Homework Answers
1. Option C
Debit to cash short and over for $9.
Cash short and Over = $93 - $21 - $63 = $9
2. Option B ( $12892 )
Calculation of gross profit:-
Net sales = ($29000 - $3500) * (1 - 0.02) = $24,990
Cost of goods sold = $13,532 - $1434 = $12,098
Gross Profit = $24,990 - $12,098 = $12,892
3. Option D ( $11,508 )
Trade discount = $14,864 * 30% = $3,121
Value after trade discount = $14,864 - $3,121 = $11,743
Discount = $11,743 * 0.02 = $235
Amount after discount = $11,743 - $235 = $11,508
4. Option B ( $1,541 )
Total available units in inventory = 25 units
Most recent purchase = 13 units * $65 = $845
Next recent purchase = 12 units * $58 = $696
Amount of inventory at the end of the year = $845 + $696 = $1,541
5. Option C ( $3,697 )
Cash balance per bank, 6/30 = $10,325
- Note receivable collected by bank = $5,430
- Outstanding checks = $5,789
+ Deposits in transit = $3,482
+ Bank service charge = $67
+ NSF check = $1,042
Cash Balance per books ( before adjustments ) = $3,697
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