Homework Answers
| Income Statement | |
| Month ended July 31,2019 | |
| Revenue | |
| Sales | 32500 |
| Less: Sales return and allowances | 3100 |
| Net sales | 29400 |
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Accounts Receivable Sales Tax Payable Sales Sales Returns and Allowances $12,500 1,475 32,500 3, 100 Prepare...
Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and...
Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each part, If required, round your answers to two decimal places. 5. Sales on account, with 2/10, n/30 cash discount terms. (a) Merchandise is sold on account for $450. (b) The balance is paid within the discount period. (c) Merchandise is sold on account for $280. (d) The balance is...
Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and...
Using T accounts for Cash, Accounts Receivable, Sales Tax Payable, Sales, Sales Returns and Allowances, and Sales Discounts, enter the following sales transactions. Use a new set of accounts for each part, If required, round your answers to two decimal places. 5% sales tax, with returned merchandise.(a) Merchandise is sold on account for $400 plus sales tax.(b) Merchandise sold on account for $60 plus sales tax is returned for a credit.(c) Balance on account is received in cash.(d) Merchandise is...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that...
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 502 Freight In...
Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Sales 614 Store Supplies Expense 617 Depreciation Expense-Store Equipment 631 Rent Expense 634 Utilities Expense 637 Salaries Expense-Office 640 Payroll Taxes Expense 643 Depreciation Expense-Office Equipment 646 Uncollectible Accounts Expense 691 Interest Expense $ 243,600 Cr 4,150 Dr. 200 Cr. 101,600 Dr. 1,775 Dr. 3,400 Cr. 1,600 Cr. 43,300 Dr. 2,110 Dr. 1,310 Dr....
The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable...
The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable 25,000 Freight-In 2,400 8,300 Inventory, December 31, 2019 Prepaid Rent 8,000 Purchases 69,700 Purchases Discounts Purchases Returns and Allowances $1,500 2,350 Sales Discounts 4,550 Sales Revenue 115,000 Sales Salaries Expense 15,000 Required: Prepare a partial income statement through gross profit. The beginning inventory balance was $10,000. ROBERTS COMPANY Income Statement For Year Ended December 31, 2019
Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost...
Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost of Goods Sold Freight Expense Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-In Loss from Inventory Shrinkage Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. For compound entries list...
Cash + Accounts Receivable + Supplies + Equipment Accounts Payable Common Stock Retained Earnings = +...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
I need answer for Question no.4 Selected accounts of Daisy's General Merchandising, at July 31, 2020,...
I
need answer for Question no.4
Selected accounts of Daisy's General Merchandising, at July 31, 2020, are listed in alphabetical order below. For simplicity, all operating expenses are summarized in the Selling Expenses account and the General Expenses account. Daisy's General Merchandising uses the periodic inventory system. $102,000 Inventory: July 31, 2019.. Accounts Payable.. $730,000 Accounts Receivable... 117,000 Inventory: July 31, 2020.. 525,000 61,500 Notes Payable, LongTerm.. 500,000 Accumulated Amortization- Equipment.. B. Daisy, Capital.. Purchases.. 863,400 1,361,000 B. Daisy, Withdrawals.....
Debit Credit 54500 Accounts receivable 100 Supplies 590 $300 Accounts payable Unearned service revenue Common stock...
Debit Credit 54500 Accounts receivable 100 Supplies 590 $300 Accounts payable Unearned service revenue Common stock Retained earnings 3.100 56. 120 16.120 The company underwent a major expansion in July, New staff was hired and more facing was obtained Grouperconducted the following transactions during July 2022. and adjust counts monthly July 1 Purchased equipment paying $3.200 cash and signing a 2 year note payable for $17.200. The equipment has a 4-year useful . The note has a interest rate which...
Prepare journal entries to update the accounts regarding to the above mistakes made by accountant and...
Prepare journal entries to update the accounts regarding to the
above mistakes made by accountant and Prepare the adjusting
entries, with the consideration of the answer in first part above,
for the year if Fama Corporation used the Statement of Financial
Position approach and it estimated $11,000 as uncollectible in
2019. Then, Prepare the adjusting entries for the year if Fama
Corporation used the Income Statement approach and it estimated 2%
of net credit sales would be uncollectible in 2019....
