ational Co. has just ended the calendar year making a sale in the amount of P250,000 of merchandise purchased during the year at a total cost of P150,000. Although the firm paid in full for the merchandise during the ye
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A: Given that, annual sales = $5,790,872 purchases(cost of goods sold) = $3,221,342 inventory =…
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- National Co. has just ended the calendar year making a sale in the amount of P250,000 of merchandise purchased during the year at a total cost of P150,000. Although the firm paid in full for the merchandise during the year, it only collected 10,000 at year end from the customer. The net profit and cash flow from this sale for the year are A. P50,000 and P250,000, respectively. B. P50,000 and -P150,000, respectively. C. P250,000 and -P20,000, respectively. D. 50,000 and -P140,000, respectively.Sword Co. has just ended the calendar year making a sale in the amount of P250,000 of merchandise purchased during the year at a total cost of P150,000. Although the firm paid in full for the merchandise during the year, it only collected 10,000 at year end from the customer. The net profit and cash flow from this sale for the year are? A. P50,000 and -P140,000 respectively B. P50,000 and -P150,000 respectively C. P50,000 and P250,000 respectively D. P250, 000 and -P20,000 respectivelyMarkle's Inc. had the following transactions during the year: total sales = $610,000; sales discounts = $13,000; sales returns = $36,000; sales allowances = $16,000. In addition, at the end of the year the company estimates the following transactions associated with sales in the current year will occur next year: sales discounts = $1,300; sales returns = $4,320; sales allowances = $2,130. Compute net sales. Total sales Net sales
- 18. San Miguel Corp. has just ended the calendar year making a sale in the amount of P10,000 of merchandise purchased during the year at a total cost of P7,000. Although the firm paid in full for the merchandise during the year, it has yet to collect at year end from the customer. The net profit and cash flow for the year areA. P3,000 and P10,000 respectively.B. P3,000 and P7,000 respectively.C. P7,000 and P3,000 respectively.D. P3,000 and P7,000 respectively. 19. The financial planning process begins with _____ financial plans that in turn guide the formation of _____ plans and budgets.A. shortrun; longrunB. shortrun; operatingC. longrun; strategicD. longrun; shortrun 20. Shortrun financial plans and longrun financial plans generally cover periods ranging from _____ years and _____ years, respectively.A. one to two, two to tenB. two to ten, one to twoC. one to five, five to tenD. one to three, three to fiveLibscomb Technologies' annual sales are $5,024,963 and all sales are made on credit, it purchases $3,844,500 of materials each year (and this is its cost of goods sold). Libscomb also has $547,231 of inventory, $532,629 of accounts receivable, and beginning and ending of year $421,009 and $481,435 accounts payables (respectively). Assume a 365 day year. What is Libscomb’s Cash Cycle (in days)?Libscomb Technologies' annual sales are $6,997,444 and all sales are made on credit, it purchases $3,879,449 of materials each year (and this is its cost of goods sold). Libscomb also has $530,851 of inventory, $490,754 of accounts receivable, and $417,441 of accounts payable. Assume a 365 day year. What is Libscomb’s Receivables Turnover?
- Libscomb Technologies' annual sales are $6,974,991 and all sales are made on credit, it purchases $3,511,535 of materials each year (and this is its cost of goods sold). Libscomb also has $550,869 of inventory, $522,928 of accounts receivable, and $477,584 of accounts payable. Assume a 365 day year. What is Libscomb’s Inventory Turnover?Libscomb Technologies' annual sales are $5,790,872 and all sales are made on credit, it purchases $3,221,342 of materials each year (and this is its cost of goods sold). Libscomb also has $539,653 of inventory, $498,477 of accounts receivable, and $416,602 of accounts payable. Assume a 365 day year. What is Libscomb’s Inventory Period (in days)?During the current period, Gleason Technology records total sales of $850,000, with a cost of merchandise to the company of $340,000. Based on past experience, Gleason Technology expects 4% of sales to be returned.How much in net sales will Gleason Technology recognize for the current period?
- the business is a trading business. for the period, it purchased goods for sale valued at 120,000. for the sale only 10% was received as down payment, 60% were collected, and at the end of the year, 30% are still for collection. How much is the business income?The Nyameye Manufacturing Company increased its merchandise inventory by GH¢17,000 over the year. The company also granted its customers more liberal credit terms which increased the accounts receivable by GH¢37,500. Sales were GH¢975,000, and the accounts payable decreased by GH¢27,500. The gross profit on sales is 45%. Marketing and administrative expenses were GH¢145,000; this included depreciation expense of GH¢4,000. What were the cash disbursements for the year? A. GH¢721,750. B. GH¢706,500. C. GH¢689,500. D. GH¢599,750.Savings Company made total purchases of $270,000 in the most current year. It paid freight in of $1,500 on its purchases. Freight out, the cost to deliver the merchandise when it was sold to Savings's customers, totaled $9,600. Of the total purchases Savings made during the period, it returned $24,000 of the merchandise. Savings took advantage of $2,700 of purchase discounts offered by its vendors. What was Savings's cost of inventory? Savings's cost of inventory is