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e missing amounts.

e missing amounts.

FINANCIAL ACCOUNTING
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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Question 1 For each of the following, determine the missing amounts.Sales Cost of Operating Revenue $100,000 $12,000, Gross Net _Profit Expenses $30,000 Goods Sold Income $135,000 $125,000 $80,000 Question 2 Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred. May 13 Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply Company, terms 4/10, n/30. The motors cost Charlie $26 each. May 16 One defective motor was returned to Charlie. May 23 Received payment in full from Scruffy Brothers. Round to nearest dollar. Instructions Journalize the May transactions for Charlie Company (seller) assuming that Charlie uses a perpetual inventory system. You may omit explanations. Round amounts to nearest dollar.
Transcribed Image Text:Question 1 For each of the following, determine the missing amounts.Sales Cost of Operating Revenue $100,000 $12,000, Gross Net _Profit Expenses $30,000 Goods Sold Income $135,000 $125,000 $80,000 Question 2 Charlie Company uses a perpetual inventory system. During May, the following transactions and events occurred. May 13 Sold 8 motors at a cost of $45 each to Scruffy Brothers Supply Company, terms 4/10, n/30. The motors cost Charlie $26 each. May 16 One defective motor was returned to Charlie. May 23 Received payment in full from Scruffy Brothers. Round to nearest dollar. Instructions Journalize the May transactions for Charlie Company (seller) assuming that Charlie uses a perpetual inventory system. You may omit explanations. Round amounts to nearest dollar.
Question 3 The income statement for Pierre Paul Company for the year ended December 31, 2016 is as follows: PIERRE PAUL COMPANY Income Statement For the Year Ended December 31, 2016 Revenues Sales revenue. $53,000 4,000 $57,000 Interest revenue.. Total revenues. Expenses Cost of goods sold. Salaries and wages expense.... 30,000 18,000 Interest expense.... Total expenses. 1,500 49,500 Net income... $ 7,500 Prepare the entries to close the revenue and expense accounts at December 31,2016.
Transcribed Image Text:Question 3 The income statement for Pierre Paul Company for the year ended December 31, 2016 is as follows: PIERRE PAUL COMPANY Income Statement For the Year Ended December 31, 2016 Revenues Sales revenue. $53,000 4,000 $57,000 Interest revenue.. Total revenues. Expenses Cost of goods sold. Salaries and wages expense.... 30,000 18,000 Interest expense.... Total expenses. 1,500 49,500 Net income... $ 7,500 Prepare the entries to close the revenue and expense accounts at December 31,2016.
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