Accounting assistance needed!please support me?
The merchandise inventory (begining) is 7000
The total cost of merchandise purchased is 32000
Merchandise inventory (ending) is -6600
gross profit is 45600
expenses are 2600
and lattice income is 43000
How do i amount out what the sale and cost of merchandise sold are?
Answers:
Well one problem is that you can't enjoy a cynical inventory. Inventory is an asset and other have a debit symmetry. Your cost of products sold (COGS) is equal to the birth inventory plus the merchandise purchased and afterwards subtract the end inventory. That is the cost of merchandise sold. Your sale (revenue) should be equal to your gross profit plus the COGS. Your answers should be $32,400 (COGS) and $78,000 (sales).
After some thought, I have to cut this to agree next to your first answer
COGS is the cost of everything that you sold.
You started next to 7,000 within your inventory
you bought 32,000 more for your inventory
---------
Everything you have costs 39,000 contained by total
You sold it adjectives except 6,600 which you still own moved out contained by inventory
-----------
So, the cost of what you sold =39000 - 6600 =32400 = COGS.
-------------------
gross profit - expenses = web income,
Using algebra: network income + expenses = gross profit
lattice income = 43000
expenses + 2600
= Gross Profit = 45600, which is true.
----------------------
In this simple business model
adjectives of your income is from Sales
Sales = total income
subtract what your produce cost you earlier your sold them (cogs)
which leaves you near your profit
So, contained by a formula explicitly: Sales - cogs = profit
Using algebra : Sales = profit + cogs
For your business:
gross profit = 45600
supply cogs + 32400
----------------------
Sales = 78,000
a moment ago approaching your first answer said
Cost of merchandise sale.
Beg Inv=7,000.00
Purchases=32,000.00
Total Beg. Inv. and receivings=$39,000.00
Ending inv.=6,600.00
Cost of merchandise sold=39,000.00-6,600.00
=$32,400.00
Gross profit=45,600.00
The retail sale figure to
Cost of commodities sold=32,400.00
Add the Gross profit>45,600.00
Retail sales=78,000.00.
That calculate to 58% Markup. Not bleak.
Expenses=3%.HUH?
Only 2,600.00 expenses?? (Not even one month wages)
(Are you sure that's not $26,000.00?)
$43,000.00 NET?? WOW.
I want to catch into that business.
A will integer it out for you through email if yould approaching nd show you how i did it if you can answer these question.
do you enjoy $6,600 worth of merchandise departed
or is $6,600 how much inventory you moved?
Did you bring in $45,600 total
or is that how much profit you enjoy after deduct inventory expense?
Gross Sales = total amount of money you collected from customers.
COGS = purely the cost of the items you sold
Gross Profit = Gross Sales - COGS
Other expenses = overhead (means you would hold have to retribution it even if you didnt vend a thing)
Net Income = Gross Profit - Overhead (what should be in the bank)
When I first read this i thought I could confer you a direct answer to your quiz but I get thrown at the "gross Profits" sorry. Email me or add on on to the press and under the weather joyfully backing.
And dont sweat this confusing you - it does everybody for a while. They formulate it complicated intentionally so you'll hire an accountant.
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The total cost of merchandise purchased is 32000
Merchandise inventory (ending) is -6600
gross profit is 45600
expenses are 2600
and lattice income is 43000
How do i amount out what the sale and cost of merchandise sold are?
Answers:
Well one problem is that you can't enjoy a cynical inventory. Inventory is an asset and other have a debit symmetry. Your cost of products sold (COGS) is equal to the birth inventory plus the merchandise purchased and afterwards subtract the end inventory. That is the cost of merchandise sold. Your sale (revenue) should be equal to your gross profit plus the COGS. Your answers should be $32,400 (COGS) and $78,000 (sales).
After some thought, I have to cut this to agree next to your first answer
COGS is the cost of everything that you sold.
You started next to 7,000 within your inventory
you bought 32,000 more for your inventory
---------
Everything you have costs 39,000 contained by total
You sold it adjectives except 6,600 which you still own moved out contained by inventory
-----------
So, the cost of what you sold =39000 - 6600 =32400 = COGS.
-------------------
gross profit - expenses = web income,
Using algebra: network income + expenses = gross profit
lattice income = 43000
expenses + 2600
= Gross Profit = 45600, which is true.
----------------------
In this simple business model
adjectives of your income is from Sales
Sales = total income
subtract what your produce cost you earlier your sold them (cogs)
which leaves you near your profit
So, contained by a formula explicitly: Sales - cogs = profit
Using algebra : Sales = profit + cogs
For your business:
gross profit = 45600
supply cogs + 32400
----------------------
Sales = 78,000
a moment ago approaching your first answer said
Cost of merchandise sale.
Beg Inv=7,000.00
Purchases=32,000.00
Total Beg. Inv. and receivings=$39,000.00
Ending inv.=6,600.00
Cost of merchandise sold=39,000.00-6,600.00
=$32,400.00
Gross profit=45,600.00
The retail sale figure to
Cost of commodities sold=32,400.00
Add the Gross profit>45,600.00
Retail sales=78,000.00.
That calculate to 58% Markup. Not bleak.
Expenses=3%.HUH?
Only 2,600.00 expenses?? (Not even one month wages)
(Are you sure that's not $26,000.00?)
$43,000.00 NET?? WOW.
I want to catch into that business.
A will integer it out for you through email if yould approaching nd show you how i did it if you can answer these question.
do you enjoy $6,600 worth of merchandise departed
or is $6,600 how much inventory you moved?
Did you bring in $45,600 total
or is that how much profit you enjoy after deduct inventory expense?
Gross Sales = total amount of money you collected from customers.
COGS = purely the cost of the items you sold
Gross Profit = Gross Sales - COGS
Other expenses = overhead (means you would hold have to retribution it even if you didnt vend a thing)
Net Income = Gross Profit - Overhead (what should be in the bank)
When I first read this i thought I could confer you a direct answer to your quiz but I get thrown at the "gross Profits" sorry. Email me or add on on to the press and under the weather joyfully backing.
And dont sweat this confusing you - it does everybody for a while. They formulate it complicated intentionally so you'll hire an accountant.