Answered: Sold goods to G George, invoice…

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?

Individual Income Taxes

43rd Edition

ISBN:9780357109731

Author:Hoffman

Publisher:Hoffman

Chapter18: Accounting Periods And Methods

Section: Chapter Questions

Problem 1CPA: Paula has sales that qualify to be reported on the installment basis. In year 2, installment sales...

See similar textbooks

Related questions

Q: Using least square method, compute for the annual electricity cost if the machine hours use has a…

A: Least Square Method :- This is the best method to segregate semi-variable costs into its fixed and…

Q: Item Nos. 26 to 28 are based on the following information: Kia, Lia, and Mia are partners sharing…

A: In the context of the given question, we are required to compute the answer to those questions.…

Q: a. Determine the factory overhead rate for Factory 1. $fill in the blank d3b49f01b03efcf_1 per…

A: Journal entries refers to the official book of a firm/company which is used to record the day to day…

Q: Partners Soul and Mate who have been dividing profits and losses in 2 points the ratio of 3:2.…

A: First, we will calculate the loss on realization Particular Amount Capital Soul P40000 Add:…

Q: Using Moving Average method compute for the June 20 cost per unit Date Transaction 01-Jun Inventory…

A: Under the moving average method of costing inventory, the cost per unit changes with every purchase.…

Q: waupaca Company establishes a $440 petty cash fund on September 9. On September 30, the fund shows…

A: Introduction:- Journal entry is the first stage of accounting process. Journal entry used to record…

Q: ose, Bonl and Tony are partners with a profit and loss ratio of 5:41 The partnership is to be…

A: The partnership comes into existence when two or more persons agree to do the business and share…

Q: Q12 Gourmet Aroma Coffee House has an exclusive contract with Columbia exporters. Two brands of…

A: Contribution margin per unit=Selling price per unit-Variable cost per unit Contribution margin sales…

Q: Assume that Distributor Company Inc. has the following inventory item on hand at December 31, 2018:…

A: The historical cost means the cost of the opening inventory on the other has the replacement cost…

Q: Pell Company acquires 80% of Demers Company for $500,000 on January 1, 2019. Demers reported common…

A: Under the equity method, consolidated balance of the investment will be the sum of its initial…

Q: Jill invested $25,000 in her business, Fashion Unlimited. The journal entry would include a

A: Introduction: Journals: Recording of a business transactions in a chronological order. First step in…

Q: Compute for the Economic order quantity, assuming the no of units of materials required annually…

A: Given: - Annual requirement=20,000 Ordering cost=29.00 Carrying cost=5.4

Q: 2. During the current year, Black Rose Inc. had an investment of P 200,000 that is expected to…

Q: Prepare an adjusted trial balance from the following account information, and also considering the…

A: The adjustment entries are prepared to adjust the revenue and expenses of the current period. The…

Q: When valley view acquired 80% of the common stock of Coleman Co. Coleman owned land with a book…

A: The consolidated financial statement is prepared by the parent company that indicates the overall…

Q: Mary Joy will start her business on November, 2022. Her business name will be M.J Fertilizer. She…

A: Projected cost Particulars Amount Amount Direct expense Raw Material 6038 Packaging…

Q: Lalua Co is a US firm has planning to export its products to Singapore since its decision to…

A: Cash Flow Statements: The amount of cash and cash equivalents entering and leaving a company is…

Q: whether this is a desirable investment by using the present worth method.

A: Present worth method means the difference between PV of cash inflow & Cash outflow. Decision…

Q: Requirements: 1. Analyze and journalize the transactions for the May, 2021 of 5C's Computer Center.…

A: Here given the process of Accounting with the details of Journal entry posting of journal entry into…

Q: Pair Company has two products named X and Y. The firm had the following master budget for the year…

A: Contribution margin is similar to the gross margin in that the calculation subtracts sales from…

Q: Discuss the following statement: “It is possible to hedge a portfolio against any state of nature if…

A: People usually use strategies like diversification, Putting stop losses, principal protected notes…

