used car dealer reported the following information: Accounts payable, December 31, 2023 $95,000 Accounts payable, December 31, 2022 50,000 Cost of goods sold for 2023 560,000 Accounts payable, December 31, 2023: $95,000 Accounts payable, Decemeber 31, 2022:$50,000 Cost of goods sold for 2023: $560,000 Assuming there was no change in inventory during the period, how much cash was paid for merchandise purchases during 2023?
Q: OfficeMart Inc. has "cash and carry" customers and credit customers. OfficeMart estimates that 25%…
A: Cash collection means the amount of money expected to be collected by the entity from the sales of…
Q: Puget Sound Divers is a company that provides diving services such as underwater ship repairs to…
A: Flexible budget :— This budget is prepared by multiplying standard variable amount per activity…
Q: The Fabric Department of Vetements Ltd., a producer of fabric for Broadway Shows, has the following…
A: Direct costs are the expenses that are directly used for the production of goods and services for…
Q: Jaded Corporation has the following account balances for the year-ended December 31, 2024. K In…
A: INCOME STATEMENTIncome Statement is one of the Important Financial Statement of the Company. Income…
Q: Waterway Company has the following two notes receivable at May 31, 2024, its fiscal year end: 1.…
A: Interest on notes receivable is the amount of money earned by an entity as a return on the note…
Q: The Shirt Works sells a large variety of tee shirts and sweatshirts. Steve Hooper, the owner, is…
A: The breakeven point is computed by dividing the fixed costs by the per-unit contribution margin. The…
Q: Gupta Industries received a $300,000 prepayment from Packard Associates for the sale of new…
A: Liabilities are the future monetary obligations of a business to individuals or businesses. This…
Q: Streamplay Incorporated is a music streaming service. Subscriptions for the streaming service…
A: Income tax liability is the amount of tax that an individual or entity owes to the government based…
Q: Cash Flows from (Used for) Operating Activities The income statement disclosed the following items…
A: CASH FLOW STATEMENTCash flow statement provides additional information to user of financial…
Q: Mack Precision Tool and Die has two production departments, Fabricating and Finishing, and two…
A: Cost allocation is the process of assigning or distributing costs among various cost objects, such…
Q: Strawberry Fields purchased a tractor at a cost of $38,000 and sold it two years later for S24,500.…
A: Depreciation expense :— It is the allocation of depreciable cost of asset over the estimated useful…
Q: What is the correct entry to record postretirement benefit expense for the current year? Note: Do…
A: A journal entry of a transaction is a basic accounting entry to record that is used to…
Q: Oriole Company issues $29400000 of 10-year, 10% bonds on March 1, 2024 at 98 plus accrued interest.…
A: Issue Price = (Issue Value * Issue Price)/ 100Issue Price = ($29400000 * 98)/100Issue Price =…
Q: Sparky Corporation uses the weighted-average method of process costing. The following information is…
A: Conversion cost is the cost of direct labor and overheads. It includes the overheads incurred on the…
Q: TB MC Qu. 8-78 (Algo) Nueva Company reported the following... Nueva Company reported the following…
A: GROSS PROFIT Gross Profit is the difference between net sales revenue & cost of goods sold.…
Q: The following Information is for Hulk Gym's first year of operations. Amounts are in millions of…
A: Journal entries are the primary reporting of the business transactions in the books of accounts.…
Q: For a recent 2-year period, the balance sheet of Sheridan Company showed the following stockholders'…
A: Owner equity means the amount that belong to the owner of the business. Any profit will increase…
Q: Skysong Brothers Inc. purchased land and an old building with the intention of removing the old…
A: The cost of land is typically calculated at its acquisition cost, which includes all directly…
Q: The internal rate of return method is used by Royston Construction Co. in analyzing a capital…
A: Present value factor for an annuity of $1 = Investment / Annual net cash flow
Q: Marin Products produces three products - DBB-1, DBB-2, and DBB-3 from a joint process. Each product…
A: Joint cost is the common cost which is incurred together by various departments or divisions.It is…
Q: TB Problem Qu. 9-375 (Algo) Varcoe Corporation bases its budgets on... Varcoe Corporation bases its…
A: The activity variance is the difference between the flexible budget and planning budget. The…
Q: Journalize the transactions. If no entry is required, type "No Entry Required" and leave the amount…
A: Cash Dividend - Cash Dividend is the amount distributed by the company from the accumulated profit…
Q: ce cost of goods sold per unit uring margin per unit selling expense per unit $350 (130) $220 (150)…
A: Contribution margin ratio is contribution margin divded by sales. Contribution margin is the Sales…
Q: TB MC Qu. 18-107 (Algo) The amount of cost to be allocated to the Harborview Resort: Sand and Sea…
A: COST ALLOCATIONWhen item of cost are Identifiable directly with some products or departments such…
Q: Fredo, Incorporated, purchased 10% of Sonny Enterprises for $1,000,000 on January 1, 2024. Sonny…
A: An investor should generally apply the equity method of accounting for investments in common stock…
