The following selected information is for Sunland Company for the year ended January 31, 2021: Freight...
The following selected information is for Sunland Company for the year ended January 31, 2021: Freight in $6,500 Purchase discounts $12,000 Freight out 7,300 Purchase returns and allowances 16,100 Insurance expense 12,000 Rent expense 20,100 Interest expense 6,000 Salaries expense 60,500 Merchandise inventory, beginning 61,500 Salaries payable 2,500 Merchandise inventory, ending 42,000 Sales 325,000 O. G. Pogo, capital 105,000 Sales discounts 14,000 O. G. Pogo, drawings 42,200 Sales returns and allowances 20,100 Purchases 213,000 Unearned sales revenue 4,500
(a) Prepare a multiple-step income statement.
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The following selected information is for Sunland Company for
the year ended January 31, 2021: Freight...
Problem 3 The Jessica Company supplies you with the following information: Freight-in $ 2,000 Freight-out (selling...
Problem 3 The Jessica Company supplies you with the following information: Freight-in $ 2,000 Freight-out (selling expense) 7,000 Gross sales 122,000 Merchandise inventory, Jan 1, 20x4 12,000 Merchandise inventory, Dec 31, 20x4 15,000 Purchases 75,000 Office supplies used 7,000 Purchase discounts 7,000 Purchase returns and allowances 6,000 Sales returns and allowances 15,000 Supplies inventory, Dec 31, 20x4 5,000 Required - Calculate the cost of goods sold for Jessica Company. Prepare the journal entry to (1) record cost of goods sold...
The following are selected ledger accounts of Sunland Corporation at December 31, 2020. Cash Inventory Sales...
The following are selected ledger accounts of Sunland Corporation at December 31, 2020. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $210.900 609,900 4,873,500 133,380 3,176,040 38,760 30,780 78,660 37,620 27,360 61,560 106,020 54.720 41,040 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales...
PRACTICE PROBLEM - PERIODIC Adjustment Data: For the Year Ended December 31, 2014 1) A physical merchandise inventory t...
PRACTICE PROBLEM - PERIODIC Adjustment Data: For the Year Ended December 31, 2014 1) A physical merchandise inventory taken on December 31 amounted to $8,000 2) Accrued Salesman Salary, $7,000 3) The store machinery purchased has an estimated useful life of 5 years 4) Unusued office supplies at year end $3,000. Required a) Prepare Worksheet as of December 31, 2014 - Place accounts in Financial Statement Order d) Prepare All Financial Statements (Income Statement, Capital Statement, Balance Sheet) e) Prepare...
Presented below is information for Sunland Co. for the month of January 2022. Cost of goods...
Presented below is information for Sunland Co. for the month of January 2022. Cost of goods sold $34,600 Freight-out 8.800 $211,900 Rent expense 9,800 Sales discounts 13,900 Sales returns and allowances 61.800 Sales revenue Insurance expense 17,100 Salaries and wages expense 394,000 Income tax expense 5.800 Other comprehensive income (net of $400 tax) 2.000 Prepare an income statement using the multiple-step format. SUNLAND CO. Income Statement
Current Attempt in Progress The following selected accounts from the Sunland Company's general ledger are presented...
Current Attempt in Progress The following selected accounts from the Sunland Company's general ledger are presented below for the year ended December 31, 2022: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends $53.000 Interest revenue 248.000 Inventory 1,083,000 Rent revenue 123,000 Retained earnings 148,000 Salaries and wages expense 23,000 Sales discounts 68,000 Sales returns and allowances 15,000 Sales revenue 68,000 $31.000 65.000 24,000 533.000 673,000 8,400 42,000 2.398,000 Freight-out Income tax expense Insurance expense Interest expense Prepare...
10. The following information is available for Houser Produce Market: 4,000 Sales $225,000 Freight-in $11,000 Ending...
10. The following information is available for Houser Produce Market: 4,000 Sales $225,000 Freight-in $11,000 Ending merchandise inventory 27,000 Purchase returns and allowances Sales discounts 3,000 Depreciation expense 8,000 143,000 Beginning merchandise inventory 23,000 How much is Houser's cost of goods sold? $173,000 b. $146,000 c. $143,000 d. None of these answer choices are correct.
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit...
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit Cash Notes receivable $76,000 100,000 Merchandise inventory 69,000 435,400 Equipment Accumulated depreciation-equipment $130,620 Unearned revenue 7,500 Notes payable 143,620 L. Crystal, capital 240,000 L. Crystal, drawings 142,000 Interest revenue 12,000 Rent revenue 25,000 1.970,000 Sales Advertising expense 53,000 Cost of goods sold 860,000 Depreciation expense 43,540 Freight out 27,000 Insurance expense 16,000 10,500 Interest expense Salaries expense 630,000 9,300 Sales discounts Sales returns and...
LO 4 Presented below is information relatod to Garland Co. for the month of Jamuary 2014...
LO 4 Presented below is information relatod to Garland Co. for the month of Jamuary 2014 s 12,000 20,000 55,000 13,000 80,000 Beginning inventory Ending inventory 1 600 Insurance expense 21.600Rent expemse 218,000 Salaries and wages expense 000 Sales returns and allowances Freight-in Purchase discounts Purchase returns and allowances 5,000 Sales revenuc 10,000 Instructions Prepare the necessary closing entries 0
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Me...
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Meilleur Merchants. The list of accounts is in alphabetical order. All accounts have normal balances. Meilleur uses a periodic inventory system and the earnings approach to recognize revenue. Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5 Advertising expense 6 Building 7 S. Meilleur, capital 8 S. Meilleur, drawings 9 Cash 10 Depreciation...
