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Gross billings for merchandise sold by pye company to

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27.Gross billings for merchandise sold by Pye Company to its customers last year amounted to$12,720,000; sales returns and allowances were $270,000, sales discounts were $175,000,and freight-out was $140,000.Net sales last year for Pye Company were (E)A. $12,720,000.C. $12,275,000.B. $12,450,000.D. $12,135,000.K, W & WlOMoARcPSD|13623078
Gross profit, purchases & ending inventory givenDownloaded by Christine Joyce ([email protected])
30.Hernandez Company had a gross profit of $240,000, total purchases of $280,000, and anending inventory of $160,000 in itsfirstyear of operations as a retailer. Hernandez’s salesinits first year must have been (E).The total operating expenses of Travelodge Company for 2012 is 50% of cost of sales butonly 20% of sales. Finance costs are 5% of sales. The amount of purchases is 130% of costsof sales. Ending inventory is 25% greater than the beginning inventory. The profit for theperiod after the tax of 30% is P2,450,000. How much were the beginning inventory? (D)
A. 4,000,000C. 6,000,000B. 4,800,000D. 5,000,000HGT55.A company has a 40% gross margin, general and administrative expenses of $50, interestexpense of $20, and net income of $70 for the year just ended.If the corporate tax rate is
30%, the level of sales revenue for the year just ended was (E)CIA 1194 IV-16
56.A company has a 50% gross margin, general and administrative expenses of $50, interestexpense of $20, and net income of $10 for the year just ended. If the corporate tax rate is50%, the level of sales revenue for the year just ended was (E)A.$90C.$150B.$135D.$180CIA 1194 IV-16
57. The profit of Imperial Company for the year ended December 31, 2012 was P480,000.Percentage distribution of some of the items in profit or loss was as follows:Selling expenses10% of salesAdministrative expenses, excluding bad debts15% of sales ( also equal to 25% of costof sales)Bad debts expenses3% of salesWhat was the amount of Imperial Company’s sales during 2012?
Cost of Goods SoldBeginning Inventories58.A retail enterprise maintains a markup of 25% based on cost. The enterprise has thefollowing information for 2001:Purchases of merchandise690,000Freight-in on purchases25,000Sales900,000Ending inventory80,000Beginning inventory was (E)

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Term
Winter
Professor
Sharon Valenzuela
Tags
Revenue, Generally Accepted Accounting Principles, Discounts and allowances, Christine Joyce

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