Virginia Company recorded sales revenue of $225,000 during 2018. In the process of preparing its adjusting entries for 2018, the company estimates that 4 percent of its sales revenue will be returned by customers. If the company’s gross profit averages to be 60% of sales revenue, one of the adjusting entries will credit cost of goods sold by:

Q: At the beginning of 2021, Calston Incorporated reports inventory of $9,300. During 2021, the company…

A: Cost of Goods Sold: When the inventories are sold for the accounting period, the cost incurred in…

Q: Hans Company has 2 items that are under evaluation for possible year-end adjustments. First is the…

A: Cost of goods available for sale states the cost of the aggregate goods produced during the period…

Q: On December 31, 2022, Big Red Paper Company had sales of $945,000 for the year. Refunds in 2023 are…

A: Date  General Journal   Debit   Credit  Dec. 31, 2022  Sales ($945,000 * 2.25%)  $21,262.50…

Q: Conan Industries collected $100,000 from customers in 2019. Of the amount collected,$25,000 was from…

A: The revenues that are earned but not received are said to be Accrued revenues and on other hand the…

Q: In 2016, Adonis Industries changed its method of valuing inventory from the average cost method to…

A: Calculate the changes in inventory value.

Q: The draft accounts of Collister Co. for the year ended 31st Dec 2020 include  the following: Revenue…

A: Cost of goods sold = Beginning inventory + purchases - ending inventory Gross profit = Sales - COGS

Q: Presented below is information for Oakley Company for the month of March 2020. Cost of goods sold…

A: Multi-step income statement: It is the presentation of a normal income statement in a more detailed…

Q: Bienvenu Enterprises reported cost of goods sold for 2020 of $1,400,000 and retained earnings of…

A:

Q: During May, 2020, Samoul’s Supply Store generated revenues of $180,000. The company’s expenses were…

A: Income from operation is the income that is generated from the operating activities of the company.…

Q: The following balances are found in the general ledger of GHI Sales after recording he necessary…

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

Q: BDO co. has a balance of 10,350,000 trade accounts as of the end of 2019. The ff. information shall…

A: Account receivable is a current asset sale where payment is going to receive in some future date. It…

Q: Jacob’s Landing Inc. has sales of 2,000 for the first quarter of 2019.  The company incurred the…

A: Through CVP analysis, the corporation studies the income statement with the cost prospective where…

Q: Presented below is information for Milito Company for the month of March 2020: Cost of goods sold…

A: A Financial Statement broadly consists of two statements namely: Position Statement and Income…

Q: the sales revenues section of the income statement.

A: Sales revenue: sales revenue is the revenue earned by the company through sales Gross sales: Gross…

Q: Marigold Corp, reported the following income statement data for a 2-year period. Sales revenue. Cost…

A: Introduction: If ending balance of inventory is overstated in any period then it will also result in…

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume…

A: Formula: Net Income = Revenues - expenses Deduction of expenses from revenues derives the net…

Q: At December 31, 2019, the advertising expense account of COURAGE Company had a balance of P164,000…

A: Any amount of money spent to generate the revenues in a business is known as expenses.

Q: Presented below is selected information for Marigold Company for the month of March 2022. Cost of…

A: Answer) Calculation of Net Income Net Income = Net Sales – Cost of Goods Sold – Other expenses Net…

Q: During its second and third quarters of fiscal 2014, BlackBerry Limited wrote down its…

A: Accounting equation:   Accounting equation is an accounting tool expressed in the form of equation,…

Q: Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as…

A: An option in contrast to the single-step income explanation is the multi-step income statement since…

Q: Orange Co. sold six advertising spaces for P400 each, to be run in the November 2010 through April…

A: Computation Analysis of Options Revenue of P 800 - This is the correct answer as we have seen in…

Q: The adjusted trial balance of Splish Company shows the following data pertaining to sales at the end…

A: Revenues of the business means amount received by sale of goods and services to some other person.

Q: DELTA Company reported on December 31,2021 at P7,000,000 based on physical count of goods priced at…

A: Under FOB shipping terms, the buyer becomes the owner as soon as goods are shipped.

