Solution-Compute the Net purchases and Cost of goods sold

Compute the Net purchases and Cost of goods sold

Assignment Help Financial Accounting

Reference no: EM133003366

Question - The accountant was tasked to reconstruct the books of Refresh Co. after a virus attacked their accounting system. The following information were available.

Hint: an increase in the balances represents the ending balance while a decrease represents the beginning balance.

Payments made to suppliers P70,000

Decrease in accounts payable 8,000

Increase in inventory 16,000

Compute the Net purchases and Cost of goods sold?

Reference no: EM133003366

Questions Cloud

Discuss the aptness and suitability : Discuss the aptness and suitability of either a close association and distant association type relationship for Simunye Traders

Prepare the amortization schedule for the bond : On January 1, 2020, Swifty Corporation purchased a newly issued $1,425,000 bond. Prepare the amortization schedule for the bond

How much input tax credit could be claimed : The total cost of the acquisition was $26,500 (GST inc). How much input tax credit could be claimed. What would be the BAS code for the acquisition

How many meals must be served : If variable costs rise to $11.50 per meal and if Genevieve increases her average price to $22, how many meals must be served to make $8,400 profit per month

Compute the Net purchases and Cost of goods sold : The following information were available. Payments made to suppliers P70,000. Compute the Net purchases and Cost of goods sold

Examine the nature and impact of financial statement : Examine the nature and impact of financial Statement audit on government budgetary responses to the Covid-19 pandemic

Determine the correlation coefficient : ABC and XYZ companies have the following expected risk and return data for next year: expected return (ABC) = 14%; expected return (XYZ) = 18%; standard deviati

Explain how the carry trade can be implemented : The foreign exchange carry trade has historically produced attractive investment returns. Explain how the carry trade can be implemented, discuss its performanc

Cost of capital for the company : Sisley Stores is a publicly traded company that expects revenues of $ 1 billion and after-- tax operating income of $80 million, next year. It is in stable gro

User Account

All Pages

Compute the Net purchases and Cost of goods sold

Reference no: EM133003366

Reference no: EM133003366

Questions Cloud

Reviews

Write a Review

Financial Accounting Questions & Answers

Financial statement analysis and preparation

Shareholder of a company

Financial and accounting principles

Prepare a statement of cash flow using the direct method

Financial accounting assignment

Prepare general journal entries for goela

Principles of financial accounting

Prepare general journal entries to record the transactions

Global reporting initiative

Explain the iasb conceptual frameworks

Determine the company''s financial statements

Computation of free cash flow

Assured A++ Grade

Academics

Major Subjects

Majors

Get In Touch

TERMS & POLICIES

HELP & SUPPORT