User Account

All Pages

1 baco opens its business in 20x2 and purchases merchandise

Assignment Help Financial Accounting
Reference no: EM13374501

1. BaCo opens its business in 20X2 and purchases merchandise on account for $88,000. In 20X2, BaCo pays $67,000 cash on the $88,000 due, sales are $145,000, and ending inventory is $24,000. BaCo's gross profit for 20X2 is

a. $102,000 b. $81,000 c. $78,000 d. $57,000

2. GeCo begins 20X4 with merchandise costing $69,000. 20X4 sales are $233,000, purchases are $198,000, and ending inventory is $81,000. GeCo's 20X4 cost of goods sold is ...

a. $245,000 b. $221,000 c: $210,000 d. $186,000

3. On December 3, HuCo purchases merchandise for $47,000 on account, F.O.B. destination. Freight charges are $800. On December 26, HuCo pays the vendor $14,000. On HuCo's December 31 balance sheet the accounts payable balance will be

a. $33,800 b. $47,000 c. $47,800  d.$33,000

4. RiCo uses the prepetual method for inventory and records purchases at gross. In 20X4, it has total merchandise purchases of $324,000. It returns $19,000 of the merchandise for full credit and receives $7,000 in allowances from its vendors for defective merchandise and takes cash discounts of $1,000. The net cost of RiCo's 20X4 merchandise purchases is ...

a. $297,000 b. $305,000 c. $324,000 d. $298,000

Download:- Mastering inventory.PDF

Reference no: EM13374501

Questions Cloud

Supply aanthe or nothing1 - ------------- football is : supply aanthe or nothing1 - ------------- football is ----------- good game.2- it is nice to sit in ---------- armchair
E-mailimagine that you are a human resources director at a : e-mailimagine that you are a human resources director at a mid-sized company. recently concerns have arisen over some
University values diversity what do you think that means : university values diversity. what do you think that means? what kind of diversity does a university want? why do you
Mining information from sales data is a common task in both : mining information from sales data is a common task in both traditional and online stores. past sales information can
1 baco opens its business in 20x2 and purchases merchandise : 1. baco opens its business in 20x2 and purchases merchandise on account for 88000. in 20x2 baco pays 67000 cash on the
Part-1researchers culture is very well present in the : part-1researchers culture is very well present in the social constructivism approach. according to dowling schuler and
1 you have been hired by a bank to help them harden their : 1. you have been hired by a bank to help them harden their online banking service against phishing attacks. explain
Create an integral whereby you are forced to use all four : create an integral whereby you are forced to use all four types of integration. work the problem and explain why each
1custom decision support system for an international : 1.custom decision support system for an international airlinea major international airline of your choice wants to

Reviews

Write a Review

Financial Accounting Questions & Answers

  Financial statement analysis and preparation

Financial Statement Analysis and Preparation

  Shareholder of a company

Describe the ways that a person can become a shareholder of a company. Why Wal-Mart would split its stock?

  Financial and accounting principles

An understanding of financial and accounting principles can be a valuable tool for managers. While not all managers will find themselves calculating financial ratios or preparing annual financial data.

  Prepare a statement of cash flow using the direct method

Prepare a Statement of Cash Flow using the Direct Method and Prepare the Operations section of the Statement of Cash Flow using the Indirect Method.

  Financial accounting assignment

This assignment has one case study and two question apart from case study. Questions related to document Liquidation question and Company financial statements question - Torquay Limited

  Prepare general journal entries for goela

Prepare general journal entries for Goela Ltd

  Principles of financial accounting

Prepare the journal entry to record the acquisition of the assets.

  Prepare general journal entries to record the transactions

Prepare general journal entries to record the transactions, assuming use of the periodic inventory system

  Global reporting initiative

Compare the view espoused by the economist Milton Friedman about the social responsibilities of business with the views express by Stigler.

  Explain the iasb conceptual frameworks

Explain the IASB Conceptual Framework's perspective of users and their decisions.

  Determine the company''s financial statements

T he focus of the report is to determine the extent to which you are comfortable relying on the financial statements as presented by management .

  Computation of free cash flow

Computation of Free Cash Flow

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd