Marine Corporation collected $120,000 during 2020. Of this amount, $2,000 was still unearned as of December 31, 2020. The company reported sales of $128,000. Marine purchased inventory during 2020 of $48,000, and the inventory account balance was the same at the beginning and the end of the year. What was the company's gross profit for 2020?

Q: At the beginning of 2021, Calston Incorporated reports inventory of $9,300. During 2021, the company…

A: Cost of Goods Sold: When the inventories are sold for the accounting period, the cost incurred in…

Q: ABC Company experienced a decline in the value of its inventory in 2020 which resulted in a…

A: Allowance method: It  is also known as loss method because a loss on inventory write down is debited…

Q: In 2022, Palmeira Company had sales of $3,000,000, cost of goods sold was $2,000,000, net income was…

A: Solution We are given with the following information Sales = $ 3,000,000 Cost of goods sold = $…

Q: The following accounts are taken from the accounting records of Dory Company at December 31, 2020…

A: An organization can prepare their Income statement either in a single step format or a multi-step…

Q: At the beginning of 2022, no Co. has an inventory amounting to P400,000. During the year, no Co.…

A: Inventory Turnover Ratio=Cost of Goods SoldAverage Inventory

Q: nko Inc. reported the following balances at the end of each year:…

A: >Accounts Payable are the balances of suppliers that have not yet been paid in cash for the…

Q: e following errors were detected and were not yet corrected: ·        2017 ending inventory is…

A: Solution: Prepaid rant error is the only error which will effect 2019 net income.

Q: At the beginning of the year, Midtown Athletic had an inventory of P400,000. During the year, the…

A: Cost of goods sold is actual cost of goods that are being sold.  Cost of goods sold = Beginning…

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: The net sales of JEY Company in 2019 is ₱580,000. The cost of goods manufactured is ₱480,000. The…

A: The cost of goods sold is determined by adding beginning inventory to cost of goods manufactured and…

Q: Wang Company's average inventory for 2019 was $75,000 and its inventory turnover for 2019 was 6.0;…

A: Average Inventory for 2019 = $75,000 Inventory turnover for 2019 = 6.0 Wang's 2019 days' sales in…

Q: The records of Kaitlyn Corporation showed the following on December 31, 2020: Gross Purchases…

A: Solution..   Gross purchase = $380,000  Purchase return = $20,000  Gross profit = $420,000…

Q: Power Company's income statement for 2021 is given below. If inventory balances are 10000 in 2021…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: During 2021, Rogue Corporation reported net sales of $600,000. Inventory at both the beginning and…

A:

Q: Bilboa, Inc. bought $82,000 of inventory during 2020. During the year the company sold inventory for…

A: Gross Profit Gross profit is the sum of total sales revenue minus cost of goods sold.  The…

Q: In its 2019 annual report, Marin, Inc. reported inventory of $ 670 million on January 31, 2020, and…

A: Average inventory = (Beginning inventory + ending inventory)/2 = (670+546)/2 = $608 million

Q: During the year ended December 31, 2020, The Zuckerberg Company purchased inventory for $500 and…

A: Cost of Goods Sold :— Cost of goods sold is the total amount your business paid as a cost directly…

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: Marigold Corp, reported the following income statement data for a 2-year period. Sales revenue. Cost…

A: Introduction: If ending balance of inventory is overstated in any period then it will also result in…

Q: Magnolia Company's inventory at January 1, 2020 was $7,600, and at December 31, 2020 the company had…

A: The company will earn profits from selling the inventory. The cost incurred for manufacturing the…

Q: ABC Company experienced a decline in the value of its inventory in 2020 which resulted in a…

A: Net realisable value means value at which inventory can be sold or replaced by the business.…

Q: In its 2018 annual report, Gap Inc. reported inventory of $1,997 million on January 31, 2018, and…

A: Solution: Inventory turnover is also known as activity ratio which is used to calculate the…

Q: The 2020 financial statements of Crane Company reported a beginning inventory of $79000, an ending…

A: Inventory turnover ratio = Cost of goods sold / average inventory

Q: Diesel fuel held as inventory at 1 November 2020 was P125,000 and there were invoices awaited for…

A: Total inventory on Oct 31 2021 = inventory value + delivery yet to be invoiced = 98000+13000 =…

