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The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory...
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory...
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $24,000 was sold for $45,600 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,500. The merchandise had cost Ozark $1,000. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $4,560. 5. Interest expense paid amounted to $350....
Exercise 4-15A Sales returns, discounts, gain, and a multistep income statement LO 4-2,4-3, 4-6 The following...
Exercise 4-15A Sales returns, discounts, gain, and a multistep income statement LO 4-2,4-3, 4-6 The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,520. The merchandise had cost Ozark $920. 3. All customers paid their accounts within the discount period. 4....
The following transactions apply to ozark sales for Year 1 [The following information applies to the...
The following transactions apply to ozark sales for Year 1
[The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $48,500 from the issue of common stock 2. Purchased equipment inventory of $178,000 on account 3. Sold equipment for $201,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost...
Required information [The following information applies to the questions displayed below.] The following transactions apply to...
Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $49,500 from the issue of common stock. 2 Purchased equipment Inventory of $174.500 on account. 3. Sold equipment for $199,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $124.500. 4. Provided a six-month warranty on the...
Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal...
Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal financial statements model. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $93,000 of merchandise inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Transportation costs of $1,860 were paid in cash by the responsible party. 3a. Sold merchandise for $106,500 under terms 1/10,n/30. 3b. Recognized $53,400 of cost of goods sold. 4a....
The following transactions apply to Ozark Sales for Year 1:
The following transactions apply to Ozark Sales for Year 1: The business was started when the company received $48,000 from the issue of common stock.Purchased equipment inventory of $177,000 on account.Sold equipment for $205,000 cash (not including sales tax). Sales tax of 6 percent is collected when the merchandise is sold. The merchandise had a cost of $130,000.Provided a six-month warranty on the equipment sold. Based on industry estimates, the warranty claims would amount to 5 percent of sales.Paid the sales...
Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal...
Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal financial statements model. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $75,000 of merchandise Inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Transportation costs of $1,500 were paid in cash by the responsible party 3a. Sold merchandise for $79,500 under terms 1/10, 1/30. 3b. Recognized $44,400 of cost of goods sold....
Required information [The following information applies to the questions displayed below.] The following transactions apply to...
Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $49.500 from the issue of common stock. 2 Purchased equipment Inventory of $174.500 on account. 3. Sold equipment for $199,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $124.500. 4. Provided a six-month warranty on the...
Required information The following information applies to the questions displayed below. The following transactions apply to...
Required information The following information applies to the questions displayed below. The following transactions apply to Ozark Sales for 2018 1. The business was started when the company received $49,000 from the issue of common stock. 2. Purchased equipment inventory of $175,500 on account. 3. Sold equipment for $192,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $117,500 4. Provided a six-month warranty on the...
Check my work Required Information [The following information applies to the questions displayed below.] The following...
Check my work Required Information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the received $50,000 from the issue of common stock 2. Purchased equipment inventory of $380,000 on company account. 3. Sold equipment for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $330,000. 4. Provided a...
The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $24,000 was sold for $45,600 under terms 2/20, net/30. 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,500. The merchandise had cost Ozark $1,000. 3. All customers paid their accounts within the discount period. 4. Selling and administrative expenses amounted to $4,560. 5. Interest expense paid amounted to $350....
Exercise 4-15A Sales returns, discounts, gain, and a multistep income statement LO 4-2,4-3, 4-6 The following information was drawn from the Year 1 accounting records of Ozark Merchandisers: 1. Inventory that had cost $21,200 was sold for $39,900 under terms 2/20, net/30 2. Customers returned merchandise to Ozark five days after the purchase. The merchandise had been sold for a price of $1,520. The merchandise had cost Ozark $920. 3. All customers paid their accounts within the discount period. 4....
The following transactions apply to ozark sales for Year 1
[The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the company received $48,500 from the issue of common stock 2. Purchased equipment inventory of $178,000 on account 3. Sold equipment for $201,000 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost...
Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $49,500 from the issue of common stock. 2 Purchased equipment Inventory of $174.500 on account. 3. Sold equipment for $199,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $124.500. 4. Provided a six-month warranty on the...
Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal financial statements model. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $93,000 of merchandise inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Transportation costs of $1,860 were paid in cash by the responsible party. 3a. Sold merchandise for $106,500 under terms 1/10,n/30. 3b. Recognized $53,400 of cost of goods sold. 4a....
Junker's Stash started the Year 2 accounting period with the balances given in the following horizontal financial statements model. During Year 2, Junker's Stash experienced the following business events: 1. Paid cash to purchase $75,000 of merchandise Inventory. 2. The goods that were purchased in Event 1 were delivered FOB destination. Transportation costs of $1,500 were paid in cash by the responsible party 3a. Sold merchandise for $79,500 under terms 1/10, 1/30. 3b. Recognized $44,400 of cost of goods sold....
Required information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for 2018: 1. The business was started when the company received $49.500 from the issue of common stock. 2 Purchased equipment Inventory of $174.500 on account. 3. Sold equipment for $199,500 cash (not including sales tax). Sales tax of 7 percent is collected when the merchandise is sold. The merchandise had a cost of $124.500. 4. Provided a six-month warranty on the...
Required information The following information applies to the questions displayed below. The following transactions apply to Ozark Sales for 2018 1. The business was started when the company received $49,000 from the issue of common stock. 2. Purchased equipment inventory of $175,500 on account. 3. Sold equipment for $192,500 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $117,500 4. Provided a six-month warranty on the...
Check my work Required Information [The following information applies to the questions displayed below.] The following transactions apply to Ozark Sales for Year 1: 1. The business was started when the received $50,000 from the issue of common stock 2. Purchased equipment inventory of $380,000 on company account. 3. Sold equipment for $510,000 cash (not including sales tax). Sales tax of 8 percent is collected when the merchandise is sold. The merchandise had a cost of $330,000. 4. Provided a...
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