Homework Answers
Answer:-Option (D) is correct that is $7,352
| Income Statement | ||
| Sales | $15,600.00 | |
| Cost of goods sold | ||
| Purchases | $8,300.00 | |
| Less: Purchase Discount(W.N 1) | 332 | |
| Gross purchases | $7,968.00 | |
| Add: Freight inwards | 280 | |
| Net Purchases | $8,248.00 | |
| Gross profit | $7,352.00 | |
| Gross margin =$7,352 | ||
| Gross margin percentage = Gross profit/Sales | ||
| Gross margin percentage = 7352/15600 | ||
| Gross margin percentage = 47.13% | ||
| W.N. 1 | ||
| he paid within 10 days so he got discount @4% | ||
| Discount = 8300*4% =332 | ||
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Prepare journal entries to record the following merchandising transactions of Cabela’s, which uses the perpetual inventory...
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Prepare journal entries to record the following merchandising transactions of Cabela's, which uses the perpetual inventory...
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The following selected transactions were completed by Betz
Company during July of the current year. Betz Company uses the net
method under a perpetual inventory system.July1Purchased merchandise from Sabol Imports Co., $20,500, terms
FOB destination, n/30.3Purchased merchandise from Saxon Co., $12,000, terms FOB
shipping point, 2/10, n/eom. Prepaid freight of $75 was added to
the invoice.5Purchased merchandise from Schnee Co., $8,000, terms FOB
destination, 2/10, n/30.6Issued debit memo to Schnee Co. for merchandise with an invoice
amount of $1,500 returned...
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