Sales returns | | <54,000> | Net turnover | | 12,596,000 | Cost of Sales: | | | Purchases | 4,678,000 | | Purchases discount | <46,000> | | Purchases returns | <17,500> | | Net purchases | 4,614,500 | | Opening inventory | 378,200 | | Cost of inventory | 4,992,700 | | Closing stock | <356,100> | | Cost of goods sold | | <4,636,600> | Gross profit | | 7,959,400 | Operating expenses: | | | Advertising | 45,000
Words: 1735 - Pages: 7
................. • Net sales ...................................................................................................... E6–4. Cost of Transaction July 12 July 15 July 20 July 21 E6–5. Req. 1 Net Sales + 297 + 5,000 – 150 – 1,000 Goods Sold + 175 + 2,500 NE – 600 $2,000 17 $1,983 $16,000 270 60 $15,670 $14,900 900 243 8 $13,749 Gross Profit + 122 + 2,500 – 150 – 400 (Amount saved ÷ Amount paid) = Interest rate for 40 days. (3% ÷ 97%) = 3.09% for 40 days. Interest rate for 40
Words: 26089 - Pages: 105
the adequacy of accounting ratios, so that the owner can keep an eye on what condition is their business in. This will able the business to see whatever they are making profit or making loss. The business which I will particular focus at will be ISIS. Also, this report will include the advantage and disadvantage of using a profit & loss and balance sheet; I will outline the purpose of accounting ratios, plus take in account of the advantages and the limitations of each ratio, I will be also judge
Words: 1607 - Pages: 7
accounting process, this project aims at applying theory into practice. The annual report project in the first term of our accounting course in MBA is assigned to us to make us learn everything we can about one company using its annual report, the internet, the press, stock market and contract with company officials. Thus, this annual report project on Unilever Nepal Limited (UNL) is prepared as a part of learning practical applicability of accounting processes. Objectives of the report Every report has
Words: 7324 - Pages: 30
................................... 300,000 Sales revenue .............................................................. 300,000 To record installment sale Cost of goods sold .......................................................... 120,000 Inventory..................................................................... 120,000 To record cost of installment sale Cash ................................................................................ Installment receivables ..........................
Words: 4310 - Pages: 18
Chapter 4 Exercise 4-3 a. Describe inventory cost flow assumption of (1) average cost, (2) FIFO, (3) LIF0. Average cost: units sold without regard to the order in which they are purchased and computes COGS and ending inventories as simple weighted average. FIFO: the first units purchased are the first units sold. These units are the units on hand at the beginning of the period. LIFO: the last units purchased are the first to be sold. b. Discuss management’s usual reason for using LIFO as inflationary
Words: 733 - Pages: 3
North country auto , inc . Was a company the dealer being also had authorization to to serve some brands a car as it ford , saab , and volkswagen .North country auto having two partners , namely george liddy and andrew jones .Andrew jones is the possessor noerth country auto making their first since the company is established , while george liddy new join the last few years .When george liddy join , companies experienced changes inside the system control company management . North Country Auto, Inc
Words: 731 - Pages: 3
Financial Analysis Honest Tea is a company that has only been trading a few years. Like all companies at the early stages there is a gross profit, but the growth is being funded and there are operating and net profit losses. However, when looking at each of the ratios there does appear to be improvement over the year, and when looking at liquidity the firm current appears to be liquid, making a potentially good investment as the current trend towards profitability is continued. The first financial
Words: 655 - Pages: 3
Management believes that these forward-looking statements are reasonable as and when made. However, caution should be taken not to place undue reliance on any such forward-looking statements because such statements speak only as of the date when made. Our Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law. In addition, forward-looking statements are subject to certain risks
Words: 3281 - Pages: 14
Unit I Accounting for Merchandising Business Overview Background Merchandising business deals primarily with the buying and selling of finished goods. This unit will introduce readers on the different activities done by a trading business. A brief discussion of the perpetual inventory systems is also included. Purpose The purpose of Unit I “Accounting for Merchandising Business ” is to illustrate the various buying and selling activities of a trading business. This unit also illustrates
Words: 8432 - Pages: 34
