Question
In: Accounting
Please explain answers. Thanks! Presented below is information related to Sarasota Corporation for the current year....
Please explain answers. Thanks!
Presented below is information related to Sarasota Corporation for the current year.
| Beginning inventory | $ 608,100 | |||
| Purchases | 1,487,500 | |||
| Total goods available for sale | $2,095,600 | |||
| Sales revenue | 2,495,000 |
Compute the ending inventory, assuming that (a) gross profit is 45%
of sales, (b) gross profit is 60% of cost, (c) gross profit is 33%
of sales, and (d) gross profit is 25% of cost. (Round
ratios for computational purposes to 1 decimal place, e.g. 78.7%
and final answers to 0 decimal places, e.g.
28,987.)
|
Ending Inventory |
||||
| (a) | Gross profit is 45% of sales | $ | ||
| (b) | Gross profit is 60% of cost | $ | ||
| (c) | Gross profit is 33% of sales | $ | ||
| (d) | Gross profit is 25% of cost | $ |
Solutions
ekkarill92 answered 3 months agoRelated Solutions
Presented below is information related to Oriole Corporation for the current year. Beginning inventory $ 596,100...
Presented below is information related to Oriole Corporation for
the current year. Beginning inventory $ 596,100 Purchases 1,505,300
Total goods available for sale $2,101,400 Sales revenue 2,500,000
Compute the ending inventory, assuming that (a) gross profit is 46%
of sales, (b) gross profit is 60% of cost, (c) gross profit is 32%
of sales, and (d) gross profit is 25% of cost.
Presented below is information related to Oriole Corporation for the current year. Beginning inventory $ 596,100...
Presented below is information related to Oriole Corporation for
the current year. Beginning inventory $ 596,100 Purchases 1,505,300
Total goods available for sale $2,101,400 Sales revenue 2,500,000
Compute the ending inventory, assuming that (a) gross profit is 46%
of sales, (b) gross profit is 60% of cost, (c) gross profit is 32%
of sales, and (d) gross profit is 25% of cost.
Presented below is information related to Aaron Rodgers Corporation for the current year. Beginning inventory was...
Presented below is information related to Aaron Rodgers
Corporation for the current year. Beginning inventory was $600,000.
Purchases was 1,500,000. Sales revenue was 2,500,000.
Required: Fill in the blanks to compute
the ending inventory, assuming that gross profit is 45% of
sales.
Beginning inventory (at cost)
________
Purchases (at cost)
________
Total goods available for sale (at cost)
________
Sales (at selling price)
________
Less: Gross profit (45% of sales)
________
Sales (at cost)
________
Ending inventory (at...
Presented below is information related to Splish Corporation for the current year. Beginning inventory $ 589,800...
Presented below is information related to Splish Corporation for
the current year.
Beginning inventory
$ 589,800
Purchases
1,503,500
Total goods available for sale
$2,093,300
Sales revenue
2,410,000
Compute the ending inventory, assuming that (a) gross profit is 43%
of sales, (b) gross profit is 60% of cost, (c) gross profit is 33%
of sales, and (d) gross profit is 25% of cost. (Round
ratios for computational purposes to 1 decimal place, e.g. 78.7%
and final answers to 0 decimal places,...
Presented below is information related to Flint Corporation for the current year. Beginning inventory $ 607,400...
Presented below is information related to Flint Corporation for
the current year.
Beginning inventory
$ 607,400
Purchases
1,475,500
Total goods available for
sale
$2,082,900
Sales revenue
2,585,000
Compute the ending inventory, assuming that (a) gross profit is 48%
of sales, (b) gross profit is 60% of cost, (c) gross profit is 38%
of sales, and (d) gross profit is 25% of cost. (Round
ratios for computational purposes to 1 decimal place, e.g. 78.7%
and final answers to 0 decimal places,...
Please Provide the Answers and Solution for this Question Clearly: . Presented below is information related...
Please Provide the Answers and Solution for this Question
Clearly:
. Presented below is information related to
Dublin Company for 2018.
Unrealized gain on non-trading equity securities, net of
tax
€200,000
Retained earnings balance, January 1,
2018
1,200,000
Sales
revenue
35,000,000
Unearned sales
revenue
150,000
Prepaid
expense
80,000
Freight-In
10,000
Cost of goods
sold
25,000,000
Purchase
Discounts
15,000
Interest
expense
100,000
Selling and administrative
expenses
5,700,000
Write-off of goodwill
1,200,000
Income taxes for
2018
1,360,000
Dividend
revenue
100,000...
Presented below are a number of balance sheet items for Sarasota, Inc. for the current year,...
Presented below are a number of balance sheet items for Sarasota,
Inc. for the current year, 2020.
Goodwill
$ 126,590
Accumulated Depreciation-Equipment
$ 292,240
Payroll Taxes Payable
179,181
Inventory
241,390
Bonds payable
301,590
Rent payable (short-term)
46,590
Discount on bonds payable
15,240
Income taxes payable
99,952
Cash
361,590
Rent payable (long-term)
481,590
Land
481,590
Common stock, $1 par value
201,590
Notes receivable
447,290
Preferred stock, $10 par value
151,590
Notes payable (to banks)
266,590
Prepaid expenses
89,510
Accounts payable
491,590...
Presented below is information related to the operations of Phantom Corporation.  
Presented below is information related to the operations of
Phantom Corporation.
December
2015
2014
Cash $125,000 $ 80,000
Accounts
receivable 110,000
94,000
Inventory 60,000
43,000
Prepaid
expenses 30,000
42,000
Land 70,000
40,000
Buildings 200,000
200,000
Accumulated
depreciation—
buildings (34,000)
(16,000)
Equipment 116,000
160,000
Accumulated
depreciation—
equipment (30,000)
(40,000)
Total $647,000
$603,000
Accounts
payable $ 80,000
$ 55,000
Bonds
payable 0
200,000
Common
stock 400,000
200,000
Retained
earnings
167,000
148,000
Total $647,000
$603,000
Additional information:
(a) The...
Current Attempt in Progress Presented below are a number of balance sheet items for Sarasota, Inc....
Current Attempt in Progress
Presented below are a number of balance sheet items for
Sarasota, Inc. for the current year, 2020.
Goodwill
$ 126,300
Accumulated Depreciation-Equipment
$ 292,150
Payroll Taxes Payable
178,891
Inventory
241,100
Bonds payable
301,300
Rent payable (short-term)
46,300
Discount on bonds payable
15,150
Income taxes payable
99,662
Cash
361,300
Rent payable (long-term)
481,300
Land
481,300
Common stock, $1 par value
201,300
Notes receivable
447,000
Preferred stock, $10 par value
151,300
Notes payable (to banks)
266,300
Prepaid expenses...
Presented below is information related to the Accounts Receivable accounts of Concord Inc. during the current...
Presented below is information related to the Accounts
Receivable accounts of Concord Inc. during the current year
2017.
1. An aging schedule of the accounts receivable as
of December 31, 2017, is as follows.
Age
Net Debit Balance
% to Be Applied after
Correction Is Made
Under 60 days
$170,300
1%
60–90 days
136,400
3%
91–120 days
38,500
*
5%
Over 120 days
23,000
$3,700 definitely
uncollectible;
estimated remainder uncollectible is 24%
$368,200
*The $3,200 write-off of receivables is related...
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