory turnover ratio is 20, how much is the cost of…

A: Calculate the costs of goods sold (COGS) by multiplying the average inventory which is P80,000 with…

Q: The cost of goods sold was computed at P12,250. Total sales for the year were P42,950, of which…

A: Answer -  Formula for Inventory Turnover ratio -   = Cost of goods sold /  (Beginning inventory +…

Q: ABC Corporation reports the following information for 2020. Based on these figures, what is ABC's…

A: Inventory turnover = Cost of goods sold / Average inventory where, Average inventory = (beginning…

Q: What was the amount of Best Buy’s cost of merchandise sold

A: Cost of merchandise sold indicates the costs involved for the inventory sold by the business in a…

Q: The following information is available for Naab Company for 2020 The cost of goods sold is equal to…

A:

Q: The company made purchases of P60,000 and sales of P85,000 with P10,000 left in inventory. If the…

A: Cost of sales means how much cost of goods or products has been sold to the customers. Some…

Q: If Happy Corporation has cost of goods sold of P300,000, sales of P600,000, and inventory of…

A: Inventory turnover is calculated as ratio of cost of goods sold and ending inventory balance. The…

Q: he following accounts of Rex Company are as follows: Sales P480,000; Cost of goods sold P300,000;…

A: Solution: Net sales is computed as deducting sales discounts and returns and allowances from total…

Q: The income statement of Stellar Company is shown below. STELLAR COMPANY INCOME STATEMENT FOR THE…

A: The cash flow statement is an essential part of the financial statements of the organization. It is…

Q: Anpanman, Inc. reported the following information for the year 2020: • Beginning Inventory-…

A: Gross profit= Sales x Gross profit ratio Cost of goods sold = Sales - Gross profit

Q: Hull Company reported the following income statement information for the current year:…

A: Correct Gross Profit = Gross Profit -  Ending Inventory Overstated Value

Q: If net sales are $300,000, cost of goods available for sale is $280,000, and gross profit…

A: Definition: Merchandise Inventory: Merchandise is the stock of goods bought by a wholesaler, or a…

Q: During the year, a firm purchased $144,000 of merchandise and paid freight charges of $12,600. If…

A: Ne delivery cost of purchase included the cost of material, other freight costs but exclude purchase…

Q: The income statement of Sunland Company is shown below. SUNLAND COMPANY INCOME STATEMENT FOR THE…

A: INDIRECT METHOD OF CASH FLOW STATEMENT : CASH FLOW FROM OPERATING ACTIVITIES  NET INCOME  ADD…

Q: Chyna Corporation has the following statement of comprehensive income for the year ended December…

A: Over (under) recorded inventory = Recorded ending inventory - Correct ending inventory  = $12,000 -…

Q: Based on the given information below of FDNACCT Co., how much is the cost of goods available for…

A: Cost of goods available for sale is the amount of goods that an entity has, for the purpose of…

Financial Transaction Analysis

The transaction analysis is done with the help of the accounting equation. The basic accounting equation is alternatively known as the balance sheet equation is based on the double-entry system which says that for each transaction happening in a business, at least two accounts should be affected I.e. both the debit side and the credit side should be equal. The Accounting Equation is