The following balances were reported by BEE Co. at December 31, 2017 and 2016: 12/31/2016 12/31/2017 Inventory $260,000 $290,000 A/P $75,000 $50,000 BEE Co. paid suppliers $490,000 during 2017. How much is the cost of goods sold in 2017?
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The following balances were reported by BEE Co. at December 31, 2017 and 2016:
| 12/31/2016 | 12/31/2017 | |
| Inventory | $260,000 | $290,000 |
| A/P | $75,000 | $50,000 |
BEE Co. paid suppliers $490,000 during 2017. How much is the cost of goods sold in 2017?
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- Following are the jumbled information related to XYZ Company for the year 2016. Revenue 300,000 Equipment 150,000 Administration Expenses 40,000 Trade Receivable 50,000 Interest expense 10,000 Cost of goods sold 130,000 Tax 25,000 What will be the company's reported Gross profit and Net Income (Net Profit)? Gross Profit 130,000 and Net Profit 95,000 Gross Profit 170,000 and Net Profit 120,000 Gross Profit 130,000 and Net Profit 105,000 Gross Profit 170,000 and Net Profit 95,000Partial balance sheets and additional information are listed below for Monaco Company. Monaco Company Partial Balance Sheets as of December 31 2018 2017 Assets Cash $ 37,000 $ 18,500 Accounts receivable 57,000 87,000 Inventory 23,500 37,000 Liabilities Accounts payable $ 58,500 $ 69,000 Additional information for 2018: Net income was $267,000.Depreciation expense was $27,000.Sales totaled $770,000.Cost of goods sold totaled $302,000. Required:Prepare the summary entry for the amount of cash paid to merchandise suppliers during 2018.Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold $254,000 Rent expense $36,000 Freight-out 7,500 Sales discounts 8,800 Insurance expense 5,000 Sales returns and allowances 11,000 Salaries and wages expense 75,000 Sales revenue 425,000 (a) Your Answer Correct Answer Partially correct answer iconYour answer is partially correct. Prepare a multiple-step income statement. OAKLEY COMPANYIncome Statement For the Year Ended March 31, 2016March 31, 2020For the Month Ended March 31, 2020 Owner's Capital, March 31Operating ExpensesNet Income / (Loss)RevenuesGross Profit / (Loss)InvestmentsOwner's Capital, March 1Net SalesTotal Operating ExpensesDrawings $…
