1.) What is the Net Sales amount? Jan. 6 Sold goods for $1,500 to S. Green...

1.) What is the Net Sales amount?

Jan.	6	Sold goods for $1,500 to S. Green and billed that amount subject to terms 2/10, n/30.
	6	Sold goods to M. Munoz for $850 and billed that amount subject to terms 2/10, n/30.
	14	Collected cash due from S. Green.
Feb.	2	Collected cash due from M. Munoz.
	28	Sold goods for $400 to R. Reynolds and billed that amount subject to terms 2/10, n/45.

Required:

Assuming that Sales Discounts is treated as a contra-revenue, compute net sales for the two months ended February 28.

Expert Solution

1. Journal Entries -

2. Net Sales Revenue -

Sales Discount -

Sales discount is the amount which is given to the debtors when they pay with in the resonable period of time. When they paid the full amount with in period given they are given sales discounts.

Sales discount is the reduction in the amount of Sales revenue.

Net Sales = Sales Revenue - Sales Discount.

ekkarill92 answered 2 years ago

A small amount of goods are not sold on account. Where are these sales posted? A....

A small amount of goods are not sold on account. Where are these sales posted? A. purchases journal B. sales journal C. cash disbursement journal D. cash receipts journal

The following information for Vision Company is given: 2016 Sales 9,000 Cost of goods sold 1,500...

The following information for Vision Company is given: 2016 Sales 9,000 Cost of goods sold 1,500 Accounts receivable 1,000 Inventory 250 Calculate the Accounts Receivable Turnover, Inventory Turnover and Day’s Sales in Inventory for 2016. Calculate Day’s Sales in Inventory for 2016. What this ratio attempt to measure? Calculate the Day’s Sales in Receivables for 2016. (1 mark) How long did it take on average for credit customers to pay off their accounts during the past year?

Years Jan-12 Jan-11 Jan-10 Net Sales $70.395,00 $67.997,00 $66.176,00 Cost of Good Sold 46133 44693 43764...

Years Jan-12 Jan-11 Jan-10 Net Sales $70.395,00 $67.997,00 $66.176,00 Cost of Good Sold 46133 44693 43764 Gross Profit 24262 23304 22412 Operating Expense Selling and administrative expenses 16028 15849 15902 Depreciation and amortization 1573 1616 1707 Total operating charge 17601 17465 17609 Operating profit 6661 5839 4803 Other Income (expense) Interest income (13) (15) (18) Interest expense 606 530 676 Interest and other, net 593 566 821 Earnings before income taxes 6068 5273 3982 Provision for income taxes 2185 1935...

Figures are in millions of dollars Net sales $ 2,473.8 Cost of goods sold (COGS) $...

Figures are in millions of dollars Net sales $ 2,473.8 Cost of goods sold (COGS) $ 1,316.2 Operating expenses (S&GA) $ 575.8 Inventory $ 250.1 Accounts receivable $ 36.7 Other current assets $ 68.9 Fixed assets $ 690.0 What's the net profit margin? $____ Show work. What's the net profit margin %? _____ Show work. What's the value of total assets? $____ Show work. What's the asset turnover ? $____ Show work. What's the return on assets (ROA)? $____ Show...

1- You have been given the following information: Net sales = $20,000,000 Cost of goods sold...

1- You have been given the following information: Net sales = $20,000,000 Cost of goods sold = $9,000,000 Addition to retained earnings = $3,600,000 Dividends paid to preferred and common stockholders = $600,000 2- the firm’s 2009 income statement lists the following: EBT = $6,000, Interest expense = $0, and Taxes = $3,000. The firm’s has no preferred stock outstanding and 30,000 shares of common stock outstanding. the 2009 earnings per share is Please Solve As soon as Solve quickly...

The Mohamed & Ahmed Co. reports net sales $ 150,000, cost of goods sold $ 50,000,...

The Mohamed & Ahmed Co. reports net sales $ 150,000, cost of goods sold $ 50,000, selling and administrative expenses $ 37,000. Interest allowances are Mohamed $9,000 and Ahmed $6,000; partner salary allowances are Mohamed $30,000 and Ahmed $25,000 and the remainder is shared 6:4 respectively. Instructions: Indicate the division of net income to each partner and prepare journal entry for net income/net loss division. Solution question 4: Item Mohamed Ahmed Total Journal entry: Date Account title and explanation...

STORE 5 NET SALES = ? COST OF GOODS SOLD = $90.0 GROSS MARGIN-DOLLARS = ?...

STORE 5 NET SALES = ? COST OF GOODS SOLD = $90.0 GROSS MARGIN-DOLLARS = ? GROSS MARGIN-PERCENT = ? EXPENSE-DOLLARS = $41.1 EXPENSE-PERCENT = ? NET INCOME-DOLLARS = $0.5 NET INCOME-PERCENT = ?

Calculate net sales: Cost of goods sold $74,500 Sales revenue $112,800 Operating expenses $23,600 Sales returns...

Calculate net sales: Cost of goods sold $74,500 Sales revenue $112,800 Operating expenses $23,600 Sales returns $4,600 Sales discounts $6,700 Inventory purchases $80,530

On Jan 1, 2016, Zahid sold a truck to Othaim in exchange for a $200,000, 6%...

On Jan 1, 2016, Zahid sold a truck to Othaim in exchange for a $200,000, 6% (payable annually), 5 year, notes payable. On Jan 1, 2016, the market rate was 8%. Date Cash Received Int. Revenue Pre Amrt. Carrying Value 1-Jan-16 1-Jan-17 1-Jan-18 1-Jan-19 1-Jan-20 1-Jan-21 Requirements: (1) What is the sale revenue that Zaid should recognize on Jan 1, 2016? (2) What is the interest revenue that Zaid should recognize on Dec 31, 2016? (3) What is the Pre...

What was the amount of Best Buy 's cost of merchandise sold

For a recent year, Best Buy reported sales of $40,339.Its gross profit was $9,047 million.What was the amount of Best Buy's cost of merchandise sold

Question