Determine the cost of goods sold

Assignment Help Accounting Basics
Reference no: EM131697560

Q1. Explain the inventory system followed by merchandiser.

Q2. Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases $600,000; Purchase Returns and Allowances $25,000; Purchase Discounts $11,000; and Freight-in $19,000; beginning inventory of $45,000; ending inventory of $55,000; and net sales of $750,000.( 3 marks)

Required: Determine the cost of goods sold.

Q3. Deloy Company gathered the following condensed data for the year ended December 31, 2016

Cost of goods sold $ 690,000

Net sales 1,250,000

Administrative expenses 234,000

Interest expense 58,000

Dividend revenue 38,000

Loss from employee strike 233,000

Selling expenses 45,000

You are required to prepare multi step income statement for the year ended December 31, 2016.

Reference no: EM131697560

Questions Cloud

What are the alternatives facing zion manufacturing : What are the alternatives facing Zion Manufacturing with respect to production of Component K2?
Choose an animal that you find interesting : Choose an animal that you find interesting, and report one adaptation that it possesses. Be sure to report the environmental condition that the adaptation helps
How would you counsel parents concerning vaccination : How would you counsel parents concerning vaccination? Discuss the issue of herd immunity and the risks in our modern society related to refusal to provide.
What is the kindle fire : What is the kindle fire? Would you categorize it as a "tablet"? Why?Who should amazon target with the kindle fire?
Determine the cost of goods sold : Assume that Guardian Company uses a periodic inventory system and has these account balances: Determine the cost of goods sold
Relationship between intrinsic and extrinsic motivation : Employee motivation related to employee performance in the organization - How do the different forms of motivation influence employee performance
Contribution to income from processing logs into lumber : Structuring the Sell-or-Process-Further Decision Jack's Lumber Yard receives 8,000 large trees each period that it subsequently processes into rough logs.
Axon change with threshold stimulus : Why does the membrane potential between the axon hillock and axon change with threshold stimulus?
How much is concord cost of goods manufactured : Concord Corporation reported the following year-end information: Direct labor 440000. How much is Concord's cost of goods manufactured for the year

Reviews

Write a Review

Accounting Basics Questions & Answers

  How much control does fed have over this longer real rate

Hubbard argues that the Fed can control the Fed funds rate, but the interest rate that is important for the economy is a longer-term real rate of interest.   How much control does the Fed have over this longer real rate?

  Coures:- fundamental accounting principles

Coures:- Fundamental Accounting Principles: - Explain the goals and uses of special journals.

  Accounting problems

Accounting problems,  Draw a detailed timeline incorporating the dividends, calculate    the exact Payback Period  b)   the discounted Payback Period. the IRR,  the NPV, the Profitability Index.

  Write a report on internal controls

Write a report on Internal Controls

  Prepare the bank reconciliation for company

Prepare the bank reconciliation for company.

  Cost-benefit analysis

Create a cost-benefit analysis to evaluate the project

  Theory of interest

Theory of Interest: NPV, IRR, Nominal and Real, Amortization, Sinking Fund, TWRR, DWRR

  Liquidity and profitability

Distinguish between liquidity and profitability.

  What is the expected risk premium on the portfolio

Your Corp, Inc. has a corporate tax rate of 35%. Please calculate their after tax cost of debt expressed as a percentage. Your Corp, Inc. has several outstanding bond issues all of which require semiannual interest payments.

  Simple interest and compound interest

Simple Interest, Compound interest, discount rate, force of interest, AV, PV

  Capm and venture capital

CAPM and Venture Capital

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!

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