Financial information is presented below: $40000 15000 Operating expenses Sales returns and allowances Sales discounts Sales revenue Cost of goods sold 3000 165000 96000 Gross profit is: $51000. $54000. $69000. O $66000. Kingbird Company does not ring up sales taxes separately on the cash register. Total receipts for October amounted to $26750. If the sales tax rate is 7%, what amount must be remitted to the state for October's sales taxes? It cannot be determined. $1750 $123 $1873 The following credit sales are budgeted by Coronado Industries: January February March $224000 300000 430000 April 320000 The company's past experience indicates that 70% of the accounts receivable are collected in the month of sale, 20% in the month following the sale, and 8% in the second month following the sale. The anticipated cash inflow for the month of April is $310000. $378920. $328800. $334000. Goods held on consignment are included in the consignee's ending inventory. O included as part of no one's ending inventory. never owned by the consignee. kept for sale on the premises of the consignor. Crane Company reported the following information for 2022: October November December Budgeted sales $1210000 $1130000 $1410000 All sales are on credit. Customer amounts on account are collected 50% in the month of sale and 50% in the following month. How much cash will Crane receive in November? $565000 $1130000 $1270000 $1170000 Sunland Company reported the following information for 2022: October November December $390000 $480000 Budgeted sales $500000 Budgeted $300000 purchases $206000 $238000 All sales are on credit. Customer amounts on account are collected 50% in the month of sale and 50% in the following month. Cost of goods sold is 35% of sales. Sunland purchases and pays for merchandise 60% in the month of acquisition and 40% in the following month. Accounts payable is used only for inventory acquisitions. How much cash will Sunland receive during November? $195000 $445000 $435000 $390000 Financial information is presented below: $24000 27000 Operating expenses Sales returns and allowances Sales discounts Sales revenue Cost of goods sold 3000 180000 105000 The company's gross profit rate is: 0.70. 0.42. 0.25. 0.30. On November 1, 2021, Sheridan Company places a new asset into service. The cost of the asset is $110000 with an estimated 5-year life and $12000 salvage value at the end of its useful life. What is the depreciation expense for 2022 if Sheridan Company uses the straight-line method of depreciation? $3267. $4900. $11000. $19600. A cash register tape shows cash sales of $3200 and sales taxes of $360. The recording of this information includes a(n) Increase to Cash and an increase to Sales Revenue for $3560. Increase to Cash for $3560, an increase to Sales Tax Payable for $360 and an increase to Sales Revenue for $3200. Increase to Cash for $3560, an increase to Sales Revenue for $3200 and an increase to Sales Tax Revenue for $360. Increase to Cash for $3200, an increase to Sales Tax Expense for $360 and an increase to Sales Revenue for $3560. Moss County Bank agrees to lend the Shamrock Company $500000 on January 1. Shamrock Company signs a $500000, 9%, 9-month note. Recording the pay off of the note and interest at maturity assuming that interest has been accrued to September 30 includes a(n) Decrease to Interest Payable for $22500, decrease to Notes Payable for $500000, increase to Interest Expense for $11250 and a decrease to Cash for $533750. Increase to Interest Expense for $33750, decrease to Notes Payable for $500000 and a decrease to Cash for $533750. Decrease to Notes Payable and to Cash for $533750. Decrease to Notes Payable for $500000, decrease to Interest Payable for $33750, and a decrease to Cash for $533750. Hess Company's inventory records show the following data for the month of September: Units Unit Cost $3.00 100 Inventory September 1 Purchases: September 8 September 18 450 3.50 300 3.70 A physical inventory on September 30 shows 150 units on hand.s Calculate the value of ending inventory and cost of goods sold if the company uses LIFO inventory costing and a periodic inventory system. Ending inventory $ Cost of goods sold $ Units Unit Cost 1/1 100 Beginning Inventory Purchase $4 $5 500 1/20 7/25 Total Cost $400 2,500 700 2,400 Purchase $7 100 300 10/20 Purchase $8 1,000 $6,000 A physical count of inventory on December 31 revealed that there were 350 units on hand. Answer the following independent questions. 1. $ 2. $ 3. Assume that the company uses the FIFO method. The value of the ending inventory at December 31 is Assume that the company uses the average-cost method. The value of the ending inventory on December 31 is Assume that the company uses the LIFO method. The value of the ending inventory on December 31 is Determine the difference in the amount of income that the company would have reported if it had used the FIFO method instead of the LIFO method Would income have been greater or less? $ 4.(a) $ 4. (b) Bramble Corp. reported net sales $770,000, cost of goods sold $531,300, operating expenses $130,000, and net income $89,320. Calculate the profit margin and gross profit rate. (Round Profit margin answer to 2 decimal places, e.g. 10.20%. Round Gross profit rate answer to O decimal place, e.g. 10%.) Profit margin % Gross profit rate % On January 9, a company pays $7,316 for salaries, of which $1,298 was reported as Salaries and Wages Payable on December 31. Indicate all accounts increased or decreased as well as dollar amounts when payment occurs. (Enter accounts in alphabetical order.) The transaction of January 9 $ $ and $