Accounting for Merchandising Operations Question 1 The following adjusted trial balance is shown below for the year ended December 31st, 2013 for Campbell Distributers Ltd. Cash Accounts receivable Prepaid rent Inventory Accounts payable Salary payable Notes payable Capital Drawing Sales revenue Sales returns and allowances Sales discounts Cost of goods sold Salary expense Rent expense Depreciation expense Supplies expense Total Debit $12,600 2,400 800 28,000 Credit 1,000 $4,200 1,000 800 13,800 96,000 1,600 400 25,000 21,000 14,000 8,500 500 $115,800 $115,800

Accounting for Merchandising Operations Question 1 The following adjusted trial balance is shown below for the year ended December 31st, 2013 for Campbell Distributers Ltd. Cash Accounts receivable Prepaid rent Inventory Accounts payable Salary payable Notes payable Capital Drawing Sales revenue Sales returns and allowances Sales discounts Cost of goods sold Salary expense Rent expense Depreciation expense Supplies expense Total Debit $12,600 2,400 800 28,000 Credit 1,000 $4,200 1,000 800 13,800 96,000 1,600 400 25,000 21,000 14,000 8,500 500 $115,800 $115,800

Century 21 Accounting Multicolumn Journal

11th Edition

ISBN:9781337679503

Author:Gilbertson

Publisher:Gilbertson

Chapter16: Financial Statements And Closing Entries For A Corporation

Section16.1: Preparing An Income Statement

Problem 1OYO

See similar textbooks

Similar questions

Please prepare tha income statement thanku
Administrative Expense Cost of Goods Sold Income Tax Expense Sales Returns and Allowances Selling Expense Sales of merchandise for cash Sales of merchandise on credit 20, 200 171,eee 18,800 7,600 42,600 270, eee 45,000 Required: 1. Based on these data, prepare a multi-step income statement for internal reporting pm MYSTERY INCORPORATED Income Statement For the Year Ended December 31 Operating expenses:
Please provide Multi-step form of SCI
Journalize these transactions of september assuimg the perpetual inventory system is being used identify each tranasaction of account payable and receivable with vendor or customer name
Question Completion Status: The following select account data is taken from the records of Reese Industries for 2019. Sales Merchandise inventory sales discounts interest expense Sales return and allowances Interest revenue Cost of goods sold Rent expense Depreciation expense: office equipment Insurance expense Advertising expense Accounts receivable Office supplies expense rent revenue sales salaries expense accounts payable common stock Marketing expense 640,363 582,620 58,040 3,677 90,232 10,232 224,598 15,080 3,200 2,450 12,906 100,440 1,600 23,622 30,410 135,404 59,419 31,000 1. Use the data provided to compute net sales for 2019. 2. Prepare a simple income statement for the year ended December 31, 2019. 3.Compute the gross margin for 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
Consider the following information for Fair Wind Yachts Inc., a manufacturer of sailboat rigging, blocks, and cordage. Advertising expenses Depreciation expense-administrative office Depreciation expense-plant and equipment Depreciation expense-delivery trucks Materials inventory, beginning Materials inventory, ending Direct materials purchases Direct labor Indirect labor Finished goods inventory, beginning Finished goods inventory, ending Insurance on plant Heat and light for plant Repairs on plant building Supervisor's salary-plant Supplies-plant Supplies-administrative office Work-in-process inventory, beginning Work-in-process inventory, ending Sales representatives' salaries Sales revenue $ 159,500 78,800 329,500 51,650 25,500 32,250 457,500 550,000 288,000 56,900 46,800 37,700 25,800 40,750 100, 850 133,900 80,850 35,750 42,800 329,750 3,082,000 Required: Prepare a statement of cost of goods manufactured and an income statement for Fair Wind Yachts for the year ended December 31.
Use the first-in, first-out method (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for B75 Company, considering the following transactions.
Calculate the cost of goods sold dollar value for A74 Company for the sale on March 11, considering the following transactions under three different cost allocation methods and using perpetual inventory updating. Provide calculations for (a) first-in, first-out (FIFO); (b) last-in, first-out (LIFO); and (c) weighted average (AVG).
Use the first-in, first-out (FIFO) cost allocation method, with perpetual inventory updating, to calculate (a) sales revenue, (b) cost of goods sold, and c) gross margin for A75 Company, considering the following transactions.
Inventoriable Costs During the first month of operations, ABC Company incurred the following costs in ordering and receiving merchandise for resale. No inventory was sold. Required What amount do you recommend the company record as merchandise inventory on its balance sheet? Explain your answer. For any items not to be included in inventory, indicate their appropriate treatment in the financial statements.
WORK SHEET EXTENSIONS FOR MERCHANDISE INVENTORY ADJUSTMENTS: PERIODIC INVENTORY SYSTEM The following partial work sheet is taken from Nicoles Gift Shop for the year ended December 31, 20--. The ending merchandise inventory is 37,000. 1. Complete the Adjustments columns for the merchandise inventory. 2. Extend the merchandise inventory to the Adjusted Trial Balance and Balance Sheet columns. 3. Extend the remaining accounts to the Adjusted Trial Balance and Income Statement columns. 4. Prepare a cost of goods sold section from the partial work sheet.
Beginning inventory, purchases, and sales for Item ProX2 are as follows: Assuming a perpetual inventory system and using the first-in, first-out (FIFO) method, determine (a) the cost of merchandise sold on January 25 and (b) the inventory on January 31.