What is the cost of goods sold in january

Assignment Help Financial Accounting
Reference no: EM132913914

Ena Sharples opened a retail shop on January 1. She invested $10,000 of her own money. She rented a store for $2,000 per month, paying first and last month's rent on January 1. She bought store fittings for $5,000 in cash. She bought goods for resale at a cost of $10,000, on credit, payable on February 15. She incurred other expenses of $1,000 in January, all of which were paid for in cash. Her cash sales were $15,000, and she also sold $2,000 on credit, which she expects to collect by the end of February. At the end of January her inventory had a cost of $3,000. Amortization on the store fittings is estimated at $100 for the month.

Problem 1: What is the operating profit for january?

Problem 2: What is the cost of goods sold in January?

Problem 3: How much operating profit as % of sales for January was (accurate to one decimal place)?

Reference no: EM132913914

Questions Cloud

Possible solutions to the management team : There have been a number of conflict situations that have arisen in your company recently - conflicts among divisions, teams, and individuals.
Preparing the information in the annotated bibliography : Preparing the information in the annotated bibliography and style in preparing the bibliographic information
Calculate the markdown dollars and markdown percentage : Monthly departmental sales were $198,465. Permanent markdowns were taken on the following items in the amounts listed. Calculate the markdown dollars and markdo
What is the npv of the replacement project : What is the NPV of the replacement project? (Do not round intermediate calculations. Enter the NPV in millions rounded to 2 decimal places.)
What is the cost of goods sold in january : Ena Sharples opened a retail shop on January 1. How much operating profit as % of sales for January was (accurate to one decimal place)?
Individualized Family Service Plan : The benefits and challenges of developing and implementing an Individualized Family Service Plan (IFSP).
What is rate of return over the year : What is the yield to maturity on the bond in one year? A year later, the bond price is $1,040. Face value of the bond is $1,000.
Explain exploratory-descriptive and explanatory research : Social research projects can be classified into three categories: exploratory, descriptive, and explanatory research.
HIS 110 U.S. History - Learn From Past, Prepare For Future : HIS 110 U.S. History: Learn From the Past, Prepare For the Future Assignment Help and Solution - Strayer University, USA - Homework Help

Reviews

Write a Review

Financial Accounting Questions & Answers

  How long did team corp use the asset before sale

How long did Team Corp use the asset before sale? Assume the asset was originally expected to be used for ten years and have no residual value

  What is the accounts receivable balance for sunny company

What is the accounts receivable balance at December 31, 2020? During the year ended December 31, 2020, Sunny earned sales revenue of P 537702500

  What is the amount of the gain or loss on the transaction

What is the amount of the gain or loss on the transaction? (and please be sure to write the word "gain" or "loss" after your dollar answer)

  Get income tax deduction for his planned

Muhammad, your client, comes to your office. He is from Pakistan and is an avid cricket player. His annual salary and bonus/incentive compensation income, earned as the president of an engineering firm in Virginia, is usually $2 million. He is in the..

  Explain what are inventories

What is the difference between accounts payable and accrued liabilities? What is the difference between Long-term and short-term investments?

  Increased by this cash collection transaction

A company collected $100,000 cash from a customer who both received and was billed for the goods last quarter. Which of the following items would be increased by this cash collection transaction?

  What total expense budget for these expenses for the months

Based on this information, the total expense budget for these expenses for the months of July, August and September respectively will be

  Prepare in good form a properly classified statement

prepare in good form a properly classified statement of financial position on December 31, 2014 with supporting notes and computations.

  Prepare the journal entry for both consignor and consignee

Prepare the journal entry for both the consignor and consignee the notification of sales and expensed and remittance of amount due

  Tax costs of operating in low-versus high-tax countries

Growco, a domestic corporation, is a tire manufacturer. Growco is planning to build a new production facility, and has narrowed down the possible sites for this new plant to either Happystan (a low-tax foreign country) or Sadstan (a high-tax foreign ..

  What premium over the current market price does represent

What happens to the price of ABC and XYZ on the announcement ? What premium over the current market price does this offer represent?

  What is the latest date by which you could purchase stock

On May 7, Melbourne Mining declared a $.50-per-share quarterly dividend payable June 28 to stockholders of record on Friday, June 7. What is the latest date by which you could purchase the stock and still get the recently declared dividend

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