None 25. Determine the amount ofcash collected, Gross sales $250,000, HST collected 27, 300Sales discount $6,000; salesreturns and allowances $40,000 ($176, 700 from theprevious computation is a"wrong answer")

To determine the amount of cash collected, we need to subtract the sales discount, sales returns,…

Answered: 25. Determine the amount of cash…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 19Q: The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and...

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7. I do not understand how to find the dollar amounts for these questions with the numbers given: Compute the $ based on these percentages Net Sales $46,710Gross Profit: $21,479Net Income: $6,046Total Selling and Administrative Expense: $14, 804 a)Cost of Goods 54.0% = $ Amountb)Gross Margin Percentage 46.0% = $ Amountc)SG&A Expense Percentage 31.7% = $ Amountd)Operating Profit Margin Percentage 14.2% = $ Amounte) Net Profit Margin (After Taxes) 12.9% = $ Amount If you could provide the formulas used it would be a big help, again the percents are already there I need to find the dollar amount the percents reflect.
f. The adjustment for customer returns and allowances is $60,000 for sales and $35,000 for cost of goods sold. how would I journalize this?
The following accounting records reveal: A/R, beg. P100,000 Iny, beg. P50,000 Purchases P90,000 Purchases Discount P5,000 Collections P200,000 How much is the vatable sales? a. P250,000 b. P240,000 How much is the output vat? a. P27, 600 b. P28,800 A/R, end Iny, end Sales Sales Return Cost of Sales. c. P230,000 c. P30,000 P110, 000 P60,000 P250,000 P10,000 P70,000 d. P24,000 d. P200,000
2. Calculate (a) the maintained markup percent and (b) the gross margin percent with the following figures: Net sales $890,000 $6,000 Cash discounts $2,500 $420,000 Alteration costs Gross cost of merchandise sold
If the sales revenue 830 000 ID, - 10 sales returns 12 000 ID , sales allowance and discount 28 000 ID ,the net sales is 709 000 ID . ) 790 000 ID. O 970 000 ID . O :-
Financial information is presented below: Operating Expenses $ 90,000 Sales Returns and 26,000 Allowances Sales Discounts 12,000 Sales Revenue 300,000 Cost of Goods Sold 158,000 The gross profit % (rate) would be a) .542. O b) .473. O c) ,397. Od) ,347.
7)Refemng to the following table, what is Net sales revenue? $460 000 Sales revenue Cost of goods sold Operating expenses Sales discounts Sales returns and allowances Interest revenue 300,000 8.5 000 20000 15 000 5.000 A) $400,000 B) $415,000 C) $425,000 D) $455,000
Sales Revenue Purchases Gross Profit Selling Expenses Admin Cost Operating Loss GBP 18,600 (18,200) 400 (200) (620) (420) c) Using the information above, calculate mark-up (in percentage to 1 decimal place). d) Using the information above, calculate the margin as a % to 2 decimal places. e) Using the information above, what is the operating profit margin percentage if the admin cost is reduced by 50%? Show this to nearest whole percentage.
chapter 3 3. Given the information below, what is the profit dollars? Round your answer to the dollar and add a dollar sign and comma separator (i.e. $15,467) Gross Sales $341,420 Customer Returns 29,870 Cost of Goods Sold 161,570 Expenses 138,140
с. Prepare the T-accounts and post transactions. cost of P500,000. Required: Compute the cost charged to cost of goods sold. b. Calculate the ending balance of cost of goods sold. a. 10/10 ...
The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)
The following information is available for Cooke Company for the current year: The gross margin is 40% of net sales. What is the cost of goods available for sale? a. 5840,000 b. 960,000 c. 1,200,000 d. 1,220,000

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25. Determine the amount of cash collected, Gross sales $ 250,000, HST collected 27, 300 Sales discount $6,000; sales returns and allowances $ 40,000 ($176, 700 from the previous computation is a "wrong answer")