Homework Answers
Ans-a-
| Transaction | Cost |
| 1 | NA |
| 2 | NA |
| 3 | Product |
| 4 | Product |
| 5 | Period |
| 6 | Product |
| 7 | NA |
| 8 | NA |
| 9 | Period |
| 10 | Period |
THE PET STORE
Horizontal Statement Model for 2016
| Balance Sheet | Income Statement | ||||||||||||||||||
| Assets ($) | = | Liabilities ($) | + | Stockholder's Equity ($) | Revenue ($) | - | Expenses ($) | = | Net Income ($) | Statement of Cash Flows ($) | |||||||||
| Cash | + | Accounts Receivable | + | Inventory | = | Accounts Payable | + | Common Stock | + | Retained Earnings | |||||||||
| 1- Issue of common stock | 60,000 | + | + | = | + | 60,000 | + | - | = | 60,000 FA. | |||||||||
| 2- Purchase of Inventory | + | + | 65,000 | = | 65,000 | + | + | - | = | ||||||||||
| 3-Freight | -900 | + | + | 900 | = | + | + | - | = | (900) OA | |||||||||
| 4-a--Sale of inventory | + | 71,000 | + | = | + | + | 71,000 | 71,000 | - | = | 71,000 | ||||||||
| 4-b- Cost of goods sold | + | + | -38,000 | = | + | + | -38,000 | - | 38,000 | = | -38,000 | ||||||||
| 5- Freight cost | -620 | + | + | = | + | + | -620 | - | 620 | = | -620 | (620) OA | |||||||
| 6-a- Sales Return | + | -4,200 | + | = | + | + | -4,200 | -4,200 | - | = | -4,200 | ||||||||
| 6-b- Return Inventory | + | + | 2,150 | = | + | + | 2,150 | - | -2,150 | = | 2,150 | ||||||||
| 7- Collection on accounts receivable | 58,300 | + | -58,300 | + | = | + | + | - | = | 58,300 OA | |||||||||
| 8- Payment on account | -59,200 | + | + | = | -59,200 | + | + | - | = | (59,200) OA | |||||||||
| 9- Payment of advertising | -2,600 | + | + | = | + | + | -2,600 | - | 2,600 | = | -2,600 | (2,600)OA | |||||||
| 10-Payment of insurance | -3,100 | + | + | = | + | + | -3,100 | - | 3,100 | = | -3,100 | (3,100) OA | |||||||
| Ending Balance | $51,880 | + | $8,500 | + | $30,050 | = | $5,800 | + | $60,000 | + | $24,630 | $66,800 | - | $42,170 | = | $24,630 | $51,880 NC |
OA- Operating Activities
FA- Financial Activities
NC-Net change in cash
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4. value 10.00 points The Pet...
Effect of product cost and period cost: Horizontal statements model The Pet Store experienced the following...
Effect of product cost and period cost: Horizontal statements model The Pet Store experienced the following events for the 2018 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point, freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold Inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the...
The Pet Store experienced the following events for the 2018 accounting period: Acquired $60,000 cash from...
The Pet Store experienced the following events for the 2018
accounting period:
Acquired $60,000 cash from the issue of common stock.
Purchased $65,000 of inventory on account.
Received goods purchased in Event 2 FOB shipping point; freight
cost of $900 paid in cash.
Sold inventory on account that cost $38,000 for $71,000.
Freight cost on the goods sold in Event 4 was $620. The goods were
shipped FOB destination. Cash was paid for the freight
cost.
Customer in Event 4...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $100,000...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $100,000 cash from the issue of common stock. 2. Purchased $70,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,080 paid in cash. 4. Sold inventory on account that cost $50,000 for $95,000. 5. Freight cost on the goods sold in Event 4 was $1,530. The goods were shipped FOB destination. Cash was paid for the...
The trial balance for Terry’s Auto Shop as of January 1, Year 2, follows:
The following events affected the company during the Year 2 accounting period:Purchased merchandise on account that cost $4,170.The goods in Event 1 were purchased FOB shipping point with freight cost of $210 cash.Returned $410 of damaged merchandise for credit on account.Agreed to keep other damaged merchandise for which the company received an $255 allowance.Sold merchandise that cost $2,660 for $13,000 cash.Delivered merchandise to customers in Event 5 under terms FOB destination with freight costs amounting to $145 cash.Paid $2,900 on...
With explanation please The following events affected the Hadley Company during the 2019 accounting period: 1....
