Accounts Payable |
$ 60,000 |
Nathan New, Capital |
$ 241,800 |
Accounts Receivable |
110,000 |
Nathan New, Withdrawals |
50,000 |
Accumulated Amortization, Furniture |
80,000 |
Purchases |
1,200,000 |
Bank Loan, Long Term |
130,000 |
Salary Payable |
15,000 |
Cash |
20,000 |
Sales Discounts |
30,000 |
Furniture |
320,000 |
Sales Returns & Allowances |
40,000 |
General Expenses |
200,000 |
Sales Revenue |
2,000,000 |
Interest Expense |
8,000 |
Selling Expenses |
400,000 |
Interest Payable |
1,000 |
Supplies |
20,000 |
Interest Revenue |
200 |
Unearned Sales Revenue |
10,000 |
Inventory, July 31, 2017 |
140,000 |
Required:
Question 2
(20 marks)
Required:
Question 3
(25 marks)
Toy Store and Toy Warehouse incurred the following transactions in November 2018:
Required:
Question 4
(25 marks)
Sammy’s Sportswear sells sport jerseys. It has a May 31, 2018 year end.
On February 28, 2018, Sammy’s Sportswear had in inventory of 40 jerseys that each cost $ 20. During the next 3 months, Sammy’s Sportswear purchased the following merchandise:
Units Unit Cost Total
March 50 $ 30 $ 1,500
April 100 $ 40 $ 4,000
May 150 $ 50 $ 7,500
During March, April, and May, Sammy’s Sportswear sold the following merchandise:
Units Unit Selling Price Total
March 60 $ 60 $ 3,600
April 40 $ 70 $ 2,800
May 90 $ 90 $ 8,100
Operating expenses for March, April, and May totalled $ 3,500. Sammy’s Sportswear used a perpetual inventory system. Assume that monthly purchases occurred on the first day of each month.
Required:
Accounts Payable $ 60,000 Nathan New, Capital $ 241,800 Accounts Receivable 110,000 Nathan New, Withdrawals 50,000...
Baltic Supplies Unadjusted Trial Balance as at December 31st, 2018 is as follows: cash 620,000 Accounts receivable 410,000 Merchandise Inventory 480,000 Store Supplies 144,800 prepaid insurance expense 840,000 Building and equipment 2,000,000 Accumulated Depreciation-Building and Equipment 976,000 Accounts Payable 680,000 Travelling Expense Payable Unearned sales Revenue 450,000 Note Payable-Long Term 213,800 Baltic,Capital 1,700,000 Baltic withdrawal 35,000 Sales revenue earned 2,550,500 Sales discount 45,100 sales returns and allowances 62,500 cost of goods sold 401,000 salaries expense 430,000 telephone expense 85,000 Depreciation...
find the intercep Check my work Leslie Sporting Goods is a locally owned store that specializes in printing team jerseys. The majority of its business comes from orders for various local teams and organizations. While Leslie's prints everything from bowling team jerseys to fraternity/sorority apparel to special event shirts, summer league baseball and softball team jerseys are the company's biggest source of revenue. A portion of Leslie's operating information for the company's last year follows: Number of Jerseys Printed 215...
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Leslie Sporting Goods is a locally owned store that specializes in printing team jerseys. The majority of its business comes from orders for various local teams and organizations. While Leslie’s prints everything from bowling team jerseys to fraternity/sorority apparel to special event shirts, summer league baseball and softball team jerseys are the company’s biggest source of revenue. A portion of Leslie’s operating information for the company’s last year follows: Number of Operating Month Jerseys Printed Cost January 215 $5,500 February...
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