On September 30, 2012, a fire at Elusive Company's only warehouse cause severe damage to its...

 

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On September 30, 2012, a fire at Elusive Company's only warehouse cause severe damage to its entire inventory. Based on recent history, the entity has a gross profit of 30% on cost of sales. The following information is available from the records for the nine months ended September 30, 2012: Inventory- January 1 Purchases Net sales A physical inventory disclosed usable damaged goods which can be sold to a jobber for P 50,000. Using the gross profit method, what is the estimated cost of goods sold for the nine months ended September 30, 2012? 550,000 3,000,000 3,640.000 PROBLEM 5-28 (AICPA Adapted) Feint Company began operations on January 1, 2012. The following information is available for the year ended December 31, 2012: Total merchandise purchases Merchandise December 31 Collections from customers 4,000,000 All merchandise is marked to sell at 40% above cost. All sales are credit sales and all receivables are collectible. What is the balance of accounts receivable on December 31, 2012? inventory at Account receivable. January 1 Accounts receivable collected Cash sales 7,000,000 1,400,000 PROBLEM 5-29 (AICPA Adapted) Certain information relative to the operations for 2012 of Greenhorn Company follows: 800.000 2,600,000 500,000 Inventory, January 1 1,200,000 1,100,000 Inventory, December 31 Purchases 2,000,000 Gross profit on sales 900,000 What is the balance of accounts receivable on December 31, 2012? PROBLEM 5-30 (AICPA Adapted) The following data pertain to Hectic Company for the current year: Accounts receivable, January 1 Accounts receivable, December 31 Turnover of accounts receivable Inventory, January 1 Purchases Gross profit rate Hint: Net sales = Average accounts receivable x turnover What is the estimated inventory on December 31? 1,100,000 1,300,000 5 to 1 1,800,000 4,500,000 40% On September 30, 2012, a fire at Elusive Company's only warehouse cause severe damage to its entire inventory. Based on recent history, the entity has a gross profit of 30% on cost of sales. The following information is available from the records for the nine months ended September 30, 2012: Inventory- January 1 Purchases Net sales A physical inventory disclosed usable damaged goods which can be sold to a jobber for P 50,000. Using the gross profit method, what is the estimated cost of goods sold for the nine months ended September 30, 2012? 550,000 3,000,000 3,640.000 PROBLEM 5-28 (AICPA Adapted) Feint Company began operations on January 1, 2012. The following information is available for the year ended December 31, 2012: Total merchandise purchases Merchandise December 31 Collections from customers 4,000,000 All merchandise is marked to sell at 40% above cost. All sales are credit sales and all receivables are collectible. What is the balance of accounts receivable on December 31, 2012? inventory at Account receivable. January 1 Accounts receivable collected Cash sales 7,000,000 1,400,000 PROBLEM 5-29 (AICPA Adapted) Certain information relative to the operations for 2012 of Greenhorn Company follows: 800.000 2,600,000 500,000 Inventory, January 1 1,200,000 1,100,000 Inventory, December 31 Purchases 2,000,000 Gross profit on sales 900,000 What is the balance of accounts receivable on December 31, 2012? PROBLEM 5-30 (AICPA Adapted) The following data pertain to Hectic Company for the current year: Accounts receivable, January 1 Accounts receivable, December 31 Turnover of accounts receivable Inventory, January 1 Purchases Gross profit rate Hint: Net sales = Average accounts receivable x turnover What is the estimated inventory on December 31? 1,100,000 1,300,000 5 to 1 1,800,000 4,500,000 40%

Answer rating: 100% (QA)

Problem 528 Total merchandise purchases for the year 1200000 Merchandise inventory at beginning of y... View the full answer