Bridgeport Company buys merchandise on account from Sarasota Company for $508. Bridgeport sells the goods to Ellis for $774 cash.Use a tabular summary to record the transactions for Bridgeport Company using a perpetual inventory system. Include marginexplanations for the changes in revenues and expenses.-Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses.-Increases in expenses require a negative sign or parentheses.- Reductions in revenues require a negative sign or parentheses.AssetsLiabilitiesCashAccts.CommonInv.Pay.Stock Bridgeport Company buys merchandise on account from Sarasota Company for $508. Bridgeport sells the goods to Ellis for $774 cash.Use a tabular summary to record the transactions for Bridgeport Company using a perpetual inventory system. Include marginexplanations for the changes in revenues and expenses.⚫Decreases in assets, liabilities, or stockholders' equity require a negative sign or parentheses.-Increases in expenses require a negative sign or parentheses.- Reductions in revenues require a negative sign or parentheses.$CommonStock$Stockholders' EquityRetained EarningsRev.Exp.

Step 1: The effects of the transactions are recorded using perpetual inventory so the inventory…

Answered: Bridgeport Company buys merchandise on…

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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Selected account balances at December 31, 2014, for Engagement, Etc., follow.Prepare a multistep income statement for the year ended December 31, 2014. Show detail of net sales. The company uses the perpetual inventory system, and Freight-In has not been included in Cost of Goods Sold. Account Name Debit CreditSales $498,000Sales Returns and Allowances $ 23,500Cost of Goods Sold 284,000Freight-In 14,700Selling Expenses 43,000General and Administrative Expenses 87,000
Required: Prepare the statement of comprehensive income for the year using: Function of expense method with supporting notes. Answer in text form with explanation , computation for every steps clearly
Please show proper steps only by formula not excel. Both parts
On June 1, Calumet Corp. paid $25,000 for inventory previously purchased on account. Which of the following statements is correct with respect to how this transaction should be shown on the transaction worksheet? Select one: a. The cash account will decrease and the deferred revenue account will decrease. b. The inventory account will decrease and the cash account will decrease. c. The cash account will decrease and the accounts payable account will decrease. d. The cash account will decrease and the retained earnings account will decrease. e. The cash account will increase and the accounts payable account will increase.
A company purchased inventory for $1,400 per unit. The company later sold one unit of the inventory for cash of $2,100. Under the perpetual inventory system, which accounts will be debited to record the sale?
At year-end, the perpetual inventory records of Marigold Company showed merchandise inventory of $100,600. The company determined, however, that its actual inventory on hand was $96,900.Record the necessary adjusting entry. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) Account Titles and Explanation Debit Credit eTextbook and Media
Assume the perpetual inventory system is used unless stated otherwise.Accounting principles for inventory and applying the lower-of-cost-or-market rule Some of M and C Electronics’s merchandise is gathering dust. It is now December 31, 2018, and the current replacement cost of the ending merchandise inventory is $24,000 below the business’s cost of the goods, which was $97,000. Before any adjustments at the end of the period, the company’s Cost of Goods Sold account has a balance of $380,000. Requirements Journalize any required entries. At what amount should the company report merchandise inventory on the balance sheet? At what amount should the company report cost of goods sold on the income statement? Which accounting principle or concept is most relevant to this situation?
Two or more items are omitted in each of the following tabulations of income statement data. Fill in the amounts that are missing. Sales revenue Sales returns and allowances Net sales Beginning inventory Ending inventory 2024 $288,820 $ 11,060 2025 13,430 348,998 19,210 33,650 2026 $410,020 Purchases 261,470 298,835 Purchase returns and allowances 5,040 7,800 10,240 Freight-in 8,110 8,410 12,600 Cost of goods sold 235,200 293,080 Gross profit on sales 42,560 95,570 96,640 eTextbook and Media
USE THE BELOW INCOME STATEMENT AND INFORMATION TO ANSWER THE NEXT FOUR QUESTIONS AND COMPLETE THE INCOME STATEMENT. Net Sales Cost of Goods Sold Selling Expenses Administrative Expenses Interest Expenses Other Expenses Income before Taxes Income Tax Expenses Net Income ● ● MY Company Income Statement December 31, 2018 (Amounts in thousands) Use the following ratio data to complete FS Company's income statement. Inventory turnover is 4 (beginning inventory was $895: ending inventory was $758). Inventory turnover = cost of goods sold / Average inventory Rate of Return on Sales is 0.15 O $10,500 (a) $2,561 $458 (b) $554 $2,046 (c) (d)
Selected accounts and amounts appear below. Inventory Cost of Goods Sold Journalize the closing entry, assuming a perpetual inventory system. If an amount box does not require an entry, leave it blank. Cash Cost of Goods Sold $46,193 501,246 Dividends Inventory Sales
Presented below is information for Larkspur, Inc. for the month of January 2022. Cost of goods sold Freight-out Insurance expense Salaries and wages expense (a) $231,044 7,000 12,000 56,000 Rent expense Sales discounts Sales returns and allowances Sales revenue $34,000 8,000 20,000 384.000 Prepare a multiple-step income statement. (If there is a net loss then enter the amount using either a negative s eg.-45 or parentheses e.g. (45).)
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