User Account

All Pages

What is the amount of sales for the year

Assignment Help Financial Accounting
Reference no: EM132784566

Question - Cunanan Santos started a retail merchandise business on January 1, 2020. During the fiscal year ended December 31, 2020, the entity paid trade creditors of P 2,000,000 and suffered a net loss of P 350,000.

The ledger account preclosing balances on December 31, 2020 include the following:

Accounts receivable 600,000

Accounts payable 750,000

Capital (total investment in cash) 2,000,000

Expenses (paid in cash) 100,000

Merchandise (unadjusted debit balance) 700,000

There were no withdrawals. All sales and purchases were on credit. The merchandise account is debited for purchases and credited for sales.

Required -

1. What is the amount of sales for the year?

2. What is the cash balance on December 31, 2020?

3. What is the merchandise inventory on December 31, 2020?

Reference no: EM132784566

Questions Cloud

Briefly describe what additional information require : You are the accountant for a manufacturing company. To be able to properly account for asset, list and briefly describe what additional information you require.
Identify and recommendations on the best option : Develop a policy brief for a problem within the sports industry such as swimming, ways to manage the problem identify and recommendations on the best option.
Disadvantages of leverage to grow the business : Discuss the advantages and disadvantages of leverage (debt) to grow the business.
How do exposures to chronic stress-and resources available : How do exposures to chronic stress-and resources available to manage them-vary with the class position? Why is addressing the role of social determinants.
What is the amount of sales for the year : During the fiscal year ended December 31, 2020, the entity paid trade creditors of P 2,000,000 and suffered a net loss of P 350,000. What is the amount of sales
Identify the elements of organizing and organizing process : Identify the elements of organizing and organizing process. Describe the alternative approaches to organizing.
Is loans payable a financing activity and why or why not : Is loans payable a financing activity? Why or why not? Are notes receivables to be paid exactly after one year current or non-current asset?
Provide outstanding customer service : An organization is planning on changing its mission to read: "our global strategy will be aligned to allow the organization to provide outstanding customer
Inherited a dysfunctional team : Imagine you are the manager that inherited a dysfunctional team, would you begin the first meeting with icebreaker questions? Why are why not?

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