Q: e.g. 52.75. Credit account titles are automatically indented when amount is entered. Do not indent…
A: A journal entry is a basic accounting record that is used to chronologically track financial…
Q: Units-of-activity Depreciation A truck acquired at a cost of $150,000 has an estimated residual…
A: Deprecation is the account system used to allocate the cost of a palpable asset over its useful…
Q: Assessment Tool iFrame. Hamilton Company uses a periodic inventory system. At the end of the annual…
A: Weighted Average Method is one of the methods of inventory valuation in which it is assumed that…
Q: Rainier Company borrowed $600,000 for three months. The annual interest rate on the loan was 11…
A: The accrual principle of accounting records the income or expense as it is accrued. The accrued…
Q: 9. Which is not an aspect of a report to make it effective? a. Detailed b. Accuracy c. Relevance d.…
A: The aspect of a report that is not considered essential for its effectiveness is:a. DetailedWhile…
Q: pls pls in the given table without date for a ,d SophCO Inc. is a distributor of linseed oil which…
A: There are two inventory systems i.e., a periodic inventory system and a perpetual inventory system.…
Q: Jaded Corporation has the following account balances for the year-ended In addition, the 12/31/23…
A: The inventory turnover ratio is an efficiency ratio, it indicates how many times inventory was sold…
Q: On January 1, current year, Kaiser Permanente issued $2,000,000 of 8% bonds at par. These bonds are…
A: Since the bonds are issued at par, the market rate of interest and stated rate of interest will be…
Q: A company is considering a $168,000 investment in machinery with the following net cash flows. The…
A: Net present value is technique used to evaluate capital budgeting projects. Net present value is…
Q: Exercise 14-45 (Algo) Compare Historical Cost, Net Book Value to Gross Book Value (LO 14-2, 5) The…
A: ROI stands for "Return on Investment." It is a financial metric used to evaluate the efficiency or…
Q: Evanson Company expects to produce 580,000 units during the year. Monthly production is expected to…
A: A flexible budget is a budget that adjusts to the activity or volume levels of a company.
Q: Hello! I need help with the following accounting problem where we have to compute the total cost of…
A: The company can borrow funds by issuing bonds. The company makes periodic interest payments to pay…
Q: of 3 L Jook Required information [The following information applies to the questions displayed…
A: MARGINAL COSTING INCOME STATEMENT Marginal Costing Income Statement is One of the Important Cost…
Q: Futura Company purchases the 80,000 starters that it installs in its standard line of farm tractors…
A: The decision-making process for accepting an order involves evaluating various factors such as…
Q: Lawsuits against CPA firms are most likely to allege that the auditors were negligent in not…
A: The objective of the question is to identify which type of auditing error is most likely to result…
Q: Kathy is 60 years of age and self-employed. During 2023, she reported $504,000 of revenues and…
A: For the tax year 2023, the maximum contribution by self-employed as a profit sharing contribution is…
Q: Bingo Company produces a single product. The cost of producing and selling a single unit of this…
A: Decision making is a process or an act of deciding something using rational thinking, intuition and…
Q: The following information relates to Excalibur Delivery Services: Year 1: Total miles driven…
A: The high low method is used to separate the fixed and variable Costs from the mixed costs of the…
Q: The following is a listing of all of the income statement accounts for Mulberry Stree balance as of…
A: Under a multi step income statement, net income is calculated in multiple steps as given below:·…
Q: Financial data for Bridger Inc. for last year are as follows: BRIDGER INC. Balance Sheet Ending…
A: The objective of the question is to calculate the company's margin, turnover, return on investment…
Q: Ayayai Inc., agreeting card company, had the following statements prepared as of December 31, 2020.…
A: A cash flow statement gives information on all cash inflows a business makes from current activities…
Q: Kathy is 48 years of age and self-employed. During 2023 she reported $120,000 of revenues and…
A: A simplified employee pension (SEP) is an employee retirement fund (IRA) that may be established by…
Q: Crane Company issued $830,000, 8%, 20-year bonds on January 1, 2025 at 103. Interest is payable…
A: The bonds are issued at a premium when the market date is lower than the coupon rate of bonds…
Q: E9-8 Sales Gross Profit Beginning Inventory Net Purchases Cost of goods sold Sales ret & allow…
A: The missing figures which are required to be computed have to be ascertained as per the accounting…
Q: In the process of making its quilts, Coronado Company ends up with many small trimmings of fabric…
A: Joint cost is the total cost incurred in producing the main product and the joint product.There are…
A used car dealer reported the following information:
Accounts payable, December 31, 2023 | $95,000 |
Accounts payable, December 31, 2022 | 50,000 |
Cost of goods sold for 2023 | 560,000 |
Accounts payable, December 31, 2023: $95,000
Accounts payable, Decemeber 31, 2022:$50,000
Cost of goods sold for 2023: $560,000
Assuming there was no change in inventory during the period, how much cash was paid for merchandise purchases during 2023?
