Homework Answers
net sales to show in income statement is $900,000
sales revenue must be reduced to get the estimated return.
In this case, sales of $1,000,00 0 must be reduced by estimated returns of $100,000 (7% + 3%)
resulting in net sales of $900,000.
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Fox Stores, Inc. had sales of $1,000,000 during December, Year 9. Experience has shown that merchandise...
please i want a detailed solution and a clear hand writing thank you Question 1 Fox...
please i want a detailed solution and a clear hand writing thank
you
Question 1 Fox Stores, Inc. had sales of $1,000,000 during December, Year 9. Experience has shown that merchandise equaling 7% of sales will be returned within 30 days and an additional 3% will be returned within 90 days. The sales for Year 10 and Year 11 are $1,000,000 and $2,000,000, respectively. What amount should Fox report for net sales in its income statement for the month of...
Explain when adding and substracting Zales company, Inc. had revenue of $421,000 during December 2019. Experience...
Explain when adding and substracting
Zales company, Inc. had revenue of $421,000 during December 2019. Experience has shown that merchandise equaling 3% of sales will be returned within 30 days. Also, due to high competition, Zales offer customers a discount on the products. It was found that the discount is equal 2% of revenue. Cost of goods sold is 280,000, insurances expenses is 12,000, salaries at the end of the month is 42,000, December store rent is 35000, shipment fright...
mann stores returned goods that had been billed orifinally at 800 263 Chapter 5 Accounting for...
mann stores returned goods that had been billed orifinally at 800
263 Chapter 5 Accounting for Merchandising Operations $410,000 of sales on account still eligible for the percent discount at year-end and believes that all companies will pay within the discount period. Additionally Butler allows a 90-day return privice for the merchandiselt sells. At year-end, Butler estimates sales of $1.200.000 (with a cost to utro $480,000) remain that are still within the 90-day return neried. From past experience, 6 percent...
During December, McComb Co. had net credit sales of $1,000,000. On December 1, 2017, the Allowance...
During December, McComb Co. had net credit sales of $1,000,000. On December 1, 2017, the Allowance for Doubtful Accounts had a debit balance of $2,000. Experience indicates that the ending balance in the allowance for doubtful accounts should be 5% of net credit sales (percentage-of-sales basis). If the accounts receivable balance at December 31 was $100,000, what amount should be reported as bad debt expense for the year? $48,000 $50,000 $2,000 $52,000 On April 1, Adams Inc. borrowed $10,000 from...
Inventory Turnover and days' sales in inventory Kracker Corp., Foodstuff, Inc., and Winston Stores, Inc. are...
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For the year ended December 31, 20Y8, ABC Inc. made total sales of $1,000,000, but expects...
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Part 2 of 3 During the fiscal year ended December 31, 2020, Lynbrook Inc. had credit...
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Printitom Inventory Tumover and dars sales in inventory Kracker Corp, Foodstuf, Inc., and Winston Stores, Inc....
Printitom Inventory Tumover and dars sales in inventory Kracker Corp, Foodstuf, Inc., and Winston Stores, Inc. are three grocery chains in the United States. Teventory management is an important aspect of the business Recent balance sheets for these three companies indicated the fowing merchandise inventory fino m Kracker Foodstuff Winston Corp. Inc. Stores Cost of merchandise sold $34.310.0 533,2150 $35,405.0 von being of year 1.9937 2 ,042.0 1.098.7 Inventory, and of year 1,9543 1,962.0 1,411.4 a. b. Determine the inventory...
will pay within the discom Juul til alle believes that all companies thin the discount period. Additionally, Carri...
will pay within the discom Juul til alle believes that all companies thin the discount period. Additionally, Carrie allows a 90-day return nrivilege for hany, came allows a 90-day return privilege for the mer- dise it sells. At year-end, Carrie estimates sales of $1,200,000 (with a cost to Ca are still within the 90-day return period. From past experience, 6 percent of this merchan- enected to be returned. Prepare the period-end adjusting journal entries needed for Carrie to comply with...
please i want a detailed solution and a clear hand writing thank
you
Question 1 Fox Stores, Inc. had sales of $1,000,000 during December, Year 9. Experience has shown that merchandise equaling 7% of sales will be returned within 30 days and an additional 3% will be returned within 90 days. The sales for Year 10 and Year 11 are $1,000,000 and $2,000,000, respectively. What amount should Fox report for net sales in its income statement for the month of...
Explain when adding and substracting
Zales company, Inc. had revenue of $421,000 during December 2019. Experience has shown that merchandise equaling 3% of sales will be returned within 30 days. Also, due to high competition, Zales offer customers a discount on the products. It was found that the discount is equal 2% of revenue. Cost of goods sold is 280,000, insurances expenses is 12,000, salaries at the end of the month is 42,000, December store rent is 35000, shipment fright...
mann stores returned goods that had been billed orifinally at 800
263 Chapter 5 Accounting for Merchandising Operations $410,000 of sales on account still eligible for the percent discount at year-end and believes that all companies will pay within the discount period. Additionally Butler allows a 90-day return privice for the merchandiselt sells. At year-end, Butler estimates sales of $1.200.000 (with a cost to utro $480,000) remain that are still within the 90-day return neried. From past experience, 6 percent...
Inventory Turnover and days' sales in inventory Kracker Corp., Foodstuff, Inc., and Winston Stores, Inc. are three grocery chains in the United States. Inventory management is an important aspect of the grocery retail business. Recent balance sheets for these three companies indicated the following merchandise inventory (in millions) information: Kracker Foodstuff Winston Corp. Inc. Stores Cost of merchandise sold $34,310.0 $33,215.0 $35,405.0 Inventory, beginning of year 1,993.7 2,042.0 1,498.7 Inventory, end of year 1,954.3 1,962.0 1,411.4 a. & b. Determine...
Part 2 of 3 During the fiscal year ended December 31, 2020, Lynbrook Inc. had credit sales of $4,780,000. On December 31, 2020, Lynbrook had an unadjusted debit balance in their Allowance for Doubtful Accounts of $15,275. Your accounting department prepared an aging schedule of Lynbrook's December 31, 2020, accounts receivable account. Based on past experience, Lynbrook estimates the percent of receivables in each age category that will become uncollectible. This information is summarized here. December 31, 2020 Age of...
Printitom Inventory Tumover and dars sales in inventory Kracker Corp, Foodstuf, Inc., and Winston Stores, Inc. are three grocery chains in the United States. Teventory management is an important aspect of the business Recent balance sheets for these three companies indicated the fowing merchandise inventory fino m Kracker Foodstuff Winston Corp. Inc. Stores Cost of merchandise sold $34.310.0 533,2150 $35,405.0 von being of year 1.9937 2 ,042.0 1.098.7 Inventory, and of year 1,9543 1,962.0 1,411.4 a. b. Determine the inventory...
will pay within the discom Juul til alle believes that all companies thin the discount period. Additionally, Carrie allows a 90-day return nrivilege for hany, came allows a 90-day return privilege for the mer- dise it sells. At year-end, Carrie estimates sales of $1,200,000 (with a cost to Ca are still within the 90-day return period. From past experience, 6 percent of this merchan- enected to be returned. Prepare the period-end adjusting journal entries needed for Carrie to comply with...
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