Exercise 5-06 The adjusted trial balance of Cheyenne Corp. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $907,900; Freight-Out $13,900; Sales Returns and Allowances $19,800; and Sales Discounts $15,200. Prepare the sales section of the income statement. Cheyenne Corp. Income Statement (Partial) Click if you would like to Show Work for this question: Qoen Show Work

Exercise 5-06 The adjusted trial balance of Cheyenne Corp. shows these data pertaining to sales at the end of its fiscal year, October 31, 2022: Sales Revenue $907,900; Freight-Out $13,900; Sales Returns and Allowances $19,800; and Sales Discounts $15,200. Prepare the sales section of the income statement. Cheyenne Corp. Income Statement (Partial) Click if you would like to Show Work for this question: Qoen Show Work

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 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.
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it View History M faith@.. tems 37.66% ··· Bookmarks Window AOL Ma.... B E C eBook U Sales Mail - F... Cost of goods sold Help Operating income Expenses: Selling expenses Administrative expenses The following multiple-step, income statement was prepared for Carlsbad Company contains errors: CARLSBAD COMPANY Income Statement For the Year Ended February 28, 2018 Delivery expense Total expenses Other expense: Interest revenue Gross profit R V Portal h... Check My Work 10 more Check My Work uses remaining. % G Chapter... B v2.cengagenow.com Prepare a corrected income statement for Carlsbad Company for the year ended February 28, 2018. Carlsbad Company Income Statement 6 $ 1,800,000 1,350,000 112,500 H C Cengag.. 9,495,000 (5,962,500) $3,532,500 (3,262,500) 270,000 90,000 $180,000 All work saved. N MacBook Pro ** W Activity... 8 M FA 9 K Save and Exit Submit Assignment for Grading 1
Question 3 Assume Orion Iron applies its inventory costing method perpetually at the time of each sale. At the end of the annual accounting period, December 31, the accounting records provided the following information: a. Inventory, Beginning For the year: b. Purchase, April 11 Transactions Units Unit Cost 3,000 $12 9,000 10 c. Purchase, June 1 d. Sale, May 1 (sold for $40 per unit) e. Sale, July 3 (sold for $40 per unit) 8,000 13 13 3,000 6,000 f. Operating expenses (excluding income tax expense), $195,000 Requirement 1 Calculate the cost of ending inventory and the cost of goods sold using the FIFO method.