Oa column for the date the check was madeBarbie Merchandising CompanyAdjusted Trial BalanceFor the Period Ended December 31, 2020Account TitleSalesSales returns and allowancesంజు doaouintPurchasesPurchase returns and allow3ncesPurchase discountFreight inSelling expenseDebitCreditP1.652.000P35.00013.000/1.120,50018:C0036.00055.00040,000P2,322,0001o ఉP2,322,000Beginning and ending balance of Merchandissinvertchyamcuredto P56.500 and P65500respectively How much is the net profit

Net profit: It implies to the profit that a business is left with after providing for all the…

Barbie Merchandising Company Adjusted Trial Balance For the Period Ended December 31, 2020 Account Title కులు Sales returns and allowances Sales discount Purchases Purchase returns and allowances Purchase discount Freight in Selling expese Gen and administrative expense Total Debit, Credit P1.652.000, P35.000 13:000 1.120.500 70,000, 55.000 40,000 P2,322,000 P2,322,000 Beginning and ending balance of Merchandise Invertcry amouted to P56.500 and P65 respectively How much is the net profe

Barbie Merchandising Company Adjusted Trial Balance For the Period Ended December 31, 2020 Account Title కులు Sales returns and allowances Sales discount Purchases Purchase returns and allowances Purchase discount Freight in Selling expese Gen and administrative expense Total Debit, Credit P1.652.000, P35.000 13:000 1.120.500 70,000, 55.000 40,000 P2,322,000 P2,322,000 Beginning and ending balance of Merchandise Invertcry amouted to P56.500 and P65 respectively How much is the net profe

