Rapid Roller Inc.Adjusted Trial BalanceDecember 31, 2018DebitCredit140,000275,000CashAccounts ReceivableAllowance for Doubtful Accounts$22,000Notes Receivable10,000SuppliesInventory, 1/1/18EquipmentAccumulated Deperciation - Equipment23,000X1950,0001,250,000300,000BuildingAccumulated Deperciation - Building2,000,000450,000Land155,000Accounts Payable365,000Salaries and Wages PayableNotes PayableMortgage PayableCommon Stock24,000125,0001,750,000Par $ 0.0120,000APIC980,000Retained Earnings(110,000)Dividends - Common50,000Sales Revenue2,650,000Sales Discounts35,000Sales Returns and Allowances68,000X2Purchases1,060,000X3Purchase Discounts21,000Freight In19,000195,000X4Selling Expenses$Administrative Expenses$245,000Rent Revenue26,000Income Tax Expense$325,000Gain on Sale of Land177,0006,800,000$6,800,000The above adjusted trial balance does not include a balance for Cost of Goods Sold (COGS). The reason, the above company has a "periodic" inventory system (they do not keep a continuously updated inventory balance). As an accountant you would identify this with by seeing the accounts that I havehighlighted.Therefore, before you can create an Income Statement you will need to calculate COGS Summary of the December 31, 2018 year-end physical inventory count:ProductUnitsUnit/CostValueProduct A10,5002$1.902$19,950Product B45.0004.32$194,400Product C17,500$9.95174,125Product D19,5005.21101,595Product E5,0004.5522,750Product F2,50012.50$31,250WIP2$195,000Raw Materials125,000X5Total$864,070Prepare COGS schedule below: Completed by your instructor. Please make sure you review and understand the COGS calculation below for future assignments.COGSX1 Inventory 1/1/2018X2 Purchases950,0001,060,000X3 Less: Purchase discounts21,000Net purchasesX4 Add: Freight-in1,039,000$ 19,0001,058,000Inventory available for saleX5 Less: Inventory 12/31/2018Cost of good sold2,008,000$864.0701,143,930Note: The gray accounts (beginning inventory, purchases, purchase discounts, and freight-in) are closed through this COGS calculation process.Required:Part A- Calculate the following (show your work).1. Calculate Net Sales2. Calculate Net Accounts Receivable3. Calculate Shares Outstanding

Net Sales=Gross Sales-Sales Returns & Allowances-Sales Discounts Net Accounts…

Answered: Note: The gray accounts (beginning…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Problem 1Q

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Data table (Click on the icon in order to copy its contents into a spreadsheet.) Inventory Common stock Cash Operating expenses Short-term notes payable Interest expense Depreciation expense Sales Accounts receivable Accounts payable Long-term debt Cost of goods sold Buildings and equipment Accumulated depreciation Taxes General and administrative expense Retained earnings 6,470 45,070 16,570 1,380 600 870 540 12,740 9,560 4,750 54,860 5,710 122,330 33,960 1,400 870 ? I X
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
(a) Describe the detail of the transaction being performed in the following screen. (b) Give the journal entry that MYOB made as a result of the transaction in part (a) (Note: account numbers are not required, just use account names.)
Indicate the effect of each of the following transactions on total assets, total liabilities, and total stockholders' equity. Select + for increase, for decrease, or No Effect. The first transaction is provided as an illustration. - a. Borrowed cash on a bank loan b. Paid an account payable c. Sold common stock d. Purchased merchandise inventory on account e. Declared and paid dividends f. Collected an account receivable g. Sold merchandise inventory on account at a profit h. Paid operating expenses in cash i. Repaid principal and interest on a bank loan Assets + Liabilities + Stockholders' Equity No Effect
Sarasota Company's balance sheet shows: Common stock, $20 par Paid-in capital in excess of par Retained earnings Record the following transactions by the cost method. (List all debit entries before credit entries. Credit account titles are automatically indented when amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter O for the amounts) (a) (b) (c) $3,100,000 1,100,000 760,000 (a) Bought 8,200 shares of its common stock at $30 a share. Sold 4,200 treasury shares at $31 a share. Sold 1,800 shares of treasury stock at $26 a share. No. Account Titles and Explanation Debit Credit
Please just make the T accounts. In particular make sure the retained earnings T account is correct. At the beginning of Year 2, the Redd Company had the following balances in its accounts. Cash Inventory Land Common stock Retained earnings $13,300 5,500 3,200 10,000 12,000 During Year 2, the company experienced the following events: 1. Purchased inventory that cost $12,400 on account from Ross Company under terms 2/10, n/30. The merchandise was delivered FOB shipping point. Freight costs of $920 were paid in cash the responsible party. 2. Returned $550 of the inventory it had purchased because the inventory was damaged in transit. The seller agreed to pay the return freight cost. 3. Paid the amount due on its account payable to Ross Company within the cash discount period. 4. Sold inventory that had cost $10,000 for $18,000 on account, under terms 2/10, n/45. 5. Received merchandise returned from a customer. The merchandise originally cost $1,800 and was sold to the customer for…
mework Assignment i Required information Use the following information for the Exercises below. (Algo) [The following information applies to the questions displayed below.] Simon Company's year-end balance sheets follow. At December 31 Assets Cash Accounts receivable, net Merchandise inventory Prepaid expenses Plant assets, net Total assets Liabilities and Equity Accounts payable Long-term notes payable Common stock, $10 par value Retained earnings Total liabilities and equity RELETEORRE Interest expense Income tax expense Total costs and expenses Net income KEREKE Earnings per share DENNE SLAP BOGATE Current Year For both the current year and one year ago, compute the following ratios: $ 32,893 100, 248 123,571 10,593 307,446 $574,751 monosokom. $ 144,544 105,892 162,500 161,815 $574, 751 $ 455,777 231, 625 12,702 9,713 The company's income statements for the current year and 1 year ago, follow. For Year Ended December 31 Sales Cost of goods sold Other operating expenses Current Year…
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Note: The gray accounts (beginning inventory, purchases, purchase discounts, and freight-in) are closed through this COGS calculation process. Required: Part A- Calculate the following (show your work). 1. Calculate Net Sales 2. Calculate Net Accounts Receivable 3. Calculate Shares Outstanding