Using the following information, what is the cost of merchandise sold? Purchases $32,000   Selling expenses $    960 Merchandise inventory, September 1 5,700   Merchandise inventory,September 30 6,370 Administrative expenses 910   Sales 63,000 Rent revenue 1,200   Interest expense 1,040 a.$32,670 b.$32,400 c.$38,370 d.$31,330

Q: Refer to the table. Net purchases are: Sales revenue $750,000 Interest revenue 18,000 Freight…

A: Introduction: Net purchases are defined as the gross amount of purchases made, less deductions for…

Q: Using the following information, what is the amount of net income? Purchases $ 33,856 Selling…

A: The correct answer is Option (d).

Q: d on the following data, determine the cost of merchandise sold for November: Merchandise…

A:

Q: Using the following information, what is the amount of net income? Purchases $28,714 Selling…

A: Net income refers to the amount calculated using the income statement under which all the revenue…

Q: Required: Prepare a multi-step income statement/ Statement of Operation NET SALES Sales P800,000…

A: The income statement is the financial statement that shows the financial performance of the business…

Q: 8. Using the following information, what is the amount of cost of merchandise sold? Purchases…

A: Cost of merchandise sold means for how much cost or value of goods have been sold in the open…

Q: 1. Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling…

A: The gross profit is calculated as difference between sales and cost of goods sold. It can be written…

Q: Sales $640,363 Merchandise Inventory $582,620 Sales discounts $58,040 Interest expense $3,677 Sales…

A: Gross margin is the excess of sales over cost of goods sold during the year.

Q: repare an income statement Presented is information related to Jay Co. for the month of January…

A: Income statement reports expense and revenue through which net income is calculated.

Q: Selected data on merchandise inventory, purchases, and sales for Celebrity Tan Co. and Ranchworks…

A: 1.  Calculate ending inventory at cost:

Q: Using the following information, what is the cost of goods sold? Purchases $32,019   Selling…

A: The cost of goods sold includes the direct material labor cost and material cost incurred on the…

Q: 5. Based upon the following data, determine the cost of merchandise sold for August. Merchandise…

A: Cost of merchandise sold is beginning inventory + net purchases - ending inventory. net purchases…

Q: Purchases $32,000 Purchases discounts $960 Merchandise inventory September 1 5,700 Merchandise…

A: Net sales = Sales - Sales returns and allowances = $63,000 - $910 = $62,090 Net purchases =…

Q: 3) Using the following information, what is the amount of net sales? Purchases $32,000 Purchases…

A: Formula: Net sales = Sales - Sales returns and allowances

Q: Inventory system and the gross method. 1 Sold merchandise for $6,400, with credit terms n/30;…

A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…

Q: 10. Merchandise costing $7,000 and sold for $10,000 is returned by the customer. The sale is…

A: The uncorrected balances are corrected with the appropriate adjustments done for Avesco Company.

Q: Prepare the cost of goods sold section for Adams Gift Shop. The following amounts are known:…

A: Cost of goods sold: Cost of goods sold is the total of all the expenses incurred by a company to…

Q: Using the following information, prepare the Cost of Goods Sold section of an income statement.…

A: Cost of Goods Sold section of an income statement is as under:

Q: The financial statements for World Company show the following:   Cost of goods sold, $728,000.…

A: Formula: Cash paid to suppliers = Cost of goods sold + Increase in inventory - increase in accounts…

Q: Using the following information, prepare the Cost of Goods Sold section of an income statement.…

A: Cost of Goods Sold = Beginning inventory + Net purchases  - ending inventory

Q: Determine the cost of goods sold.     Cost of Goods Sold Section Purchases      $     $     $…

A:

Q: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000…

A: Lets understand the basics. Profit means a all the income less all the expense during the period.…

Q: Using the following information, what is the amount of gross profit? Purchases $30,118   Selling…

A: Gross profit = sales + Merchandise inventory September 30 - Purchases - Merchandise inventory…

Q: 1.  Determine the estimated cost of the merchandise inventory of Celebrity Tan on August 28 by the…

A: 1.   Calculating cost to retail ratio   Cost Retail Cost to retail ratio Merchandise…

Q: Account Name Debit Credit Sales 750,000 Sales Return & Allowances 15,000 Sales Discounts 10,000…

A: Net Profit is the measure of profitability used by the business. This is calculated by deducting all…

Q: Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small…

A: Gross Profit of the business can be calculated by deducting cost of goods sold from Net Sales.…

Q: nstruction:Prepare an income statement Presented is information related to DON CO. for the month of…

A: Income statement is one of the important financial statement which shows all incomes and all…

Q: Sales $640,363 Merchandise Inventory $582,620 Sales discounts $58,040 Interest expense $3,677 Sales…

A: "Since you have posted a question with multiple sub- parts, we will solve only first three sub-…

Q: Purchases Merchandise inventory September 1 Sales returns and allowances Purchases returns and…

A: Purchases which is shown above doesn't consider discount given on purchases made and returns…

Q: Beginning Merchandise Net Cost of Purchases Ending Merchandise Cost of Goods Sold Net Sales…

A: Gross profit is the excess of sales over cost of goods sold. It shows the profit earned after…

Q: Using the following information, determine the cost of merchandise sold. Purchases $30,544 Selling…

A: Cost of merchandise sold is also known as cost of goods sold refers to the direct cost of producing…

Q: Using the following information, what is the amount of gross profit? Purchases $ 31,501 Selling…

A: Gross margin (gross profit): Gross margin is the amount of revenue earned from goods sold over the…

Q: Computing Gross Profit The following data were taken from the accounts of Fluter Hardware, a small…

A: Please find below the format for computation of gross profit.

Q: OF ACCOUNTING 9. Using the following information, what is the amount of gross profit? Purchases…

A: SOLUTION GROSS PROFIT = NET SALES - COST OF GOOD SOLD.

Q: Selected data on merchandise inventory, purchases, and sales for Celebrity Tan and Ranchworks Co.…

A: The following calculation is done to show the calculations to show the purchase of inventory during…

Q: Using the following data taken from Payton Inc. which uses a periodic inventory system to answer…

A: Periodic inventory system: The method or system of recording the transactions related to inventory…

Q: Please provide the missing items: 1. Sales =? Sales return and allowances = 12,300 Net Sales =?…

A: Net sales is the sales which has been earned and sold by the company by way of selling the products…

Q: Using the following information, what is the cost of goods sold? Purchases $32,282   Selling…

A: Cost of goods sold: It refers to the cost incurred by a company that is directly related to…

Q: 1. Using the following information, what is the amount of gross profit? Purchases $ 30,526 Selling…

A: Formula: Gross profit = Net sales - Cost of goods sold

Q: Using the following information, prepare the Cost of Goods Sold section of an income statement.…

A: Income statement is an essential part of financial statements of the company prepared by management…

Q: Assume the perpetual inventory system is used. Sales $642,363 Merchandise Inventory 582,620 Sales…

A: Net sales is the sum of a company's gross sales minus its returns, allowances, and discounts. Net…

Q: Using the following information, what is the amount of gross profit? Purchases $ 25,449   Selling…

A: Option d is correct

Q: Using the following information, what is the amount of gross profit? Purchases $ 25,453   Selling…

A: Gross profit = Sales - Cost of merchandise sold

Q: Using the following information, answer the questions. Net sales $198,000 Purchases 92,000…

A: Gross profit is the profit a company makes after deducting the costs associated with making and…

Q: PROBLEM 1 The following were taken from the accounts of Delta Hardware, a small retail business:…

A: This question belongs to the final accounts. In which we have to extract net purchases, net sales,…

Q: Using the information below, calculate Gross Profit: Sales Revenue $5,000 Sales Discounts $664 Sales…

A: Answer) Calculation of Gross Profit Gross Profit = Net Sales – Cost of Goods Sold Gross Profit = $…

Q: Required: Compute the net sales, cost of goods sold and gross profit for the following information…

A: Gross Profit: The profit a company generates after deducting all costs associated with making and…

Q: Corbit Corp. sold merchandise for $10,000 cash. The cost of merchandise sold was $7,590. The journal…

A: Journal entry: Journal entry is a set of economic events which can be measured in monetary terms.…

Q: prepare the cost of goods sold section of the income stat

A: