Homework Answers
D.
Gross margin = Sales - Cost of goods sold
Gross margin = $23,600-15,800 = $7,800
Net income = Gross margin - Operating expenses
Net income = $7,800 - 4,100 = $3,700
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During Year 1, Hardy Merchandising Company purchased $21,000 of inventory on account. Hardy sold inventory on...
During Year 1, Hardy Merchandising Company purchased $28,000 of inventory on account. Hardy sold inventory on...
During Year 1, Hardy Merchandising Company purchased $28,000 of inventory on account. Hardy sold inventory on account that cost $21,000 for $31,500. Cash payments on accounts payable were $17,500. There was $28,000 cash collected from accounts receivable. Hardy also paid $4,800 cash for operating expenses. Assume that Hardy started the accounting period with $22,000 in both cash and common stock. Required a. Identify the events described in the preceding paragraph and show them in a horizontal statements model. The first...
During Year 1, Hardy Merchandising Company purchased $18,000 of Inventory on account. Hardy sold Inventory on...
During Year 1, Hardy Merchandising Company purchased $18,000 of Inventory on account. Hardy sold Inventory on account that cost $13,500 for $20,300. Cash payments on accounts payable were $11,300. There was $18,100 cash collected from accounts receivable. Hardy also paid $3,800 cash for operating expenses. Assume that Hardy started the accounting period with $23,000 in both cash and common stock Required a. Identify the events described in the preceding paragraph and show them in a horizontal statements model. The first...
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During 2018, Hardy Merchandising Company purchased $17,000 of inventory on account. Hardy sold inventory on account that cost $12,800 for $19,100. Cash payments on accounts payable were $10,600. There was $17,000 cash collected from accounts receivable. Hardy also paid $3,700 cash for operating expenses. Assume that Hardy started the accounting period with $23,500 in both cash and common stock. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity,...
During Year 1, Hardy Merchandising Company purchased $16,000 of inventory on account. Hardy sold inventory on...
During Year 1, Hardy Merchandising Company purchased $16,000 of
inventory on account. Hardy sold inventory on account that cost
$12,000 for $18,000. Cash payments on accounts payable were
$10,000. There was $16,000 cash collected from accounts receivable.
Hardy also paid $3,600 cash for operating expenses. Assume that
Hardy started the accounting period with $24,000 in both cash and
common stock.
Required
a. Identify the events described in the preceding
paragraph and show them in a horizontal statements model. The first...
During Year 1, Hardy Merchandising Company purchased $20,000 of inventory on account. Hardy sold inventory on...
During Year 1, Hardy Merchandising Company purchased $20,000 of inventory on account. Hardy sold inventory on account that cost $15,000 for $22,500. Cash payments on accounts payable were $12,500. There was $20,000 cash collected from accounts receivable. Hardy also paid $4,000 cash for operating expenses. Assume that Hardy started the accounting period with $18,000 in both cash and common stock. Required a. Identify the events described in the preceding paragraph and show them in a horizontal statements model. The first...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account...
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For the cut out statement (FA for financing, or NC for net change in cash ....
For the cut out statement (FA for financing, or NC for
net change in cash . if the element is .....)
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Expert Computers was started in Year 1. The company experienced the following accounting events during its...
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation 1. Started business when it acquired $40,000 cash from the issue of common stock. 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10,n/30. 3. Paid off one-half of the accounts payable balance within the discount period, 4. Sold merchandise on account for $28,000. Credit terms were 120./30. The merchandise had cost Expert Computers $16.000 5. Collected...
Expert Computers was started in Year 1. The company experienced the following accounting events during its...
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation 1. Started business when it acquired $40,000 cash from the issue of common stock 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10,n/30. 3. Paid off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $28,000 Credit terms were 1/20, n/30. The merchandise had cost Expert Computers $16.000 5....
Kleiner Merchandising Company Accumulated depreciation $ Beginning inventory Ending Inventory Expenses Net Purchases Net Sales 700...
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During Year 1, Hardy Merchandising Company purchased $28,000 of inventory on account. Hardy sold inventory on account that cost $21,000 for $31,500. Cash payments on accounts payable were $17,500. There was $28,000 cash collected from accounts receivable. Hardy also paid $4,800 cash for operating expenses. Assume that Hardy started the accounting period with $22,000 in both cash and common stock. Required a. Identify the events described in the preceding paragraph and show them in a horizontal statements model. The first...
