Rebecca Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $936 Cost of Goods Sold, $12,143 Delivery (freight-out) Expense, $943 Income Tax Expense, $1,742 Interest Expense, $1,075 Interest Revenue, $971 General Expenses, $1,512 Sales Revenue, $22,848 Sales Discounts, $2,556 Sales Returns and Allowances, $606 .Rebecca’s net sales are $______

Rebecca Department Stores reported the following amounts in its adjusted trial balance prepared as of its December 31 year-end: Administrative Expenses, $936 Cost of Goods Sold, $12,143 Delivery (freight-out) Expense, $943 Income Tax Expense, $1,742 Interest Expense, $1,075 Interest Revenue, $971 General Expenses, $1,512 Sales Revenue, $22,848 Sales Discounts, $2,556 Sales Returns and Allowances, $606 .Rebecca’s net sales are $______

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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The following data were extracted from the accounting records of Harkins Company for the year ended April 30, 2019: Increase in estimated returns inventory 24 11,600 Merchandise inventory, May 1, 2018 Merchandise inventory, April 30, 2019 380,000 415,000 Purchases 3,800,000 Purchases returns and allowances 150,000 Purchases discounts 80,000 Sales 5,850,000 Freight in 16,600 a. Prepare the cost of merchandise sold section of the income statement for the year ended April 30, 2019, using the periodic inventory system. b. Determine the gross profit to be reported on the income statement for the year ended April 30, 2019. Would gross profit be different if the perpetual inventory system was used C. instead of the periodic inventory system?
The adjusted trial balance of Wildhorse Company shows the following data pertaining to sales at the end of its fiscal year October 31, 2022: Sales Revenue $904,600, Freight-Out $16,600, Sales Returns and Allowances $29,800, and Sales Discounts $16,500.Prepare separate closing entries for (1) sales revenue and (2) the contra accounts to sales revenue. (Credit account titles are automatically indented when amount is entered. Do not indent manually.) No. Date Account Titles and Explanation Debit Credit 1. Oct. 31 enter an account title for the closing entry on October 31 enter a debit amount enter a credit amount enter an account title for the closing entry on October 31 enter a debit amount enter a credit amount 2. Oct. 31 enter an account title for the closing entry on October 31 enter a debit amount enter a credit amount enter an account title for the closing entry on October 31 enter a debit amount enter a credit amount…
Litton Industries uses a perpetual inventory system. The company began its fiscal year with inventory of $268,000. Purchases of merchandise on account during the year totaled $850,000. Merchandise costing $903,000 was sold on account for $1,430,000. Prepare the journal entries to record these transactions. (If no entry is required for a transaction/event, select "No journal entry required" In the first account fleld.) View transaction list Journal entry worksheet < 1 2 3 Record the merchandise purchased on account for $850,000. Note: Enter debits before credits. Transaction 1 Record entry General Journal Clear entry Debit Credit View general journal
Jackie’s Parts Shop recorded the following purchases and sales during the past year (see attached image). Assume that Jackie’s Parts Shop sold all of the June 15 purchase and 100 cases each from the January 1 beginning inventory, the October 15 purchase, and the December 15 purchase.Determine the costs that should be assigned to ending inventory and cost of goods sold accounting to the periodic inventory method under each of the following assump-tions. (Round totals to the nearest dollar, and assume the periodic inventory system.) 1.Costs are assigned by the specific identification method. 2.Costs are assigned by the average-cost method. 3.Costs are assigned by the FIFO method. 4.Costs are assigned by the LIFO method. 5.What conclusions can be drawn about the effect of each method on the income statement and the balance sheet of Jackie’s Parts Shop?
