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- Compute for total cost of purchases. *a. P1,840,000b. P1,800,000c. P1,675,000d. P1,600,000Calculate net profit Details Debit(OMR) Credit(OMR) General expenses 11700 Prepaid Rent 5100 Cost of goods sold 99700 Salaries 9300 Depreciation 1560 Account Payable 3575 Net Sales 150000 Other income 2500 Select one: a. OMR 34715 b. OMR 30240 c. OMR 39815 d. OMR 31140PROBLEM 2Determine the missing elements of the Income Statement. Replace the letters with your answers.The partial income statements of five different companies are as follows: 12345 Net SalesAD250,000290,000400,000 Merchandise Inventory, 1/1/2020B50,00070,000J120,000 Net Cost of Purchases80,000EG160,000390,000 Goods Available for Sale110,000160,000HKM Merchandise Inventory, 1/1/202040,000F30,00070,000N Cost of Goods SoldC140,000230,000L380,000 Gross Profit50,00040,000I160,000O
- Use the following information (in thousands):a. ¥126,000 d. ¥63,000Answer:1Sales revenue¥300,000 Gain on sale of equipment90,000 Cost of goods sold164,000 Interest expense16,000 Selling & administrative expenses30,000 Income tax rate30%Determine the amount of net income.lf the cost of purchases 130 000 lD., sales revenue 200 000 lD.,beginning inventory 20 000 lD.,sales discount 25 000 lD.,sales returns 50 000 lD.,ending inventory 25 000 lD . , the cost of goods sold are :- *Sold goods to G George, invoice detailed 60 items @ R80 exclusive per item) Mark up is 150%. Calculate the sales Debtors Control account of the Debtors Journal? what is the Cost Of Sales?
- Make it into a journal entry Purchased merchandise worth P560,000 , 20% down payment, balance 2/10, n/30.Purchased goods for cash R10 000 and received a trade discount of5%BLOCK D/2018/1 In t1, you purchase goods on target in the amount of € 9 thousand (net). Furthermore, transport costs of € 500 (net) to be paid to an external service provider for the purchase of the goods are incurred (incidental acquisition costs); payment is also made on destination. Your col- lege posts the goods receipt as follows: purchase of goods € 9,000 and amounts of € 1,710 intrade payables € 10,710 as well as Other operating expenses for trade payables €500. The goods are to be sold in t2. It is foreseeable that you will be able to sell the goods witha high profit margin. Do the postings of the colleague lead to an accrual determination of success? If further bookings or corrections are required in t1, make them and justify your action with reference to the possible bookings. relevant legal regulations!
- Determine the Sales for the year, Gross Profit P240,000.00, Ending Inventory P120,000.00, Goods available for sale P 200,000.00 P 460,000.00 P 320,000.00 P 400,000.00 P 300,000.00Sold goods on credit for R17100 to J Jade.The mark up on the trading items is 60% on cost (Vat included) What is the Sales amount?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