Rice Co. sold for $12,000 inventory that had cost $8,000. Freight terms for the sale were FOB destination and payment terms were 1/10, n/30. Rice records sales transactions at the gross amount. Rice paid freight costs of $400 in cash. The receivable was collected within the discount period. Based on this information alone, the amount of gross margin would be: a. $3,480 b. $3,880 c. $3,600 d. $4,000
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- The following is select account information for Sunrise Motors. Sales: $256,400; Sales Returns and Allowances: $34,890; COGS: $120,470; Sales Discounts: $44,760. Given this information, what is the Gross Profit Margin Ratio for Sunrise Motors? (Round to the nearest whole percentage.)Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore Co. and Blue Star Co. for the sale, purchase, and payment of amount due. Assume all discounts are taken.Stefan Company provided the following data for the current year, the first year of operations. a. Purchase of merchandise at an invoice price of $4,750,000 excluding freight. Terms are 2 /10, n /30. b. Freight paid, $250,000. The freight is allocated to each purchase. c. Cash payment on purchases, $3,717,000, of which $1,617,000 was paid within the discount period. d. It is expected that all discounts on unpaid accounts payable will be lost. e. On December 31, one fifth of the merchandise remains on hand. Requirement: 1. Prepare journal entries to record the transactions using gross method and net method. 2. Compute the inventory and cost of sales under each method.
- Statham Co. sold merchandise to Bloomingdale Co. on account, $147,600, terms FOB shipping point, 2/10, n/30. The cost of the merchandise sold is $88,600. Statham Co. paid freight of $2,400. Journalize the entries for Statham Co. and Bloomingdale Co. for the sale, purchase, and payment of amount due. Assume that all discounts are taken.FN Trading recorded the following events involving a recent purchase of merchandise: Received goods for P45,000, terms 1/10, n/30. Returned P800 of the shipment for credit. Paid P300 freight on the shipment on terms FOB Destination Point. Paid the invoice within the discount period. How much is the net cost of purchases?MAKE THE NECCESSARY JOURNAL ENTRIES FOR THE FOLLOWING TRANSACTIONS... 1)Merchandise acquired cost is 114.000 +10 % VAT. Freight In was 6.000 TL +10% VAT Paid by the vendor. Purchase is completed by endorsing a check. 2) Machinary is purchased for 326.000 TL + %10 VAT, Note is endorced for purchase . Transportation and Installations invoice is 94.000 TL + %10 VAT half paid by check balance is on account. 3) Merchandise sold for 64.000 USD (rate 7.05 TL/ USD) + 10% VAT received note for sale. VAT paid cash. Cost of good Sold is 235.000 TL 4) Bank Credit Memorandum states that , 95.000 TL issued check is collected from the Bank. 5) 24 month rent contract, Starting 1st April 2020 is signed for 384.000 TL. Prepayment is made by half check and half note issued, 6) 25.000 USD is paid (cash) by the customer for USD Merchandise sale. Rate is 7.15 TL/USD. 7) Customer transferred 85 .000 TL to the Bank, to close the open account 8) Customer ordered to purchase 270.000 TL + %10 VAT Merchandise .…
- Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Shore Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, 2/10, n/30. The cost of the goods sold is $67,200. Shore Co. paid freight of $1,800. Journalize the entries for Shore and Blue Star for the sale, purchase, and payment of amount due. Refer to the appropriate company’s Chart of Accounts for exact wording of account titles. CHART OF ACCOUNTS Shore Co. General Ledger ASSETS 110 Cash 121 Accounts Receivable-Blue Star Co. 125 Notes Receivable 130 Inventory 140 Office Supplies 141 Store Supplies 142 Prepaid Insurance 180 Land 192 Store Equipment 193 Accumulated Depreciation-Store Equipment 194 Office Equipment 195 Accumulated Depreciation-Office Equipment LIABILITIES 210 Accounts Payable 218 Sales Tax Payable 219 Customer Refunds Payable 220 Unearned Rent 221 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary…Bell Corporation sold merchandise on account with a list price of $18,000 and a cost of $10,000. Payment terms were 1/10, n/30. Bell shipped the goods FOB destination and paid $600 in freight costs. Prior to payment of the invoice, the customer returned merchandise with a list price of $1,800 and a $1,000 cost. The customer paid the amount due within the discount period. What is Bell Corporation's net sales amount as a result of these transactions?
- (Olympia Company sold merchandise on credit with a list price of $70,000. Terms were 2/10, n/30. Given the indicated sales discounts methods in the responses, which entry is correct?) Gross Price Method Accounts Receivable а. 63,000 Sales 63,000 b. Net Price Method Accounts Receivable 68,600 Sales 68,600 Net Price Method с. Accounts Receivable 40,000 Sales 40,000 d. Gross Price Method Accounts Receivable 68,6000 Sales 68, 600Tony’s Market recorded the following events involving a recent purchase ofmerchandise:a. Received goods for $20,000, terms 2/10, n/30.b. Returned $400 of the shipment for credit.Paid $100 freight on the shipment.c. Paid the invoice within the discount period.As a result of these events, the company’s merchandise inventoryA. increased by $19,208.B. increased by $19,300.C. increased by $19,306.D. increased by $19,308.2. Kendall Company recorded the following transactions during 2014:a.On January 1, they sold $8,000 worth of merchandise to a customer on account with the terms 2/10, n/30. b.On January 5, the customer returned $400 worth of damaged goods, which were thrownaway. c.On January 8, the customer paid for the goods.Based on the transactions provided by Kendall Company, what are the net sales for this period?A. $7,440B. $7,448C. $8,000D. $8,3483. Chloe Company reported the following for the year 2014:Cost of beginning inventory $53,500Net cost of purchases 75,500Net sales revenue…Shore Co. sold merchandise to Blue Star Co. on account, $112,000, terms FOB shipping point, n/30. The cost of the goods sold is $67,200. Shore paid freight of $1,800. Shore Co. issued a credit memo for $7,500 to Blue Star Co. for merchandise that was returned. The cost of the merchandise returned was $4,000. Journalize Shore Co.'s entry for the sale, credit memo, and payment of amount due. If an amount box, does not require an entry, leave it blank. Sale Credit Memo Payment 00 00 00 00 00 00 00 00 00 00 00 00