The Baba Traders, owned by Zhang Ying, had the following on hand at 1 June 2023...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
The Baba Traders, owned by Zhang Ying, had the following on hand at 1 June 2023 Cash $100,000 Inventory $20,000 Baba Traders, uses the periodic inventory method of recording for retailing June 2023 2 15 Baba Traders purchased inventory on account from Western Digital Ltd for $80,000 Baba Traders returned goods that had cost $5,000 to Western Digital Ltd Baba Traders paid the amount owing to Western Digital less 10% settlement discount. Put any payment after any discount 22 Sold goods on account to Westpac for $40,000 (cost price $16,000) 24 Goods were returned to Baba Traders by Westpac sold for $2,000 (cost price $800) Baba Traders received full settlement from Westpac less 5% Put any receipt after any discount 30 A physical stocktake revealed inventory on hand of $78,000 int. Required Prepare the Income Statement to Gross Profit extract for the month of June 2023 Ensure you use the Income Statement template order as in the Lecture 3 Revenue Baba Traders Income Statement to Gross Profit Extract for the month ended 30 June 2023 $ Less Cost of Goods Sold Gross Profit ◄► ◄► 44 Periodic - Income Statement extract Income Statement for Kogan Pty Ltd For the week ended 7th January 2020 Income Sales Less Sales Returns Less Cost of Goods Sold Inventory (beg) Add Purchases Less Purchases Returns Net Purchases Goods Available for sale Less Inventory (end) Gross Profit MONASH College 8,000 (600) EA $ 3,600 $ 13,260 (480) 12,780 7,400 11,000 (1,760) (9,240) 3,540 MONASH University The Baba Traders, owned by Zhang Ying, had the following on hand at 1 June 2023 Cash $100,000 Inventory $20,000 Baba Traders, uses the periodic inventory method of recording for retailing June 2023 2 15 Baba Traders purchased inventory on account from Western Digital Ltd for $80,000 Baba Traders returned goods that had cost $5,000 to Western Digital Ltd Baba Traders paid the amount owing to Western Digital less 10% settlement discount. Put any payment after any discount 22 Sold goods on account to Westpac for $40,000 (cost price $16,000) 24 Goods were returned to Baba Traders by Westpac sold for $2,000 (cost price $800) Baba Traders received full settlement from Westpac less 5% Put any receipt after any discount 30 A physical stocktake revealed inventory on hand of $78,000 int. Required Prepare the Income Statement to Gross Profit extract for the month of June 2023 Ensure you use the Income Statement template order as in the Lecture 3 Revenue Baba Traders Income Statement to Gross Profit Extract for the month ended 30 June 2023 $ Less Cost of Goods Sold Gross Profit ◄► ◄► 44 Periodic - Income Statement extract Income Statement for Kogan Pty Ltd For the week ended 7th January 2020 Income Sales Less Sales Returns Less Cost of Goods Sold Inventory (beg) Add Purchases Less Purchases Returns Net Purchases Goods Available for sale Less Inventory (end) Gross Profit MONASH College 8,000 (600) EA $ 3,600 $ 13,260 (480) 12,780 7,400 11,000 (1,760) (9,240) 3,540 MONASH University
Expert Answer:
Answer rating: 100% (QA)
Certainly Below is the Income Statement to Gross Profit extract for Baba Traders for the month ... View the full answer
Related Book For
Calculus For Scientists And Engineers Early Transcendentals
ISBN: 9780321849212
1st Edition
Authors: William L Briggs, Bernard Gillett, Bill L Briggs, Lyle Cochran
Posted Date:
Students also viewed these finance questions
-
Suppose that between the ages of 22 and 26, you contribute $5000 per year to a401(k) and your employer contributes $2500 per year on your behalf. The interest rate is 9.4% compounded annually. What...
-
b) Show that with V (x,t) = Ke+ y(x, t), the PDE- av av av = +b +cV dr dx becomes = - = (a + b + c B )y + (2 +b)dy + dy dy dx dx2 c) Show that for the standard European call the boundary condition is...
-
At the beginning of the current season, the ledger of Village Tennis Shop showed Cash $2,500; Inventory $1,700; and Common Stock $4,200. The following transactions were completed during April. Apr. 4...
-
What is the leading cause of death among people with HIV / AIDS in Africa?
-
On June 30, 2018, a county (government) hospital bought 3,000 shares of stock for $94,000 intending to hold the investment for its proposed expansion of its trauma center. The market value of the...
-
Vanier Corporation is comparing two different capital structures: an all-equity plan (Plan I) and a levered plan (Plan II). Under Plan I, the company would have 195,000 shares of stock outstanding....
-
If the sample size is small, the differences between the items in the matched pairs must show no evidence of strong and must contain no ______________ . In Exercises 3 and 4, fill in each blank with...
-
1. Now that the new ESIP system is operational, Jane Rossman wants you to track system performance using various measurements. At a minimum, she expects you to monitor operational costs, maintenance...
-
3. Today is period 0. Consider the following default-free securities. A two year zero coupon bond, which pays $1000 in period 2, currently costs $869.36. A three-year annuity that pays $1000 at the...
-
Organic Chemistry Structure and Function by Peter Vollhardt and Neil Schore 6th Edition, exercise 19-9. Someone please teach me. Exercise 19-9 Try It Yourself Using chemical equations, show how you...
-
Resource consumption is distributed across the activities as follows: Distribution of Resource Consumption Across Activities Wages Cleaning supplies Cleaning equipment depreciation Vehicle expenses...
-
A specified volume of space contains an electric field for which the magnitude is given by \(E=E_{0} \cos (\omega t)\). Suppose that \(E_{0}=10 \mathrm{~V} / \mathrm{m}\) and \(\omega=1.0 \times...
-
What would be the length of a half-wave antenna for a radio station that emits its signal at \(90.5 \mathrm{MHz}\) ?
-
Is any magnetic field produced when (a) a uniformly charged sphere rotates at constant rotational speed about an axis that passes through its fixed center, \((b)\) a charged particle moves...
-
By focusing an ultraviolet laser pulse, you can produce an apparently hovering plasma point in midair. If it takes an electric field magnitude of \(1.0 \times 10^{6} \mathrm{~N} / \mathrm{C}\) to...
-
It takes sunlight about \(8 \mathrm{~min}\) to travel from the Sun to Earth, where it has an average intensity of \(1400 \mathrm{~W} / \mathrm{m}^{2}\). If it takes \(44 \mathrm{~min}\) for light to...
-
Why dont firms in a competitive market have excess capacity inthe long run? A. A competitive firm always produces as much as it can, becauseit knows that other firms will also produce at their...
-
Differentiate. y = ln(3x + 1) ln(5x + 1)
-
Compute the derivative of the following functions. h(x) = (x + 1) x ex
-
Evaluate the following limits. Check your results by graphing. lim (1 + x) cotx x->0+
-
Use Lagrange multipliers to find the maximum and minimum values of f (when they exist) subject to the given constraint. f(x, y) = x - y subject to x + y - 3xy = 20
-
True or False. In the matrix iteration method, any computational error will not yield incorrect results.
-
A uniform simply supported beam carries two masses \(m_{1}\) and \(m_{2}\) with \(m_{2}=3 m_{1}\) as shown in Fig. 7.12. Find the fundamental natural frequency of the beam using Dunkerley's method....
-
Using Rayleigh's method, find the fundamental natural frequency of the torsional system shown in Fig. 6.11. Assume that \(J_{1}=J_{0}, J_{2}=2 J_{0}, J_{3}=3 J_{0}\), and \(k_{t 1}=k_{t 2}=k_{t...
Study smarter with the SolutionInn App