Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

use the following to answer the three questions The following accounts are extracted from the worksheet of X Company on December 31, 2020: S1.000.000 120,000

use the following to answer the three questions
image text in transcribed
The following accounts are extracted from the worksheet of X Company on December 31, 2020: S1.000.000 120,000 Cost of Goods Sold Freight in Inventory (January 1, 2020) Purchases Purchases Discount Purchases Ketums and Allowances 950,000 800,000 250,000 75,000 Based on the data above, net purchases were: $595,000 $475,000 $355,000 None of the above Based on the data above, the cost of goods available for sale was $1,305,000 $1,425.000 $1.545,000 None of the above Based on the data above, the inventory account showed a balance of S------on December 31, 2020: $425,000 $545 000 19 $305,000 0 0 None of the above

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

Connect For Financial Accounting

Authors: Author

6th Edition

1264140304, 9781264140305

More Books

Students also viewed these Accounting questions

Question

What is a champion? LO4

Answered: 1 week ago

Question

Explain this statement: Goals are dreams with deadlines.

Answered: 1 week ago

Question

=+2. How can the revenue model of the music industry be described?

Answered: 1 week ago