Q: The following balances are found in the general ledger of GHI Sales after recording the necessary…

A: Closing Entries - Closing Entries are the entries which is required to close the temporary accounts.…

Q: The following selected account data is taken from the records of Reese Industries for 2019. Assume…

A: As posted multiple sub parts we are answering only first three sub parts kindly repost the…

Q: Insular Company's inventory at December 31, 2019, was P1,500,000 based on a physical count of goods…

A: Inventory is the current asset that is reported in the balance sheet of the company.

Q: Sellall Department Stores reported the following amounts as of its December 31 year-end:…

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

Q: Sellall Department Stores reported the following amounts in its adjusted trial balance preparedas of…

A: Multi step income statement:   There are two ways to present and income stamen: Single-step and…

Q: During the month of March 2022, Turaco sole trader purchased goods to the value of N$12 000, of…

A: Total Cost of purchase of goods and the opening stock which are sold in the current year are to be…

Q: Sellall Department Stores reported the following amounts in its adjusted trial balance prepared as…

A: Meaning of income statement: This is a statement which show the all expense and income during the…

Q: he adjusted trial balance of Pharoah Company shows the following data pertaining to sales at the end…

A: Net Sales - When Sales return and allowances and Sales discount is subtracted from the amount of…

Q: AA Company reported inventory on December 31, 2018 at P6,000,000 based on a physical count of goods…

A: FOB Destination means that the title to the goods passes from the owner to the buyer when the goods…

Q: DCI & Co. reported the following 2021 balances: December 31 P1,950,000 P562,500 During the year, the…

A: Purchases = Ending accounts payable + Payments to supplier - Beginning accounts payable Cost of…

Q: The adjusted trial balance of Cullumber Company shows the following data pertaining to sales at the…

A: Net sales can be calculated by deducting sales return and allowance and sales discount from the…

Q: Sheffield Company had the following information taken from its2009 adjusted trial balance: Sales,…

A: 400,000 sales -12,000 discounts= net sales of 388,000 388,000-195,000 cogs = gross margin 193,000…

Q: The adjusted trial balance of Wildhorse Co. shows these data pertaining to sales at the end of its…

A: Net sales: When the one person sold the goods to another person in cash or credit and transfer the…

Q: In 2016, the Barton and Barton Company changed its method of valuing inventory from the FIFO method…

A: Prepare journal entry

Q: During August, 2020, Sheffield’s Supply Store generated net sales of $60100. The company’s expenses…

A: Operating income = Net sales - Cost of goods sold - Operating expenses   Rent revenue and loss on…

Q: During the adjusting process on December 31, 2019, Gopher Company estimates that 3 percent of their…

A: Case 1: Sales Revenue = $435,000 Return % = 3% GP = 40%

Q: Freedman Company estimates that sales this year of $12,000 will be returned next year and customers…

A: When a sales return occurs, perpetual inventory system requires recognition of the inventory's…

Q: Nu Company reported the following pretax data for its first year of operations. Net sales Cost of…

A: Income statement represents the net profit or net loss that is calculated by deducting the expenses…

Q: Hawkeye Auto Parts uses the average cost retail method to estimate inventories. Data for the first…

A: Cost Sales value Beginning 72000 117000 Purchases 802000 1317000 Total 874000 1434000…

Q: For the year 2018, a company sold 400 units for $100 per unit. The cost of goods sold is $62.50 per…

A: Operating activities: These include all the activities and functions performed by the business that…

Q: The goods are sold at a gross profit of 20% of sales. For interim statement purposes, the  inventory…

A: Sales revenue: sales revenue is the revenue earned from selling a product Beginning inventory:…

Q: Following is a random list of some of the accounts and their balances on December 31, 2019, for…

A: In this numerical has covered the concept of Closing Entries .  Closing Entries are prepared to…

Q: Hall Company’s inventory at December 31, 2019 was P1,500,000 based on a physical count of goods…

A: Included in the physical count were goods billed to a customer FOB shipping point on December 31,…