Presented below are the information taken from the books of NMIXX Co 2022 2023 Sales Regular P 125,000 P187,500 Installment 62,500 100 000 Cost of goods sold: Regular 75.000 112,500 Installment 31.250 45,000 Selling expenses 25,000 31,250 Collection on accounts from Regular sales 100,000 137.500 installment sales-2022 $7.500 25,000 Installment sales-2023 62.500 How much is the Realized gross profit in installment and net income for the year 2023?

Presented below are the information taken from the books of NMIXX Co 2022 2023 Sales Regular P 125,000 P187,500 Installment 62,500 100 000 Cost of goods sold: Regular 75.000 112,500 Installment 31.250 45,000 Selling expenses 25,000 31,250 Collection on accounts from Regular sales 100,000 137.500 installment sales-2022 $7.500 25,000 Installment sales-2023 62.500 How much is the Realized gross profit in installment and net income for the year 2023?

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter6: Cost Of Goods Sold And Inventory

Section: Chapter Questions

Problem 7MCQ

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Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.
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Below is a series of cost of goods sold sections for companies B, M, O, and S. Fill in the lettered blanks to complete the cost of goods sold sections. B M O S Beginning inventory $ 305 $ 146 $ 854 $enter a dollar amount (j) Purchases 1,830 1,318 enter a dollar amount (g) 53,180 Purchase returns and allowances 98 enter a dollar amount (d) 354 enter a dollar amount (k) Net purchases enter a dollar amount (a) 1,269 9,040 51,594 Freight-in 159 enter a dollar amount (e) enter a dollar amount (h) 2,733 Cost of goods purchased enter a dollar amount (b) 1,501 9,821 enter a dollar amount (l) Cost of goods available for sale 2,196 1,647 enter a dollar amount (i) 60,427 Ending inventory 378 enter a dollar amount (f) 1,403 7,601 Cost of goods sold enter a dollar amount
South Coast Boards Co. is a merchandising business. the account balances for south coast boards co. as of July 1, 2010 (unless otherwise indicated), are as follows:Check: 8. Net Income 693,800Click here for the SOLUTION110 Cash $63600112 A/R $153900115 Merchandise Inventory $602400116 Prepaid insurance $16800117 Store supplies $11400123 store equipment $469500124 Accum. Depr. --Store equip $56700210 A/P $96600211 Salaries payable $-310 capital stock $100000311 retained earnings, Aug 1 2009 $455300312 Dividends $135000313 Income summary $-410 Sales $3221100411 Sales return and allowances $92700412 Sales discounts $59400510 Cost of merchandise sold $1623000520 sales salaries expense $334800521 advertising expense $81000522 depreciation expense $-523 store supplies expense $-529 misc. selling expense $12600530 Office salaries expense $182100531 Rent Expense $83700532 insurance expense $-539 Misc. Administrative expense $7800During July, the last month of the fiscal year, the following…