Purchases $ 30,526 Selling expense $ 769 Inventory, September 1 5,755 Inventory, September 30 10,605 Administrative expense 732 Sales 56,096 Rent revenue 984 Interest expense 1,159 $25,676 $29,932 $30,420 $1,159
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Q: Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling…
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A: Hi student, Since there are multiple questions, we will answer only first question.
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- Compute for total cost of purchases. *a. P1,840,000b. P1,800,000c. P1,675,000d. P1,600,000Sales :8,500,000 Purchases : 3,800,000 Include three invoices/receipts that you have obtained for purchases of item that attracts GCT Show the calculation of the GCT on the invoices/receiptsthe sales ledger and purchase ledger junta ltd as at 31 may 2020. purchase ledger balances as 1 june 2020 $19,420sales ledger balance as 1 june 2020 $28,227purchase journal $210,416sales journal $305,824returns outwards $1,452returns inwards $3,618cheques paid to suppliers $205,751cash paid to supplier $62cheques ans cash received from customers $287,317discount allowed $4,102discount received $1,721contras against purchase ledger $640 1) Sales ledger control2)Puchase ledger control
- Jungkook Co. purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping costs amounted to P50. The seller shipped the goods on December 31, 2021. Jungkook Co. received the goods on January 2, 2022 and settled the account on January 5, 2022. How much is the capitalizable cost of the inventory purchased if the terms of the shipment are FOB shipping point, freight prepaid? A. 0 B. 2,950 C. 3,050 D. 3,000ASAP!! DECEMBER 31,2012 TITLE OF ACCOUNT DEBIT CREDIT Cash 130,350 Account receivable 54600 Note receivable 83,000 Land 100,000 Inventory-opening 40,500 Supplies 650 Prepaid insurance 1200 Furniture and Fixture 183,200 Accumulated depreciation-furniture 2400 Account payable 47,000 Note payable (long-term) 12,600 Capital-Frank 275,000 Sales revenue 364,500 Sales discount 1400 Sales return and allowance 2000 Commission income 600 Purchases 89,300 Purchases discount 3000 Purchases return and allowances 1200 Freight in 5200 Rent expense 8400 Salaries expense 5000 Insurance expense 1500 TOTAL 706,300 706,300 ADJUSTMENT DATA: Depreciation for the year Rs. 600 Inventory on hand at the end of the year Rs.…Using the following information, what is the amount of gross profit? Purchases$44,000Merchandise inventory, September 16,600Selling expense1,550Merchandise inventory, September 307,100Sales94,000Interest expense1,240Administrative expense1,110Rent revenue2,200
- BTS Co. purchased goods with invoice price of P3,000 on account on December 27, 2021. The related shipping costs amounted to P50. The seller shipped the goods on December 31, 2021. BTS Co. received the goods on January 2, 2022 and settled the account on January 5, 2022. How much is the capitalizable cost of the inventory purchased if the terms of the shipment are FOB shipping point, freight prepaid?SEP 15 Purchased merchandise with an invoice price of 35,000 and credit term 2/5, n/15 SEP 29 Paid supplier the amount owned on the Sep 15 purchasedQ#04: Assume following transactions and record in accrued and cash form and record transaction approach? 1-Sold inventory for $ 25,000 on credit this year. The inventory cost $ 12,500 when purchased in this prior year2-Purchased inventory this year in the amount of $30,000 on credit3-Paid suppliers of inventory $ 18000 this year4-Collected $ 15,000 from sales.
- 1. Under accrual basis, what amount should be reported as gross sales? a. 8,900,000 b. 8,950,000 c. 8,250,000 d. 8,850,000 2. Under accrual basis, what amount should be reported as gross purchases? a. 5,250,000 b. 5,950,000 c. 5,750,000 d. 5,650,000JUNGKOOK Company sells gift certificates redeemable only when merchandise is purchased. Upon redemption, Jungkook recognizes the unearned revenue as realized. Information for the current year: Unearned gift certificates revenue, January 1 ₱ 250,000 Gift certificates sold 1,745,000 Gift certificates redeemed 1,483,250 Gift certificates which expired 80,000 Gross profit rate based on cost 25% What amount should be reported for the year ended December 31 as:A. Gross profitB. Unearned gift certificates revenueqw.15. Transactions for July, 2022 Batch 1 July 2 Purchased $2,000 of Inventory on account, terms 1/20, n/45. (Tax rate:13%) July 7 Sold to Zoe Financial Company on credit terms 2/15, n/30 $3,000. (Tax rate:13%) Batch 2 July 15 Paid salaries for 2 employees: Luo Jie, $1,300 cheque #10 and Zheng Rui, $1,600 cheque #15 July 17 Paid for the July 2 purchase on cheque #20. Batch Number: 001 Batch Description: Transaction Batch #1 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Batch Totals Batch Number: 002 Batch Description: Transaction Batch #2 Entry Number: 001 Entry Description: Date: Period: Source: GL - Account Number Account Description Debit Credit Journal Entry Totals Entry Number: 002 Entry Description:…