Presented below is information related to Blossom Company, owned by D. Flamont, for the month of January 2021. Ending inventory per perpetual records $20,400 Insurance expense $12,700 Ending inventory actually on hand 18,700 Rent expense 20,300 Cost of goods sold 210,000 Salaries expense 54,700 Freight out 6,000 Sales discounts 9,700 Sales returns and allowances 12,800 Sales 368,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title to adjust ending inventory to actual at year end on January 31 enter a debit amount enter a credit amount enter an account title to adjust ending inventory to actual at year end on January 31 enter a debit amount enter a credit amount (To adjust ending inventory to actual at year end.) eTextbook and Media Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.)

Name: Presented below is information related to Blossom Company, owned by D.
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Description: Presented below is information related to Blossom Company, owned by D. Flamont, for the month of January 2021. Ending inventory per perpetual records $20,400 Insurance expense $12,700 Ending inventory actually on hand 18,700 Rent expense 20,300 Cost

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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Presented below is information related to Blossom Company, owned by D. Flamont, for the month of January 2021. Ending inventory per perpetual records $20,400 Insurance expense $12,700 Ending inventory actually on hand 18,700 Rent expense 20,300 Cost of goods sold 210,000 Salaries expense 54,700 Freight out 6,000 Sales discounts 9,700 Sales returns and allowances 12,800 Sales 368,000 Prepare the necessary adjusting entry for inventory. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title to adjust ending inventory to actual at year end on January 31 enter a debit amount enter a credit amount enter an account title to adjust ending inventory to actual at year end on January 31 enter a debit amount enter a credit amount (To adjust ending inventory to actual at year end.) eTextbook and Media Prepare the necessary closing entries. D. Flamont did not withdraw any cash during the month of January. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. If no entry is required, select "No Entry" for the account titles and enter 0 for the amounts.) Date Account Titles and Explanation Debit Credit Jan. 31 enter an account title to close income statement account with credit balance on January 31 enter a debit amount enter a credit amount enter an account title to close income statement account with credit balance on January 31 enter a debit amount enter a credit amount (To close income statement account with credit balance.) Jan. 31 enter an account title to close income statement accounts with debit balances on January 31 enter a debit amount enter a credit amount enter an account title to close income statement accounts with debit balances on January 31 enter a debit amount enter a credit amount enter an account title to close income statement accounts with debit balances on January 31 enter a debit amount enter a credit amount enter an account title to close income statement accounts with debit balances on January 31 enter a debit amount enter a credit amount enter an account title to close income statement accounts with debit balances on January 31 enter a debit amount enter a credit amount enter an account title to close income statement accounts with debit balances on January 31 enter a debit amount enter a credit amount enter an account title to close income statement accounts with debit balances on January 31 enter a debit amount enter a credit amount enter an account title to close income statement accounts with debit balances on January 31 enter a debit amount enter a credit amount (To close income statement accounts with debit balances.) Jan. 31 enter an account title to close Income Summary account on January 31 enter a debit amount enter a credit amount enter an account title to close Income Summary account on January 31 enter a debit amount enter a credit amount (To close Income Summary account.)

Magna International Inc. is a leading global supplier of technologically advanced automotive components, systems, and modules. Selected financial information (in US$ millions) follows:

	2017		2016	2015
Sales		$38,946			$36,445	$32,134
Cost of goods sold		33,258			31,123	27,559
Profit		2,206			2,031	2,013
Current assets		11,220			10,163	11,144
Current liabilities		9,169			8,695	7,276

(a)

Calculate the gross profit margin, profit margin, and current ratio for each year. (Round Gross profit margin to 1 decimal place, e.g. 52.7% and all other answers to 2 decimal places, e.g. 52.75 or 52.75%.)

	2017		2016	2015
Gross profit margin		%		%	%
Profit margin		%		%	%
Current ratio		: 1		: 1	: 1

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