You have been provided with the following selected accounts for Monty Ltd. for the year ended...
You have been provided with the following selected accounts for
Monty Ltd. for the year ended April 30, 2018:
Inventory, May 1, 2017
$578,000
Interest expense
$28,000
Purchases
5,853,000
Interest income
20,000
Accounts receivable
757,000
Accounts payable
589,000
Sales
9,378,000
Administrative expenses
800,000
Purchase discounts
36,000
Selling expenses
141,000
Freight in
117,000
Cash
166,000
Land
919,000
Common shares
195,000
Sales returns and allowances
236,000
Monty conducted a physical inventory count on April 30, 2018.
Inventory on hand at that date...
The following are selected ledger accounts of Sunland Corporation at December 31, 2020. Cash Inventory Sales revenue Unearned sales revenue Purchases Sales discounts Purchase discounts Selling expenses Accounting and legal services Insurance expense (office) Advertising expense Delivery expense Depreciation expense (office equipment) Depreciation expense (sales equipment) $210.900 609,900 4,873,500 133,380 3,176,040 38,760 30,780 78,660 37,620 27,360 61,560 106,020 54.720 41,040 Salaries and wages expense (sales) Salaries and wages expense (office) Purchase returns Sales returns and allowances Freight-in Accounts receivable Sales...
PRACTICE PROBLEM - PERIODIC Adjustment Data: For the Year Ended December 31, 2014 1) A physical merchandise inventory taken on December 31 amounted to $8,000 2) Accrued Salesman Salary, $7,000 3) The store machinery purchased has an estimated useful life of 5 years 4) Unusued office supplies at year end $3,000. Required a) Prepare Worksheet as of December 31, 2014 - Place accounts in Financial Statement Order d) Prepare All Financial Statements (Income Statement, Capital Statement, Balance Sheet) e) Prepare...
Presented below is information for Sunland Co. for the month of January 2022. Cost of goods sold $34,600 Freight-out 8.800 $211,900 Rent expense 9,800 Sales discounts 13,900 Sales returns and allowances 61.800 Sales revenue Insurance expense 17,100 Salaries and wages expense 394,000 Income tax expense 5.800 Other comprehensive income (net of $400 tax) 2.000 Prepare an income statement using the multiple-step format. SUNLAND CO. Income Statement
Current Attempt in Progress The following selected accounts from the Sunland Company's general ledger are presented below for the year ended December 31, 2022: Advertising expense Common stock Cost of goods sold Depreciation expense Dividends $53.000 Interest revenue 248.000 Inventory 1,083,000 Rent revenue 123,000 Retained earnings 148,000 Salaries and wages expense 23,000 Sales discounts 68,000 Sales returns and allowances 15,000 Sales revenue 68,000 $31.000 65.000 24,000 533.000 673,000 8,400 42,000 2.398,000 Freight-out Income tax expense Insurance expense Interest expense Prepare...
10. The following information is available for Houser Produce Market: 4,000 Sales $225,000 Freight-in $11,000 Ending merchandise inventory 27,000 Purchase returns and allowances Sales discounts 3,000 Depreciation expense 8,000 143,000 Beginning merchandise inventory 23,000 How much is Houser's cost of goods sold? $173,000 b. $146,000 c. $143,000 d. None of these answer choices are correct.
The following is information from Crystal Company's adjusted trial balance at December 31, 2021: Debit Credit Cash Notes receivable $76,000 100,000 Merchandise inventory 69,000 435,400 Equipment Accumulated depreciation-equipment $130,620 Unearned revenue 7,500 Notes payable 143,620 L. Crystal, capital 240,000 L. Crystal, drawings 142,000 Interest revenue 12,000 Rent revenue 25,000 1.970,000 Sales Advertising expense 53,000 Cost of goods sold 860,000 Depreciation expense 43,540 Freight out 27,000 Insurance expense 16,000 10,500 Interest expense Salaries expense 630,000 9,300 Sales discounts Sales returns and...
LO 4 Presented below is information relatod to Garland Co. for the month of Jamuary 2014 s 12,000 20,000 55,000 13,000 80,000 Beginning inventory Ending inventory 1 600 Insurance expense 21.600Rent expemse 218,000 Salaries and wages expense 000 Sales returns and allowances Freight-in Purchase discounts Purchase returns and allowances 5,000 Sales revenuc 10,000 Instructions Prepare the necessary closing entries 0
The following is a list of the accounts and balances taken from the adjusted trial balance at December 31, 2021 for, Meilleur Merchants. The list of accounts is in alphabetical order. All accounts have normal balances. Meilleur uses a periodic inventory system and the earnings approach to recognize revenue. Account 1 Accounts payable 2 Accounts receivable 3 Accumulated depreciation-building 4 Accumulated depreciation equipment 5 Advertising expense 6 Building 7 S. Meilleur, capital 8 S. Meilleur, drawings 9 Cash 10 Depreciation...
You have been provided with the following selected accounts for
Monty Ltd. for the year ended April 30, 2018:
Inventory, May 1, 2017
$578,000
Interest expense
$28,000
Purchases
5,853,000
Interest income
20,000
Accounts receivable
757,000
Accounts payable
589,000
Sales
9,378,000
Administrative expenses
800,000
Purchase discounts
36,000
Selling expenses
141,000
Freight in
117,000
Cash
166,000
Land
919,000
Common shares
195,000
Sales returns and allowances
236,000
Monty conducted a physical inventory count on April 30, 2018.
Inventory on hand at that date...
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