Question

Gross billings for merchandise sold by Cullumber Company to its customers last year amounted to $12710000;...

Gross billings for merchandise sold by Cullumber Company to its customers last year amounted to $12710000; sales returns and allowances were $360000, sales discounts were $174100, and freight-out was $140500. Net sales last year for Cullumber Company were

$12350000.

$12175900.

$12035400.

$12710000.

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1
Correct option is: b. $12175900
Workings:
Sales = $       1,27,10,000
Less: Sales return and allowances = $            -3,60,000
Less: Sales discount = $            -1,74,100
Net Sales = $       1,21,75,900

If it is helpful, please rate the answer and if any doubt arises let me know

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Jackson Company reported the following information relating to its inventory for 2020: sales revenue ............................. $427,000...
Jackson Company reported the following information relating to its inventory for 2020: sales revenue ............................. $427,000 freight-out ............................... 10,980 purchase returns .......................... 16,590 beginning inventory ....................... 55,000 purchases ................................. 392,800 gross profit .............................. 96,250 freight-in ................................ 11,730 sales returns & allowances ................ 15,000 purchase discounts ........................ ? Jackson Company reported an inventory turnover ratio of 4.21 for 2020. Calculate the amount of purchase discounts reported by Jackson Company during 2020.
Determining Gross Profit During the current year, merchandise is sold for $823,000. The cost of merchandise...
Determining Gross Profit During the current year, merchandise is sold for $823,000. The cost of merchandise sold sold is $600,790. a. What is the amount of the gross profit? $ b. Compute the gross profit percentage (gross profit divided by sales). Round to the nearest whole number. % c. When will the income statement necessarily report a net income?
Beethoven Music Company started business in March 2021. Sales for its first year were $400,000. Beethoven...
Beethoven Music Company started business in March 2021. Sales for its first year were $400,000. Beethoven priced its merchandise to yield a 45% gross profit based on sales dollars, meaning that cost of goods sold equals 55% of sales revenue. Industry statistics suggest that 10% of the merchandise sold to customers will be returned. Beethoven estimated its sales returns based on the industry average. During the year, customers returned $30,000 in sales. Beethoven uses a perpetual inventory system, and all...
Adjusting entry for customer refunds, allowances, and returns Statz Company had sales of $1,800,000 and related...
Adjusting entry for customer refunds, allowances, and returns Statz Company had sales of $1,800,000 and related cost of goods sold of $1,150,000 for its first year of operations ending December 31. Statz provides customers a refund for any returned or damaged merchandise. At the end of the year, Statz estimates that customers will request refunds for 1.5% of sales and estimates that merchandise costing $16,000 will be returned. Assume that on February 3 of the following year, Buck Co. returned...
In 2018, Cross Company incurred cost of goods sold of $58,125 on gross sales revenue of...
In 2018, Cross Company incurred cost of goods sold of $58,125 on gross sales revenue of $87,592. Sales returns during the year totaled $7,473 and sales discounts were $1,752. What was Cross’s gross profit % for 2016?
For the current fiscal year, Purchases were $315,000, Purchase Returns and Allowances were $9,300, Purchase Discounts...
For the current fiscal year, Purchases were $315,000, Purchase Returns and Allowances were $9,300, Purchase Discounts were $3,300 and Freight In was $43,000. If the beginning merchandise inventory was $67,000 and the ending merchandise inventory was $89,000, the Cost of Goods Sold is:
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after...
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2016 with an allowance for sales returns of $300,000. During 2016, Halifax sold merchandise on account for $11,500,000. This merchandise cost Halifax $7,475,000 (65% of selling prices). Also during the year, customers returned $450,000 in sales for...
Bobby & Company sells on terms of 1/10, net 30. Gross sales last year were $4,926,500...
Bobby & Company sells on terms of 1/10, net 30. Gross sales last year were $4,926,500 and accounts receivable averaged $431,000. Half of Bobby's customers paid on the 10th day and took discounts. What are the nominal and effective costs of trade credit to Bobby's nondiscount customers? (Hint: Calculate daily sales based on a 365-day year, calculate the average receivables for discount customers, and then find the DSO for the nondiscount customers.) Do not round intermediate calculations. Round your answers...
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after...
Halifax Manufacturing allows its customers to return merchandise for any reason up to 90 days after delivery and receive a credit to their accounts. All of Halifax's sales are for credit (no cash is collected at the time of sale). The company began 2021 with a refund liability of $320,000. During 2021, Halifax sold merchandise on account for $11,700,000. Halifax's merchandise costs is 75% of merchandise selling price. Also during the year, customers returned $460,000 in sales for credit, with...
Patterson Company had the following account balances at the end of the year: Additional Resources Beginning...
Patterson Company had the following account balances at the end of the year: Additional Resources Beginning Inventory $37,000 Purchases Returns and Allowances $4000 Ending Inventory 42,600 Purchases 72800 Freight-In 3,400 Sales Discounts 5800 General and Administrative Expenses 15,400 Sales Returns and Allowances 5900 Interest Revenue 1,840 Sales 197400 Interest Expense 1,630 Selling Expenses 19800 Purchase Discounts 3,600 Required: Compute the following: Cost of goods sold Net income, given that income from operations is $87,500.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT