Finance Questions

At December 31, 2013, Sunrise Company's inventory records indicated a balance of $752,000. Upon further investigation it was determined that this amount included the following: ● $112,000 in inventory purchases made by Sunrise shipped from the seller December 27, 2013 terms FOB destination, but not due to be received until January 2, 2014 ● $74,000 in goods sold by Sunrise with terms FOB destination on December 27. The goods are not expected to reach their destination until January 6, 2014 ● $6,000 of goods received on consignment from Wallwood CompanyWhat is Sunrise's correct ending inventory balance at December 31, 2013?

Turner Corporation returned $150 of goods originally purchased on credit from Morgan Industries. Using the periodic Inventory approach, Turner would record this transaction as:

At December 31, 2014 Mohling Company's inventory records indicated a balance of $602,000. Upon further investigation it was determined that this amount included the following:▪ $112,000 in inventory purchases made by Mohling shipped from the seller 12/27/14 terms FOB destination, but not due to be received until January 2nd▪ $74,000 in goods sold by Mohling with terms FOB destination on December 27th. The goods are not expected to reach their destination until January 6th▪ $6,000 of goods received on consignment from Dollywood CompanyWhat is Mohling's correct ending inventory balance at December 31, 2014?

Sampson Company's accounting records show the following for the year ending on December 31, 2014.Purchase Discounts $5,600Freight-in 7,800Purchases 350,010Beginning Inventory 23,500Ending Inventory 28,800Purchase Returns and Allowances 6,400Using the periodic system, the cost of goods sold is

A company shows the following balances:Sales Revenue $800,000Sales Returns and Allowances 75,000Sales Discounts 25,000Cost of Goods Sold 420,000What is the gross profit rate?

Betty's Fabrics sold merchandise for $114,000 cash during the month of July. Returns that month totaled $2,400. If the company's gross profit rate is 40%, Betty will report monthly net sales revenue and cost of goods sold of

Erin Corporation purchases $500 of merchandise on credit. Using the periodic inventory approach, Erin would record this transaction as:

American Importers reports net income of $50,000 and cost of goods sold of $450,000. If the company's gross profit rate was 40%, net sales were

A company just starting business made the following inventory transactions in August:Purchase on August 1 300 units $1,560Sale on August 8 200 units 3,400Purchase on August 12 400 units 1,340Sale on August 24 350 units 5,950Using the average cost perpetual inventory method, how much is the average cost of the units sold on August 24?

Andrea's Fashions sold merchandise for $95,000 cash during the month of July. Returns that month totaled $2,000. If the company's gross profit rate is 40%, Andrea's will report monthly net sales revenue and cost of goods sold of

United Services and Supplies reports net income of $60,000 and cost of goods sold of $360,000. US&S's gross profit rate was 40%, net sales were

During the year, Megan's Pet Shop's merchandise inventory decreased by $60,000. If the company's cost of goods sold for the year was $900,000, purchases would have been

Piper Company sells merchandise on account for $1,500 to Morton Company with credit terms of 2/10, n/30. Morton Company returns $500 of merchandise that was damaged, along with a check to settle the account within the discount period. What entry does Piper Company make upon receipt of the check?

Financial information is presented below:Operating expenses $45,000Sales returns and allowances 4,000Sales discounts 6,000Sales revenue 160,000Cost of goods sold 90,000The amount of net sales on the income statement would be

At the beginning of the year, Uptown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,500,000. If Uptown Athletic reported ending inventory of $500,000 and sales of $2,000,000, their cost of goods sold and gross profit rate would be

A retailer makes a $100 sale with terms of 2/10, n/30 on the first of the month. The customer returns $20 of merchandise for credit on account. What journal entry will the retailer record when payment is received within the discount period under a perpetual inventory system?

Aber Company sells merchandise on account for $1,800 to Borth Company with credit terms of 2/10, n/30. Borth Company returns $300 of merchandise that was damaged, along with a check to settle the account within the discount period. What is the amount of the check?

Tony's Market recorded the following events involving a recent purchase of inventory under a perpetual inventory system: Received goods for $40,000, terms 2/10, n/30. Returned $800 of the shipment for credit. Paid $200 freight on the shipment. Paid the invoice within the discount period.As a result of these events, the company's inventory

Rains Company is a furniture retailer. On January 14, 2014, Rains purchased merchandise inventory at a cost of $48,000. Credit terms were 2/10, n/30. The inventory was sold on account for $80,000 on January 21, 2014. Credit terms were 1/10, n/30. The accounts payable was settled on January 23, 2014 and the accounts receivables were settled on January 30, 2014. Which statement is correct?

Financial information is presented below:Operating expenses $28,000Sales returns and allowances 7,000Sales discounts 3,000Sales revenue 150,000Cost of goods sold 91,000The profit margin ratio would be