Q: During January 2020, Hussain & Co made sales for an amount of OMR 155,000 which made a gross profit…

A: Cost of goods sold = Sales - Gross profit=155,000-40,000=115,000

Q: The records of Brenda Corporation at December 31, 2021 showed the following balances:  Uncollectible…

A: Operating expenses are the indirect expenses incurred in the course of the main operations of the…

Q: Hanggang Dito Na Lang Company reported the following information for the current year: Sales…

A: Gross margin = sales - cost of goods sold Income from continuing operations = Gross margin -…

Q: Presented below is information related to Sheridan Corp. for the year 2020. Net sales   $1,196,000…

A: Multiple-step income statement: It is a detailed statement that provide the net income of the…

Q: ABC Merchandising Corporation has beginning inventory at the start of 2018 of $ 679,000, during the…

A: Cost of goods sold = Beginning inventory + Goods purchased - Ending inventory

Q: Presented below is information related to Sheridan Corp. for the year 2020. Net sales   $ 1,196,000…

A: Retained earning means amount of profit remain after all the adjustment of expense and adjustments.…

Q: Company C had cost of goods sold in the year of sale 2019 of $1,500,000 and net sales was…

A: Inventory Turnover = Cost of Goods Sold/Average Inventory

Q: David’s business makes an operating profit of £29 975 in the year ended 31 December 2019, after…

A: Net cash flow from operating activities is a part of Cash flow statement which shows all cash…

Q: What is Seaside Surfing's COGS if the company had inventory of $20,000 at the beginning of 2019, had…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: Esquire Inc. uses the LIFO method to report its inventory. Inventory at January 1, 2021, was…

A: Liquidated units = 85,000 - 80,000 = 5,000 units

Q: At the beginning of the year, Sheffield had an inventory of $350000. During the year, the company…

A: Formula: Cost of Goods sold = Beginning inventory + Purchases - Ending inventory Gross Profit rate =…

Q: Avila Corp. reported 2020 net income of $20,000. However, the ending inventory in 2019 had been…

A: Correct net income for 2020 = Reported net income - Beginning inventory understated - Ending…

Q: During the year just ended, the retailer James Corporation purchased $450,000 of inventory. The…

A: Inventory turnover is calculated as cost of goods sold divided by average inventory.

Q: The home office bills its branch at 40% above cost. During the year 2020, goods costing 150,000 were…

A: Lets understand the meaning of the "Allowance for overvaluation of branch inventory" account.  This…

Q: On January 1, 2021, ABC Co. purchased 50,000 units at P100 per unit. During 2021, the entity sold…

A: On January 1, 2021, ABC Co. purchased 50,000 units at P100 per unit. During 2021, the entity sold…

Q: At the beginning of the year, Bramble had an inventory of $ 620000. During the year, the company…

A: Cost of Goods Sold: The direct expenses of manufacturing the items sold by a firm are referred to as…

Q: The before-tax income for Blossom Co. for 2020 was $98,000 and $80,800 for 2021. However, the…

A:

Q: The Cecil Booker Vending Company changed is method of valuing inventory from the average cost method…

A:

Q: ABC Company experienced a decline in the value of its inventory in 2020 which resulted in a…

A: Inventory write-down refers to the accounting process to record decrease in value of the inventory…

Q: During 2021, Stan Company purchased P 1.92M of inventory. The cost of goods sold for the year was P…

A: Beginning inventory = Cost of goods sold + ending inventory - purchases = P1800000+360000-1920000 =…

Q: At the end of December 2020, the accounting records of XYZ firm present the following transactions…

A: The question is based on the concept of Cost Accounting.

Q: Larkin Company reports net income of $90,000 in 2020. However, ending inventory was understated…

A: Net operating income means the income earned after deducting all operating expenses and cost of…

Q: In its 2019 annual report, Kingbird, Inc. reported inventory of $ 626 million on January 31, 2020,…

A: Inventory turnover is an accounting turnover ratio that determines the number of times inventory is…

Q: e following errors were discovered: • The footings and extensions showed that the inventory on…

A: Income Statement: It is used to report a company financial statement during the accounting period…

Q: An entity reported the following information for the year ended December 31, 2020: Sales 7,750,000…

A: An entity reported the following information for year ended 31.12.2020. Sales = 7750000 Cost of…