User Account

All Pages

What is the amount of the gross profit

Assignment Help Accounting Basics
Reference no: EM132694662

Problem - During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost of the merchandise sold is $875,000. What is the amount of the gross profit?

Reference no: EM132694662

Questions Cloud

How much is gain or loss on the acquisition to be recognized : On January 1, 20x2, Oblong Co. How much is the gain or loss on the acquisition to be recognized in the consolidated financial statements?
Leadership vision questionnaire : You will review your score on the Leadership Vision Questionnaire and share your ability to create a vision for a group.
What account is credited by Halibut Company to record return : Halibut Company purchased merchandise on account from a supplier for $18,600, terms 2/10, n/30. What account is credited by Halibut Company to record return
How much is the goodwill attributable to nci as of december : On January 1, 20x1, ABC Co. acquired 80% interest in XYZ, Inc. How much is the goodwill attributable to NCI as of December 31, 20x1
What is the amount of the gross profit : During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. What is the amount of the gross profit
Qualitative data collection : Generally we think of qualitative data sources as observations and interviews. We tend to believe that we will interview or observe specific individuals.
Pass the necessary entries on june : On 1 July 2016 Liala Ltd sold an item, Pass the necessary entries on 30 June 2017 and 30 June 2018 to eliminate the intra-group transfer of equipment.
What accounts would be debited and credited : What accounts would be debited and credited to record the adjustment for the inventory shrinkage at the end of the accounting period
What is the slope of the capital allocation line : Suppose there are only two tradable assets: S&P 500 and a T-Bill. The S&P 500 index has an expected return of 15% and a standard deviation of returns of 25%

Reviews

Write a Review

Accounting Basics Questions & Answers

  Discuss the citation or regulation which includes the tile

Memo must include executory summary, fact, issue, discussion and analysis, conclusion

  The partnership of x and y shares profits and losses

Assume X's beginning capital balance was $80,000, and ending capital balance (after closing) was $140,000.

  Companies whose managers own a significant proportion

(i) Discuss the extent to which directors should be accountable to: (a) shareholders; (b) employees; (c) suppliers; (d) customers; (e) the government; (f ) the public.

  Post the transactions to the T-accounts

Aug. 2 The company paid $2,100 cash for an insurance policy covering the next 24 months. Post the transactions to the T-accounts

  Who is carson block of the company muddy waters

Who is Carson Block of the company Muddy Waters? Why do corporate boards and financial officers fear him and his company?

  Comprehensive income and statement of cash flow

Dogfish Limited, asked Batfish Limited to provide a set of financial statements (the statement of financial position, statement of profit or loss and other comprehensive income and statement of cash flow) for the year ended December 31, 2015 as a ..

  What is hanover adjusted gross income

Milton Hanover was divorced from his wife. Interest received on municipal obligations: $1,000. What is Hanover's adjusted gross income for 2011

  What is the correct inventory value for each product

What is the correct inventory value for each product using the lower of cost or market. Prepare any journal entries required to write down the inventory value

  Define function of the accounting information system

Explain how the firm's accounting information system (i.e., components and functions) contributed to the fraud and / or embezzlement.

  As a long-term investment painters equipment company

as a long-term investment painters equipment company purchased 20 of amc supplies inc.s 280000 shares for 336000 at the

  Prepare the adjusting entries at march

Prepare the adjusting entries at March 31, assuming that adjusting entries are made quarterly.

  What is a computer based information system

What is a computer based information system? What are its components?

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