Calculate the amount of sales revenue reported

Assignment Help Financial Accounting

Reference no: EM131292101

The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2005 and December 31, 2005: January 1, 2005 December 31, 2005 Accounts receivable 50,000 71,000 Inventory 39,000 28,000 Accounts payable 45,000 54,000 Salaries payable 7,000 3,000 Investments 59,000 46,000 Common stock 110,000 130,000 Retained earnings 21,000 45,000 The following selected information was taken from Buckeye Company's statement of cash flows for 2005: Cash collected from customers $385,000 Cash paid to purchase inventory 199,000 Cash paid to employees 80,000 Cash received from sale of investments 15,000 Cash paid for dividends 30,000 Calculate the amount of sales revenue reported in Buckeye Company's 2005 income statement.

Reference no: EM131292101

Questions Cloud

The order qualified for quantity discount : A wholesaler ordered 14 bolts of drapery fabric at $5.50 per yard. Each bolt had 60 yards. The order qualified for a quantity discount of 2%. The merchandise was shipped FOB factory; freight charges of $21.80 were prepaid. The invoice was dated March..

Flexible overhead budget : Wiki Wiki Company has determined that the variable overhead rate is $4.50 per direct labor hour in the Fabrication Department. The normal production capacity for the Fabrication Department is 10,000 hours for the month. Fixed costs are budgeted at $6..

How much of the loss is deductible this year : Selena Rodriguez owns and actively manages Lakeview Gardens, an apartment complex on Lake Lure. In 2013, Lakeview Gardens generated a $31,480 net loss. If Selena’s AGI before considering this loss is $175,500, and she owns no other passive activities..

Direct -labor efficiency variance : During March, Manhattan Fabrics Cooperation manufactured 1,000 units of a special multilayer fabric with the trade name Stylex. The following information from the Stylex peoduction department also pertains to March. Compute the following variances fo..

Calculate the amount of sales revenue reported : The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2005 and December 31, 2005: January 1, 2005 December 31, 2005 Accounts receivable 50,000 71,000 Inventory 39,000 28,000. Calculate the amount of sa..

What is the function of bank capital : What is (are) the function(s) of bank capital? What are the advantages and disadvantages of using financial leverage? Answer the last question from both the banker’s point of view and the bank regulator’s point of view. Calculate and show the three (..

Defines reportable operating segments : The Coca-Cola Company is organized geographically and defines reportable operating segments as regions of the world. The following information was extracted from Note 19 Operating Segments in the Coca-Cola Company 2011 Annual Report: Determine whethe..

Compute the keanes itemized deduction for casualty losses : Paul and Rae Keane had only one casualty loss this year. A tornado severely damaged their home, decreasing its value by $70,000. The couple received a $48,000 reimbursement from their insurance company. Compute the Keane’s itemized deduction for casu..

Determine the amount of the supplemental appropriation : Quarterly allotments for the appropriation to the State Library System for the fiscal year beginning July 1, 201X and ending on June 30, 201Y were as follows: Determine the amount of the supplemental appropriation, if any, which must be requested in ..

User Account

All Pages