a. A company sells merchandise for $5,600, terms FOB destination, 2/10, n/30. Freight is prepaid and...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
a. A company sells merchandise for $5,600, terms FOB destination, 2/10, n/30. Freight is prepaid and cost $150. What is the amount of sales that should be recorded? b. A merchandiser sells merchandise to a customer for $6,500. All sales are subject to General Sales Tax (GST) of 12.5%. What is the amount of GST Payable that should be recorded for this sale? (3 points each) C. A company recorded sales of $1,200,000; cost of merchandise sold (COMS) of $52,000, and Operating Expenses of $33,000. What is the company's a) gross profit and b) operating income. (5 points) a. A company sells merchandise for $5,600, terms FOB destination, 2/10, n/30. Freight is prepaid and cost $150. What is the amount of sales that should be recorded? b. A merchandiser sells merchandise to a customer for $6,500. All sales are subject to General Sales Tax (GST) of 12.5%. What is the amount of GST Payable that should be recorded for this sale? (3 points each) C. A company recorded sales of $1,200,000; cost of merchandise sold (COMS) of $52,000, and Operating Expenses of $33,000. What is the company's a) gross profit and b) operating income. (5 points)
Expert Answer:
Related Book For
Financial Accounting
ISBN: 978-1259103285
5th Canadian edition
Authors: Robert Libby, Patricia Libby, Daniel Short, George Kanaan, M
Posted Date:
Students also viewed these accounting questions
-
The data show the amount of sales tax paid in Denver County, Colorado. Find the first and third quartiles for the data. Month Sales Tax Month Sales Tax Jan 363,061 July August September 506,809...
-
What determines the amount of output an economy produces?
-
What is the amount of Direct Materials Used? Work in Process, Beginning ..... $10,000 Work in Process, Ending ...... $15,000 Direct Labor costs incurred ..... $4,000 Cost of Goods Manufactured ........
-
Consider a two-stage compression refrigeration system operating between the pressure limits of 0.8 and 0.14 MPa. The working fluid is refrigerant-134a. The refrigerant leaves the condenser as a...
-
Selected data derived from the income statement and balance sheet of Williams Sonoma, Inc., a specialty retailer of kitchen products, for a recent year are as follows: Income Statement Data (dollars...
-
Music streaming services are the most popular way to listen to music. Data gathered over the last 12 months show Apple Music was used by an average of 1.65 million households with a sample standard...
-
Explain how the physicianpatient relationship can be improved.
-
Winnebago Industries manufactures motor homes. Adapted versions of the companys balance sheets (in $000) follow. Required Prepare a common-size balance sheet for each fiscal year, rounding all...
-
An authentic autographed Johnny Football has the following whole-number demand history by quarters over 3 years. For your convenience, assume that the sum of demands = 536; average demand = 44.67;...
-
Pequity Company purchased 85% of the common stock of Sequity Company on April 1, Year 1 for total consideration of $545,000 cash plus $50,000 of contingent consideration as measured according to GAAP...
-
York Industries has planned for the following purchases in the next five months. Budgeted Purchases $42,500 $38,500 $39,600 $52,800 $66,700 Month June July August September October This is the...
-
Designing interface screens for B2C and B2B Web sites is considered by some to have a fundamentally different objective compared with other types of interface screens. Specifically, the purpose of...
-
The last step in conducting the object-oriented analysis is organizing the objects and identifying their relationships. a. Does a class diagram show the structure of a system as dynamic or static? b....
-
Consider the TV. What makes it so easy to use? (Almost everybody seems able to watch it.) If you were to redesign anything, what would it be, and how would you redesign it?
-
UML activity diagrams are used to model system process activities and to help system analysts visualize the flow and sequencing of use cases. a. How are they different from flowcharts, and how is...
-
Introspect on your own strengths and weaknesses. ( a ) Take a moment and relish something positive about yourself. ( b ) Identify a specific action you can take to address a weakness that you have,...
-
On December 1, 2024, Jackson, Inc. has 350,000 of $3 par Common Stock issued and Paid - in Capital in Excess of Par - Common balance of $10,000. Jackson purchased furniture for its new office on...
-
Provide examples of a situations in which environmental disruptions affected consumer attitudes and buying behaviors.
-
Clearwater Seafoods Inc. is a leader in the global seafood market. Its main operations include harvesting, processing, distribution, and marketing of seafood products primarily in Canada, the United...
-
Differentiate between the stated and effective rates of interest on a bond sold (a) At par (b) At a discount (c) At a premium.
-
Leons Furniture Limited is one of Canadas largest home furnishing retailers, with a network of 75 stores selling a wide range of furniture, major appliances and home electronics. The company reported...
-
Apple stock is selling for \($120\) per share. Call options with a \($117\) exercise price are priced at \($12.\) What is the intrinsic value of the option, and what is the time value?
-
Refer to Problem 14.9. What would the loss of the seller of the put option be if, at expiration, XLB is trading at \($20?\) What would the profit of the seller be if, at expiration, XLB is trading at...
-
Ibrahim bought 200 shares of a stock trading in the Abu Dhabi Securities Exchange at AED 12 (United Arab Emirates dirham) per share. Over time, the price of the stock increased to AED 18 per share....
Study smarter with the SolutionInn App