Milton Company provides this information for the month of November, 2008: sales on credit P150,000; cash sales P50,000; sales discounts P2,000; and sales returns and allowances P8,000. How much would be the net sales?

Q: Batman Company provides the following data for the year 2020: Cash sales - 500,000; Collection from…

A:

Q: McEwan Industries sells on terms of 3/10, net 30. Total sales for the year are $1,921,000; 40% of…

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

Q: Jinx Company provided the following information for 2013 in relation to accounts receivable:…

A: Formula: Net sales = Credit sales - Sales returns Deduction of sales returns from sales derives the…

Q: Wickes Ltd has the following figures at December 2020 £ Revenue(90% credit sales) 1,936,000 Opening…

A: Trade payables are referred to those suppliers from whom the business has purchases the supplies on…

Q: During the current year, merchandise is sold for $300,000 cash and for $625,000 on account. The cost…

A: The gross profit is calculated by deducting the cost of goods sold from the sales revenues (Cash +…

Q: On April 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Formula: Sales discount = Net sales x Discount rate

Q: From the following information regarding the year to 31 August 20X6, what is the accounts payable…

A: Given the following information: Sales: $43,000 Cost of sales: $32,500 Opening inventory: $6,000…

Q: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: The following costs were among those incurred by Woodcroft Corporation during 2007: Merchandise…

A: Cost system is the system which is designed to evaluate the monitor the cost incurred by the…

Q: Company ZT reported for the fiscal year ended 2020, a $51970 and $62400 beginning and ending…

A: The average age of inventory is the average number of days it takes for a firm to convert inventory…

Q: Flyer Company has provided the following information • Cash sales, $325,000 • Credit sales, $850.000…

A: Gross Profit is excess of Net Revenue over cost of manufacturing including all direct costs whereas…

Q: During the current year, merchandise is sold for $43000 cash and for $307000 on account. The cost of…

A: Gross profit is considered as the excess of revenue over the cost of merchandise sold.

Q: Required: 2. Anticipated total cash available from all sources in August. 3. August cash payments…

A: 2. Total Cash Available from all Sources in August Particulars     Amount Opening Cash Balance…

Q: Ill Company provides the following data for the year 2020:   Cash sales - 500,000; Collection from…

A: The gross sales are calculated as sum of net sales, sales discount and allowance and sales returns.

Q: Zane Corporation has an inventory conversion period of 64 days,an average collection period of 28…

A:

Q: A company had the following partial list of account balances at year-end: Sales Returns and…

A: NET SALES REVENUE :  It is the output of gross sales minus discounts, allowances and returns .

Q: Use the following financial information to find the entry you would make on an income statement for…

A: Income statement is prepared by the business organization so as to know how much amount of gross…

Q: Golden Corporation have the following information from its books: Sales P1,600,000 Credit sales 90%…

A: Sales = P1,600,000 Credit sales are 90% of sales Average Collection period is 30 days Assume number…

Q: The payment schedule of purchases made on account is as follows: 75% during the month of purchase,…

A: Payment for credit purchases in December = 10% of October + 15% of November + 75% of December

Q: On January 1, a company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Sales discounts: The merchandisers offer a reduction in sales price on initial sales, to accelerate…

Q: On March 1, ZCX company made a sale of $87,500, on credit. If the credit terms were 2/10, n/30, what…

A: Lets discus basic things. Seller for the purpose of getting early payment from the buyer, gives the…

Q: Nicole Company has an average collection period of 52 days and accounts receivables of P250,000.…

A: Average Debtors collection period = Trade Receivables / Total Sales x 365 Days  Note : Here, No. of…

Q: During the month of February 2020, the following transactions occurred. Feb. 1 Collected P113,000…

A: Journal entries recording is the first step of accounting process, under which at least one account…

Q: The financial records of Delta Ltd reveal the following at 30 June 2019:   Credit Sales $120,000…

A: The number of days in receivable indicates the total days between trade sale and the payment…

Q: TMRW Co. has annual credit sales of $1,080,000 and an average collection period of 32 days in 2010.…

A: 1.  TMRW Co.-   Average accounts receivable balance =  (Annual Credit Sales / 360 days) x Average…

Q: Martin Incorporated uses the percent-of-credit sales method to estimate uncollectibles. Total sales…

A: Bad debts expense = Credit sales x 5% Balance in allowance for uncollectible accounts after the…

Q: During the current year, merchandise is sold for $21,100 cash and $341,700 on account. The cost of…

A: Gross profit is calculated by deducting the cost of sales from the total sales value. The gross…

Q: 17. Calapan Company provided the data in the table below. In 2011, accounts written off amounted to…

A: Dear Student, Since you have asked multiple questions, we will solve the first question for you, if…

Q: Lipovetsky Corp. has the following data relating to accounts receivable at the end of the current…

A: The net realizable value for accounts receivable is calculated as gross account receivables minus…

Q: If we know that for the year 2010 Johnson's Company had Cost of goods sold = 600,000 USD and Sales…

A: Given that,  Sales (on credit) = 850,000 USD Opening accounts recievables = 75,000 USD Closing…

Q: Falafel Hut has sales of $512,630. The cost of goods sold is equal to 60 percent of sales. The…

A: The accounts receivable are the current assets of the company. The increase in the credit sales or…

Q: The following projections have been made by Orange Traders for the period ending 31 March 2022: 1.…

A: Cash Budget: It  is the  estimation of  cash inflows and outflows  of a business to measure  whether…

Q: During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost…

A: Profit in simple terms is the difference between revenues and cost. It is the gain acquired for…

Q: Loak Corporation provides the following data for the year 2020: Cash sales 500,000; Collection from…

A: Gross sales are the revenues received by the company entity from the sale of its principal product…

Q: Liam Co., had the following data in 2020. Compute the MCIT at 2%. Gross Sales 1,000,000 Sales…

A:

Q: During the current year, merchandise is sold for $18,300 cash and $295,700 on account. The cost of…

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

Q: Company ZT reported for the fiscal year ended 2020, a $51970 and $62400 beginning and ending…

A: Here, Note: As nothing is mentioned in the question regarding no. of days in an year, we are…

Q: Merchandise costing $539 is sold for 1848 on terms 2/10, n/30. If the buyer pays within the discount…

A: Accounts receivables:  It implies to the amount that has been owed by the customers from the…

Q: A company reports the following amounts at the end of the year: Total sales revenue - $560,000;…

A: Net sales revenue is calculated as making adjustments for sales return and allowance, sales discount…

Q: 18. Calapan Company provided the data in the table below. In 2011, accounts written off amounted to…

A: Gross purchases means the amount of inventory purchased during the year without taking into account…

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: Nicole Company has an average collection period of 52 days and accounts receivables of P250,000.…

A: The accounts receivables are the current assets of the company. The accounts receivables are…

Q: Aston Company reported the following balances at September 30, 2020: Sales Revenue $280,000 Sales…

A: Net sales of the business means sales revenue of the business after all the sales returns and…

Q: How much is the VAT payable?

A: VAT is the Value Added Tax applied over the sale and purchase of goods. There is two VAT: Input VAT…

Q: Required: 1. Anticipated cash receipts from accounts receivable in August.

A: Accounts Receivables are as follows: Credit Sales for August = P300000 Credit Sales for July =…

Q: Whispering Winds Corp. provides the following information for the month ended October 31, 2019;…

A: Net sales = Gross sales - Sales return and allowance and discount