Q: Problem 9 Happy Feet Company sells 3,300 pairs of running shoes per month at a cash price of P90 per…

A: Hi, there, Thanks for posting the question. As per our Q&A honour code, we must answer the first…

Q: In insurance, all of the following loses are an example of pure risk EXCEPT: a. Injury to a…

A: Pure Risk: A risk is considered to be "pure" when it is beyond human control, either ends in a loss…

Q: Moving to anothe Question 2 Prepare the journal entry for the following transactions for Famous…

A: The journal entries are prepared to keep the record of day to day transactions of the business on…

Q: siness and Managem -Column Worksheet using the data of EFFICIENT SERVICES as of December 31, 2021.…

A: Adjusting Entries- An adjusting journal entry is one that occurs in a company's general ledger at…

Q: Boy Car Repair Shop started the business with total assets of P200,000 and total liabilities of…

A: The balance of capital at the year-end is determined by adding the capital invested during the year…

Q: Cash Accounts Receivable Inventory Long-term Assets Accounts Payable Wages Payable Long-term…

A: Working capital helps to know the net liquidity position of the company. It is a difference of…

Q: Question 10 Under O FIFO O LIFO O Weighted Average O Specific identification method, the ending…

A: LIFO : Under Last -In-First-Out method, materials received last are issued first. Thus materials…

Q: Determine the unit contribution margin and contribution margin ratio. Last month, Laredo Company…

A: Introduction: Unit contribution margin: Deduction of variable costs from selling price per unit…

Q: Q1 Lawn Company's records for April disclosed the following data relating to direct labor:…

A: The variance is the difference between the actual data and standard output of the production.

Q: urgent in one hour

A: All cargo owners sign a General Average Bond early to ensure that if the general average happens,…

Q: The FernRod Motorcycle Company invested $150,000 at 4.5% compounded monthly to be used for the…

A: The value of the investment (made in the current period) after a certain period of time would be…

Q: EXERCISE 5. Journal Entries and Statement Preparation - Two existing sole proprietorship businesses…

Q: During 2021, Cassandra Albright, who is single, worked part-time at a doctor's office and received a…

A: Form 1040 is a form that is used by the US citizens and NRIs to file their annual income tax…

Q: Cap Incorporated manufactures ball point pens that sell at wholesale for $0.80 per unit. Budgeted…

A: Full costing is nothing but absorption costing. In absorption costing method, the unit product…

Q: Required information [The following information applies to the questions displayed below.) Following…

A: 1. Accounting Equation - Accounting Equation is calculated using following equation - Assets =…

Q: following linancial statement information for Peal Company as for the year 2021: Required: Fill the…

A: Peal Company Income Statement For the year ended 2021 Net Sales $12,000 COGS (i.e.…

Q: Selected accounts with a credit amount omitted are as follows Work in Process Apr. 1 Balance 6,600…

A: Goods finished = $307,900 WIP, April 30 = WIP, April 1 + DM + DL + Factory overhead - Goods finished

Q: 1. What are the advantages of the use of a ledger? 2. What are the steps in posting from Journal to…

A: Introduction:- Ledger is a collection of all accounts debited and credited in the journal. It assist…

Q: 18) Salaries of $675 were paid in cash. The journal entry A) debit to Accounts Payable and a credit…

Q: A foreign investment project with an initial cost of $20,000 is expected to produce net cash flows…

A: In order to determine the net present value, the initial cash outflows are required to be subtracted…

Q: A non-bank private agent sells a £1000 bond in an open market purchase by the Central Bank. If the…

A: Open market operations refers to the selling and purchasing of treasury bills or government bonds by…

Q: After the realization of non-cash assets, the following account balances appeared in the genera…

A: Partnership refers to the contractual agreement among the persons who are ready to invest and carry…

Q: The Thomlin Company forecasts that total overhead for the current year will be $11,132,000 with…

A: The original cost of machine overhead that has been allocated at = $11132000 / 166000 =…

Q: Panda Toys Inc. plans to sell one line of its panda toys for $ 20. The material cost per unit is $4…