Step by step
Solved in 3 steps
- On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.5. Donovan Inc., a retail store chain, had the following information in its general ledger for the year 2021. Merchandise purchased for resale $909,400 Interest on notes payable to vendors 8,700 Purchase returns 16,500 Freight-in 22,000 Freight-out (delivery expense) 17,100 Cash discounts on purchases 6,800 What is Donovan's inventoriable cost for 2021?The following information is available for Cheyenne Corp.: 2022 2021 Accounts receivable $ 373000 $ 346000 Inventory 287000 357000 Net credit sales 2911950 2621000 Cost of goods sold 1804000 861000 Net income 309000 176000 The accounts receivable turnover for 2022 is If Year 1 cost of goods sold equals $760, Year 2 cost of goods sold equals $820, and Year 3 cost of goods sold equals $580, the percentage to be assigned for Year 1 in a trend analysis, assuming that Year 1 is the base year, is If Year 1 sales equal $750, Year 2 sales equal $1500, and Year 3 sales equal $930, the percentage to be assigned for Year 2 in a trend analysis, assuming that Year 1 is the base year, is
- The following information is available for Cheyenne Corp.: 2022 2021 Accounts receivable $ 373000 $ 346000 Inventory 287000 357000 Net credit sales 2911950 2621000 Cost of goods sold 1804000 861000 Net income 309000 176000 The accounts receivable turnover for 2022 is If Year 1 cost of goods sold equals $760, Year 2 cost of goods sold equals $820, and Year 3 cost of goods sold equals $580, the percentage to be assigned for Year 1 in a trend analysis, assuming that Year 1 is the base year, is If Year 1 sales equal $750, Year 2 sales equal $1500, and Year 3 sales equal $930, the percentage to be assigned for Year 2 in a trend analysis, assuming that Year 1 is the base year, is answer these three subpartsThey sold $50,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.On June 1, 2023, AAA Company sold merchandise with an invoice price of 5,000,000 to a customer. The entity allowed trade discounts of 15%, and 10%. Credit terms were 3/10, n/30 and the sale was made FOB destination. AAA Company paid 100,000 of the delivery cost. a. Compute the total amount of purchases to be included on the buyer’s inventory in the determination of cost of goods available for sale if payment was made beyond the discount period. b. What is the full amount received by AAA company if payment was made on June 11, 2023?
- first sale! They sold $100,000 worth of goods on credit, with terms 3/10, n/20, on 2/1/2021. Record this journal entry using both the net and gross methods. Record the journal entry if the customer pays off this account on 2/5/2021. Record the journal entry if the customer pays off this account on 3/1/2021.Inuyasha Company reported accounts payable of P1,000,000 as of December 31, 2022. The following transactions were recorded in month of December 2022 and January 2023 related to accounts payable. Purchases Journal Entries: Dec. 21 – Dec. 31, 2022: Receiving Report Date Date of Shipment Amount Shipment terms Dec. 22, 2022 Dec. 21, 2022 P162,000 Destination point Jan. 9, 2023 Dec. 30, 2022 128,000 C. I. F. in transit Jan. 10, 2023 Dec. 31, 2022 125,000 Destination point Purchases Journal Entries: January 2 – January 10, 2023 Receiving Report Date Date of Shipment Amount Consignment Jan. 5, 2023 Dec. 29, 2022 P110,000 Destination point Jan. 7, 2023 Dec. 30, 2022 170,000 F. A. S. in transit to Inuyasha Jan. 9, 2023 Jan. 6, 2023 300,000 Shipping Point How much should Inuyasha report as accounts payable in its December 31, 2022 statement of financial position?Kristopher Company sold $40,500 of goods to Evan Company on credit on March 1, 2022. Terms were 3/10, n/30. Required: Prepare the journal entry on Kristopher’s books to record the sale. Prepare the journal entries to record collection, if the customer paid on April 8, 2021. Prepare the journal entry to record collection, if the customer paid on March 8, 2021.
- Assume the following information: merchandise is sold on account to customer for P120,000, FOB Shipping Point, 2/10, n/30. The seller paid transportation cost of P6,000. What is the amount of remittance due within the discount period?During August 2024, Lima Company recorded the following: Requirements • Sales of $133,300 ($122,000 on account; $11,300 for cash). Ignore Cost of 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Goods Sold. • Collections on account, $106,400. 2. Journalize Lima's transactions during August 2024, assuming Lima uses the allowance method. • Write-offs of uncollectible receivables, $990. • Recovery of receivable previously written off, $800. Requirement 1. Journalize Lima's transactions during August 2024, assuming Lima uses the direct write-off method. Sales of $133,300 ($122,000 on account, $11,300 for cash). Ignore Cost of Goods Sold. (Record debits first, then credits. Select the explanation on the last line of the journal entratable. Prepare a single compound journal entry.) Accounts and Explanation Debit Credit Date AugVICO's accounts payable balance at December 31, 2020 was P1,100,000 before considering the following transactions: • Goods were in transit from a vendor to VICO on December 31, 2020. The invoice price was P 80,000, and the goods were shipped FOB Shipping point on December 29, 2020. The goods were received on January 4, 2021. • Goods shipped to VICO FOB Shipping point on December 20, 2020, from a vendor were lost in transit. The invoice price was P 50,000. On January 5, 2021, Gerry filed a P50,000 claim against the common carrier. In its December 31, 2020 statement of financial position, VICO should report accounts payable of