At the beginning of the current season on April 1, the ledger of Pina Colada Corp. Shop showed Cash $2.000, Inventory $2,500, am Common Stock $4,500. The following transactions were completed during April 2022. Apr. 5 7 9 10 12 14 17 20 21 27 30 Purchased golf discs, bags, and other inventory on account from Arnie Co. $1,150, FOB shipping point, terms 2/10, na Paid freight on the Arnie purchase $40. Received credit from Arnie Co. for merchandise returned $100. Sold merchandise on account to members for $830, terms n/30. The merchandise sold had a cost of $498. Purchased disc golf shirts and other accessories on account from Woods Sportswear $570, terms 1/10, n/30. Paid Arnie Co. in full, less discount. Received credit from Woods Sportswear for merchandise returned $70. Made sales on account to members for $660, terms n/30. The cost of the merchandise sold was $350. Paid Woods Sportswear in full, less discount. Granted an allowance to members for clothing that did not fit $30. Received payments on account from members $950.

At the beginning of the current season on April 1, the ledger of Pina Colada Corp. Shop showed Cash $2.000, Inventory $2,500, am Common Stock $4,500. The following transactions were completed during April 2022. Apr. 5 7 9 10 12 14 17 20 21 27 30 Purchased golf discs, bags, and other inventory on account from Arnie Co. $1,150, FOB shipping point, terms 2/10, na Paid freight on the Arnie purchase $40. Received credit from Arnie Co. for merchandise returned $100. Sold merchandise on account to members for $830, terms n/30. The merchandise sold had a cost of $498. Purchased disc golf shirts and other accessories on account from Woods Sportswear $570, terms 1/10, n/30. Paid Arnie Co. in full, less discount. Received credit from Woods Sportswear for merchandise returned $70. Made sales on account to members for $660, terms n/30. The cost of the merchandise sold was $350. Paid Woods Sportswear in full, less discount. Granted an allowance to members for clothing that did not fit $30. Received payments on account from members $950.

Cornerstones of Financial Accounting

4th Edition

ISBN:9781337690881

Author:Jay Rich, Jeff Jones

Publisher:Jay Rich, Jeff Jones

Chapter11: The Statement Of Cash Flows

Section: Chapter Questions

Problem 37E: Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following...

See similar textbooks

Similar questions

Journalize the April transactions using a perpetual inventory system.
Also prepare journal entries to record he December 20 purchase and the December 29 sales using weighted average periodic and weighted average perpetual assume both the sales and purchase were for cash
Perpetual and Periodic Systems—Recording Inventory-Related Entries using the Net Method The following transactions are from Sharper Vision Corporation. Purchased inventory on December 10, 2020, with a list price of $11,250, a trade discount of 20%, and with terms 2/10, n/30. Returned $1,500 of inventory to the supplier on December 15, 2020. Paid $6,000 cash on account on December 19, 2020. Paid the remaining balance on January 5, 2021. Perpetual inventory systems Periodic inventory systems b. Prepare journal entries for the transactions 1 through 4, assuming that the company uses the periodic inventory system and the net method to record purchases. Include any adjusting entry required on December 31, 2020. Date Account Name Dr. Cr. Dec. 10, 2020 AnswerCashAccounts ReceivableInventoryAllowance to Reduce FIFO Inventory to LIFO BasisAccounts PayableDeferred RevenueSales RevenueCost of Goods SoldFreight-inPurchasesPurchase DiscountsPurchase Returns and…
How to record the April transactions using perpetual inventory system
Current Attempt in Progress The trial balance of Crane Company at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $35,000; Purchases $154,900; Sales Revenue $191,000; Freight-In $9,200; Sales Returns and Allowances $4,400; Freight-Out $1,900; and Purchases Returns and Allowances $6,900. The ending inventory is $28,000. Prepare a cost of goods sold section for the year ending August 31.
The financial statements of Crane, Inc's. 2025 annual report disclose the following information: (in millions) May 24, 2025 $250 ttempt in Progress Inventories Sales Cost of goods sold Net income (a) (b) 2025 Fiscal Year $3,900 1,300 320 May 25, 2024 $240 Inventory turnover 2024 $3,900 1,300 Compute Crane's (a) inventory turnover and (b) the average days to sell inventory for 2025 and 2024. (Round inventory turnover to 2 decimal places, e.g. 7.63 and average days to sell inventory to 1 decimal place, e.g. 65.1.) 300 Average days to sell inventory May 26, 2023 $200 2025 times days 2024 times days
Perpetual and Periodic Systems—Recording Inventory-Related Entries using the Gross Method The following transactions are from Sharper Vision Corporation. Purchased inventory on December 10, 2020, with a list price of $2,250, a trade discount of 20%, and with terms 2/10, n/30. Returned $300 of inventory to the supplier on December 15, 2020. Paid $1,200 cash on account on December 19, 2020. Paid the remaining balance on January 5, 2021. Perpetual inventory system Periodic inventory system a. Prepare journal entries for the transactions 1 through 4, assuming that the company uses the perpetual inventory system and the gross method for recording purchase discounts. Date Account Name Dr. Cr. Dec. 10, 2020 AnswerCashAccounts ReceivableInventoryAllowance to Reduce FIFO Inventory to LIFO BasisAccounts PayableDeferred RevenueSales RevenueCost of Goods SoldFreight-inPurchasesPurchase DiscountsPurchase Returns and AllowancesInterest ExpenseN/A Answer Answer AnswerCashAccounts…
Carla Vista Co.'s balance sheet at December 31.2021, is presented below. Carla Vista Co. Balance Sheet December 31, 2021 $9,230 Accounts payable Common stock Cash $14,340 Accounts receivable 19,700 21,700 Allowance for doubtful accounts (860) Retained earnings 12.230 Inventory 9,980 $43.160 $43,160 During January 2022, the following transactions occurred. Carla Vista uses the perpetual inventory method. Jan. Carla Vista accepted a 4-month, 8% note from Betheny Company in payment of Betheny's $3,600 account. 1. 3 Carla Vista wrote off as uncollectible the accounts of Walter Corporation ($400) and Drake Company ($300). Carla Vista purchased $18,210 of inventory on account. Carla Vista sold for $27,000 on account inventory that cost $16,920. Carla Vista sold inventory that cost $680 to Jack Rice for $90O. Rice charged this amount on his Visa First Bank card. The service fee charged Carla Vista by First Bank is 3%. 11 15 17 Carla Vista collected $23,600 from customers on account. Carla…
Pls answer
Hardev
Subject: accounting
View Policies Current Attempt in Progress The adjusted trial balance of Windsor, Inc. at the end of its fiscal year, August 31, 2022, includes these accounts: Inventory $20,600, Purchases $152,000, Sales Revenue $188,000, Freight-In $7,700, Sales Returns and Allowances $2,900, Freight-Out $1,000, and Purchase Returns and Allowances $4,800. The ending inventory is $19,000. Prepare a cost of goods sold section on the income statement for the year ending August 31, 2022 (periodic inventory system). Revenues Windsor, Inc. Income Statement - cost of goods sold section (periodic system) For the Year Ended August 31, 2022 $ $ SA $