Homework Answers
3.
Net sales revenue = Sales * (1 - discount)
= $2,200 * (1 - 3%)
= $2134
Gross profit = Net sales revenue - cost of goods sold
= $2134 - $1200
= $934
Gross profit = $934
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QUESTION 32 Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with...
Question 5 2.5 pts Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold...
Question 5 2.5 pts Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cost of $5,000 for $10,000 to a customer on account with terms of 2/15, n/30. On April 4, the customer reported damaged goods, and Michelin granted a $2,000 sales allowance. On April 10, Weston received payment from the customer. Calculate the amount of net sales revenue. $9,840 $10,000 O $8,000 $7,840
16-20 Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a...
16-20
Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a cost of 407 314,152 for delivery of the merchandise. Calculate the amount of net sales revenue Round any intermediary G ions and your fa 4/15.30 Westonad 150 custom count with the t hers ) O A 514.902 OR $8,487 OC. 514.258 OD. $14,652 ance is $35.000. Which of the following ould be included in the . The Merchandise inventory account balance is $80,000. A...
un sold merchandise with a cost of $1,257 for S) Weston Jewelers uses the perpetual inventory...
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Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost...
Forever Jewelers uses the perpetual inventory system. On April 2, Forever sold merchandise with a cost of $2,500 for $7,000 to a customer on account with terms of 4/15, n/30. Which of the following journal entries correctly records the sales revenue? 6,720 6,720 6,720 O A. Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Sales Revenue Cost of Goods Sold 6,720 6,720 6,720 2,500 OD. Accounts Receivable Sales Revenue 2,500
O Forever Jewelers uses the perpetual inventory system on April 2. Forever sold merchandise with a...
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QUESTIONS Which of the following is CORRECT? Under the perpetual inventory wystem, when a purchaser makes...
QUESTIONS Which of the following is CORRECT? Under the perpetual inventory wystem, when a purchaser makes payment within the discount period, the amount of discount will be credited to the Merchandise Inventory account Purchase discounts are calculated on the amount of the merchandise purchased including freight costs. A purchase discount is the amount offered to the purchaser for delaying the payment to the seller Credit terms of a merchandising company are 1/15, net 40. This means that the buyer can...
If a perpetual inventory system is used and a physical count discloses a shortage, the cost of merchandise sold...
If a perpetual inventory system is used and a physical count discloses a shortage, the cost of merchandise sold should be debited and the merchandise inventory account credited. 1) True 2) False Although Allowance for Doubtful Accounts normally has a credit balance, it may have either a debit or a credit balance before adjusting entries are recorded at the end of the accounting period. 1) True 2) False
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Question 5 2.5 pts Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cost of $5,000 for $10,000 to a customer on account with terms of 2/15, n/30. On April 4, the customer reported damaged goods, and Michelin granted a $2,000 sales allowance. On April 10, Weston received payment from the customer. Calculate the amount of net sales revenue. $9,840 $10,000 O $8,000 $7,840
16-20
Weston Jewellers uses the perpetual inventory system. On April 2. Weston sold merchandise with a cost of 407 314,152 for delivery of the merchandise. Calculate the amount of net sales revenue Round any intermediary G ions and your fa 4/15.30 Westonad 150 custom count with the t hers ) O A 514.902 OR $8,487 OC. 514.258 OD. $14,652 ance is $35.000. Which of the following ould be included in the . The Merchandise inventory account balance is $80,000. A...
un sold merchandise with a cost of $1,257 for S) Weston Jewelers uses the perpetual inventory system. On April 2, Weston sold merchandise with a cos $2,200 to a customer on account with the terms 3/15, n/30. Weston with the terms 3/15, 1/30. Weston paid $125 for delivery of the merchandise. Calculate the les revenue (Round any intermediary calculations and your final answer to the nearest dollar) A) $2,134 B) $2,325 o $2,200 D) $1,257 en Andent of de enld...
Landon Jewelers uses the perpetual inventory system. On April 2. Landon sold merchandise with a cost of $1.500 for 50,000 to a customer on account with forms of $15.30. The Journal entry to record the cost of goods sold would be: 1,500 1,500 1,500 1,500 O A. Sales Revenue Cost of Goods Sold OB. Cost of Goods Sold Accounts Receivable OC. Merchandise Inventory Cost of Goods Sold OD. Cost of Goods Sold Merchandise Inventory 1,500 1,500 1,500 1,500
Forever Jewelers uses the perpetual inventory system. On April 2. Forever sold merchandise with a cost of $4,500 for $7,000 to a customer on account with terms of 1/15, 30 Which of the following journal entries correctly records the sales revenue? 6.930 6.930 4.500 4,500 OA Sales Revenue Accounts Receivable OB. Accounts Receivable Sales Revenue O C. Accounts Receivable Sales Revenue OD. Sales Revenue Cost of Goods Sold 6,930 6,930
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O Forever Jewelers uses the perpetual inventory system on April 2. Forever sold merchandise with a cost of 54.000 for $5.500 to a customer on account with forms of 415, 30 Which of the following umalis correctly records the payment received from the customer on April 2017 5,280 220 5.500 5.280 O A Cash Sales Discounts Forted Accounts Receivable O Cash Accounts Receivable Ос. Cash Accounts Receivable Sales Discounts Ford OD Cash Accounts Receivable 5.500 5.280 220 5.500 5.500
QUESTIONS Which of the following is CORRECT? Under the perpetual inventory wystem, when a purchaser makes payment within the discount period, the amount of discount will be credited to the Merchandise Inventory account Purchase discounts are calculated on the amount of the merchandise purchased including freight costs. A purchase discount is the amount offered to the purchaser for delaying the payment to the seller Credit terms of a merchandising company are 1/15, net 40. This means that the buyer can...
If a perpetual inventory system is used and a physical count discloses a shortage, the cost of merchandise sold should be debited and the merchandise inventory account credited. 1) True 2) False Although Allowance for Doubtful Accounts normally has a credit balance, it may have either a debit or a credit balance before adjusting entries are recorded at the end of the accounting period. 1) True 2) False
QUESTION 9 The Allowance for Bad Debts account has a credit balance of 58,300 before the adjusting entry for bad debts expense. Aher analyzing the accounts in the accounts receivable subsidiary ledgerusing the aging of-receivables method, the company's management estimates that uncofect ble accounts will be $14.700. What will be the balance of the Allowance for Bed Debts reported on the balance et $23.000 $13.230 $14,700 56,400 QUESTION 7 On March 18, James Smith purchased $5,000 of furniture from Home...
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