10:56 Toplantya dnmek iin dokunun (53:29) Principles of Accounting Tutorial Credit Test First Term 6 June 2022_AL... Exercise III (FOR SELECTION) The gross sales from whole 2020 period were 20000 and the sales returns were 7%. Additionally, the company is offering 7% of cash discount of sales to their customers (the cash sales was 15000). At the beginning of the period December 31, 2019 the merchandise inventory level was 10 100 and during the year 2020 the company purchased 10000 of merchandise with 7% cash discount (the cash purchases was 4000). Due to the low quality of the merchandise the company agreed with the suppliers on 900 purchase allowance. The freight -in cost for the 2020 period were 122. The ending inventory as of December 31, 2020 level was 2 600. Please calculate cost of goods sold and gross profit under the periodic system inventory for 2020. 10:55 ME @ Toplantya dnmek iin dokunun (52:30) Principles of Accounting_Tutorial Credit Test _First Term 6 June 2022_AL... 2. Compute the gross profit for December 2020. Exercise II (FOR SELECTION) CD Corp. acquired some special equipment for 716000 on August 1, 2014. The useful life of the equipment was estimated to be 7 years and its residual value was assumed to be zero. The company uses the linear method and calculates the annual depreciation charges according to the number of months used. The depreciation is recorded indirectly. On November 30, 2015, the equipment was sold for 667000 cash. Requirement: Post all necessary entries for 2015 (including any adjusting entries) related to the sale of the equipment to the corresponding ledger accounts. There are no closing entries required. Full ... Exercise I (FOR SELECTION) The inventory of XYZ Company on November 30, 2020 shows 1200 units at 6 per unit. Revenue from sales for December totals 64,000 (= 3,200 units at 20 per unit). The following purchases were made during December 2020: Dec. 10: 1,100 units at 12 per unit Dec. 18 1,000 units at 7 per unit, Dec 23 900 units at 6 per unit Requirement: 1. Calculate the cost of goods sold and the inventory cost as of December 31, 2020, using the Weighted average method. 2. Compute the gross profit for December 2020. Principles of Accounti... Exercise IV REQUIRED ANYWAY The Accounting Cycle-Problem Set ABC Company Ltd Tatal assets 21 600 Summary of transactions during December 1. Pad outstanding sary povabi 2. Pad outstanding 4. Selnes 5. s in the amount of C1500 Prof 2500 of Off Spy with 500 of entry that anished the account M 300 21600 The boght for both supplies and 200 try was in the a Performed services for Customer 02, for which wi2-more credit and in December 2014 the cuter the cut for prompt payment 14. In the beging of October 2014, a subscriptions for permane 000 was paid for four-month ten in advance 15. In the beginning of September 2014 company c 6,000 15. At the end of the month Company reptek 000 Prepare the journa 1-17) for the of December and post Prepare the dosing entries for the permanent accounts and the ance Sheet as of Dec PRINCIPLES OF FINANCIAL ACCOUNTING TUTORIAL'S CREDIT TEST-FIRST TERM