Keep Calm Company provided the following information for the current year: Accounts receivable, January 1 2,100,000 Accounts receivable, December 31 2,700,000 Collections of accounts during the year 9,000,000 I nventory, January 1 4,500,000 Purchases during the year 5,800,000 All sales are made on account. The mark up on cost is 20% What is the estimated inventory at December 31

Q: Suppose Maestro’s had cost of goods sold during the year of $230,000. Beginning merchandise…

A: Given information  is: Maestro’s had cost of goods sold during the year of $230,000. Beginning…

Q: SQC Inc. had sales of $3,000,000, cost of merchandise sold at $2,100,000, an average inventory of…

A: Days sales in inventory indicate the number of days, inventory turns into sales. This method is used…

Q: he sales of Super Store for the month is P 80,756.00. Beg Ending inventory is amounting to P…

A: Formula: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

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A: Sales revenue: It is the revenue earned by a business on selling the goods or providing services to…

Q: The records of Now United Department Store report the following data for the month of January 2020:…

A: Inventory refers to raw materials that is used in production of final goods during  an accounting…

Q: The following information pertains to U-Gold Company for the current year: Cash Sales 1,380,000;…

A: Sales on credit = Accounts receivable, end + Cash collected on accounts + Bad debts written off -…

Q: The ABC Boutique had the following information at June 30, 20X1: Inventory increased by…

A: Gross Purchases - Gross Purchase is the purchases before deducting returns and allowances. This is…

Q: Grab Co. has a normal operating cycle of 60 days. The average age of inventory is 30 days. The…

A: Normal Operating cycle = Age of inventory + Age of Debtors Also, 360/ age of debtors = debtors…

Q: Double West Suppliers (DWS) reported sales for the year of $290,000, all on credit. The average…

A: Sales = $290,000 Average gross profit = 30% of sales   Beginning Ending Accounts receivable…

Q: The Company provided the following information: Cost Retail Beginning 1,650,000 2,200,000 Inventory…

A: Inventory represents the current asset of the company that is reported in the balance sheet.

Q: Universal Calendar Company began the year with accounts receivable (net) and inventory balances of…

A: Step 1 The average receivables are $110,000. It is obtained by dividing the sum of opening…

Q: Altis Company reported the following information for the currentyear: Sales (100,000 units atP150).…

A: The cost of goods sold means the cost of producing the goods which are being sold by the…

Q: What is the amount of gross sales for the current year? GREEN Enterprises reported the following…

A: Gross sales can be calculated by adding up sales returns and allowances to the net sales. Net sale…

Q: 28. Kokong Company provided the following information for the current year: P 2,100,000 Accounts…

A: Inventory means the goods in which business deals. Inventory can be calculated by preparing the…

Q: A company has $72,500 in inventory at the beginning of the accounting period and $65,500 at the end…

A: Average Inventory = (Beginning inventory + Ending inventory)/2

Q: The sales of Super Store for the month is P 80,756.00. Beginning inventory was P 24,435.00; and…

A: Formula used: Cost of goods sold = Beginning inventory + Purchases - Ending inventory

Q: 10. Altis Company reported the following information for the current year: Sales (100,000 units at…

A: The direct costs of manufacturing the products produced by a corporation are referred to as the cost…

Q: A company reports the following: Cost of goods sold $216,080 Average inventory 54,020 Determine (a)…

A: The inventory turnover ratio means how many times a company needs to replenish the average inventory…

Q: Suppose Maestro’s had cost of goods sold during the year of $230,000. Beginning merchandise…

A: Answer:

Q: Dabble, Inc. has sales of $980,000 and cost of goods sold of $640,000. The firm had an average…

A: The formula to compute days sales in inventory as follows:

Q: The information pertains to Nue Inc. sales revenue is presented below: February March April Cash…

A: The cash receipts budget is prepared to record the cash collection during the period. The cash…

Q: For its most recent year a company had Sales (all on credit) of $850,000 and Cost of Goods Soid of…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: On December 31st, Baxtor, Inc. has cost of goods sold of $400,000, ending inventory is $14,000,…

A: Ratio analysis means where different ratio of various years of years companies has been compared and…

Q: Alpha CD Inc. began operations on January 1 of the current year with a P12,000 cash balance. Forty…

A: Cash Budget: A cash budget is a forecast of a company's cash flow over a given time period. This…

Q: The records of BRACKISH SALTY Co. showed the following information: Accounts receivable, net, Jan.…

A: Gross income refers to the money that a corporation earns by subtracting the expenses involved with…

Q: Last year, Toby's Hats had net sales of $45,000,000 and cost of goods sold of $29,000,000. Toby's…

A: Introduction: Accounts receivable turnover ratio : Division of Average Accounts receivable with Net…

Q: What is the average collection period assuming annual data is used? quarterly data is used?

A: Assuming Annual data:  Average Collection period= [Account receivable/Sales]× 365  Assuming…

Q: 16. ABC transferred merchandise inventory from its home office to its branch and the average gross…

A:

Q: A new firm, ABC, purchased 20,000 units of product X at PI0 per unit on January 5. It sold 15,000…

A: The ending inventory is calculated as difference between units available for sale and units sold.

Q: If a firm’s beginning inventory is $70,000, goods purchased during the period cost $260,000, and the…

A: Beginning inventory $70,000 Goods purchased during the period $2,60,000 Cost of goods available…

Q: The home office ships merchandise to the branch at 25 percent above cost. If the balance before…

A: In case of Branch Accounting , when goods are transferred from head office to branch at sales price…

Q: A hosiery buyer has an opening stock figure of $180,000, at retail, which carries a 52% markup. On…

A: Calculate the amount of total markup.

Q: Blake distributors had a beginning inventory for June of 100,000. They purchased 25,000 in goods…

A: Disclaimer: “Since you have posted a question with multiple sub-parts, we will solve the first three…

Q: ABC company's records included the following, assume 365 days in a year: Accounts Receivable,…

A: Ratio analysis is a technique that is used by the users of the financial statement in order to know…

Q: 8.Microsoft Corporation had inventory of $300,000 on 12-31-2009.  Other information is as follows:…

A: SOLUTION-   COST OF GOOD SOLD = OPENING STOCK + PURCHASE + DIRECT EXPENSE - CLOSING STOCK.

Q: The following information is from Tejas WindowTint's financial records. Month Sales Purchases…

A: Cash budgeting is an estimation of cash collection and cash disbursement during a specific time…

Q: Stoney Brooke, Inc. has sales of $890,000 and cost of goods sold of $640,000. The firm had a…

A: Given that,  sales = $890000 cost of goods sold =$ 640000 Beginning inventory =$ 36000 Ending…

Q: Keep calm company provided the following information for the current year accounts receivable…

A: Ending inventory is the unsold goods available at the end of the accounting period. Ending inventory…

Q: The ABC Boutique had the following information at June 30, 20X1:     Purchases, P180,000…

A: Inventory: The inventory is an asset to the business. The asset is a benefit or resource that has a…

Q: Keep Calm Company provided the following information for the current year: Accounts receivable,…

A: Credit sales=2700000+9000000-2100000 =9600000

Q: Keep Calm Company provided the following information for the current year: Accounts receivable,…

A: Cost of sales means for how much cost of goods have been sold by the business in the outside market…