User Account

All Pages

Calculate the gross profit for the first year of trading

Assignment Help Financial Accounting
Reference no: EM132503694

Question 1: Green started trading on I January 2018 he has the following figures for the first year of trading: Carriage inwards £500, Returns outwards£235 Return inwards£ 350, Sales £55,000, Purchases £78,300 and Inventory as at 31December 2018 £15,630. Calculate the gross profit for the first year of trading

Reference no: EM132503694

Questions Cloud

Stop by one of the local dollar general : You need some garbage bags for your house and decide to stop by one of the local dollar General (DG) you are face with two alternatives
Prepare three-column cash book for the month of december : Prepare the 3-column cash book for the month of December 2019 and balance it at 31st December, bringing the balances down at 1 January.
Does the correlation of the individual securities returns : Does the correlation of the individual securities' returns affect the expected return on a portfolio of securities? True, it does, or false, it does not?
Prepare the appropriate journal entry to record the exercise : Prepare the appropriate journal entry to record the exercise of 75% of the options on March 12, 2023, when the market price is $2 per share
Calculate the gross profit for the first year of trading : Calculate the gross profit for the first year of trading. Green started trading on I January 2018 he has the following figures for the first year of trading
What will the carrying value of the deferred tax asset : $300,000 net operating loss carryforward from Year 1. What will the carrying value of the deferred tax asset be on the balance sheet at the end of Year 2?
What is the inflation rate in korea and in japan : What is the inflation rate in Korea and in Japan? What is the expected rate of depreciation in the Korean won relative to the Japanese yen?
Write the amount that would be recognised as lease liability : Write the amount that would be recognised as the Lease Liability by Lessee Ltd at the commencement of the lease in accordance
What is the schedule showing the distribution of net income : Partner salary allowances are Sweet $15,000, Drinian $5,000, and Tavros $5,000. What is the schedule showing the distribution of net income

Reviews

Write a Review

Financial Accounting Questions & Answers

  Calculate the actual and the justified trailing

Calculate the Actual P/E, P/B, and P/S and the justified Trailing P/E. Stock price $50.00, Book value of equity per share $6.25, ROE 20.0%

  Consider a federal government coupon bond

Consider a Federal Government coupon bond with a $1,000 face value and a coupon rate of 1%. If the bond matures in 25 years, pays semi-annual coupons, and the yield to maturity is 5%, then what will the bond sell for?

  Determine the product cost per unit

Bolt Industries makes camping equipment. One of their products, the camping tent, is under review for its’ pricing procedures. Management is trying to determine the appropriate price of the product. Determine the product cost per unit. Explain the di..

  Prepare classified balance sheet for cullen hardware company

Prepare a classified balance sheet for Cullen's Hardware Company. Business application- Compute Cullen's Hardware's current ratio and debt to equity ratio. (Round to one decimal place.)

  Design and produce business documents

BSBITU306 - Design and produce business documents - Australia - AAMC Training Group - Design and produce business documents

  Formulate an lp that can be used to maximize revenue

Sixty pounds of corn and 25 lb of hops are available. Formulate an LP that can be used to maximize revenue. Solve the LP graphically.

  Prepare journal entry that recorded by general host company

Prepare the journal entry that should be recorded by General Host company for the sale of the land in exchange for the note. Prepare the amortization schedule for the note receivable accepted in the transaction.

  Prepare the journal entries to record the transactions

Prepare the journal entries to record the transactions and events for the period 1 July 2011 to 30 Sep 2014 and prepare general journal entries to record the transactions and events for the period 1 July 2011 to 30 September 2014.

  Compute NPV of tax savings

Company X suffered a $350,000 NOL in 2014. The company will carryback this NOL two years (2012 net income = $60,000 and 2013 net income = $110,000) and carryforward the remaining NOL to 2016, a year in which the company expects it's net income to be ..

  Use of estimating procedures for amortization policies

Various accounting assumptions, principles, constraints, and characteristics are listed below. Select those which best justify the following accounting procedures and indicate the corresponding letter(s) in the space(s) provided.

  Determine the an addition to the cash balance

Determine the an addition to the cash balance according to the bank statement, a deduction from the cash balance according to the bank statement

  Young employees what a dial tone

One small business owner said that he had to teach his young employees what a "dial tone" was.  Do you have phone aversion?  Do you think it is possible to build a solid business relationship with customers using only text messaging, e-mail, and soci..

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