Homework Answers
| A) | |
| Gross profit ratio: | 2018 |
| Sales (b) | $3,735 |
| Less: Cost of Goods sold | ($1,494) |
| Gross Profit (a) | $2,241 |
| Gross Profit Ratio (a/b*100) | 60% |
| 2019 | |
| Estimated Gross Profit for the current year (2019) based on previous data ($3,945*60/100) | $2,367 |
| Sales for the current year (2019) (given) | $3,945 |
| Less: Gross profit in 2019 | ($2,367) |
| Estimated Cost of Goods Sold in 2019 | $1,578 |
| Beginning Inventory in 2019 | $598 |
| Add: Purchases in 2019 | $2,400 |
| Less: Purchase Returns in 2019 | ($24) |
| Cost of Goods Available for Sale in 2019 | $2,974 |
| Less: Estimated Cost of Goods Sold in 2019 | ($1,578) |
| Estimated Ending Inventory destroyed by the Fire | $1,396 |
Add Answer to:
Part Six: Problem (7 points) In 2019, Puppy Specialties experienced a major loss due to a fire in the warehouse. Th...
Che Quebec Traffic Company had a fire on March 10, 2020, that destroyed a major portion...
Che Quebec Traffic Company had a fire on March 10, 2020, that destroyed a major portion of its inventory. The salvaged accounting records contained the following information: Sales, January 1 to March 10 $ 345,600 Net merchandise purchased January 1 to March 10 177,400 Additional information was determined from the 2019 annual report: Income statement: Sales $3,280,000 Cost of goods sold 1,869,600 Balance sheet: Merchandise inventory 289,100 Quebec Traffic was able to salvage inventory with a cost of $106,100. Required:...
1) Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000...
1)
Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000 HK$2,550,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 321,000 1,820,000 2,141,000 440,000 1,701,000 HK$449,000 440,000 2,127,000 2,567,000 534,000 2,033,000 HK$517,000 Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31,...
Cr. P9.7 (LO 4) Groupwork (Gross Profit Method) On April 15, 2021, fire damaged the office and warehouse of Stan...
Cr. P9.7 (LO 4) Groupwork (Gross Profit Method) On April 15, 2021, fire damaged the office and warehouse of Stanislaw Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. Stanislaw Corporation March 31, 2021 Dr. Cash $ 20,000 Accounts receivable 40,000 Inventory, December 31, 2020 75,000 Land 35,000 Buildings 110,000 Accumulated depreciation $ 41,300 Equipment Accounts payable 23,700 Other accrued expenses 10,200 Common stock 100,000 3,600 Equipment 3,600 Accounts payable...
Problem 9-7 On April 15, 2018, fire damaged the office and warehouse of Sandhill Corporation. The...
Problem 9-7 On April 15, 2018, fire damaged the office and warehouse of Sandhill Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. $37,772 SANDHILL CORPORATION MARCH 31, 2018 Cash $21,480 Accounts receivable 38,970 Inventory, December 31, 2017 80,260 Land 37,230 Buildings 119,130 Accumulated depreciation Equipment 3,883 Accounts payable Other accrued expenses Common stock Retained earnings Sales revenue Purchases 54,680 Miscellaneous expense 28,707 $384,340 22,859 49,099 96,100 54,680 123,830 $384,340...
On April 15, 2021, fire damaged the office and warehouse of Ayayai Corporation. The only accounting...
On April 15, 2021, fire damaged the office and warehouse of Ayayai Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. AYAYAI CORPORATION MARCH 31, 2021 Cash $19,230 Accounts receivable 42,450 Inventory, December 31, 2020 72,170 Land 35,190 Buildings 113,870 Accumulated depreciation $40,663 Equipment 3,260 Accounts payable 24,316 Other accrued expenses 5,952 Common stock 104,900 Retained earnings 54,140 Sales revenue 135,040 Purchases 54,140 Miscellaneous expense 24,701 $365,011 $365,011 The following...
On April 15, 2021, fire damaged the office and warehouse of Vaughn Corporation. The only accounting record saved was the...
On April 15, 2021, fire damaged the office and warehouse of Vaughn Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. VAUGHN CORPORATION MARCH 31, 2021 Cash $21,640 Accounts receivable 41,310 Inventory, December 31, 2020 77,490 Land 34,680 Buildings 112,620 Accumulated depreciation $44,180 Equipment 3,860 Accounts payable 22,809 Other accrued expenses 15,076 Common stock 103,100 Retained earnings 50,970 Sales revenue 134,520 Purchases 50,970 Miscellaneous expense 28,085 $370,655 $370,655 The following...
