Homework Answers
Q1) Answer : “A decreasing gross profit percentage means that the company is selling products for a greater markup over its cost”
=> No, When company is selling products for a greater markup over its cost means it is selling on greater gross profit. The decreasing gross profit margin means company is selling its products at lower markup than before.
Q2)
| Supplier A | Supplier B | |||
| Cost | 280 | 290 | ||
| Less:trade discount | 2.8 | 5.8 | ||
| Net Cost | 277.2 | 284.2 | ||
| add:Shipping cost | 28 | 0 | (being FOB destination) | |
| Actual cost of inventory | 305.2 | 284.2 |
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Which of the following statements regarding gross profit percentage is not correct? The gross profit percentage...
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What is the correct journal entry? What is the income
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Prepare journal entries to record the following merchandising transactions of Griffin's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Garcia.) Jul. 1 Purchased merchandise from Garcia Company for $9,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to...
Calculating Gross Profit Percentage Given Percentage of Cost The following are calculations of gross profit as...
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Check my work Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use...
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Accounting questions
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freight-out, fob destination, operating expenses, periodic inventory system, fob shipping point, gross profit, sales discount ,...
freight-out, fob destination, operating expenses, periodic
inventory system, fob shipping point, gross profit, sales discount
, income operations, net sales, puchase invoice. matching those are
the choices
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What is the correct journal entry? What is the income
statement?
Prepare journal entries to record the following merchandising transactions of Griffin's, which uses the perpetual inventory system and the gross method. (Hint: It will help to identify each receivable and payable; for example, record the purchase on July 1 in Accounts Payable-Garcia.) Jul. 1 Purchased merchandise from Garcia Company for $9,000 under credit terms of 1/15, n/30, FOB shipping point, invoice dated July 1. Jul. 2 Sold merchandise to...
Calculating Gross Profit Percentage Given Percentage of Cost The following are calculations of gross profit as a percentage of cost: 25%, 30%, and 35% Compute gross profit as a percentage of sales for each of the three percentage of cost figures. Note: Round to the nearest whole percentage (for example, enter 20 for 20.44%) Gross profit as a percentage of cost percentage of sales Gross profit as a 25% 0 % 30% 0% 35% 0 %
Check my work Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $10,000; terms 1/5, n/15, FOB destination (cost of sales $7,150). 2 Purchased $5,400 of merchandise from Angolac Suppliers; terms 3/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $12,400; terms...
Check my work Part 1: Consider the following perpetual system merchandising transactions of Belton Company. Use a separate account for each receivable and payable; for example, record the sale on June 1 in Accounts Receivable-Avery & Wiest. June 1 Sold merchandise to Avery & Wiest for $10,000; terms 1/5, n/15, FOB destination (cost of sales $7,150). 2 Purchased $5,400 of merchandise from Angolac Suppliers; terms 3/10, n/20, FOB shipping point. 4 Purchased merchandise inventory from Bastille Sales for $12,400; terms...
Accounting questions
A) Cash os coating 53.000 or 55.000 with Using perpetual inventory, the entry to record a credit sale of S5000 Sales Revenue Inventory Cost of Goods Sold S3,000 B) Cash Service Revenue C) Accounts Receivable S5,000 $3.000 $5,000 $3.000 $3,000 D) Service Revenue S5,000 Accounts Receivable S5,000 Sales Revenue Cost of Goods Sold S3,000 Inventory $3,000 $5,000 29. Waggy Company identi Indicate whether each item should each item should be included or excluded from the inventory taking ems...
PE 6-1A Gross profit During the current year, merchandise is sold for $315,800 cash and $1,225,000 on account. The cost of the merchandise sold is $875,000. What is the amount of the gross profit? OBJ. 1 PE 6-1B Gross profit During the current year, merchandise is sold for $18,300 cash and $295,700 on account The cost of the merchandise sold is $188,000. What is the amount of the gross profit? OBJ. 1 Purchases transactions PE 6-2A 290 Halibut Company purchased...
freight-out, fob destination, operating expenses, periodic
inventory system, fob shipping point, gross profit, sales discount
, income operations, net sales, puchase invoice. matching those are
the choices
Weygandt, Financial Accounting, 9e Financial Accounting ( се Assignment Gradebook ORION Downloadable eTextbook ment CALCULATOR FULL SCREEN PRINTER VERSION BACK Matching Question 237 Match the items below by entering the appropriate code letter in the space provided. 1. An incentive to encourage customers to pay their accounts early. 4. Sales revenue less sales...
Check my wort Exercise 4-9 Recording purchases, sales, returns, and shipping LO P1, P2 Following are the merchandising transactions of Dollar Store. Nov. 1 Dollar Store purchases merchandise for $2,200 on terms of 2/5, n/30, FOB shipping point, invoice dated November 1. 5 Dollar Store pays cash for the November 1 purchase. 7 Dollar Store discovers and returns $100 of defective merchandise purchased on November 1, and paid for on November 5, for a cash refund. 10 Dollar Store pays...
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