Homework Answers
Solution:
Net sales = sales revenue - sales returns - sales allowance
= ($276700 +$21000) - $1610 - $1820 = $294,270
Cost of goods sold = $152590 + $9450 - $810 = $161,230
Gross profit = net sales - cost of goods sold = $294270 - $161230 = $133,040
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Campus Stop, Inc. is a student co-op. Campus Stop uses a perpetual inventory system
Campus Stop, Inc. is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis a. Sold merchandise for cash (cost of merchandise $147.990). $266,200 b. Received merchandise returned by customers an unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $740). 1,690c. Sold merchandise (costing $7,200) to a customer on account with term n/30. 16,000d. Collected half of the balance owed by the customer in (c). ...
Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following...
Campus Stop, Inc., is a student co-op. Campus Stop uses a
perpetual inventory system. The following transactions (summarized)
have been selected for analysis:
Check my work Required information [The following information applies to the questions displayed below.] Part 1 of 4 Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: points $294,300 eBook a. Sold merchandise for cash (cost of merchandise $160,750). b. Received merchandise returned...
Required information CP6-3 Recording Cash Sales, Credit Sales, Sales Returns, and Sales Allowances and Analyzing Gross...
Required information CP6-3 Recording Cash Sales, Credit Sales, Sales Returns, and Sales Allowances and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6] [The following information applies to the questions displayed below.] Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $268,900 a. Sold merchandise for cash (cost of merchandise $149, 510). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund...
Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following...
Campus Stop, Inc., is a student co-op. Campus Stop uses a
perpetual inventory system. The following transactions (summarized)
have been selected for analysis:
a.
Sold merchandise for cash (cost of merchandise $152,070).
$
275,000
b.
Received merchandise returned by customers as unsatisfactory
(but in perfect condition) for cash refund (original cost of
merchandise $800).
1,600
c.
Sold merchandise (costing $9,000) to a customer on account with
terms n/30.
20,000
d.
Collected half of the balance owed by the customer in...
2 Record the cost of goods sold of $24,797. 3 Record the return by a customer...
2 Record the cost of goods sold of $24,797.
3 Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $500 was given to
the customer.
4 Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $300.
5 Record the sales on account of $9,000 on terms n/60.
6 Record the cost of goods sold of $4,275.
7 Record the collection of half of...
a)Record the cash sales of $500,000. b)Record the cost of goods sold of $224,350. c)Record the...
a)Record the cash sales of $500,000.
b)Record the cost of goods sold of $224,350.
c)Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $3,000 was given to
the customer.
d)Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $1,900.
e)Record the sales on account of $5,000 on terms n/30.
f)Record the cost of goods sold of $3,000.
g)Record the collection of half of...
Required Information [The following information applies to the questions displayed below.) Hair World Inc. is a...
Required Information [The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $63,200 a. Sold merchandise for cash (cost of merchandise $34,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $450 ). c. Sold merchandise (costing $6,175 ) to a customer on account with terms...
Required information (The following information applies to the questions displayed below) Larry's Building Supplies (LBS) is...
Required information (The following information applies to the questions displayed below) Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis $785, eee . Sold merchandise for cash (cost of merchandise $577,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $5,708). c. Sold merchandise (costing $12,120) to a customer on account with terms n/30. d....
Required information [The following information applies to the questions displayed below.] Hair World Inc. is a...
Required information [The following information applies to the questions displayed below.] Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $75,200 a. Sold merchandise for cash (cost of merchandise $40,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ). c. Sold merchandise (costing $7,600 ) to a customer on account with terms...
Required information PB6-3 Recording Sales and Purchases with Discounts and Returns and Analyzing Gross Profit Percentage...
Required information PB6-3 Recording Sales and Purchases with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5) [The following information applies to the questions displayed below.) Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis $500,000 a. Sold merchandise for cash (cost of merchandise $224,350) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost...
Campus Stop, Inc., is a student co-op. Campus Stop uses a
perpetual inventory system. The following transactions (summarized)
have been selected for analysis:
Check my work Required information [The following information applies to the questions displayed below.] Part 1 of 4 Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: points $294,300 eBook a. Sold merchandise for cash (cost of merchandise $160,750). b. Received merchandise returned...
Required information CP6-3 Recording Cash Sales, Credit Sales, Sales Returns, and Sales Allowances and Analyzing Gross Profit Percentage [LO 6-4, LO 6-6] [The following information applies to the questions displayed below.] Campus Stop, Inc., is a student co-op. Campus Stop uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $268,900 a. Sold merchandise for cash (cost of merchandise $149, 510). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund...
Campus Stop, Inc., is a student co-op. Campus Stop uses a
perpetual inventory system. The following transactions (summarized)
have been selected for analysis:
a.
Sold merchandise for cash (cost of merchandise $152,070).
$
275,000
b.
Received merchandise returned by customers as unsatisfactory
(but in perfect condition) for cash refund (original cost of
merchandise $800).
1,600
c.
Sold merchandise (costing $9,000) to a customer on account with
terms n/30.
20,000
d.
Collected half of the balance owed by the customer in...
2 Record the cost of goods sold of $24,797.
3 Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $500 was given to
the customer.
4 Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $300.
5 Record the sales on account of $9,000 on terms n/60.
6 Record the cost of goods sold of $4,275.
7 Record the collection of half of...
a)Record the cash sales of $500,000.
b)Record the cost of goods sold of $224,350.
c)Record the return by a customer of unsatisfactory merchandise
that was in perfect condition. A cash refund of $3,000 was given to
the customer.
d)Record the merchandise returned by the customer back into
inventory. The original cost of the merchandise was $1,900.
e)Record the sales on account of $5,000 on terms n/30.
f)Record the cost of goods sold of $3,000.
g)Record the collection of half of...
Required Information [The following information applies to the questions displayed below.) Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $63,200 a. Sold merchandise for cash (cost of merchandise $34,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $450 ). c. Sold merchandise (costing $6,175 ) to a customer on account with terms...
Required information (The following information applies to the questions displayed below) Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis $785, eee . Sold merchandise for cash (cost of merchandise $577,350). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $5,708). c. Sold merchandise (costing $12,120) to a customer on account with terms n/30. d....
Required information [The following information applies to the questions displayed below.] Hair World Inc. is a wholesaler of hair supplies. Hair World uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis: $75,200 a. Sold merchandise for cash (cost of merchandise $40,797). b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost of merchandise $540 ). c. Sold merchandise (costing $7,600 ) to a customer on account with terms...
Required information PB6-3 Recording Sales and Purchases with Discounts and Returns and Analyzing Gross Profit Percentage [LO 6-4, LO 6-5) [The following information applies to the questions displayed below.) Larry's Building Supplies (LBS) is a local hardware store. LBS uses a perpetual inventory system. The following transactions (summarized) have been selected for analysis $500,000 a. Sold merchandise for cash (cost of merchandise $224,350) b. Received merchandise returned by customers as unsatisfactory (but in perfect condition) for cash refund (original cost...
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