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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Merchandising Worksheet The trial balance of Lucky Trading shows the adjusted balances at the end of its fiscal year, March 31, 2021: Debit Credit Cash 317,810 Accounts Receivable 142,050 Merchandise Inventory Store Supplies Prepaid Rent Store Equipment Accumulated Depreciation Store Equipment Accounts Payable 102,660 22,400 125,000 186,100 50,120 54,900 erm Loans 142,990 Accrued Salaries 33,500 51,300 26,000 Unearned Income Income Tax Payable Co, Capital Co, Drawing 500,000 40,000 Sales 415,740 Sales Discounts 7,600 Sales Returns & Allowances 3,000 Purchases 211,650 Purchase Discounts 10,000 Purchase Returns & Allowances 5,200 Freight-in Salaries Expense Store Supplies Expense Rent Expense Freight-out Depreciation Expense - Store Equipment Interest Expense 12,000 67,400 3,940 25,000 3,200 17,440 2,500 1,289,750 1,289,750 REQUIRED: 1. Assuming that during physical inventory count, it was found out that the remaining merchandise inventories amounted to Php 97,000, the periodic inventory…
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ADJUSTMENTS a.-b. Merchandise inventory on December 31, 20X1, is $13,321 c. During 20X1, the firm had net credit sales of $45,000; the firm estimates that 0.5 percent of these sales will result in uncollectible accounts. d. On December 31, 20X1, an inventory of the supplies showed that items costing $325 were on hand. e. On October 1, 20X1, the firm signed a six-month advertising contract for $1,080 with a local newspaper and paid the full amount in advance. f. On January 2, 20X0, the firm purchased store equipment for $8,700. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $700. g. On January 2, 20X0, the firm purchased office equipment for $2,200. At that time, the equipment was estimated to have a useful life of five years and a salvage value of $300. h. On December 31, 20X1, the firm owed salaries of $1,930 that will not be paid until 20X2 i. On December 31, 20X1, the firm owed the employer's social security tax (assume 6.2…
Homework i s Date January 1 January 10 March 14 March 15 July 30 October 5 October 26. Date Required information [The following information applies to the questions displayed below.] Hemming Company reported the following current-year purchases and sales for its only product. Units Acquired at Cost @$13.20 = @$18.20 = @$23.20 = @$28.20 Activities Beginning inventory Sales Purchase Sales Purchase. Sales Purchase. Totals a) Cost of Goods Sold using Specific Identification Available for Sale Activity Saved # of units 8,372 11,136 5,076 $28,280 Cost of Goods Sold Cost Per Unit Hemming uses a periodic inventory system. Ending inventory consists of 40 units from the March 14 purchase, 80 units from the July 30 purchase, and all 180 units from the October 26 purchase. Using the specific identification method, calculate the following. Help COGS Save & Exit Subre Units Sold at Retail 240 units 410 units 450 units 1,100 units Check my work Ending Inventory Units @ $43.20 @$43.20 @$43.20 Ending…
Question Content Area The records of Penny Co. indicated that $397,580 of merchandise should be on hand on December 31. The physical inventory count indicates that $394,400 of merchandise is actually on hand. Journalize the adjusting entry for the inventory shrinkage for the year ended December 31. If an amount box does not require an entry, leave it blank. Date Account Debit Credit December 31
alculation of Cost of Goods Sold: Periodic Inventory System with Sales Returns and Allowances The following amounts are known for Adams Gift Shop: Beginning merchandise inventory $27,000 Ending merchandise inventory 22,000 Purchases 78,000 Purchases returns and allowances 3,900 Purchases discounts 6,000 Freight-in 350 Assume the business makes estimates for sales returns and allowances at year-end. The balances for estimated returns inventory are shown. Beginning estimated returns inventory $2,000 Ending estimated returns inventory 1,600 Prepare the cost of goods sold section of the income statement. Adams Gift ShopIncome StatementFor Year Ended December 31, 20-- Cost of goods sold: $- Select - - Select - $- Select - $- Select - $- Select - - Select - - Select - $- Select - - Select - - Select - $- Select - $- Select - -…
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Question Content Area Transactions for Buyer and Seller Ellis Co. sold merchandise to Angelleti Co. on account, $148,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $89,160. Ellis Co. paid freight of $2,100. Assume that all discounts are taken. Question Content Area Journalize Ellis Co.'s entries for the (a) sale, (b) purchase, and (c) payment of amount due. If an amount box does not require an entry, leave it blank. Question Content Area Journalize Angelleti Co.'s entries for (a) sale, and (b) payment of amount due. If an amount box does not require an entry, leave it blank.
Quiz: Periodic Inventory System Bedazzle Department Store is located in midtown Metropolis. At the end of the first quarter of 2019, the following accounts appeared in its unadjusted trial balance: Bedazzle Department Store Trial Balance For the period of January 1- March 31, 2019 Account Title Debit Credit Cash 14,500 11,770 Accounts Receivable Prepaid Insurance Supplies Merchandise Inventory Store Equipment Accum. Depr. Store Equipment Building Accum. Depr. Building Accounts Payable Property Taxes Payable Sales Commissions Payable Shared Capital Retained Earnings Dividend Purchases Freight-in Purchases Discounts Purchase Returns & Allow. Sales Sales Returns & Allowances Cost of Goods Sold Sales Salaries Expense Sales Commissions Expense Supplies Expense Insurances Expense Property Taxes Expense Utilities Expense Deprec. Expense-Store Equipment Deprec. Expense-Building 4,500 150,000 34,360 125,000 41,800 210,000 42,000 40,210 8,000 245.880 6,500 12,000 650,000 5,060 8,900 6,500…
Question Content Area Merchandise subject to terms 2/10, n/30, FOB shipping point, is sold on account to a customer for $19,700. What is the amount of sales discount allowable? a. $189 b. $142 c. $201 d. $394
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Exit Marilee's Electronics uses a periodic inventory system and the average cost retail method to estimate ending inventory and cost of goods sold, The following data is available from the company records for the month of June 2021: Cost Retail Beginning inventory Net purchases Net markups Net markdowns Net sales $ 82,500 $131, 000 505,000 269,000 25,500 36,000 525, 000 The average cost-to-retail percentage is: Muitipte Choice O 56.0%. < Prev 15 of 15 Next