A: The contribution margin is an excess of revenue over its variable cost. The contribution margin…

Q: Washington Arts allocates marketing and administrative costs to its three schools based on total…

A: Total Marketing and administrative cost = $1,600,000 Total revenue = $4,000,000 Allocation rate =…

Q: Lucky Company's direct labor information for the month of February is as follows: Actual direct…

A: Formula used: Direct labor efficiency variance = ( Standard hours - Actual Hours ) x Standard rate

Q: B Pia, Capital Jan. 1 200,000 Oct. 1 40,000 Apr. 1 150,000 Dec. 1 75,000 Profit of the partnership…

A: According to this question, we are required to prepare the journal entries with reference to the…

Q: Selected accounts with some amounts omitted are as follows Work in Process Aug. 1 Balance…

A: In this case, we have to Prepare the works-in-progress Account and factory overhead is 30% of direct…

Q: I) II) III) The principal value of the bond. Trade discount and trade present value. Correct…

A: The principal value of the bond T = 6 months = 0.50 years R = 10% annually Difference between trade…

Question

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?

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Johnson Corporation had beginning inventory of 20,000 at cost and 35,000 at retail. During the year, it made net purchases of 180,000 at cost and 322,000 at retail. Johnson nude sales of 300,000. Assuming a price index of 100 at the beginning of the year and 110 at the end of the year, compute Johnsons ending inventory at cost using the dollar-value LIFO retail method.
A seller sells $800 worth of goods on credit to a customer, with a cost to the seller of $300. Shipping charges are $100. The terms of the sale are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the seller record for these transactions?
A retailer pays on credit for $650 worth of inventory, terms 3/10, n/40. If the merchandiser pays within the discount window, how much will the retailer remit in cash to the manufacturer? A. $19.50 B. $630.50 C. $650 D. $195
Paula has sales that qualify to be reported on the installment basis. In year 2, installment sales were 40,000 with a cost of 30,000. In year 3, installment sales were 50,000 with a cost of 25,000. Collections in year 2 were in the amount of 30,000. Collections in year 3 were 10,000 on the year 2 sales and 30,000 on the year 3 sales. How much deferred gross profit exists as of the end of year 2? a. 2,500 b. 5,000 c. 7,500 d. 10,000
The invoice price of goods purchased is $10,000 with purchase terms of 4/7, n/30 and FOB shipping point. The invoice is paid within the week of receipt and shipping costs are $200. By what amount should the purchaser's Inventory be increased?
McDowell Industries sells on terms of 3/10, net 30. All sales for the year are on credit amount to Ksh 912,500,000; 40% of the customers pay on the 10th day and take discounts, while the other 60% pay, on average, 40 days after their purchases. a. What is the days’ sales outstanding? b. What is the average amount of receivables? c. What is the percentage cost of trade credit to customers who take the discount? d. What is the percentage cost of trade credit to customers who do not take the discount and pay in 40 days? e. What would happen to McDowell’s accounts receivable if it toughened up on its collection policy with the result that all non-discount customers paid on the 30th day?
McEwan Industries sells on terms of 3/10, net 30. Total salesfor the year are $1,921,000; 40% of the customers pay on the 10th day and take discounts,while the other 60% pay, on average, 70 days after their purchases.a. What is the days sales outstanding?b. What is the average amount of receivables?c. What is the percentage cost of trade credit to customers who take the discount?d. What is the percentage cost of trade credit to customers who do not take the discountand pay in 70 days?e. What would happen to McEwan’s accounts receivable if it toughened up on its collectionpolicy with the result that all nondiscount customers paid on the 30th day?
ABC Company sells all its merchandise on credit. Given the following information, what is the company's ROE? Use 365 days for a year. Profit margin 5.8% Averaged collection period 53 days Accounts receivables 250,000 Total assets $3,000,000 Total debt to total assets ratio 0.72 Round your final answer to two decimal places of percentage. (Hint: Use the DuPont system.) Group of answer choices: 11.91% 11.89% 11.97% 11.95% 11.93%