Determine the net sales and cost of goods sold and gross profit.
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- PROBLEM 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 Profit50,00040,000I160,000OCalculate the missing information for the purchase. Item SellingPrice SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price(in $) Sofa $850.00 5 $ 0 0 $Using a perpetual inventory system, how should a company record the sale of inventory costing $400 for $1,110 on account? Event 1. 2. Account Title Inventory Cost of Goods Sold Sales Revenue Accounts Receivable Accounts Receivable. Sales Revenue Cost of Goods Sold Inventory 3. Inventory Gain Sales Revenue 4. Accounts Receivable Sales Revenues Gain Debit 400 1,110 1,110 400 400 710 1,110 Credit 400 1,110 1,110 400 1,110 400 710
- Financial information is presented below: Operating Expenses 91400 Sales Returns and 18400 Allowances Sales Discounts 12700 Sales Revenue 320900 Cost of Goods Sold 173100 The amount of net sales on the income statement would be O $ 302500. O $ 308200. O $ 320900. O $ 289800.1) Using a perpetual inventory system, how should a company record the sale of inventory costing $620 for $960 on account? 1. Inventory. 620 Cost of goods sold. 620 Sales revenue. 960 Accounts receivable. 960 2. Accounts receivable. 960 Sales revenue. 960 Cost of goods sold. 620 Inventory. 620 3. Inventory. 620 Gain. 340 Sales revenue. 960 4. Accounts Receivable. 960 Sales revenue. 620 Gain. 340Accounting for Merchandising Businesses and Inventory and Assets Define the following: Cost of goods sold Credit memo Credit terms Debit memo FIFO FOB Gross profit Invoice LIFO Net sales Periodic inventory Perpetual inventory Sales Selling expense Subsidiary ledger Trade discount Weighted average
- Calculate the missing information for the purchase. Item SellingPrice(in $) SalesTaxRate SalesTax(in $) ExciseTax Rate ExciseTax TotalPurchase Price Book $ 8 $ 0 0 $19.44Match each defınition with the term that best describes it. An income measure that includes gains and [ Choose ] [Choose ] Sales revenue (Sales) Expenses incurred in the process of earning sales revenue. losses that are excluded from the determination of net income. An account that is offset against a revenue Contra revenue account account on the income statement. Cost of goods sold Periodic inventory system FOB destination The total cost of merchandise sold during the Comprehensive income FOB shipping point Perpetual inventory system period. An inventory system under which the [ Choose ] company does not keep detailed inventory records throughout the accounting period but determines the cost of goods sold only at the end of an accounting period. An inventory system under which the [ Choose ] company keeps detailed records of the cost of each inventory purchase and sale, and the records continuously show the inventory that should be on hand. The primary source of revenue in a [ Choose…K Which of the following is true of net sales revenue? OA It is calculated by adding sales discounts and sales retums and allowances to sales OB. It is calculated by deducting sales discounts and sales retums and allowances from sales OC. It is calculated by adding sales discounts to sales OD. It is calculated by subtracting cost of goods sold from sales MacBook Pro
- Q-1: The following accounts are included in the ledger of David Company: Advertising expense Freight-in Inventory Purchases Purchase returns and allowances Sales Sales returns and allowances Which of the accounts would be included in calculating cost of goods sold?docs.google.com/forms choose the right answer Net profit is calculated in which of the following account? Trading account O Trial balance Profit and loss account C Balance sheet choose the right answer Goods returned by customer will be debited to which account? Return outward Purchases A/C O Return inward Customer's A/c O1 Use the following table for the following questions (Hint Identify which accounts are in Merchandise Available for sale, and which are Net Sales, one account is neither) Merchandise Sales Purchases discounts Merchandise Inventory Jan 1 Purchases returns and allowances Sales Returns and Allowances Purchases Freight In Merchandise Inventory Jan 31 a. Merchandise available for sale b. What is the amount of net sales c. What is the Cost of Merchandise Sold d. What is the gross profit 420,000 2,500 75,000 1,300 32,000 220,000 8,000 54,000 Available For Sale Net Sales
