Question
Please help!!! The ones with the check mark are correct! thank you so much The following data relate to the operations of Shilow Company, a
Please help!!! The ones with the check mark are correct! thank you so much
The following data relate to the operations of Shilow Company, a wholesale distributor of consumer goods: Current assets as of March 31: 8, gee 25 , see 48, oe 111 , see 28 , 80 , oeo 15, 3e 64, oe , oeo 85 , oee 110, oe 61, oe c. Sales are 60% for cash and 40% on credit. Credit sales are collected in the month following sale. The accounts receivable at March Accounts receivable In ventory Building and equipment, Accounts payable Common stock Retained earnings net a. The gross margin is 25% of sales. b. Actual and budgeted sales data: March (actual) April June July 31 are a result of March credit sales. d Each month's ending inventory should equal 80% of the following month's budgeted cost of goods sold e. One-half of a month's inventory purchases is paid for in the month of purchase; the other half is paid for in the following month. The accounts payable at March 31 are the result of March purchases of inventory. f. Monthly expenses are as follows: commissions, 12% of sales; rent, $3,700 per month; other expenses (excluding depreciation), 6% of sales. Assume that these expenses are paid monthly. Depreciation is $837 per month (includes depreciation on new assets). g. Equipment costing $2,900 will be purchased for cash in April
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