Sales returns and allowances and sales discounts, are both contra revenue accounts with debit balances that are deducted from sales revenue to arrive at net sales and cost of goods could also be deducted from sales revenue, but sales revenue is not deducted from itself. All of the following appear as deductions from sales revenue on an income statement for merchandisers except Sales Revenue. O Sales Returns and Allowances. Cost of Goods Sold. Sales Discounts.
Accounts 401 Sales 451 Sales Returns and Allowances 491 Miscellaneous Income 501 Purchases 502 Freight In 503 Purchases Returns and Allowances 504 Purchases Discounts 611 Salaries Expense-Sales 614 Store Supplies Expense 617 Depreciation Expense-Store Equipment 631 Rent Expense 634 Utilities Expense 637 Salaries Expense-Office 640 Payroll Taxes Expense 643 Depreciation Expense-Office Equipment 646 Uncollectible Accounts Expense 691 Interest Expense $ 243,600 Cr 4,150 Dr. 200 Cr. 101,600 Dr. 1,775 Dr. 3,400 Cr. 1,600 Cr. 43,300 Dr. 2,110 Dr. 1,310 Dr....
The following are selected account balances of the Roberts Company: Debit Credit Cash $15,300 Accounts Receivable 25,000 Freight-In 2,400 8,300 Inventory, December 31, 2019 Prepaid Rent 8,000 Purchases 69,700 Purchases Discounts Purchases Returns and Allowances $1,500 2,350 Sales Discounts 4,550 Sales Revenue 115,000 Sales Salaries Expense 15,000 Required: Prepare a partial income statement through gross profit. The beginning inventory balance was $10,000. ROBERTS COMPANY Income Statement For Year Ended December 31, 2019
Account titles available for use: Cash Accounts Receivable Purchases Purchase Allowances Purchase Returns Sales Revenue Cost of Goods Sold Freight Expense Accounts Payable Purchase Discounts Sales Returns Interest Expense Inventory Supplies Freight-In Loss from Inventory Shrinkage Record the following transaction using the perpetual method. For account titles use the account names listed above (be cautious about spelling as this can return an incorrect answer). For transaction amounts do not use "$" or commas in your answer. For compound entries list...
Cash
+
Accounts
Receivable
+
Supplies
+
Equipment
Accounts
Payable
Common
Stock
Retained
Earnings
=
+
+
Revenues
–
Expenses
–
Dividend
1.
$14,600
$14,600
2.
–1,800
$4,300
$2,500
3.
–750
$750
4.
5,100
$3,500
$8,600
Service Revenue
5.
–1,000
–1,000
6.
–1,900
-$1,900
7.
–700
–$700
Rent Expense
8.
350
–350
9.
–4,000
–4,000
Salaries/Wages Expense
10.
550
–550
Utilities Expense
(a)
Prepare an income statement for August.
Sheridan
Company
Income Statement
Choose the accounting period
August 31, 2019For...
I
need answer for Question no.4
Selected accounts of Daisy's General Merchandising, at July 31, 2020, are listed in alphabetical order below. For simplicity, all operating expenses are summarized in the Selling Expenses account and the General Expenses account. Daisy's General Merchandising uses the periodic inventory system. $102,000 Inventory: July 31, 2019.. Accounts Payable.. $730,000 Accounts Receivable... 117,000 Inventory: July 31, 2020.. 525,000 61,500 Notes Payable, LongTerm.. 500,000 Accumulated Amortization- Equipment.. B. Daisy, Capital.. Purchases.. 863,400 1,361,000 B. Daisy, Withdrawals.....
Debit Credit 54500 Accounts receivable 100 Supplies 590 $300 Accounts payable Unearned service revenue Common stock Retained earnings 3.100 56. 120 16.120 The company underwent a major expansion in July, New staff was hired and more facing was obtained Grouperconducted the following transactions during July 2022. and adjust counts monthly July 1 Purchased equipment paying $3.200 cash and signing a 2 year note payable for $17.200. The equipment has a 4-year useful . The note has a interest rate which...
Prepare journal entries to update the accounts regarding to the
above mistakes made by accountant and Prepare the adjusting
entries, with the consideration of the answer in first part above,
for the year if Fama Corporation used the Statement of Financial
Position approach and it estimated $11,000 as uncollectible in
2019. Then, Prepare the adjusting entries for the year if Fama
Corporation used the Income Statement approach and it estimated 2%
of net credit sales would be uncollectible in 2019....
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