Swifty Corporation completed the following merchandising
transactions in the month of May. At the beginning of May, the
ledger of Swifty Corporation showed Cash of $5,000 and Common Stock
of $5,000.
May 1 | Purchased merchandise on account from Gray's Wholesale Supply $4,100, terms 2/10, n/30. | |
2 | Sold merchandise on account $2,400, terms 1/10, n/30. The cost of the merchandise sold was $1,400. | |
5 | Received credit from Gray's Wholesale Supply for merchandise returned $300. | |
9 | Received collections in full, less discounts, from customers billed on sales of $2,400 on May 2. | |
10 | Paid Gray's Wholesale Supply in full, less discount. | |
11 | Purchased supplies for cash $300. | |
12 | Purchased merchandise for cash $1,500. | |
15 | Received refund for poor quality merchandise from supplier on cash purchase $200. | |
17 | Purchased merchandise from Amland Distributors $1,400, FOB shipping point, terms 2/10, n/30. | |
19 | Paid freight on May 17 purchase $100. | |
24 | Sold merchandise for cash $3,300. The merchandise sold had a cost of $2,200. | |
25 | Purchased merchandise on account from Horvath, Inc. $750, FOB destination, terms 2/10, n/30. | |
27 | Paid Amland Distributors in full, less discount. | |
29 | Made refunds to cash customers for defective merchandise $60. The returned merchandise had a fair value of $40. | |
31 | Sold merchandise on account $1,500, terms n/30. The cost of the merchandise sold was $500. |
Swifty Corporation ’s chart of accounts includes the following: No.
101 Cash, No. 112 Accounts Receivable, No. 120 Inventory, No. 126
Supplies, No. 201 Accounts Payable, No. 311 Common Stock, No. 401
Sales Revenue, No. 412 Sales Returns and Allowances, No. 414 Sales
Discounts, and No. 505 Cost of Goods Sold.
Prepare an income statement through gross profit for the month of May 2019.
Swifty Corporation Income Statement (Partial) For the Month Ended May 31, 2019For the Year Ended May 31, 2019May 31, 2019 |
|||||
DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2019Retained Earnings, May 31, 2019SalesTotal ExpensesTotal RevenuesNet SalesGross Profit |
|||||
$ | |||||
AddLess : |
|||||
$ | |||||
Dividends Expenses Net Income / (Loss) Retained Earnings, May 1, 2019 Retained Earnings, May 31, 2019 Sales Total Expenses Total Revenues Net Sales Gross Profit |
|||||
DividendsExpensesNet Income / (Loss)Retained Earnings, May 1, 2019Retained Earnings, May 31, 2019SalesTotal ExpensesTotal RevenuesNet SalesGross Profit |
$ |
Click if you would like to Show Work for this question: |
Open Show Work |
Swifty Corporation | ||
Income Statement (Partial) | ||
For the Month Ended May 31, 2019 | ||
Sales | $ 7,200 | |
Less: Sales Discount | $ -60 | $ 7,140 |
Less: Cost of Goods Sold | $ -4,060 | |
Gross Margin | $ 3,080 | |
Less: Sales Discount | $ -24 | $ -24 |
Net Income | $ 3,056 |
Swifty Corporation completed the following merchandising transactions in the month of May. At the beginning of...
Swifty Corporation completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Swifty Corporation showed Cash of $5,000 and Common Stock of $5,000. May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,100, terms 2/10, n/30. 2 Sold merchandise on account $2,400, terms 1/10, n/30. The cost of the merchandise sold was $1,400. 5 Received credit from Gray's Wholesale Supply for merchandise returned $300. 9 Received collections in full, less discounts,...
Novak Corp. completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Novak Corp. showed Cash of $5,500 and Common Stock of $5,500 May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,200, terms 2/10, n/30 2 Sold merchandise on account $1,600, terms 1/10, n/30. The cost of the merchandise sold was $1,200 5 Received credit from Gray's Wholesale Supply for merchandise returned $400 9 Received collections in full, less discounts,...
Latona Hardware store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona Hardware showed cash of $5,000 and Common Stock of $5,000. Enter the beginning cash and common stock balances and post the transactions. Problem 5-2A Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona Hardware Store showed Cash of $5,000 and Common Stock of $5,000. May...
Problem 5-2A Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona Hardware Store showed Cash of $5,000 and Common Stock of $5,000. May 1 Purchased merchandise on account from Gray's Wholesale Supply $4,200, terms 2/10, n/30. 2 Sold merchandise on account $2,100, terms 1/10, n/30. The cost of the merchandise sold was $1,300. 5 Received credit from Gray's Wholesale Supply for merchandise returned $300. 9 Received collections...
Problem SA-10A &- Flint Hardware Store completed the following merchandising transactions in the month of May. At the be g of the edger Flint showed Cash of $4.500 and Owner's Capital of $4,500 May 1 Purchased merchandise on account from Gray's Wholesale Supply $3.500, terms 2/10, 30 2 Sold merchandise on account $2.600, terms 1/10, 130. The cost of the merchandise sold was $1.500 Received credit from Grey's Wholesale Supply for merchandise returned $300 9 Received collections in les discounts,...
Problem 5-2A Latona Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, the ledger of Latona showed Cash of $5,450 and Common Stock of $5,450. May 1 Purchased merchandise on account from Gray’s Wholesale Supply $4,000, terms 2/10, n/30. 2 Sold merchandise on account $1,600, terms 1/10, n/30. The cost of the merchandise sold was $1,450. 5 Received credit from Gray’s Wholesale Supply for merchandise returned $400. 9 Received collections in full,...
Crane Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Cranes’ ledger showed Cash of $8,300 and Common Stock of $8,300. A. Journalize the above May transactions using a perpetual system. B. Post the transactions to T-accounts. Be sure to enter the beginning cash and common stock balances. C. Prepare an income statement, through Gross Profit for the month of May. D. Calculate the Profit Margin and Gross Profit Rate. May 1...
Pharoah Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Pharoahs’ ledger showed Cash of $8,700 and Common Stock of $8,700. May 1 Purchased merchandise on account from Black Wholesale Supply for $8,700, terms 1/10, n/30. 2 Sold merchandise on account for $5,100, terms 2/10, n/30. The cost of the merchandise sold was $4,000. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts,...
*Problem 5-1A Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $8,000 and Common Stock of $8,000. May 1 Purchased merchandise on account from Black Wholesale Supply for $8,000, terms 1/10, n/30. 2 Sold merchandise on account for $4,400, terms 2/10, n/30. The cost of the merchandise sold was $3,300. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts, from customers billed...
Sandhill Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Sandhills' ledger showed Cash of $7.900 and Common Stock of $7.900. May 1 Purchased merchandise on account from Black Wholesale Supply for $7.900 terms 1/10, 1/30 2 Sold merchandise on account for $4,300, terms 2/10, 1/30. The cost of the merchandise sold was $3.200. 5 Received credit from Black Wholesale Supply for merchandise returned $200. 9 Received collections in full, less discounts...