Perform the following exercise using the Perpetual Inventory methods with their respective entries, T's of greatest and calculation of gross profit 1. We start business with the following values Box $300,000 Warehouse $600,000 Furniture $230,000 2. When selling merchandise for $500,000 in cash, we grant a discount of $50, 000, the cost of the sale is $300,000. 3. When purchasing merchandise for $600,000 paid by check, we are granted a discount of $30,000 4. Previous purchases caused shipping costs of $15,000 that were owed 5. They returned merchandise with a cost of $100,000 that we had sold for $150,000 for this same amount we gave merchandise with a cost of $110,000 6. We returned merchandise for $40,000 and they gave us merchandise for this same amount 7. Make the corresponding adjustment and transfer entries.

Perform the following exercise using the Perpetual Inventory methods with their respective entries, T's of greatest and calculation of gross profit 1. We start business with the following values Box $300,000 Warehouse $600,000 Furniture $230,000 2. When selling merchandise for $500,000 in cash, we grant a discount of $50, 000, the cost of the sale is $300,000. 3. When purchasing merchandise for $600,000 paid by check, we are granted a discount of $30,000 4. Previous purchases caused shipping costs of $15,000 that were owed 5. They returned merchandise with a cost of $100,000 that we had sold for $150,000 for this same amount we gave merchandise with a cost of $110,000 6. We returned merchandise for $40,000 and they gave us merchandise for this same amount 7. Make the corresponding adjustment and transfer entries.

Name: Perform the following exercise using the Perpetual Inventory methods
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Perform the following exercise using the Perpetual Inventory methods with their respective entries, T's of greatest andcalculation of gross profit1. We start business with the following valuesBox $300,000Warehouse $600,000Furniture $230,0002. When s

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Please help me with show all calculation thanku
You are accountant for New Horizon Merchandising Company. New Horizon Merchandising Company buys and sells a product called Zoom. Company uses Perpetual Inventory System with LIFO method for inventory valuation. New Horizon uses Net Method for accounting for its purchases and sales. On January 1, 2019, New Horizon’s merchandise inventory on hand consisted of the following: Zoom: Quantity Cost per Unit 1st Purchase 200 $4 2nd Purchase 110 $5 45. New Horizon Company purchased 300 units of Zoom at $5.50 each plus $99 sales taxes. Terms were 2/10, n/30, FOB Shipping Point.Shipping cost was $51.Provide the necessary journal entry to record the transaction. Debit Credit 46. Assume New Horizon paid for the above purchase within discount period. Provide the necessary journal entry to record the transaction. Debit Credit 47. Assume New Horizon paid for the above purchase after the…
i need the answer quickly
Please help me prepare the single step income statement for this one.
You sold $8,000 of inventory for $10,000 on terms 2/10,n/30. If your customer pays the bill on day five, which of the following are true statements relating to just the day five transaction? Remember that the larger number in a transaction will be the revenue and the smaller one will be the cost of goods sold. A. You will debit cash for $10,000 B. You will credit inventory for $200 C. You will debit discounts for $200 D. You will debit cash for $9,800 E. You will label this transaction as paid bill F. You will label this transaction as a cash entry Select all that apply.
Beginning inventory, purchases, and sales data for tennis rackets are as follows
The following accounts and balances are taken from the books of Bosox Company which uses the periodic inventory system. Sales $470,000 Sales returns and allowances 15,000 Sales discounts 2,500 Purchases 255,000 Purchases returns and allowances 18,000 Purchases discounts 5,000 Transportation-In 1,500 Operating expenses 125,000 Beginning inventory $40,000 Ending inventory 35,000 a. Calculate the cost of good sold b. Calculate the gross profit c. Calculate the net income
esc Honest Tea, Inc. is a merchandiser. Use the following information to its Inventory balance on its December 31 year-end balance sheet. Note: All purchases of inventory are on account. Cost of Goods Sold during the year January 1 Inventory Sales during the year December 31 Accounts Receivable Purchases of Inventory on Account during the year December 31 Inventory = $. 1 Q A N Click Save and Submit to save and submit. Click Save All Answers to save all answers. 2 W S Ma # 3 E D x 'I X $34,000 $ 4 10,000 77,000 24,000 35,000 C с R % or op F 5 T MacBook Pro V < 6 G Y & 7 H B * 00 つ 8 J N O Save All Answe O 0 K M
Enter the missing dollar amounts for the income statement for each of the following independent cases. (Hint: In Case B, work from the bottom up.) Net sales revenue Beginning inventory Purchases Goods available for sale Ending inventory Cost of goods sold Gross profit Expenses Pretax income (loss) $ Case A $ 11,010 4,900 10,310 7,530 220 $ 1,710 $ Case B 6,590 15,240 10,900 $ 1,500 (570) $ Case C $ 3,840 9,340 13,180 $ 6,040 4,360 520 1,160
es ! Required information [The following information applies to the questions displayed below.] The following are the sales transactions of EcoMart Merchandising. EcoMart uses a perpetual inventory system and the gross method. October 1 Sold merchandise for $2,000, with credit terms n/30, invoice dated October 1. The cost of the merchandise is $1,150. October 6 The customer in the October 1 sale returned $200 of merchandise for full credit. The merchandise, which had cost $115, is returned to inventory. October 9 Sold merchandise for $950 cash. Cost of the merchandise is $650. October 30 Received payment for the amount due from the October 1 sale less the return on October 6. Use the above transactions, to analyze each transaction by indicating its effects on the components of the income statement- specifically, identify the accounts and amounts (including + or -) for each transaction. Income Statement Components Sales (gross) Sales discounts Sales returns and allowances Net sales Cost…
Please help me with required 1 and 2.
Heer Don't upload any image please