Accounting Sales=800 Sales returns= 100 Salary expenses= 80 Rent expenses= 50 Cost of good sold expenses= 170 Drawing= 30 Closing entries and do five step
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- Presented below is selected information for Ivanhoe Company for the month of March 2024. Cost of goods sold Delivery expense Insurance expense Salaries expense $218,299 8,117 6,500 57,500 Sales Rent expense Sales discounts Sales returns and allowances Prepare a multiple-step income statement. 29,700 7,700 13,300 440,000Assume that you have a company. And the management team estimates that 3% of sales will be uncollectible. Give any amount of sales and prepare the journal entry using the percent of sales method.being asked to SHOW YOUR WORK. 1.Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and Allowances 25,000 Other Revenues and Gains 9,000 Sales Discounts 15,000 Other Expenses and Loss 4,000 Sales Revenue 470,000 Cost of Goods Sold 232,400 Required: Calculate the following: A. Net Sales B. Gross Profit and the Gross Profit Rate/Ratio (take it out to 1 decimal place) C. Income from Operations D. Net Income or Net Loss (label - it cannot be both) E. Profit Ratio (take it out to 1 decimal place)
- ook sk Print erences . BW I In its first year of business, Laker Corporation had sales of $2,120,000 and cost of goods sold of $1,260,000. Laker expects returns in the following year to equal 5% of sales and 5% of cost of goods sold. The adjusting entry or entries to record the expected sales returns is (are): Multiple Choice Account Title Sales Refund Payable Accounts Receivable Account Title Accounts Receivable Sales Account Title Sales Returns and Allowances Sales Refund Payable Inventory Returns Estimated Cost of goods sold Account Title and Debit 106,000 Debit 2,120,000 Debit 106,000 63,000 Debit 106 000A business operates based on a mark-up on cost of 40%. If opening inventory was GH₵ 5,000, sales were GH₵ 98,000 and purchases were GH₵ 71,200, calculate the value of closing inventory. A. GH₵ 70,000 B. GH₵ 68,600 C. GH₵ 29,400 D. GH₵ 6,200If a customer owed your company $100 on the first day of the month, then purchased $200 of goods on credit on the fifth and paid you $50 on fifteenth, the customers ending balance for the month would show a (debit or credit) of how much?
- A partial work sheet for The Fan Shop is presented here. The merchandise inventory at the beginning of the year was 52,300. P. G. Ochoa, the owner, withdrew 30,500 during the year. Required 1. Prepare an income statement. 2. Journalize the closing entries. Check Figure Cost of Goods Sold, 206,1204 Calculate the cost of goods sold dollar value for A65 Company for the month using the first in fırst out method. (FIFO) Provide the calculations. A spreadsheet works best. See example for LIFO. Number of Units Unit Cost Sales Beginning inventory Purchased 800 600 $50 52 $80 90 400 Sold Sold Ending inventory 650Income Statement Bob's Bistro produces party-sized hoagie sandwiches. For next year, Bob's Bistro predicts that 53,000 units will be produced with the following total costs: Direct materials Direct labor Variable overhead Fixed overhead Beginning Ending ? Next year, Bob's Bistro expects to purchase $126,000 of direct materials. Projected beginning and ending inventories for direct materials and work in process are as follows: Direct materials Inventory $5,000 $4,900 $73,000 27,000 230,000 Work-in-Process Inventory $13,700 $15,700 Next year, Bob's Bistro expects to produce 53,000 units and sell 52,300 units at a price of $13.00 each. Beginning inventory of finished goods is $47,500, and ending inventory of finished goods is expected to be $39,000. Total selling expense is projected at $22,000, and total administrative expense is projected at $117,500. Required: 1. Prepare an income statement in good form. Round the percent to four decimal places before converting to a percentage. For…
- A business has compiled the following information for the year ended 31 October 20X2: $ Opening inventories 386,200 Purchases 989,000 Closing inventories 422,700 The gross profit percentage of sales is 40% What is the sales revenue for the year? A $1,333,500 B $1,587,500 C $2,381,250 D The sales revenue is impossible to calculate from this information.As a costing team member, calculate the gross profit if: Sales P6,000; Cost of Sales P5,000; Beginning Inventory P1,000; Purchases P4,000; Wages P2,000; and Office Rent P1,000?a. Loss = P2,500b. Loss = P1,500c. Profit = P2,500d. Profit = P1,000Apply mathematical skills around cost structures and appropriate equations to answer the following, inclusive of all associated workings to maximise marks: Opening Inventory + Purchases – Closing Inventory = Cost of Sales (CoS).Gbholan Co made sales of $1,930,200 during the year ended 31st March X4. Inventory decreased by $132,000 over the year and all sales were made at a mark-up of 25%.What was the cost of purchases during the year, to the nearest $100?