Homework Answers
Journal entry to account for a
return of merchandise to a vendor :
Debit Accounts payable, Credit Purchase return
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2. The following balances were reported by Mack Co. at December 31, 2017 and 2016: Inventory Accounts Payable 12/31...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count...
1) ABC Company’s December 31, 2017 inventory value was reported $ 500,000. The physical inventory count value was $ 475,000. The adjusting entry required to record the discrepancy was: A) Debit Cost of Goods Sold $ 25,000 and credit inventory $ 25,000 B) Debit inventory $ 25,000 and credit Cost of Goods Sold $ 25,000 C) Can’t be determined D) Debit Cost of Goods Sold $ 12,500 and credit inventory $ 12,500 2) Credit terms of 1/10 n/30 indicates that...
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following...
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following inventory accounting errors a. Goods in Patti's warehouse on consignment from Valley, Inc., were included in Patti's ending inventory b. On December 31, 2017, Patti received $4,700 worth of inventory, which was included in the 2017 ending inventory. However, the invoice on this merchandise was not received by Patti until Janua 3, 2018, at which time the purchase was recorded. The purchase should have...
Exercise 3-16 Presented below are selected account balances for Bridgeport Co. as of December 31, 2017. Inventory 12/...
Exercise 3-16
Presented below are selected account balances for Bridgeport Co.
as of December 31, 2017.
Inventory 12/31/17
$59,060
Cost of Goods Sold
$223,940
Common Stock
73,580
Selling Expenses
16,304
Retained Earnings
45,560
Administrative Expenses
38,711
Dividends
17,785
Income Tax Expense
29,530
Sales Returns and Allowances
11,768
Sales Discounts
15,210
Sales Revenue
403,540
Prepare closing entries for Bridgeport Co. on December 31, 2017.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry...
Presented below are selected account balances for Headland Co. as of December 31, 2017 Inventory 12/31/17...
Presented below are selected account balances for Headland Co. as of December 31, 2017 Inventory 12/31/17 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue $60,050Cost of Goods Sold 74,370 Selling Expenses 45,010 Administrative Expenses 17,920 Income Tax Expense 12,116 14,740 $229,610 15,940 37,625 29,930 410,200 Prepare de s ng entries for Headr Ca on Dece ·20 1 Credit account titles are automatically an ented when amount es entered. Do not indent mana all. If no...
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000...
Daniels Company reports the following year-end account balances at December 31, 2017. Accounts payable …………….. $20,000 Inventory …………………… $40,000 Accounts receivable ………….. $40,000 Land ………………………... $100,000 Bonds payable, long-term …… $250,000 Goodwill ……………………. $10,000 Buildings ……………………….. $160,000 Retained earnings ………… $115,000 Cash ……………………………. $50,000 Sales revenue ……………... $500,000 Common stock ………………… $100,000 Supplies inventory ………… $5,000 Cost of goods sold ……………. $200,000 Supplies expense …………. $20,000 Equipment ……………………... $80,000 Wages expense …………… $100,000 What is Daniels Company’s net income for...
On December 31, 2017, Lemoyne purchased $17,000 of merchandise inventory on a one-year, 12% note payable....
On December 31, 2017, Lemoyne purchased $17,000 of merchandise inventory on a one-year, 12% note payable. Lemoyne uses a perpetual inventory system. Read the requirements. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 1. Journalize the company's purchase of merchandise inventory on December 31, 2017. Accounts and Explanation Date Debit Credit 2017 Dec. 31 ? Choose from any list or enter any number in the input fields and then click...
Exercise 3-16 Presented below are selected account balances for Sunland Co. as of December 31, 2017....
Exercise 3-16 Presented below are selected account balances for Sunland Co. as of December 31, 2017. Inventory 12/31/17 $59,030 Cost of Goods Sold $224,679 Common Stock 76,110 Selling Expenses 16,230 Retained Earings 45,580 Administrative Expenses 38,719 Dividends 18,337 Income Tax Expense 30,480 Sales Returns and Allowances 11,914 Sales Discounts 15,020 Sales Revenue 417,650 Prepare dosing entries for Sunland Co. on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. entry is required...
Marigold Corp.'s accounts payable balance at December 31, 2017 was $1596000 before considering the following transactions:...
