Homework Answers
1. Debit cost of goodd sold and credit inventory
2. Inventory
3. Sales return and allowances
4. Inventory
5. Sales revenue are greater than operating expenses
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A company that maintains a perpetual inventory system has an inventory...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts...
5) A purchase return or allowance under a perpetual inventory system is credited to: A) Accounts Payable B) Purchase Returns and Allowances C) Inventory D) Purchases 6) Which of the following accounts is not a contra account? A. Inventory B. Accumulated Amortization C. Sales Returns and Allowances D. Sales Discounts 7) To calculate the gross margin percentage, A. Divide net sales by net income B. Divide current assets by current liabilities C. Divide total liabilities by total assets D. Divide...
Which of the following is a true statement for a company using a perpetual inventory system?...
Which of the following is a true statement for a company using a perpetual inventory system? Multiple Choice Purchase returns and allowances is a contra-account to accounts receivable. Sales returns and allowances is a contra-account to revenue. Sales returns and allowances is a contra-account to inventory. Purchase returns and allowances is a contra-account to revenue.
explain, please how? *5.4-16a A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance...
explain, please how?
*5.4-16a A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was $103,000. During the year, Sales Revenue amounted to $73,000, Sales Returns and Allowances were $2,000, Sales Discounts were $2,100, Cost of Goods Sold was $37,000, and all other expenses totaled $10,000. The company paid $19,000 in withdrawals to the owner. The last step in the closing process would include A. a debit to Income Summary for $51,100 a debit to...
A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was...
A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was $95,000. During the year, Sales Revenue amounted to $80,000, Sales Returns and Allowances were $1,300, Sales Discounts were $2,700, Cost of Goods Sold was $40,000, and all other expenses totaled $13,000. The company paid $24,000 in withdrawals to the owner. The last step in the closing process would include ________. Group of answer choices A. a debit to Income Summary for $57,000 B. a...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count value was $ 475,000. The adjusting entry required to record the discrepancy was: A) Debit Cost of Goods Sold $ 25,000 and credit inventory $ 25,000 B) Debit inventory $ 25,000 and credit Cost of Goods Sold $ 25,000 C) Can’t be determined D) Debit Cost of Goods Sold $ 12,500 and credit inventory $ 12,500 2) Credit terms of 1/10 n/30 indicates that...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
Sylvia's Music Company uses a perpetual inventory system. The adjusted trial balance of Sylvia's Music Company...
Sylvia's Music Company uses a perpetual inventory system. The adjusted trial balance of Sylvia's Music Company at June 30, 2016, follows: Click the icon to view the adjusted trial balance.) Requirements 1. Prepare Sylvia's multi-step income statement for the year ended June 30, 2016. 2. Journalize Sylvia's closing entries. 3. Prepare a post-closing trial balance as of June 30, 2016 Data Table - X Sylvia's Music Company Adjusted Trial Balance June 30, 2016 Balance Debit Credit 4,200 38,700 17,600 300...
1. Operating expenses include cost of goods sold. A) True B) False 2. For a merchandising...
1. Operating expenses include cost of goods sold. A) True B) False 2. For a merchandising company, the difference between net sales and operating expensesi. called gross margin. A) True B) False 3. Sales Returns and Allowances is described as a contra-revenue account. A) True B) False 4. Freight Out Expense is included in the cost of goods sold calculation. A) True B) False 5. General and administrative expenses are a category of operating expense. A) True B). False 6....
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer,...
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
PROF. K. JEFFERS ASA COLLEGE ACC 160 In its first year, FiCo, which uses the perpetual...
PROF. K. JEFFERS ASA COLLEGE ACC 160 In its first year, FiCo, which uses the perpetual method and records purchases at net. buys two lots of sweaters, 1/10, n/30: one lot on March 10 for $4,000, paying the invoice on March 16: a second Jot on June 25 for $2.000, paving the invoice on July 9. If no sweaters are sold from March through July, what is the balance in FiCo's Inventory 6. account on July 31? a. $6.000 $5,980...
explain, please how?
*5.4-16a A merchandiser uses a perpetual inventory system. The beginning Owner, Capital balance of the merchandiser was $103,000. During the year, Sales Revenue amounted to $73,000, Sales Returns and Allowances were $2,000, Sales Discounts were $2,100, Cost of Goods Sold was $37,000, and all other expenses totaled $10,000. The company paid $19,000 in withdrawals to the owner. The last step in the closing process would include A. a debit to Income Summary for $51,100 a debit to...
Your company uses the Perpetual Inventory system. What is the 4-row journal entry to record a cash-based sale? (1) dr. (to record the sale) > Choose... (2) cr. (to record the sale) Choose... (3) dr. (to remove inventory) cr. Sales Revenue dr. Cash (4) cr. (to remove inventory) dr. Cost of Goods Sold cr. Merchandise Inventory Your company uses the Periodic Inve dr. Merchandise Inventory What is the journal entry when a cuscr. Cash purchas dr. Accounts Receivable dr....
Sylvia's Music Company uses a perpetual inventory system. The adjusted trial balance of Sylvia's Music Company at June 30, 2016, follows: Click the icon to view the adjusted trial balance.) Requirements 1. Prepare Sylvia's multi-step income statement for the year ended June 30, 2016. 2. Journalize Sylvia's closing entries. 3. Prepare a post-closing trial balance as of June 30, 2016 Data Table - X Sylvia's Music Company Adjusted Trial Balance June 30, 2016 Balance Debit Credit 4,200 38,700 17,600 300...
1. Operating expenses include cost of goods sold. A) True B) False 2. For a merchandising company, the difference between net sales and operating expensesi. called gross margin. A) True B) False 3. Sales Returns and Allowances is described as a contra-revenue account. A) True B) False 4. Freight Out Expense is included in the cost of goods sold calculation. A) True B) False 5. General and administrative expenses are a category of operating expense. A) True B). False 6....
Using a perpetual inventory system, the seller's journal entry to record the return, by the buyer, of merchandise purchased on account includes a: Select one: a. Credit to Purchases Returns b. Debit to Sales Returns and Allowances c. Debit to Accounts Receivable d. Debit to Cost of Goods Sold
PROF. K. JEFFERS ASA COLLEGE ACC 160 In its first year, FiCo, which uses the perpetual method and records purchases at net. buys two lots of sweaters, 1/10, n/30: one lot on March 10 for $4,000, paying the invoice on March 16: a second Jot on June 25 for $2.000, paving the invoice on July 9. If no sweaters are sold from March through July, what is the balance in FiCo's Inventory 6. account on July 31? a. $6.000 $5,980...
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