Homework Answers
The correct answer is b) $15,400,000.
Here, we are selling 20,000 items of inventory each one costing $770. It is notable that the selling price is exclusive of GST.
So the sales revenue is 20,000 × $770 = $15,400,000
Sale is done on credit basis. So the accounts receivable amount will be recorded as $15,400,000
Hence, the journal entry will be,
Accounts receivable...........$15,400,000
Sales revenue............$15,400,000
Add Answer to:
If we sold 20,000 items of inventory for $770 each on credit (GST inclusive), how much...
13. If we sold 50,000 items of inventory for $440 each on credit (GST inclusive). The...
13. If we sold 50,000 items of inventory for $440 each on credit (GST inclusive). The inventory initially cost $200 each how much is the total amount of ?Cost of Goods Sold? recorded? $10,000,000 $22,000,000 $16,000,000 none of the above 14. If we purchased 1,000 items of inventory for $20 each by cash (GST exclusive), then return 5 of these items back to supplies since the quality is not up to standard. How much is the total amount CASH that...
If we sold 20,000 items of inventory for $400 each on credit (GST exclusive). The inventory...
If we sold 20,000 items of inventory for $400 each on credit (GST exclusive). The inventory initially cost $200 each, how much is the total amount of Cost of Goods Sold recorded? $4,000,000 $8,000,000 $16,000,000 none of the above
Assume that the following business is registered for GST. For each of the following transactions,...
please answer this correctly and in the same format
Assume that the following business is registered for GST. For each of the following transactions, indicate whether or not GST would be applicable, and if so, how much GST not applicable GST Payable GST Input Credit Transaction Example: Purchased stationery $77 Example: Bought milk and bread $44 GST-free Example: Sold inventory $330 Complete the table for the following: Received cash for sales $880 Sold goods to customer on credit account $550...
We have purchased 20 items at 2500 each (GST exclusive) on 26 July 2014 from The...
We have purchased 20 items at 2500 each (GST exclusive) on 26
July 2014 from The Suppliers Pty Ltd on account. Terms are 5/10
n30.
The Suppliers Pty Ltd is your only creditor. Assume a perpetual
inventory system.
(GST rate 10%)
All numerical answers should consist of digits from 0 to 9 (no symbols, spaces or commas). Dates should be entered as dd/mm/yy (eg 01/06 13) Each box must be have an aswer - If it would normally be blank...
Correct the red spaces to fix Ledgers (with the GST rate being 10%) This question carries...
Correct the red spaces to fix Ledgers
(with the GST rate being 10%)
This question carries on from the previous purchase transaction. Now we assume that we have sold 5 items for a total of 27500 (GST inclusive) on 30 July 2014 to ABC Pty Ltd on account. Terms are 2/10 n30. ABC Pty Ltd is your only debtor. Assume a perpetual average cost inventory system. All numerical answers should be in the format xxoxx (no symbols, spaces or commas)....
On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses a periodic inventory syste...
On October 1, Robertson Company sold inventory in the amount of $5,800 to Alberta, Inc. with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Robertson uses a periodic inventory system. Alberta pays the invoice on October 8 and takes the appropriate discount. What journal entry will be recorded by Robertson on October 8? a. Debit Cash for $3,920, debit Sales Discounts for $80, and credit Accounts Receivable for $4,000 b. Debit Cash and credit Accounts...
A company reports ending work in process inventory of $770 and cost of goods sold of...
A company reports ending work in process inventory of $770 and cost of goods sold of $23.404. Compute days' sales in work in process inventory (Use 365 days in a year and round the answer to the nearest whole day.) Days' sales in WIP inventory days Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $330 of raw materials. Estimated conversion costs to produce 1.900 units in the next year are $817,000. During a recent quarter the...
7. Betts & Bogart, Inc. sold inventory for $78,000 cash that had cost them $58,000. Assuming...
7. Betts & Bogart, Inc. sold inventory for $78,000 cash that had cost them $58,000. Assuming the company uses the perpetual inventory method, the net effect of all journal entries required to properly record this sale would: a. decrease assets by $20,000. b. decrease net income by $20,000. c. increase retained earnings by $20,000. d. increase expenses by $20,000. 8. If land is sold for more than the company paid for it, the resulting "gain on sale" would: a. Decrease...
On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was r...
On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? a. Cash.. Sales Discount. 6. 14,700 300 Accounts Receivable 15,000 b. Cash.... 15,000 Accounts Receivable. 15,000 Cash.... 14,700...
Calculate the CLOSING INVENTORY and the COST OF GOODS SOLD using the FIFO, LIFO and AVCO...