On April 15, 2018, fire damaged the office and warehouse of Tamarisk Corporation. The only accounting...
On April 15, 2018, fire damaged the office and warehouse of
Tamarisk Corporation. The only accounting record saved was the
general ledger, from which the balance sheet data below was
prepared.
TAMARISK CORPORATION
MARCH 31, 2018
Cash
$19,230
Accounts receivable
42,450
Inventory, December 31, 2017
72,170
Land
35,190
Buildings
113,870
Accumulated depreciation
$40,663
Equipment
3,260
Accounts payable
24,316
Other accrued expenses
5,952
Common stock
104,900
Retained earnings
54,140
Sales revenue
135,040
Purchases
54,140
Miscellaneous expense
24,701
$365,011
$365,011
The following...
CHAPTER 6 Inventory Costing and Valuation Pro Problem 6-13B Estimating ending inventory-gross profit method LO6 CHECK...
CHAPTER 6 Inventory Costing and Valuation Pro Problem 6-13B Estimating ending inventory-gross profit method LO6 CHECK FIGURE: $81,380.50 The Zeon Company had a flood on July 5, 2020, that destroyed all of its inventory. The salvao records contained the following information: Рон ins $ 737,650 414.900 Sales, January 1 to July 5...... Net merchandise purchased Jan. 1 to July 5......... Additional information was determined from the 2019 annual report: Income statement: $2,122,550 1,337,175 Sales... Cost of goods sold................ Balance sheet:...
Variable and Absorption Costing Summarized data for 2019 (the first year of operations) for Gorman Products,...
Variable and Absorption Costing Summarized data for 2019 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (70,000 units) $2,800,000 Production costs (80,000 units) 880,000 Direct material Direct labor 720,000 Manufacturing overhead: Variable 544,000 Fixed 320,000 Operating expenses: Variable 175,000 Fixed 240,000 Depreciation on equipment 60,000 Real estate taxes 18,000 Personal property taxes (inventory & equipment) 28,800 Personnel department expenses 30,000 a. Prepare an income statement based on full absorption costing. Only use a negative sign...
10/31/2019 Part II (28 points) 1. Tahoe Ski Companyy uses the perpetual invemtory system and the...
10/31/2019 Part II (28 points) 1. Tahoe Ski Companyy uses the perpetual invemtory system and the gross method of accounting for purchases. The company had the following transactions during January January 6 January 8 January 15 Purchased $4,000 of inventory. The seller's credit terms are 2/10, n/30 Returned $200 worth of defective units and received full credil Paid the amount due, less the returned items Prepare jourmal entries to record each of the preceding transactions. Jan. 6 Jan. 8 Jan....
Che Quebec Traffic Company had a fire on March 10, 2020, that destroyed a major portion of its inventory. The salvaged accounting records contained the following information: Sales, January 1 to March 10 $ 345,600 Net merchandise purchased January 1 to March 10 177,400 Additional information was determined from the 2019 annual report: Income statement: Sales $3,280,000 Cost of goods sold 1,869,600 Balance sheet: Merchandise inventory 289,100 Quebec Traffic was able to salvage inventory with a cost of $106,100. Required:...
1)
Blossom Jewelry reported the following income statement data for a 2-year period. 2019 2020 HK$2,150,000 HK$2,550,000 Sales revenue Cost of goods sold Beginning inventory Cost of goods purchased Cost of goods available for sale Ending inventory Cost of goods sold Gross profit 321,000 1,820,000 2,141,000 440,000 1,701,000 HK$449,000 440,000 2,127,000 2,567,000 534,000 2,033,000 HK$517,000 Blossom uses a periodic inventory system. The inventories at January 1, 2019, and December 31, 2020, are correct. However, the ending inventory at December 31,...
Cr. P9.7 (LO 4) Groupwork (Gross Profit Method) On April 15, 2021, fire damaged the office and warehouse of Stanislaw Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. Stanislaw Corporation March 31, 2021 Dr. Cash $ 20,000 Accounts receivable 40,000 Inventory, December 31, 2020 75,000 Land 35,000 Buildings 110,000 Accumulated depreciation $ 41,300 Equipment Accounts payable 23,700 Other accrued expenses 10,200 Common stock 100,000 3,600 Equipment 3,600 Accounts payable...
