mpany using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, P4,000; Transportation-In, P450; Purchases, P12,000; Purchases Returns and Allowances, P2,300; Purchases Discounts, P220. The cost of merchandise purchased is equal to P9,489 P9,930

mpany using the periodic inventory system has the following account balances: Merchandise Inventory at the beginning of the year, P4,000; Transportation-In, P450; Purchases, P12,000; Purchases Returns and Allowances, P2,300; Purchases Discounts, P220. The cost of merchandise purchased is equal to P9,489 P9,930

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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Swifty Corporation accounting records show the following for the year ending on December 31, 2022. Purchase Discounts $ 12100 Freight-in 15100 Purchases 714020 Beginning Inventory 51000 Ending Inventory 54600 Purchase Returns and Allowances 14900 Using the periodic system, the cost of goods purchased is $731920. $670920. $702120. $725920.
On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period on December 31. Required: Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Travis Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE…
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On March 1, Crunk Company sold merchandise in the amount of $5.800 to Wells Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Crunk uses the perpetual inventory system and the gross method. On July 5, Wells returns some of the merchandise. The selling price of the merchandise is $500 and the cost of the merchandise returned is $350. The entry or entries that Crunk must make on July 5 is: 500 Accounts receivable Sales returns and allowances Sales returns and allowances Accounts receivable Accounts receivable Sales returns and allowances: Cost of goods sold Merchandise inventory Sales returns and allowances Accounts receivable Sales returns and allowances Accounts receivable Merchandise inventory Cost of goods sold 350 & B see 350 500 500 350 500 350 500 350 See 500 350
Ayayai Company had the following account balances at year-end: Cost of Goods Sold $63,840; Inventory $14,610; Operating Expenses $30,650; Sales Revenue $121,130; Sales Discounts $1,130; and Sales Returns and Allowances $1,850. A physical count of inventory determines that merchandise inventory on hand is $13,080.
A company reported the following balances in some selected accounts: Inventory, 1 March $4,000, Transportation-in $200, Inventory, 31 March $6,000, Purchases $16,000, Purchase Returns and Allowances $500, Purchase discounts $700, Sales $35,000, Sales discounts $1,500. The Cost of Goods Sold for the period is: Group of answer choices $13,000 $16,000 $12,600 $13,400
The trial balance of Skysong Inc. at the end of its fiscal year, August 31, 2022, includes these accounts: Beginning Inventory $23,300; Purchases $186,330; Sales Revenue S192,400; Freight-In $7,890; Sales Returns and Allowances $5,370; Freight-Out $3.100; and Purchase Returns and Allowances $7,010. The ending inventory is $22,000. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2022. Skysong, Inc. Income Statement For the Year Ended August 31, 2022 24 %24 > > >
On December 22, Travis Company purchased merchandise on account from a supplier for $13,200, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period on December 31. Required: Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Travis Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE…
Tariq Fisher Company uses a perpetual inventory system. On January 1, its inventory account had a beginning balance of Rs 450,000. Tariq engaged in the following transactions during the year:Prepare all necessary transaction as General Entries and answer given below option. Purchased merchandise inventory for Rs 500,000. Generated net sales of Rs 600,000. Recorded inventory shrinkage of Rs 10,000 after taking a physical inventory at year-end. Reported gross profit for the year of Rs 180,000 in its income statement. At what amount was Cost of Goods Sold reported in the company’s year-end income statement? At what amount was Merchandise Inventory reported in the company’s year-end balance sheet? Immediately prior to recording inventory shrinkage at the end of the year, what was the balance of the Cost of Goods Sold account? What was the balance of the Merchandise Inventory account? d- Calculate the Gross profit margin ratio
Seiz Company used perpetual inventory system to record inventory transactions for 2021. 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 writedown is not yet recorded. What amount should be reported as Cost of Goods Sold for 2020? a. 5,020,000 b. 4,500,000 c. 4,720,000 d. 4,920,000