Marigold Corp.'s accounts payable balance at December 31, 2017 was $1596000 before considering the following transactions: • Goods were in transit from a vendor to Marigold on December 31, 2017. The invoice price was $70000, and the goods were shipped f.o.b. shipping point on December 29, 2017. The goods were received on January 4, 2018. • Goods shipped to Marigold, f.o.b. shipping point on December 20, 2017, from a vendor were lost in transit. The invoice price was $51000. On...
What is the cost of goods sold for 2015? The 12/31/14 inventory for BB Co. was...
What is the cost of goods sold for 2015?
The 12/31/14 inventory for BB Co. was $64,000. For 2015 the following data are available Common stock, 12/31/15 Inventory, 12/31/15 Sales returns Transportation paid by BB Co. for 2015 purchases Purchase returns Accounts payable, 12/31/15 Purchases $990,000 82.000 6,000 3,000 8,000 20,000 943,000 Cost of goods sold for 2015 is: S
Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially...
Lingenfelter Corporation experienced a fire on December 31, 2017, in which its financial records were partially destroyed. It has been able to salvage some of the records and has ascertained the following balances. December 31, 2017 December 31, 2016 Cash $ 27,000 $ 14,500 Accounts receivable (net) 74,500 125,000 Inventory 199,000 185,000 Accounts payable 47,000 91,000 Notes payable 27,500 57,000 Common stock, $100 par 399,000 399,000 Retained earnings 118,000 107,000 Additional information: 1. The inventory turnover is 3.8 times. 2....
During your audit of Patti Company's ending inventory at December 31, 2017, you find the following inventory accounting errors a. Goods in Patti's warehouse on consignment from Valley, Inc., were included in Patti's ending inventory b. On December 31, 2017, Patti received $4,700 worth of inventory, which was included in the 2017 ending inventory. However, the invoice on this merchandise was not received by Patti until Janua 3, 2018, at which time the purchase was recorded. The purchase should have...
Exercise 3-16
Presented below are selected account balances for Bridgeport Co.
as of December 31, 2017.
Inventory 12/31/17
$59,060
Cost of Goods Sold
$223,940
Common Stock
73,580
Selling Expenses
16,304
Retained Earnings
45,560
Administrative Expenses
38,711
Dividends
17,785
Income Tax Expense
29,530
Sales Returns and Allowances
11,768
Sales Discounts
15,210
Sales Revenue
403,540
Prepare closing entries for Bridgeport Co. on December 31, 2017.
(Credit account titles are automatically indented when
amount is entered. Do not indent manually. If no entry...
Presented below are selected account balances for Headland Co. as of December 31, 2017 Inventory 12/31/17 Common Stock Retained Earnings Dividends Sales Returns and Allowances Sales Discounts Sales Revenue $60,050Cost of Goods Sold 74,370 Selling Expenses 45,010 Administrative Expenses 17,920 Income Tax Expense 12,116 14,740 $229,610 15,940 37,625 29,930 410,200 Prepare de s ng entries for Headr Ca on Dece ·20 1 Credit account titles are automatically an ented when amount es entered. Do not indent mana all. If no...
On December 31, 2017, Lemoyne purchased $17,000 of merchandise inventory on a one-year, 12% note payable. Lemoyne uses a perpetual inventory system. Read the requirements. (Record debits first, then credits. Select the explanation on the last line of the journal entry table.) Requirement 1. Journalize the company's purchase of merchandise inventory on December 31, 2017. Accounts and Explanation Date Debit Credit 2017 Dec. 31 ? Choose from any list or enter any number in the input fields and then click...
Exercise 3-16 Presented below are selected account balances for Sunland Co. as of December 31, 2017. Inventory 12/31/17 $59,030 Cost of Goods Sold $224,679 Common Stock 76,110 Selling Expenses 16,230 Retained Earings 45,580 Administrative Expenses 38,719 Dividends 18,337 Income Tax Expense 30,480 Sales Returns and Allowances 11,914 Sales Discounts 15,020 Sales Revenue 417,650 Prepare dosing entries for Sunland Co. on December 31, 2017. (Credit account titles are automatically indented when amount is entered. Do not indent manually. entry is required...
What is the cost of goods sold for 2015?
The 12/31/14 inventory for BB Co. was $64,000. For 2015 the following data are available Common stock, 12/31/15 Inventory, 12/31/15 Sales returns Transportation paid by BB Co. for 2015 purchases Purchase returns Accounts payable, 12/31/15 Purchases $990,000 82.000 6,000 3,000 8,000 20,000 943,000 Cost of goods sold for 2015 is: S
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