Income Statement Accounts December 31, 20X1DrCrP 475,000SalesSales Returns and AllowancesPurchasesP 5,000220,000Purchase Returns and Allowance3,000AdvertisingSales SalariesCommission ExpenseMiscellaneous Selling ExpenseRent ExpenseOffice SuppliesLight and WaterInsurance ExpenseTaxes and Licenses10,00030,00015,0003,00015,00020,0002,0001,0005,0004,00020,00057,00010,000Interest ExpenseBad Debts ExpenseMerchandise Inventory, Jan 1, 20X1Depreciation Expense - Furn. & Equip.Merchandise Inventory, Dec. 31, 20X1Fill in the blanks.60,0001. Net Sales2. Net Purchases3. Cost of Goods Sold4. Gross Profit5. Selling and Administrative Expenses6. Net Income7. Reporting Period

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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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Assets Cash Accounts receivable Inventory Year 2 $ 4,000 15,000 35,000 Assuming that net credit sales for Year 2 totaled $270,000, what is the company's most recent accounts receivable turnover? Multiple Choice 20 times 18 times 7.7 times 22.5 times Year 1 $2,000 12,000 $ 38,000 Help Save & Exit Submit
sh16 Abbey Co. sold merchandise to Gomez Co. on account, $34,000, terms 2/15, n/45. The cost of the goods sold was $14,693. Abbey Co. issued a credit memo for $4,100 for merchandise returned that originally cost $1,189. What is the amount of gross profit earned by Abbey Co. on these transactions? a.$13,504 b.$19,816 c.$16,396 d.$4,100
Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 UTILITIES PAYABLE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…
Company X (A) S 105,200 Sales revenue Beginning inventory Net purchases Ending inventory Cost of goods sold Gross profit 350,600 104,400 (B) 190,600
Inventory P 1,900,000 Sales 6,500,000 Sales returns 150,000 Cost of goods sold 4,600,000 Inventory losses 120,000 On December 24, the entity recorded a P 150,000 credit sales of goods costing P 100,000. These goods were sold on FOB destination point terms and were in transit on December 31. The goods were included in the physical count. The inventory on December 31 determined by physical count has a cost of P 2,000,000 and a net realizable value of P 1,700,000. Any inventory write down is not yet recorded. What amount should be reported as Cost of Goods Sold for 2020? P 5,020,000 P 4,500,000 C. P 4,720,000 D. P 4,920,000
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Sales tax transactions Journalizing injuries to record the following selected transactions A. Sold 3000 of merchandise on account, subject to a sales tax of 7%. The cost of merchandise is sold was $1,770. For a compound transaction, if an amount box does not require an entry, leave it like ______ ______ ______ ______ ______ ______ B. Paid $49,170 to state sales tax department for taxes collected. _____ _____
Show Journal entries 3/1/22 Purchased $10,000 merchandise on account. Terms were 2/10, n/30, FOB Shipping Point. Sales taxes were 6% not included in the price. The shipping cost was $100. 3/3/22 Sold $20,000 merchandise to WG Company. Credit terms were 2/10, n/30, FOB Destination. The cost of goods sold was $8,000. Sales tax was 7% not included in the price. Paid $100 to UPS to ship the merchandise to WG Company 3/6/22 Bought back 500 shares of its own common stock at $14 per share from an unsatisfied stockholder 3/10 Collected from WG Company for the above sales.
aj.4
Purchases $ 30,526 Selling expense $ 769 Inventory, September 1 5,755 Administrative expense 732 Inventory, September 30 10,605 Sales 56,096 Rent revenue 984 Interest expense 1,159 Gross profit??
Entries for Uncollectible Receivables, using Alowance Method 1. EX.08.01 Journalize the following transactions in the accounts of Zippy Interiors Company, a restaurant supply company that uses the allowance method of 2 EX 08.02 ALGO accounting for uncollectible recelvables: 3. EX.08.03 ALGO May 24 Sold merdchandise on account to Old Town Cafe, $10,200. The cost of goods sold was $7,300. Sept. 30 Received $3,000 from Old Town Cafe and wrote off the remainder owed on the sale of May 24 as uncollectible. 4. EX.08.04 ALGO Dec. 7 Reinstated the account of Old Town Cafe that had been written off on September 30 and received $7,200 cash in full payment. 5. EX.08.06 ALGO If an amount box does not require an entry, leave it blank. Accounts Receivable-old Town Cafe 6. EX 08.07 May 24-sale 7. EX.08.20 ALGO Sales v 8. PRO8.02A BLANKSHEET Cost of Goods Sold v Inventory v May 24-cost Sept. 30 Cash Allowance for Doubtful Accounts Accounts Receivable-old Town Cafe v Dec. 7-reinstate Accounts…

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