A local Sports Authority store, an athletic sports shop, bought and sold the following merchandise:SellingCostTennis rackets $2,900Tennis ballsprice$ 3,99921070Bowling ballsSneakers1,0508,1052, 95014, 888a. What was the total cost of the merchandise bought by Sports Authority?Total cost of the merchandise22.047b. If the shop sold all its merchandise, what were the sales and the resulting gross profit?Total salesGross profit

The net income is the net profit of the company earned during the period. The net income includes…

Answered: A local Sports Authority store, an…

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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c. Sold merchandise to customers who used MasterCard and VISA, $109,440. The cost of the goods sold was $65,660. (Record the sale first.) 31 d. Sold merchandise to customers who used American Express, $31,630. The cost of the goods sold was $18,980. (Record the sale first.)
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Journalize the following merchandise transactions: a. Sold merchandise on account, $94,800 with terms 2/10, n/30. The cost of the merchandise sold was $56,900. b. Received payment less the discount. c. Issued a $500 credit memo for damaged merchandise. The customer agreed to keep the merchandise.
Noonan and Sons complains about one box of merchandise. they return the goods to smails. the sales price of the merchandise is $2,300 and the cost is $850. Write the entry SMAILS would make to record this transaction.
Use these to fill in the general journal. • July 1 Credit granted to customer Elizabeth Edwards for returned merchandise, $198.00 plus sales tax $13.86 for total of $211.86. Credit m - July 4 Credit granted to customer Eastside Hospital for damaged merchandise, $1,118.02 (no sales tax). Credit memo #4. - July 7 Credit granted to customer Chevy Chase for returned merchandise, $592.06 plus sales tax $41.44 for total of $633.50. Credit memo # - July 9 Credit granted to customer Wolf Blitzer for returned merchandise, $377.19 plus sales tax $26.40 for total of $403.59. Credit memo #6 Also answer these questions please. 1) What is the difference between a debit memorandum and a credit memorandum? 2) What is the difference between a sales discount, a sales return and a sales allowance? 3) Explain the function of the sales journal and the cash receipts journal.
A company had the following related transactions: Purchased merchandise on account from Blitzen Co., list price $20,000, trade discount 25%, terms FOB shipping point, 2/10, n/30, with prepaid transportation costs of $650 added to the invoice. Purchased merchandise on account from Cupid Co., $8,000, terms FOB destination, 1/10, n/30. Sold merchandise on account to Donner Co., $9,800, terms 2/10, n/30. The cost of the merchandise sold was $5,800. Returned $2,000 of merchandise purchased from Cupid Co. Paid Blitzen Co in full within credit term. Received merchandise returned by Donner Co. from sale, $1,800. The cost of the merchandise returned was $1,080. Paid Cupid Co in full within credit term. Received cash on account from Donner Co. Perpetual inventory records indicate that $85,000 of merchandise should be on hand. The physical inventory indicates that $81,350 of merchandise is on hand. Required: Prepare the general journal entries to record these transactions using a perpetual…
Costs of $14,500 were incurred to acquire goods and make them ready for sale. The goods were shipped to the buyer (FOB shipping point) for a cost of $1,150. Additional necessary costs of $2,300 were incurred to acquire the goods. No other incentives or discounts were available. Compute the buyer's total cost of merchandise inventory. Multiple Choice $14,500 $17,950 $16,800 $15,650
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A retailer returned 1,965 defective items to the manufacturer and received a credit for the retail price of $0.86 or 86e per item less 2 8 of the retail price. What was the amount of the credit received by the retailer? a discount of 11 The credit received by the retailer is $ (Round to the nearest cent as needed.) al

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