Homework Answers
ANSWER 13.
Journal:
| Account Name | Debit | Credit |
| Sales Revenue | 200000 | |
| Income Summary | 200000 | |
| Income Summary | 145000 | |
| Cost of goods sold | 145000 | |
ANSWER 15.
Gross Profit = Sales - Cost of Goods Sold
= $105,000 - $70,000
= $35,000
Gross Profit Rate = Gross Profit/Sales * 100
ANSWER 16.
Net Profit = gross profit - OPERATING EXPENSES
240000 = 370000 - op exp
OPERATING EXPENSES = 370000 - 240000 = 130000
ANSWER 23.
Journal:
| Account Name | Debit | Credit |
| Accounts payable | 2800 | |
| Purchase allowances | 56 | |
| cash | 2744 |
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Can u help me on #12, 13, 15, 16, 23?
Interest re 1,100 Other expenses...
please help me with all, I will thumb up! 12. What type of account is interest...
please help me with all, I will thumb up!
12. What type of account is interest income? asset revenue expense d. owner's equity 30. 00 13. True-False (A-B) Cash is never used in preparing adjusting entries. 14. Paid a utilities bill immediately on receipt. What effect does this entry have on liabilities? a. increase decrease nc effect cre information is needed b. 15. Gross profit equals the difference between: net sales and cost of goods sold. net sales and cost...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
1. 2. 3. 4. 5. A company that maintains a perpetual inventory system has an inventory...
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A company that maintains a perpetual inventory system has an inventory account balance of $50,000. The physical count of goods on hand totals $49,600. Which of the following adjusting entries is correct? O Debit Sales Discounts and credit Inventory O Debit Purchases and credit Inventory O Debit Cost of Goods Sold and credit Inventory. O Debit Inventory and credit Purchases Which of the following accounts will appear in the trial balance of a merchandising company...
LOL. What are merchandising operations a) List and describe the operating cycle of a merchandising business:...
LOL. What are merchandising operations a) List and describe the operating cycle of a merchandising business: b) In your own words, define Cost of Goods Sold? c) In your own words, define Gross Profit and how is it calculated? a) What is the difference between the period and perpetual inventory systems? LO2. How are purchases of merchandise inventory recorded in a perpetual inventory system a) Using the perpetual system, Journalize for: a) the purchase of merchandise inventory of $1,000 on...
Accounting records for Ontario Tire Ltd. yield the following data for the year ended December 31,...
Accounting records for Ontario Tire Ltd. yield the following data for the year ended December 31, 2017 (amounts in thousands): (Click the icon to view the accounting records.) Requirements 1. Journalize Ontario Tire's inventory transactions for the year under (a) perpetual system and (b) the periodic system. Show all amounts in thousands 2. What differences do you notice in the journal entries between the perpetual system and the periodic system? 3. Report ending inventory, sales, cost of goods sold, and...
I need help with these questions Objectives To calculate cost of goods sold Directionsi From the...
I need help with these questions
Objectives To calculate cost of goods sold Directionsi From the following data, calculate Mason Company's cost of gods wod for 20x1 Purchases during the period Freight in s 47,610 114,750 3,375 14,875 3,145 38,910 retums and allowanoes 10- Objectives To calculate income statement amounts Directions: From the following data, calculate (a) net sales, (b) cost of goods sold (c) gross profit, and (d) net income or net loss. tem Sales Sales returns and allowances...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts Click...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts Click the icon to view the Income Statements) Rustic Gear Lee Supply 100,000 $ 30,000 49,000 Net Sales Revenue Cost of Goods Sold Beginning Merchandise Inventory Purchases and Freight in Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income 93,000 (2.100) (2,100) 62,000 38.000 111,000 83.000 10.000
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data Table Fit Apparel Laura's Bakery $ 99,000 Fit Apparel Laura's Bakery 99,000 32,000 $ (d) 48,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost of Goods Sold:...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data Table Flynt Corp. Corrigan, Inc. 100,000 L $ L $ 28,000 Flynt Corp. 100,000 Corrigan, Inc. $ 51,000 $ Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses 93,000 (1,800) Net Sales...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E:...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E: (Click the icon to view the Income Statements.) i Data Table Snyder Corp. Jones, Inc. 100,000 $ Jones, Inc. 100,000 Snyder Corp. $ 29,000 $ (d) 52,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost...
please help me with all, I will thumb up!