With explanation please
The following events affected the Hadley Company during the 2019 accounting period: 1. Purchased merchandise on account that cost $6,138. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $60 cash. 3. Sold merchandise that cost $3,857 for $13,306 cash. 4. Delivered merchandise to customers in Event 3 under terms FOB destination with freight costs amounting to $292 cash. What is the balance in Inventory as a result of these transactions?
Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the journal,...
Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the journal, ledger, and financial statements: Perpetual system LO 4-2, 4-4. 4-6 [The following information applies to the questions displayed below) The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Debit Credit $16,000 Inventory 8,000 Common Stock $20,000 Retained Earnings Total Cash 4,000 $24,000 $24,000 The following events affected the company during the Year 2 accounting period: 1. Purchased...
The beginning account balances for Terry’s Auto Shop as of January 1, Year 2, follows: Account...
The beginning account balances for Terry’s Auto Shop as of January 1, Year 2, follows: Account Titles Beginning Balances Cash $ 6,010 Inventory 3,140 Common Stock 7,320 Retained Earnings 1,830 The following events affected the company during the Year 2 accounting period: Purchased merchandise on account that cost $4,160. The goods in Event 1 were purchased FOB shipping point with freight cost of $270 cash. Returned $470 of damaged merchandise for credit on account. Agreed to keep other damaged merchandise...
I have a test on this and this is study guide. I was not given a...
I have a test on this and this is study guide. I was not given
a answer key. Could someone please create journal entires for the
events listed so I can make sure my answers are correct and that im
doing this right??
Parts II. Accounting for Merchandising Businesses (20 Points) At the beginning of Year 2, Great Yankees Enterprises had the following balances in its accounts: Cash $16,800 Inventory 4,000 Land 2,000 Common stock 12.000 Retained earnings 10,800 REQUIRED:...
Effect of product cost and period cost: Horizontal statements model The Pet Store experienced the following events for the 2018 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point, freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $60,000 cash from the issue of common stock. 2. Purchased $65,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $900 paid in cash. 4. Sold Inventory on account that cost $38,000 for $71,000. 5. Freight cost on the goods sold in Event 4 was $620. The goods were shipped FOB destination. Cash was paid for the...
The Pet Store experienced the following events for the 2018
accounting period:
Acquired $60,000 cash from the issue of common stock.
Purchased $65,000 of inventory on account.
Received goods purchased in Event 2 FOB shipping point; freight
cost of $900 paid in cash.
Sold inventory on account that cost $38,000 for $71,000.
Freight cost on the goods sold in Event 4 was $620. The goods were
shipped FOB destination. Cash was paid for the freight
cost.
Customer in Event 4...
The Pet Store experienced the following events for the Year 1 accounting period: 1. Acquired $100,000 cash from the issue of common stock. 2. Purchased $70,000 of inventory on account. 3. Received goods purchased in Event 2 FOB shipping point; freight cost of $1,080 paid in cash. 4. Sold inventory on account that cost $50,000 for $95,000. 5. Freight cost on the goods sold in Event 4 was $1,530. The goods were shipped FOB destination. Cash was paid for the...
With explanation please
The following events affected the Hadley Company during the 2019 accounting period: 1. Purchased merchandise on account that cost $6,138. 2. The goods in Event 1 were purchased FOB shipping point with freight cost of $60 cash. 3. Sold merchandise that cost $3,857 for $13,306 cash. 4. Delivered merchandise to customers in Event 3 under terms FOB destination with freight costs amounting to $292 cash. What is the balance in Inventory as a result of these transactions?
Required information Exercise 4-12A Effect of purchase returns and allowances and freight costs on the journal, ledger, and financial statements: Perpetual system LO 4-2, 4-4. 4-6 [The following information applies to the questions displayed below) The trial balance for Terry's Auto Shop as of January 1, Year 2, follows: Account Titles Debit Credit $16,000 Inventory 8,000 Common Stock $20,000 Retained Earnings Total Cash 4,000 $24,000 $24,000 The following events affected the company during the Year 2 accounting period: 1. Purchased...
I have a test on this and this is study guide. I was not given
a answer key. Could someone please create journal entires for the
events listed so I can make sure my answers are correct and that im
doing this right??
Parts II. Accounting for Merchandising Businesses (20 Points) At the beginning of Year 2, Great Yankees Enterprises had the following balances in its accounts: Cash $16,800 Inventory 4,000 Land 2,000 Common stock 12.000 Retained earnings 10,800 REQUIRED:...
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