Selected financial data, as of year end, December 31, for Fancy Fashion, a children's retail store,follows. Credit sales Women's clothing $ 590,000 Men's clothing $ 190,000 Total sales Women'sclothing $ 741,000 Men's clothing $ 249,000 Sales returns and allowances Women's clothing Creditsales $ 5,900 Cash sales $ 490 Men's clothing Credit sales $ 1,900 Cash sales $ 490 Book value ofinventory and equipment Women's clothing $ 243,000 Men's clothing $ 57,000 Required: FancyFashion insurance expense for the year totaled $19,000 and is to be allocated on the basis of the bookvalue of the inventory and equipment

The insurance expenses is a common expense that is to be allocated between two departments.The basis…

Answered: sales women's Clothing vien s ,000…

Business

Accounting

sales women's Clothing vien s ,000 Men's clothing $ 249,000 Sales return Cash sales $ 490 Men's clothing Credit sale

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: For the next seven (6) items, use the information below: Debit Credit Account Title Sales Sales…

A: Note: Since you have posted a question with multiple sub-parts, we will solve first three subparts…

Q: Account Name Debit Credit Sales 750,000 Sales Returns and Allowances 15,000 Sales Discounts 10,000…

A: Formula: Cost of goods sold = Beginning Inventory + Net purchases - Ending Inventory

Q: make a journal entry.

A: Step 1 Journal is the part of book keeping.

Q: K On February 1, Hu Company sold inventory on account to a customer for $13,400 with terms 2/10,…

A: There are two type of discounts being given by seller to the buyer. One is trade discount, which is…

Q: Add 12% VAT to all sales, purchases and freight invoices. JOURNALIZE 2015 July 1 Received from Henry…

A: Journal Entries Date Particular Debit (P) Credit (P) 2015 July 22 Yssa Store 22,400…

Q: Find the gross margin as a percentage amount. Gross Sales $230,000 Customer Returns and Allowances…

A: Gross margin is the excess of revenue over the cost of goods sold and gross margin percentage is…

Q: Gross Profit During the current year, merchandise is sold for $366,100 cash and $1,420,000 on…

A: Gross Profit = Total Sales less Cost of Goods Sold

Q: In August, Contemporary Designs sold $550,000 of merchandise; all sales were in cash. The cost of…

A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…

Q: Cinnamon Buns Co. (CBC) started 2021 with $52,400 of merchandise on hand. During 2021, $288,000 in…

A: As per the Perpetual inventory system, inventory is recorded on real-time basis so the cost of goods…

Q: 40% in the month of the sale 30% in the month after the sale 26% two months after the sale 4% never…

A: Cash collection would be calculated as respective percentage of sales in the month of collection

Q: Sold 3500 of merchandise on credit (cost of 2000), with terms 2/10, n/30, and invoice dated January…

A: Journal entries are prepared to record the transaction and used to prepare the subsidiary ledger…

Q: Using the following information, what is the amount of mercl Purchase discounts $778 Merchandise…

A: Calculation of Merchandise available for sale Particular Amount ($) Merchandise Inventory on…

Q: Mario’s Home System has sale of $2,820, costs of goods sold of $2,160, inventory of $504, and…

A: The term inventory refers to both raw materials used in manufacturing and completed goods that are…

Q: Required Prepare the SALES JOURNAL Prepare the PURCHASES JOURNAL

A: A journal is a record that records every one of the monetary exchanges of a business, to be utilized…

Q: Rockers expects total sales of $700,000 for January and $351,000 for February. November sales…

A: A cash budget is an estimation of expected cash receipts and disbursements on the basis of past…

Q: @ $110 each During July they sell 120 sweaters. What is the S amount that would be assigned to Cost…

A: The inventory can be valued using various methods as FIFO, LIFO and average methods. LIFO stands for…

Q: Garda purchased $520,000 of merchandise in August and budgets merchandise purchases of $680,000 in…

A: Cash payment and cash collection schedule is required to make so that to understand the cash…

Q: Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE…

A: The accounts receivable ledger is as follows: Resultant table:

