The following information is for X Company, a merchandiser, in 2018: Revenue $263,000 Merchandise purchases 107,000...
The following information is for X Company, a merchandiser, in 2018: Revenue $263,000 Merchandise purchases 107,000 Store rent 28,610 Utilities expense 22,730 Advertising expense 23,660 Merchandise Inventory, January 1, 2018 31,740 Merchandise Inventory, December 31, 2018 27,400 Store manager salary 14,540 Cashier salaries 10,290 What was Cost of Goods Sold in 2018?
Homework Answers
cost of goods sold in 2018 = opening merchandise inventory + merchandise purchase during the year - closing merchandise
= 31,740 + 107,000 -27,400
= 111,340
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The following information is for X Company, a merchandiser, in
2018: Revenue $263,000 Merchandise purchases 107,000...
On January 1, 2013, Lindsay Owens opened Picture Perfect, a small retail store that sells picture...
On January 1, 2013, Lindsay Owens opened Picture Perfect, a small retail store that sells picture frames, crafts & art. On June 30, 2014, her accounting records show the following: Store rent $7.000 Sales revenue $90.000 Sales salaries 4,500 Store utilities 1,950 Freight in 600 Purchase of merchandise 36,000 Inventory on June 30, 2014 9.600 Inventory on January 1, 2014 12,000 Advertising expense 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise Inventory amounted to $58,375 on January 1, 2019, and $51,325 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 5e2 Freight In 5e3 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Sales 614 Store...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,275 on January 1, 2019, and $51,225 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases S02 Freight In 583 Purchases Returns and Allowances 584 Purchases Discounts 611 Salaries Expense-Sales 614 Store...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58.475 on January 1, 2019, and $51,425 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales $245,000 Cr 4,220 Dr 270 Cr 451 Sales Returns and Allowances 491 Miscellaneous Income s01 Purchases 502 Freight In se3 Purchases Returns and Allowances 584 Purchases...
Valley Company’s adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Debit Credit Merchandise...
Valley Company’s adjusted trial balance on August 31, 2018, its fiscal year-end, follows. Debit Credit Merchandise inventory $ 36,500 Other (noninventory) assets 146,000 Total liabilities $ 42,158 Common stock 10,000 Retained earnings 111,098 Dividends 8,000 Sales 249,660 Sales discounts 3,820 Sales returns and allowances 16,478 Cost of goods sold 96,761 Sales salaries expense 34,203 Rent expense—Selling space 11,734 Store supplies expense 2,996 Advertising expense 21,221 Office salaries expense 31,208 Rent expense—Office space 2,996 Office supplies expense 999 Totals $ 412,916...
The following selected transactions were completed by Air Systems Company during January of the current year....
The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory system. Jan. 2 Purchased $18,200 of merchandise on account, FOB shipping point, terms 2/15, n/30. 5 Paid freight of $190 on the January 2 purchase. 6 Returned $2,750 of the merchandise purchased on January 2. 13 Sold merchandise on account, $37,300, FOB destination, 1/10, n/30. The cost of merchandise sold was $22,400. 15 Paid freight of $215...
Review 7: Listed below are the account balances of a merchandise co company as of December 3 2018. Account Balance...
Review 7: Listed below are the account balances of a merchandise co company as of December 3 2018. Account Balance Cash 11.600 Salaries Payable 16.000 VAT Payable 3.200 Sales Revenue 78.000 Building 120.000 COGS 38.000 Accounts Receivable 8.000 Sales Returns 1.800 Sales Allowances 2.000 ccumulated Depreciation (Building) 48.000 Accumulated Depreciation (Equipment) 6.000 Equipment 22.000 VAT Deductible 1.600 Merchandise Inventory 7.500 Sales discounts 800 Capital 72.100 Utilities Expense 6.200 Accounts Payable 14.700 Rent Expense 500 Depreciation Expense 9.000 Salaries Expense 16.000...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,575 on January 1, 2019, and $51,525 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Sales 614 Store...
Instructions The following selected transactions were completed by Air Systems Company during January of the current...
Instructions The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory system. Purchased $18,700 of merchandise on account, FOB shipping Jan. 2 point, terms 2/15, n/30. Paid freight of $240 on the January 2 purchase. 5 Returned $2,400 of the merchagdise purchased on January 2 6 Sold merchandise on account, $34,100, FOB destination, 1/10, 13 n/30. The cost of merchandise sold was $22,200. Paid freight of $245...
Paper Clip Company sells office supplies. The following information summarizes the company's operating activities for the...
Paper Clip Company sells office supplies. The following information summarizes the company's operating activities for the year: Utilities for the store $ 9500 Sales commissions 10,500 Sales revenue 164,200 Purchases of merchandise 89,300 January 1 inventory 27,100 Rent for store 14,400 December 31 inventory 23,300 What is operating income? $36,700 = A $38,300 = B $153,700 = C $57,700 = D
On January 1, 2013, Lindsay Owens opened Picture Perfect, a small retail store that sells picture frames, crafts & art. On June 30, 2014, her accounting records show the following: Store rent $7.000 Sales revenue $90.000 Sales salaries 4,500 Store utilities 1,950 Freight in 600 Purchase of merchandise 36,000 Inventory on June 30, 2014 9.600 Inventory on January 1, 2014 12,000 Advertising expense 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise Inventory amounted to $58,375 on January 1, 2019, and $51,325 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 5e2 Freight In 5e3 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Sales 614 Store...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,275 on January 1, 2019, and $51,225 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases S02 Freight In 583 Purchases Returns and Allowances 584 Purchases Discounts 611 Salaries Expense-Sales 614 Store...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58.475 on January 1, 2019, and $51,425 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales $245,000 Cr 4,220 Dr 270 Cr 451 Sales Returns and Allowances 491 Miscellaneous Income s01 Purchases 502 Freight In se3 Purchases Returns and Allowances 584 Purchases...
Review 7: Listed below are the account balances of a merchandise co company as of December 3 2018. Account Balance Cash 11.600 Salaries Payable 16.000 VAT Payable 3.200 Sales Revenue 78.000 Building 120.000 COGS 38.000 Accounts Receivable 8.000 Sales Returns 1.800 Sales Allowances 2.000 ccumulated Depreciation (Building) 48.000 Accumulated Depreciation (Equipment) 6.000 Equipment 22.000 VAT Deductible 1.600 Merchandise Inventory 7.500 Sales discounts 800 Capital 72.100 Utilities Expense 6.200 Accounts Payable 14.700 Rent Expense 500 Depreciation Expense 9.000 Salaries Expense 16.000...
The worksheet of Bridget's Office Supplies contains the following revenue, cost, and expense accounts. The merchandise inventory amounted to $58,575 on January 1, 2019, and $51,525 on December 31, 2019. The expense accounts numbered 611 through 617 represent selling expenses, and those numbered 631 through 646 represent general and administrative expenses. Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Sales 614 Store...
Instructions The following selected transactions were completed by Air Systems Company during January of the current year. Air Systems Company uses the periodic inventory system. Purchased $18,700 of merchandise on account, FOB shipping Jan. 2 point, terms 2/15, n/30. Paid freight of $240 on the January 2 purchase. 5 Returned $2,400 of the merchagdise purchased on January 2 6 Sold merchandise on account, $34,100, FOB destination, 1/10, 13 n/30. The cost of merchandise sold was $22,200. Paid freight of $245...
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