The accountant for Dolfin Company prepared the following income statement. The auditor has asked you to use this statement to provide additional information to Dolfin Company on the Final Questions panel. Dolfin Company Income Statement For the Year Ended December 31, 2020 1 Sales $316,840.00 2 Expenses: 3 Cost of merchandise sold $215,451.20 4 Selling expenses 41,189.20 5 Administrative expenses 34,852.40 6 Interest expense 275.00 7 Total expenses 291,767.80 8 Net income $25,072.20 Final Questions The auditor has asked you to prepare additional information about Dolfin Company’s results for last year. Use the data shown on the income statement in your computations. 1. Compute the operating expenses for Dolfin Company. 2. Compute the gross profit for Dolfin Company. 3. Compute the income from operations for…
During the prior year Company A had days payables outstanding of 27. As of the end of the current year, it had the following balances: Inventory $2,000; Accounts payable $15,000; Notes payable $7,000. During the year it had: Net credit sales $953,000; Cost of Goods Sold $559,000, and Operating expenses of $118,000. Based on the information provided enter the larger days payables outstanding amount rounded to the nearest two decimal places. Example if last year's days payables outstanding was 7 and this year it was 9.8243. You would enter 9.82. I really need help with this question
the adjusted trial balance of skysong at december 31 shows inventory $24,600, Sales Revenue $164,000, Sales returns and Allowances $3,950, sales discounts $3,000, cost of goods sold $94,000, interest revenue $5,600, freight-out $2,050, utilities expense $7,350, and salaries and wage expense $21,200. prepare the closing entries for skysong for these accounts.
The following data were taken from a company’s latest financial statements: Annual sales $2,433,332 Cost of goods sold 2,027,778 Inventories 500,000 Accounts receivable 600,000 Accounts payable 300,000 What is the company’s inventory conversion period? Which answers? 90 days 75 days 111 days 54 days
Koto Corporation began the month of June with $300,000 of current assets, a current ratio of 2.5:1, and anacid-test ratio of 1.4:1. During the month, it completed the following transactions (the company uses aperpetual inventory system).June 1 Sold merchandise inventory that cost $75,000 for $120,000 cash.3 Collected $88,000 cash on an account receivable.5 Purchased $150,000 of merchandise inventory on credit.7 Borrowed $100,000 cash by giving the bank a 60-day, 10% note.10 Borrowed $120,000 cash by signing a long-term secured note.12 Purchased machinery for $275,000 cash.15 Declared a $1 per share cash dividend on its 80,000 shares of outstanding common stock.19 Wrote off a $5,000 bad debt against the Allowance for Doubtful Accounts account.22 Paid $12,000 cash to settle an account payable.30 Paid the dividend declared on June 15.RequiredPrepare a table, showing the company’s (1) current ratio, (2) acid-test ratio, and(3) working capital after each transaction. Round ratios to two…
Compute ending inventory and cost of good sold under LIFO, assuming Matthias Company uses the periodic inventory system.
Craig Ferguson Company had the following account balances at year-end: cost of goods sold $70,000; inventory $17,300: operating expenses $33,000; sales revenue $121,000; sales discounts $1,400; and sales returns and allowances $1,950. A physical count of inventory determines that merchandise inventory on hand is $16,250. (a) Prepare the adjusting entry necessary as a result of the physical count. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Account Titles and Explanation Debit Credit
Adjusting entry for customer refunds, allowances, and returnsStatz Company had sales of $1,800,000 and related cost of goods sold of$1,150,000 for its first year of operations ending December 31, 20Y1.Statz provides customers a refund for any returned or damaged merchandise. At the end of 20Y1, Statz Company estimates thatcustomers will request refunds for 1.5% of sales and estimates thatmerchandise costing $16,000 will be returned. Assume that on February3, 20Y2, Buck Co. returned merchandise with an invoice amount of $5,000 for a cash refund. The returned merchandise originally cost StatzCompany $3,100. (a) Journalize the adjusting entries on December 31,20Y1, to record the expected customer returns. (b) Journalize the entriesto record the returned merchandise and cash refund to Buck Co. onFebruary 3, 20Y2.