Q: solve for quater only

A: A cash collection budget is a financial plan that details how much money a company anticipates it…

Q: Help with the income statement

A: Income statement: The financial statement which reports revenues and expenses from business…

Q: 9 Saved The following transactions were selected from the records of Evergreen Company: July 12 Sold…

A: Income statement is a financial statement that shows profitability, total revenue and total expenses…

Q: Widgets & Gadgets in a merchandiser that sells gadgets and widgets. They had the following…

A: Journal Entry The purpose of preparing the journal entry to enter the required transaction into…

Q: the amount of the cash discount allowable? a. P160 b. P150 C. P140 d. P100

A: The net sales is calculated as gross sales minus sales discount and sales returns.

Q: 22 - According to the average price method s businesses have taken at the total amount of…

A: Weighted average method shows weighted average cost of purchase of goods.

Q: Cash Paid for Merchandise Douglas Company's cost of goods sold for 20-2 was $400,000. The December…

A: Cash paid to suppliers is calculated by adjusting increase or decrease in accounts payable to the…

Q: OPERATING AND CASH CONVERSION CYCLES. Consider the following selected financial data for the Cloud 9…

A: Operating cycle = Days in inventory + Average collection period Cash conversion cycle = Days in…

Q: 2021 APRIL 1 2 2 3 4 5 6 11 13 14 15 16 17 18 20 23 26 27 28 29 30 30 30 The business, JHARA…

A: Journal Entries - Transactions are recorded in the Journal Entries. They are in the form of debit…

Q: ng the following information, what is the amount of cost of merchandise sold? Purchases Merchandise…

A: We know that cost of goods sold = Opening Stock + Net purchases + Carriage inward - Closing stock

Q: Purchases $32,000 $960 Merchandise inventory September 1 Sales returns and Jallowances Purchases…

A: Formula: Net sales = Sales - Sales returns and allowances

Q: blem 8 OPERATING AND CASH CONVERSION CYCLES. Consider the following selected financial data for the…

A: The operating cycle and cash conversion cycle is calculated as the number of days required to…

Q: Widgets & Gadgets in a merchandiser that sells gadgets and widgets. They had the following…

A: Journal Entry in books of Widgets and Gadgets for June 2020

Q: Exercise 7-1 (Algo) Sales journal LO P1 Finer Company uses a sales journal, purchases journal, cash…

A: The special journals include sales journal, purchase journal, sales return journal, and purchase…

Q: ig B Stores uses the conventional retail method to value its ending inventory. The following…

A: The cost to retail ratio is calculated as inventory amount on cost divided by inventory amount on…

Q: THE WAY WE WEAR FASHION STORE had the following transactions on January 1, 2020 Prepare journal…

A: Discount on payment to CathyMart = Purchase x discount rate = P300000 X 2% = P6,000

Q: The following data are fo essee s Te lor January. $235,000 $615,000 Net sales revenue $410,000…

A: The answer is Option (B.) [i.e, $287,000] Refer step 2 for explanation

Q: I need help with this question problem

A: Step 1: Introduction to the Gross Profit:Gross profit can be located on the trading statement of a…

Q: ses ndise inventory, September 1 strative expenses venue 8,845 ,745 6,33 75 82

A: Gross Profit is the profit remaining from the sale revenue after deducting the cost of goods…

Q: Assets Cash Accounts receivable Inventory Year 2 $ 4,000 15,000 35,000 Assuming that net credit…

A: The objective of the question is to calculate the accounts receivable turnover for Year 2. The…

Question

100%

Selected financial data, as of year end, December 31, for Fancy Fashion, a children's retail store,
follows. Credit sales Women's clothing $ 590,000 Men's clothing $ 190,000 Total sales Women's
clothing $ 741,000 Men's clothing $ 249,000 Sales returns and allowances Women's clothing Credit
sales $ 5,900 Cash sales $ 490 Men's clothing Credit sales $ 1,900 Cash sales $ 490 Book value of
inventory and equipment Women's clothing $ 243,000 Men's clothing $ 57,000 Required: Fancy
Fashion insurance expense for the year totaled $19,000 and is to be allocated on the basis of the book
value of the inventory and equipment