Problem 9-7 On April 15, 2018, fire damaged the office and warehouse of Sandhill Corporation. The only accounting record saved was the general ledger, from which the balance sheet data below was prepared. $37,772 SANDHILL CORPORATION MARCH 31, 2018 Cash $21,480 Accounts receivable 38,970 Inventory, December 31, 2017 80,260 Land 37,230 Buildings 119,130 Accumulated depreciation Equipment 3,883 Accounts payable Other accrued expenses Common stock Retained earnings Sales revenue Purchases 54,680 Miscellaneous expense 28,707 $384,340 22,859 49,099 96,100 54,680 123,830 $384,340...
On April 15, 2018, fire damaged the office and warehouse of
Tamarisk Corporation. The only accounting record saved was the
general ledger, from which the balance sheet data below was
prepared.
TAMARISK CORPORATION
MARCH 31, 2018
Cash
$19,230
Accounts receivable
42,450
Inventory, December 31, 2017
72,170
Land
35,190
Buildings
113,870
Accumulated depreciation
$40,663
Equipment
3,260
Accounts payable
24,316
Other accrued expenses
5,952
Common stock
104,900
Retained earnings
54,140
Sales revenue
135,040
Purchases
54,140
Miscellaneous expense
24,701
$365,011
$365,011
The following...
CHAPTER 6 Inventory Costing and Valuation Pro Problem 6-13B Estimating ending inventory-gross profit method LO6 CHECK FIGURE: $81,380.50 The Zeon Company had a flood on July 5, 2020, that destroyed all of its inventory. The salvao records contained the following information: Рон ins $ 737,650 414.900 Sales, January 1 to July 5...... Net merchandise purchased Jan. 1 to July 5......... Additional information was determined from the 2019 annual report: Income statement: $2,122,550 1,337,175 Sales... Cost of goods sold................ Balance sheet:...
Variable and Absorption Costing Summarized data for 2019 (the first year of operations) for Gorman Products, Inc., are as follows: Sales (70,000 units) $2,800,000 Production costs (80,000 units) 880,000 Direct material Direct labor 720,000 Manufacturing overhead: Variable 544,000 Fixed 320,000 Operating expenses: Variable 175,000 Fixed 240,000 Depreciation on equipment 60,000 Real estate taxes 18,000 Personal property taxes (inventory & equipment) 28,800 Personnel department expenses 30,000 a. Prepare an income statement based on full absorption costing. Only use a negative sign...
10/31/2019 Part II (28 points) 1. Tahoe Ski Companyy uses the perpetual invemtory system and the gross method of accounting for purchases. The company had the following transactions during January January 6 January 8 January 15 Purchased $4,000 of inventory. The seller's credit terms are 2/10, n/30 Returned $200 worth of defective units and received full credil Paid the amount due, less the returned items Prepare jourmal entries to record each of the preceding transactions. Jan. 6 Jan. 8 Jan....
Most questions answered within 3 hours.
-
Compare and contrast the linear motion and angular motion
equations F ma and . That is,...
asked 16 minutes ago -
Now that this course has taken you on a journey of introduction
to the world of...
asked 56 minutes ago -
Given a regression sum of squares equal to 2373.59 and a total
sum of squares equal...
asked 1 hour ago -
The sandwich maker of the EE-Cole-Eye Sandwich Truck was just
fired (for a reason described below)...
asked 3 hours ago -
Name the following coordination compounds using systematic
nomenclature.
1. [Co(H2O)6]Cl2:
2. [Cr(NH3)6](NO3)3:
3. K4[Fe(CN)6]:
4. Na[Au(CN)4]:...
asked 2 hours ago -
Propose an efficient synthesis of 2-Bromo-5-nitrotoluene from
benzene. Hint: 3 steps. Consider directing effects of substituents....
asked 4 hours ago -
This assignment will explore the impact of corporate decisions
on a local versus a global perspective....
asked 4 hours ago -
Given the function below, F(w,x,y,z)= x’z+w’z’+w’y
a) draw a logic diagram for an implementation which uses...
asked 3 hours ago -
Most political philosophers believe we have a duty to obey laws,
even if the laws in...
asked 4 hours ago -
Which of the following are common negotiation outcome
mistakes?
a. Leave money on the table b....
asked 4 hours ago -
Convert the following quantities:
a) 0.819 atm to torr b) 512 mmHg to bar c) 11.2...
asked 5 hours ago -
C ++ Implement cat command
The purpose of this assignment is to provide practice using the...
asked 5 hours ago