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19. income statements are not as detailed as multi-step income statements and combine all revenues and all expenses into general categories. There is no differentiation between operational and non-operational activities.

19. income statements are not as detailed as multi-step income statements and combine all revenues and all expenses into general categories. There is no differentiation between operational and non-operational activities.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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19. income statements are not as detailed as multi-step income statements and combine all revenues and all expenses into general categories. There is no differentiation between operational and non-operational activities. 20. The formula for gross profit is What I Can Do Solve the following: 1. On June 1, of the current year, Columbia Candy Supplies sells 125 candy buckets to a local school at a sales price of #510.00 per bucket. The cost is P260.00 per bucket. The terms of the sale are 2/10, n/60, with an invoice date of June 1. Create the journal entries for Columbia Candy Supplies to recognize the following transactions. a. The initial sale (using periodic inventory system) b. The collection of payment made by the local school on July 12. 2. Cosmos Enterprises purchases 32 cellular telephones on credit from a manufacturer on November 3 at a price of P8,000 per phone. Terms of the purchase are 3/5, n/30 with an invoice date of November 3. Cosmos Enterprises pays in full for the phones on November 6. Create the journal entries for Cosmos Enterprises for the following transactions. Page 37 of 43 a. The initial purchase (using perpetual inventory system) b. The subsequent payment on November 6 3. The following is selected information from Babyruth Corp. Compute net purchases, and cost of goods sold for the month of March. Inventory March 31, 2019 Inventory April 30, 2019 Purchase discounts Purchase returns and allow. Sales Sales discounts 450,000 330,500 12,450 23,870 276,900 34,660 Purchases 120,400 4. On April 5, a customer returns 20 bicycles with a sales price of #5,500 per bike to ABC Bikes. Each bike costs P3,500. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses: a. the perpetual inventory system b. the periodic inventory system 5. The following is selected information from Apple Industries. Compute net purchases, and cost of goods sold for the month of June. Sales 870,000 Purchases 435,080 38 / 43 Sales discounts 82,650 Purchase returns and allowances 50,932 Beginning Inventory Purchase discounts 321,908 14,664 Ending Inventory Frieght in 254,075 4,860 6. On April 20, ABC Bikes purchased 30 bicycles at a cost of P6,500 per bike. Credit terms were 4/10, n/30, with an invoice date of April 20. On April 26, ABC Bikes
Transcribed Image Text:19. income statements are not as detailed as multi-step income statements and combine all revenues and all expenses into general categories. There is no differentiation between operational and non-operational activities. 20. The formula for gross profit is What I Can Do Solve the following: 1. On June 1, of the current year, Columbia Candy Supplies sells 125 candy buckets to a local school at a sales price of #510.00 per bucket. The cost is P260.00 per bucket. The terms of the sale are 2/10, n/60, with an invoice date of June 1. Create the journal entries for Columbia Candy Supplies to recognize the following transactions. a. The initial sale (using periodic inventory system) b. The collection of payment made by the local school on July 12. 2. Cosmos Enterprises purchases 32 cellular telephones on credit from a manufacturer on November 3 at a price of P8,000 per phone. Terms of the purchase are 3/5, n/30 with an invoice date of November 3. Cosmos Enterprises pays in full for the phones on November 6. Create the journal entries for Cosmos Enterprises for the following transactions. Page 37 of 43 a. The initial purchase (using perpetual inventory system) b. The subsequent payment on November 6 3. The following is selected information from Babyruth Corp. Compute net purchases, and cost of goods sold for the month of March. Inventory March 31, 2019 Inventory April 30, 2019 Purchase discounts Purchase returns and allow. Sales Sales discounts 450,000 330,500 12,450 23,870 276,900 34,660 Purchases 120,400 4. On April 5, a customer returns 20 bicycles with a sales price of #5,500 per bike to ABC Bikes. Each bike costs P3,500. The customer had yet to pay on their account. The bikes are in sellable condition. Prepare the journal entry or entries to recognize this return if the company uses: a. the perpetual inventory system b. the periodic inventory system 5. The following is selected information from Apple Industries. Compute net purchases, and cost of goods sold for the month of June. Sales 870,000 Purchases 435,080 38 / 43 Sales discounts 82,650 Purchase returns and allowances 50,932 Beginning Inventory Purchase discounts 321,908 14,664 Ending Inventory Frieght in 254,075 4,860 6. On April 20, ABC Bikes purchased 30 bicycles at a cost of P6,500 per bike. Credit terms were 4/10, n/30, with an invoice date of April 20. On April 26, ABC Bikes
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