Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

please solve this questions yes data is complete You are provided with the following information for the year 2019 about Al Maha Company for four

please solve this questions image text in transcribed
image text in transcribed
yes
data is complete
You are provided with the following information for the year 2019 about Al Maha Company for four quarters. The company has 5000 shares which is valued at RO 500,000 Quarter 1 | Quarter 2 Quarter 3 Quarter 4 225,000 4.000 325.000 12,300 10,000 Sales Sales returns and allowances Sales discounts Net Sales Cost of merchandise sold Gross Movie Salesmen salaries Depreciation on fixed assets Advertising expense Office supplies expense Gain on disposal of assets Interest revenu Interest expense Net Income from operation 208,750 ? 103,750 19.000 20,000 6,150 1.750 195,000 ? 16,000 10,000 16,500 9,800 480,000 2 2.500 15,000 1.500 435,000 246,000 ? 147.000 247.000 42,500 20,000 40,000 18,000 2 11.500 62,500 13,000 2 0 500 300 300 57850 600 7 0 82,500 ? 36800 In a perpetual inventory system, the cost of Goods Sold account is used a. Only when a cash sale of merchandise occurs. O b. Only when a sale of merchandise occurs Oc Only when a credit sale of merchandise occurs. Od. Whenever there is a sale of merchandise or a return of merchandise sold On January 10, Zahra sold 100 units on credit @s15 per unit. The cost of goods sold under perpetual system is recorded as a. Dr. A/R and Cr. Sales b. Dr. A/P and Cr Sales c Dr. COGS and C. MI Od: Dr. MI and C. COGS In case of FOB destination who holds the pays the freight cost Buyer Di Seller Both of them d. Only buyer

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Strategic Cost Analysis

Authors: Roger Hussey

1st Edition

160649239X, 9781606492390

More Books

Students also viewed these Accounting questions

Question

Technology

Answered: 1 week ago

Question

Population

Answered: 1 week ago