In its first year of operations, Green Company reports the following: Revenue of $70,000 ($53,000 cash...

      

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In its first year of operations, Green Company reports the following: Revenue of $70,000 ($53,000 cash has been received from customers); Expenses of $37,000 ($31,000 cash has been paid toward expenses). Net income under the accrual basis of accounting is (round the final answer to the nearest whole dollar, ie., 345,663.4 would be 345,663): A company had net sales of $748,700 and cost of goods sold of $507,000. Its net income was $25,400. The company's gross margin ratio equals (round the final answer to 3 decimal place, i.e., 27345 would be 273): ABC Company purchases merchandise for $358,000. The seller also offers credit terms of 3/10, n/30. Assuming no returns were made, and that payment was made within the discount period, what is the net cost of the merchandise (round final answer to the nearest whole dollar, i.e.. 394,294.5 would be 394,295)? Use the following information for MSK, Inc. to compute the inventory turnover for 2021. Round your final answer to the near 2 decimal places (i.e. 1.196 would be 1.20). Account Balances 2021 2020 Net sales $514,000 $476,600 Cost of goods sold 327,000 328,000 Ending inventory 85,400 82,080 A physical count of supplies on hand at the end of May for MK, Inc. indicated $1,724 of supplies on hand. The general ledger balance before any adjustment is $3,023. What is the adjusting entry for supplies that should be recorded on May 31?(round to the nearest whole dollar, i.e. $1,023.50 would be 1,024) A company pays its employees $4,603 each Friday for the five-day work week that begins on Monday. If the monthly accounting period ends on Wednesday and the employees worked through Tuesday, the amount of salaries earned but unpaid at the end of the accounting period is (round to the nearest whole dollar, i.e. $1,023.50 would be 1,024): On April 1, MK Publishing Company received $3,290from Red, Inc. for 24-month subscriptions to monthly streaming services. The subscriptions started immediately. What is the amount of revenue that should be recorded by Garcia Publishing Company for the first year of the subscription assuming the company uses a calendar-year reporting period and no monthly adjusting entries have been made? (round to the nearest whole dollar, i.e. $1,023.50 would be 1,024) In its first year of operations, Green Company reports the following: Revenue of $70,000 ($53,000 cash has been received from customers); Expenses of $37,000 ($31,000 cash has been paid toward expenses). Net income under the accrual basis of accounting is (round the final answer to the nearest whole dollar, ie., 345,663.4 would be 345,663): A company had net sales of $748,700 and cost of goods sold of $507,000. Its net income was $25,400. The company's gross margin ratio equals (round the final answer to 3 decimal place, i.e., 27345 would be 273): ABC Company purchases merchandise for $358,000. The seller also offers credit terms of 3/10, n/30. Assuming no returns were made, and that payment was made within the discount period, what is the net cost of the merchandise (round final answer to the nearest whole dollar, i.e.. 394,294.5 would be 394,295)? Use the following information for MSK, Inc. to compute the inventory turnover for 2021. Round your final answer to the near 2 decimal places (i.e. 1.196 would be 1.20). Account Balances 2021 2020 Net sales $514,000 $476,600 Cost of goods sold 327,000 328,000 Ending inventory 85,400 82,080 A physical count of supplies on hand at the end of May for MK, Inc. indicated $1,724 of supplies on hand. The general ledger balance before any adjustment is $3,023. What is the adjusting entry for supplies that should be recorded on May 31?(round to the nearest whole dollar, i.e. $1,023.50 would be 1,024) A company pays its employees $4,603 each Friday for the five-day work week that begins on Monday. If the monthly accounting period ends on Wednesday and the employees worked through Tuesday, the amount of salaries earned but unpaid at the end of the accounting period is (round to the nearest whole dollar, i.e. $1,023.50 would be 1,024): On April 1, MK Publishing Company received $3,290from Red, Inc. for 24-month subscriptions to monthly streaming services. The subscriptions started immediately. What is the amount of revenue that should be recorded by Garcia Publishing Company for the first year of the subscription assuming the company uses a calendar-year reporting period and no monthly adjusting entries have been made? (round to the nearest whole dollar, i.e. $1,023.50 would be 1,024)

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Net Income under the accrual basis of accounting for Green Company Net Income Revenue Expenses Net I... View the full answer