User Account

All Pages

What is the gross profit for the company at end of period

Assignment Help Financial Accounting
Reference no: EM132761227

Problem 1: A newly established merchandising company acquires equipment and inventories at 10.000 TL and 15.000 TL, respectively. After a while, it sells the equipment for 11.000 TL and sells half of the inventories at 9.000 TL. Assuming that all payments are made in cash and there are no other transactions, what is the gross profit for the company at the end of the period?

a) 2.500 TL

b) 1.000 TL

c) 1.500 TL

d) 2.000 TL

e) Other:

Reference no: EM132761227

Questions Cloud

How much sales revenue did the company earn during the year : How much sales revenue did the company earn during the year? newly established company has the following financial statement figures
Prepare journal entries to record initial capital investment : The profit of $200,000 for the year ended 31 December 2020 is to be allocated assuming a $20,000 salary to P and a $15,000 salary to Q. The partners will also.
Describe the movement of an atom of nitrogen : Describe the movement of an atom of nitrogen from the leaf of a plant, through the process of decomposition, and back into the root of another plant.
Managing capacity-capacity management in businesses : Capacity management in businesses is a function of their operations and environment.
What is the gross profit for the company at end of period : Assuming that all payments are made in cash and there are no other transactions, what is the gross profit for the company at the end of the period?
Utilitarian conservation-biocentric preservation : What are the fundamental differences between utilitarian conservation, biocentric preservation, modern environmentalism, and global environmentalism?
What was the error for tl : CORRECTION ENTRY => debit cash by 20.000 TL, credit unearned revenue by 10.000 TL, credit sales revenue by 10.000 TL. What was the error?
Phosphorous levels on aquatic ecosystems : What term is used to describe the effects of increased phosphorous levels on aquatic ecosystems?
What is the balance in the common stock account : A company had 400,000 shares of $10 per value common stock outstanding. The amount of additional paid in capital is $2 million and retained earnings.

Reviews

Write a Review

Financial Accounting Questions & Answers

  Entry in journal form to record the transfer of ownership

After the partnership has been operating for a year, the Capital accounts of Bob and Kim are $15,000 and $10,000, respectively. Sonia buys a one-fourth interest in the partnership by investing cash of $5,000. Prepare the entry in journal form to reco..

  Determine which of the entities is a going concern

Determine Which of the entities is a going concern. Management has no realistic alternative but to cease entity's operations. Management intends to liquidate

  How would the proposed financing affect the break-even point

A proposal to issue $1 million additional bonds, with a a coupon rate of 6%. How would this proposed financing affect the break-even point?

  Discuss the correct accounting treatment

For each situation, fully discuss the correct accounting treatment, including any required disclosures. Provide an explanation for your answers

  Prepare a flexible overhead budget

prepare a flexible budget report showing the differences (favorable and unfavorable) in manufacturing overhead costs for the month of March.

  What is the difference in two firms required rates of return

Analysts expect the firm to grow at 12 percent per year for the next five years. What is the difference in the two firms' required rates of return?

  Evaluate the confidence interval

Evaluate the 95% confidence interval for the population proportion p of all Americans who drink beer, wine, or hard liquor, at least occasionally and interpret your result.

  Three bracket of control in consolidation and what special

What are the three bracket of control in consolidation and what special accounting considerations are expected for each of the brackets of control

  What business structures would recommend to green

Green is a talented artist, What business structures would you recommend to Green? Advise Green of the pros and cons of each structure.

  Prepare related journal entries for nayland bhd investment

Explain which property(ies) can be classified as investment property for Nayland Bhd according to MFRS 140 Investment Property.

  Controls as preventive and detective or corrective

Classify the following controls as preventive, detective, or corrective:

  Calculate the weights of vbtlx and vfiax

Calculate the weights of VBTLX and VFIAX that achieve a portfolio allocation that represents an "optimal risky portfolio" on the efficient frontier

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