The following balances were reported by ABC Co. at December 31, 2019 and 2020: 12/31/20 P2,600,000 12/31/19 P2,900,000 Inventory Account payable 750,000 500,000 ABC Co. paid suppliers P4, 900,000 during 2019. How much is the cost of goods sold in 2019?
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What is the amount of the cost of goods sold in 2019?
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- Smile JungkookCompany reported the following balances at the end of each year: 2020 2019 InventoryP2,600,000 P2,900,000 , Accounts Payable 750,000 500,000 The entity paid suppliers P4,900,000 during the year ended December 31, 2020.What should be the amount to be reported for cost of goods sold in 2020?Wendy Corp. reported the following data for 2019. Total net sales –P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000;Ending Inventory – P600,000; 1 year advance rent received amounting toP60,000 to be applied in 2020; P80,000 total interest income from customerspromissory note earned--P60,000 of this was collected; Unrealized foreignexchange gains from foreign currency receivables – P120,000; Using cash basis,compute the total income subject to income tax.CPAinTransit Company has the following balances: Accounts Payable: January 1, 2021 P265,432 ; December 31, 2021 838,923 ; Inventory balance: January 1, 2021 824,687 ; December 31, 2021 453,624 ; Cost of Goods Sold – 2021 1,924,6508. Determine the amount CPAinTransit paid to its suppliers in 2021 * a. 819,019 b. 1,553,587 c. 2,127,078 d. 980,096
- DCI & Co. reported the following 2021 balances: December 31 P1,950,000 P562,500 During the year, the company paid its suppliers the amount of P3,675,000. What should be the amount to January 1 P2,175,000 P375,000 Inventory Accounts Payable be reported for cost of goods sold in 2021?Q8: What amount will Music, Inc. report as 2021 Cost of Goods Sold on its year ending 2021 Income Statement?The balance in ABC Company's accounts payable account at December 31, 2021, was P900,000, before any necessary year-end adjustment relating to the following: a. Goods in transit from a vendor to ABC on December 31, 2021. The invoice cost was P50,000, and the goods were shipped FOB shipping point on December 29, 2021. The goods were received on January 4, 2022. b. Goods shipped FOB shipping point on December 20, 2021, from a vendor to ABC was lost in transit. The invoice cost was P25,000. On January 5, 2022, ABC filed a P25,000 claim against the common carrier. C. On December 31, 2021, ABC has a P20,000 debit balance in accounts payable to a supplier resulting from an advance payment for goods to be manufactured. What amount should be reported as accounts payable on its December 31, 2021 financial statement?
- The following information is available for Ayayai Corp. for 2023: Payment for goods during year Accounts Payable, beginning Inventory, beginning Accounts Payable, ending Inventory, ending Cost of goods sold for 2023 is $106100. $120600. $137700. $106300. $106200 14200 31500 14100 17000The December 31, 2019 trial balance for ABC Company included the following: purchases, P40,000; purchase returns and allowances, P2,000; transportation in, P3,000; ending inventory, P8,000. What was the cost of goods sold for 2019? a. P39,000 b. P38,000 c. P32,000 d. P33,000On December 20, 2020, Guijo Company purchased goods with a list price of P810,000 from a supplier. The term of the purchase was 10, 3/10, 1/20, n/30. The account was fully paid on January 4, 2021. If Guijo used the gross method in recording its purchases, how much is the net amount of Accounts Payable to be reported on the 2020 Balance Sheet?
- YELLOW Corporation sold selected merchandise on a consignment basis during 2020. Yellow's accounting records show the following information:* What amount should YELLOW report as cost of goods sold in its 2020 income statement? ₱ 1,094,000 ₱ 1,014,000 ₱ 1,024,000 ₱ 1,354,000Wendy Corp. reported the following data for 2019. Total net sales -P4,000,000; Goods purchased – P2,400,000; Beginning Inventory – P400,000; Ending Inventory – P600,000; 1 year advance rent received amounting to P60,000 to be applied in 2020; P80,000 total interest income from customers promissory note earned--P60,000 of this was collected; Unrealized foreign exchange gains from foreign currency receivables – P120,000; REQUIRED: 1. Using cash basis, compute the total income subject to income tax.The following information were taken from the 2019 balance sheet and income statement for WAY retailer:Net salesOR 1,937.80Cost of goods soldOR 1,151.70Operating expensesOR 447.20InventoryOR 186.10Accounts receivableOR 78.00Other current assetsOR 422.70EquipmentOR 400.00Distribution centersOR 140.00Long-term liabilitiesOR 320.00Calculate (you need to show your calculations; not acceptable to show only a final number):1. Asset turnoverWhat does this number mean? ______________________________________2. Return on AssetWhat does this number mean? ______________________________________3. Net profit marginWhat does this number mean? ______________________________________