During Year 1, Hardy Merchandising Company purchased $18,000 of Inventory on account. Hardy sold Inventory on account that cost $13,500 for $20,300. Cash payments on accounts payable were $11,300. There was $18,100 cash collected from accounts receivable. Hardy also paid $3,800 cash for operating expenses. Assume that Hardy started the accounting period with $23,000 in both cash and common stock Required a. Identify the events described in the preceding paragraph and show them in a horizontal statements model. The first...
During 2018, Hardy Merchandising Company purchased $17,000 of inventory on account. Hardy sold inventory on account that cost $12,800 for $19,100. Cash payments on accounts payable were $10,600. There was $17,000 cash collected from accounts receivable. Hardy also paid $3,700 cash for operating expenses. Assume that Hardy started the accounting period with $23,500 in both cash and common stock. Required a. Record the events in a horizontal statement model. In the Cash Flow column, use OA to designate operating activity,...
During Year 1, Hardy Merchandising Company purchased $16,000 of
inventory on account. Hardy sold inventory on account that cost
$12,000 for $18,000. Cash payments on accounts payable were
$10,000. There was $16,000 cash collected from accounts receivable.
Hardy also paid $3,600 cash for operating expenses. Assume that
Hardy started the accounting period with $24,000 in both cash and
common stock.
Required
a. Identify the events described in the preceding
paragraph and show them in a horizontal statements model. The first...
During Year 1, Hardy Merchandising Company purchased $20,000 of inventory on account. Hardy sold inventory on account that cost $15,000 for $22,500. Cash payments on accounts payable were $12,500. There was $20,000 cash collected from accounts receivable. Hardy also paid $4,000 cash for operating expenses. Assume that Hardy started the accounting period with $18,000 in both cash and common stock. Required a. Identify the events described in the preceding paragraph and show them in a horizontal statements model. The first...
Seved 2. 15 Doints During Year 1, Hardy Merchandising Company purchased $25,000 of inventory on account Hardy sold inventory on account that cost $18,800 for $28.100. Cash payments on accounts payable were $15,600. There was $25,000 cash collected from accounts receivable Hardy also paid $4,500 cash for operating expenses. Assume that Hardy started the accounting period with $20,500 in both cash and common stock Required a. Record the events in a horizontal statement model. In the Cash Flow column, use...
For the cut out statement (FA for financing, or NC for
net change in cash . if the element is .....)
During Year 1. Hardy Merchandising Company purchased 517,000 of inventory on account Hardly sold inventory on account that cost $12.800 for $19,100 Cash payments on accounts payable were $10.600. There was $17.000 cash collected from accounts receivable Hardy also paid $3,700 cash for operating expenses. Assume that Hardy started the accounting period with $23.500 in both cash and common...
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation 1. Started business when it acquired $40,000 cash from the issue of common stock. 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10,n/30. 3. Paid off one-half of the accounts payable balance within the discount period, 4. Sold merchandise on account for $28,000. Credit terms were 120./30. The merchandise had cost Expert Computers $16.000 5. Collected...
Expert Computers was started in Year 1. The company experienced the following accounting events during its first year of operation 1. Started business when it acquired $40,000 cash from the issue of common stock 2. Purchased merchandise with a list price of $32,000 on account, terms 2/10,n/30. 3. Paid off one-half of the accounts payable balance within the discount period. 4. Sold merchandise on account for $28,000 Credit terms were 1/20, n/30. The merchandise had cost Expert Computers $16.000 5....
Kleiner Merchandising Company Accumulated depreciation $ Beginning inventory Ending Inventory Expenses Net Purchases Net Sales 700 8,500 4,500 1,800 9,500 16,500 $ 8. 100 21,000 Krug Service Company Expenses Revenues Cash Prepaid rent Accounts payable Equipment 600 640 200 1.900 Required: a. Compute gross profit, the goods available for sale, and the cost of goods sold for the merchandiser. Hint Not all information may be necessary b. Use the above information from a service company and from a merchandiser to...
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