12. What type of account is interest income? asset revenue expense d. owner's equity 30. 00 13. True-False (A-B) Cash is never used in preparing adjusting entries. 14. Paid a utilities bill immediately on receipt. What effect does this entry have on liabilities? a. increase decrease nc effect cre information is needed b. 15. Gross profit equals the difference between: net sales and cost of goods sold. net sales and cost...
@ Test Bank for Accounting Principles, Eighth Edition The multiple-step form of income statement is easier to read than the single-step form 22 Merchandise inventory is classified as a current asset in a classified balance sheet Gain on sale of equipment and interest expense are reported under other revenues and gains in a multiple-step income statement. 23. The gross profit section for a merchandising company appears on both the multiple-step and single-step forms of an income statement. In a multiple-step...
1.
2.
3.
4.
5.
A company that maintains a perpetual inventory system has an inventory account balance of $50,000. The physical count of goods on hand totals $49,600. Which of the following adjusting entries is correct? O Debit Sales Discounts and credit Inventory O Debit Purchases and credit Inventory O Debit Cost of Goods Sold and credit Inventory. O Debit Inventory and credit Purchases Which of the following accounts will appear in the trial balance of a merchandising company...
LOL. What are merchandising operations a) List and describe the operating cycle of a merchandising business: b) In your own words, define Cost of Goods Sold? c) In your own words, define Gross Profit and how is it calculated? a) What is the difference between the period and perpetual inventory systems? LO2. How are purchases of merchandise inventory recorded in a perpetual inventory system a) Using the perpetual system, Journalize for: a) the purchase of merchandise inventory of $1,000 on...
Accounting records for Ontario Tire Ltd. yield the following data for the year ended December 31, 2017 (amounts in thousands): (Click the icon to view the accounting records.) Requirements 1. Journalize Ontario Tire's inventory transactions for the year under (a) perpetual system and (b) the periodic system. Show all amounts in thousands 2. What differences do you notice in the journal entries between the perpetual system and the periodic system? 3. Report ending inventory, sales, cost of goods sold, and...
I need help with these questions
Objectives To calculate cost of goods sold Directionsi From the following data, calculate Mason Company's cost of gods wod for 20x1 Purchases during the period Freight in s 47,610 114,750 3,375 14,875 3,145 38,910 retums and allowanoes 10- Objectives To calculate income statement amounts Directions: From the following data, calculate (a) net sales, (b) cost of goods sold (c) gross profit, and (d) net income or net loss. tem Sales Sales returns and allowances...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts Click the icon to view the Income Statements) Rustic Gear Lee Supply 100,000 $ 30,000 49,000 Net Sales Revenue Cost of Goods Sold Beginning Merchandise Inventory Purchases and Freight in Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Operating Income 93,000 (2.100) (2,100) 62,000 38.000 111,000 83.000 10.000
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data Table Fit Apparel Laura's Bakery $ 99,000 Fit Apparel Laura's Bakery 99,000 32,000 $ (d) 48,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost of Goods Sold:...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: (Click the icon to view the Income Statements.) Data Table Flynt Corp. Corrigan, Inc. 100,000 L $ L $ 28,000 Flynt Corp. 100,000 Corrigan, Inc. $ 51,000 $ Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses 93,000 (1,800) Net Sales...
Consider the following partially completed income statements for merchandising companies and compute the missing amounts: E: (Click the icon to view the Income Statements.) i Data Table Snyder Corp. Jones, Inc. 100,000 $ Jones, Inc. 100,000 Snyder Corp. $ 29,000 $ (d) 52,000 Net Sales Revenue Cost of Goods Sold: Beginning Merchandise Inventory Purchases and Freight In Cost of Goods Available for Sale Ending Merchandise Inventory Cost of Goods Sold Gross Profit Selling and Administrative Expenses Net Sales Revenue Cost...
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