Merchandise Inventory (Jan. 1) | 68000 |
Add: Purchases | 60000 |
Less: Purchases Returns and Allowances | -4000 |
Add: Freight-In | 7000 |
Cost of goods available for sale | 131000 |
Advertising Expense Arthur Tatum , Capital Arthur Tatum , Withdrawals Freight - In Freight - Out Expense Interest Incom...
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 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...
Merchandiser’s Income Statement Puzzler Using the following information, calculate (a) net sales, (b) cost of goods sold, (c) gross margin from sales, and (d) net income. Freight In $ 400 Merchandise Inventory, Jan.1 30,000 Gross Sales 120,000 Purchase Discounts 600 Advertising Expense 8,000 Purchases 40,000 Merchandise Inventory, Dec.31 10,000 Sales Returns and Allowances 1,000 General and Administrative Expenses 14,000 Net Sales a. ____________________ Cost of Goods Sold b. ____________________ Gross Margin from 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...
2019 Account Cost Retail Inv, Jan 1 $ 4,000 9,000 Purchases 11,000 19,000 Freight In 2,000 Markups 1,000 Markup Cancelations 300 Markdowns 500 Markdown Cancelations 100 Net Sales 14,000 Employee Discounts 1,500 Normal Shortage 500 Using the Conventional Method, what is the Cost-to-Retail Ratio for 2019? Using the Conventional Method, what is the ending inventory valued at Cost for 2019? Using the LIFO Retail Method, what is the Cost-to-Retail Ratio for 2019? Show how you solved...
PART B: COMPREHENSIVE QUESTIONS SHOW 7. Durable Equipment Company uses the periodic inventory system. Durable reported the following selected amounts at lune 30, 2019 (the beginning inventory balance is also provides (25 Points) Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings AED 22,000 19,000 96,000 5,000 8,500 3,200 212.400 1,400 44,200 45,000 24,500 T Compute the following:...
PART B: COMPREHENSIVE QUESTIONS: SHOW WURK PORTA 7. Durable Equipment Company uses the periodie inventory system. Durable reported the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided (25 Points) AED Merchandise Inventory, July 1, 2018 Merchandise Inventory, June 30, 2019 Purchases Purchase Discounts Purchase Returns and Allowances Freight In Net Sales Revenue Delivery Expense Sales Salaries Expense Common Stock Retained Earnings 22,000 19,000 96.000 5,000 8,500 3,200 212.400 1.400 44,200 45,000 24,500 Compute the...
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. Freight In is considered a cost of merchandise purchased. A) True " B) False 7. The difference between gross sales and net sales is equal to the sum of sales sales returns and allowances. A) True B) False 8. FOB shipping point means that...
LOGIC COMPANY Comparative Income Statement For Years Ended December 31, 2019 and 2020 2019 2020 Gross sales $19,000 1,000 $18,000 12,000 $6,000 $15,000 100 Sales returns and allowances Net sales Cost of merchandise (goods) sold Gross profit Operating expenses: Depreciation Selling and administrative Research $14,900 9,000 $5,900 $ $ 2,000 500 600 700 2,200 550 Miscellaneous Total operating expenses Income before interest and taxes Interest expense Income before taxes Provision for taxes 360 300 $3,810 $ 2,190 $3,400 2,500 560...
9a- Compute the cost of goods sold 9b. compute Gross Profit Durable Equipment Company uses the periodic inventory system. Durable reported 9- the following selected amounts at June 30, 2019 (the beginning inventory balance is also provided) (8 points, 4 Pts.ea) AED Merchandise Inventory, July 1, 2018 22,00 Merchandise Inventory, June 30, 2019 19,000 Purchases 96,000 Purchase Discounts 5,000 Purchase Returns and Allowances 8,500 Freight In 3,200 Net Sales Revenue 212,400 Delivery Expense 1,400 Sales Salaries Expense 44,200 Common...