Calculate the CLOSING INVENTORY and the COST OF GOODS SOLD using the FIFO, LIFO and AVCO methods based on the following information about purchases and sales throughout the year (assuming that the opening inventory has been zero): January 500 items at £65 each as opening inventory. March Bought 1,200 items at £70 each. May Sold 1,000 items at £100 each. September Bought 450 items at £80 each. November Sold 750 items at £110 each. Total rent payable for the year...
please answer this correctly and in the same format
Assume that the following business is registered for GST. For each of the following transactions, indicate whether or not GST would be applicable, and if so, how much GST not applicable GST Payable GST Input Credit Transaction Example: Purchased stationery $77 Example: Bought milk and bread $44 GST-free Example: Sold inventory $330 Complete the table for the following: Received cash for sales $880 Sold goods to customer on credit account $550...
We have purchased 20 items at 2500 each (GST exclusive) on 26
July 2014 from The Suppliers Pty Ltd on account. Terms are 5/10
n30.
The Suppliers Pty Ltd is your only creditor. Assume a perpetual
inventory system.
(GST rate 10%)
All numerical answers should consist of digits from 0 to 9 (no symbols, spaces or commas). Dates should be entered as dd/mm/yy (eg 01/06 13) Each box must be have an aswer - If it would normally be blank...
Correct the red spaces to fix Ledgers
(with the GST rate being 10%)
This question carries on from the previous purchase transaction. Now we assume that we have sold 5 items for a total of 27500 (GST inclusive) on 30 July 2014 to ABC Pty Ltd on account. Terms are 2/10 n30. ABC Pty Ltd is your only debtor. Assume a perpetual average cost inventory system. All numerical answers should be in the format xxoxx (no symbols, spaces or commas)....
A company reports ending work in process inventory of $770 and cost of goods sold of $23.404. Compute days' sales in work in process inventory (Use 365 days in a year and round the answer to the nearest whole day.) Days' sales in WIP inventory days Robo-Lawn is a lean manufacturer of robotic lawn mowers. Each mower requires $330 of raw materials. Estimated conversion costs to produce 1.900 units in the next year are $817,000. During a recent quarter the...
7. Betts & Bogart, Inc. sold inventory for $78,000 cash that had cost them $58,000. Assuming the company uses the perpetual inventory method, the net effect of all journal entries required to properly record this sale would: a. decrease assets by $20,000. b. decrease net income by $20,000. c. increase retained earnings by $20,000. d. increase expenses by $20,000. 8. If land is sold for more than the company paid for it, the resulting "gain on sale" would: a. Decrease...
On July 22, Peter sold $23,500 of inventory items on credit with the terms 2/15, net 30. Payment on $15,000 sales was received on August 1 and the remaining payment was received on August 12. Assuming Peter uses the gross method of accounting for sales discounts, which one of the following entries was made on August 1 to record the cash received? a. Cash.. Sales Discount. 6. 14,700 300 Accounts Receivable 15,000 b. Cash.... 15,000 Accounts Receivable. 15,000 Cash.... 14,700...
Most questions answered within 3 hours.
-
Where is the error in this code sequence?
String s1 = "Hello";
String s2 = "ello";...
asked 11 months ago -
Financial data for Joel de Paris, Inc., for last year
follow:
Joel de Paris, Inc.
Balance...
asked 11 months ago -
Consider this reaction:
Al2(SO4)3 (aq)+ BaCl3
(aq) Al2Cl6 (aq)- +
3BaSO4(s) . What is the...
asked 11 months ago -
Suppose that Savneet is considering increasing her
recent random sample from 20 car rentals to 40...
asked 11 months ago -
Trucks arrive at an unloading terminal at an average rate of 120
per hour.
Trucks arrive...
asked 11 months ago -
Why are methanol and ethanol completely soluble in water while
octanol is not very little soluble....
asked 11 months ago -
A facilities manager at a university reads in a research report
that the mean amount of...
asked 11 months ago -
When the CuSO4 is rehydrated by adding water to the anhydrous
compound, is this an endothermic...
asked 11 months ago -
A ray of sunlight is passing from diamond into crown glass; the
angle of incidence is...
asked 11 months ago -
A block of mass 0.249 kg is placed on top of a light, vertical
spring of...
asked 11 months ago -
how do the kidneys compensate in the presences of acidosis
a) trigger hyperventilate
b) reserve acid...
asked 11 months ago -
Question 501 pts
The rental rate of capital to the firm increases. Which of the
following...
asked 11 months ago