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1: Understanding

VIEW

Step 2: Working

VIEW

Solution

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Financial Reporting in Hyperinflationary Economies

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Date Explanation F Debit Credit JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 UTILITIES PAYABLE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…
Using the following information, what is the amount of gross profit? Purchases$44,000Merchandise inventory, September 16,600Selling expense1,550Merchandise inventory, September 307,100Sales94,000Interest expense1,240Administrative expense1,110Rent revenue2,200
im having trouble filling out the last boxes
Make a general journal using these transactions.
Foz Co. is considering four investment proposals (A, B, C, and D). The following table provides data concerning each of these investments: Compute the missing information pertaining to each investment proposal. (Round your percentage answer to 1 decimal place. Omit the "$" & "%" signs in your response.) A B C D Investment cost $ 48,000 $ 30,000 $ 49,000 $ Estimated salvage value 8,000 5,000 2,000 Average estimated net income 5,000 5,600 4,500 Return on average investment % 24 % 20 % 20 %
Prepare a cost of goods sold schedule (periodic method)
Domestic
Cash Discount Calculations On June 1, Forest Company sold merchandise with a list price of $25,000. For each of the sales terms below, determine the proper amount of cash received:
GENERAL JOURNAL DR CR JULY 1 CASH 250,000 MERCHANDISE INVENTORY 60,000 HENRY SY CAPITAL 310,000 2 DADA STORE 19,936 SALES 17,800 VAT PAYABLE 2,136 3 CASH 31,920 SALES 28,500 VAT PAYABLE 3,420 4 SALES RETURN AND ALLOWANCES 780 ACCOUNTS RECEIVABLE 780 5 TELEPHONE EXPENSE 550 UTILITIES PAYABLE 550 10 BANK 49500 INTEREST EXPENSE 500 BANK LOAN 50000 11 TELEPHONE EXPENSE 550 BANK 550 13 TABLES AND CHAIRS A/C 35000 VAT PAID 4200 BANK 3920 PRIME FURNITURE HOUSE A/C 35280 14 MERCHANDISE (GOODS) 60000 VAT PAID 7200 BANK 13440…
Purchase-related transactionsStylon Co., a women's clothing store, purchased $48,000 of merchandisefrom a supplier on account, terms FOB destination, 2/10, n/30. Stylon returned merchandise with an Invoice amount of $7,500, receiving acredit memo. Journalize Stylon's entries to record (a) the purchase, (b)the merchandise return, (c) the payment within the discount period of10 days, and (d) the payment beyond the discount period of 10 days.
Incomplete manufacturing costs, expenses, and selling data for two different cases are as follows. (a) Indicate the missing amount for each letter. Case 2 Direct materials used $9,700 %24 Direct labor 5,100 8,100 Manufacturing overhead 8,400 4,100 Total manufacturing costs (a) 16,100 Beginning workin process inventory 1,100 (h) Ending work in process inventory (b) 3,100 Sales revenue 25,000 (1) Sales discounts 2,600 1,500 Cost of goods manufactured 17,100 22,100 Beginning finished goods inventory (c) 3,400
▶Inc. is a retailer. Its accountants are preparing the company's 2nd quarter master budget. The company has the following balance sheet as of March 31. Inc. Balance Sheet March 31 Assets Cash $ 83,000 Accounts receivable Inventory 126,000 69,750 220,000 Plant and equipment, net of depreciation Total assets $ 498,750 Liabilities and Stockholders' Equity Accounts payable Common stock $ 81,000 348,000 69,750 Retained earnings Total liabilities and stockholders' equity $ 498,750 accountants have made the following estimates: 1. Sales for April, May, June, and July will be $310,000, $330,000, $320,000, and $340,000, respectively. 2. All sales are on credit. Each month's credit sales are collected 35% in the month of sale and 65% in the month following the sale. All of the accounts receivable at March 31 will be collected in April. 3. Each month's ending inventory must equal 30% of next month's cost of goods sold. The cost of goods sold is 75% of sales. The company pays for 40% of its…