shany market recorded the following events involving a recent purchase of inventory received goods for$30,000, terms 2/10, n/30 returned $600 of the shipment for credit paid $150 freight on the shipment paid the invoice within the discount period as a result of these events, the company's inventory: increased by

shany market recorded the following events involving a recent purchase of inventory received goods for$30,000, terms 2/10, n/30 returned $600 of the shipment for credit paid $150 freight on the shipment paid the invoice within the discount period as a result of these events, the company's inventory: increased by

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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Hayes Company had the following account balances at the end of the year: Beginning Inventory O Ending Inventory 0 Freight-In General and Administrative Expenses Interest Revenue Interest Expense Purchase Discounts Gross Profit: Net Income: X $ 97,400 $ 46,700 $ 39,400 S 41,400 3,300 25,000 2,350 1,010 5,100 0 Purchases Returns and Allowances Purchases Required: Compute the following: 1. Gross profit 2. Net income, given that income from operations is $54,400. Sales Discounts Sales Returns and Allowances Sales Selling Expenses $ 5900 86800 7300 6500 196000 25700
Sunland's Market recorded the following events involving a recent purchase of inventory: Received goods for $121000, terms 2/15, n/30. Returned $2900 of the shipment for credit. Paid $700 freight on the shipment. Paid the invoice within the discount period. As a result of these events, the company's inventory increased by $116438. increased by $115738. increased by $118800. increased by $116424.
Work in process (1/1) Direct materials Raw materials inventory (1/1) Add: Raw materials purchases Total raw materials available for use Less: Raw materials inventory (12/31) Direct materials used Direct labor Manufacturing overhead Indirect labor Factory depreciation Factory utilities Total overhead Total manufacturing costs Total cost of work in process: Less: Work in process (12/31) Cost of goods manufactured Cost of Goods Manufactured Schedule 168,130 27,530 26,260 39,410 78,070 $183,200 143,740 $213,140 87,830 $541,930
A company that uses the perpetual inventory system purchased inventory for $1,130,000 on account with terms of 5/7, n/20. Which of the following correctly records the payment made 15 days after the date of invoice? A. Accounts Payable 1,130,000 Merchandise Inventory 1,130,000 B. Accounts Payable 1,130,000 Merchandise Inventory 56,500 Cash 1,073,500 C. Accounts Payable 1,130,000 Cash 1,130,000 D. Cash 1,130,000 Accounts Payable 1,130,000
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A company purchased inventory for $2,000 from a vendor on account, FOB shipping point, withterms of 2/10, n/30. The company paid the shipper $100 cash for freight in. The company then returneddamaged goods worth $200. The invoice has been paid 8 days after the sale. Assuming that there was nobeginning inventory balance, the cost of inventory would be: (Assume a perpetual inventory system)
Presented below are transactions related to Bonita, Inc. Bonita uses the periodic inventory method. May 10 (a) 11 19 24 Purchased goods billed at $11,500 subject to cash discount terms of 2/10, n/60. Purchased goods billed at $13,000 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $14,000 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 6,578, Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date V Account Titles and Explanation Debit Credit D
Viet Stores recorded the following events involving a recent purchase of merchandise: Received goods for $60,000, terms 2/10, n/30. Returned $1,200 of the shipment for credit. Paid $300 freight on the shipment. Paid the invoice within the discount period. ● As a combined result of these events, the company's inventory: Select one: A. Increased by $57,624 B. Increased by $57,900 C. Increased by $57,918 D. Increased by $57,924
The following selected transactions were completed by Betz Company during July of the current year. Betz Company uses the net method under a perpetual inventory system. July 1 Purchased merchandise from Sabol Imports Co., $13,725, terms FOB destination, n/30. 3 Purchased merchandise from Saxon Co., $10,550, terms FOB shipping point, 2/10, n/eom. Prepaid freight of $205 was added to the invoice. 5 Purchased merchandise from Schnee Co., $12,800, terms FOB destination, 2/10, n/30. 6 Issued debit memo to Schnee Co. for merchandise with an invoice amount of $4,550 returned from purchase on July 5. 13 Paid Saxon Co. for invoice of July 3. 14 Paid Schnee Co. for invoice of July 5, less debit memo of July 6. 19 Purchased merchandise from Southmont Co., $29,160, terms FOB shipping point, n/eom. 19 Paid freight of $425 on July 19 purchase from Southmont Co. 20 Purchased merchandise from Stevens Co., $22,400, terms FOB destination, 1/10, n/30. 30 Paid…
Lindsey Corporation had the following account balances:Sales revenue $200,000Beginning inventory 40,000Purchases 80,000Purchase discounts 3,000Freight-in 1,000Ending inventory 30,000Purchases returns and allowances 2,000 With the perpetual inventory system, which of the following entries would be made when inventory costing $3,600 is sold for $5,000?a. Cost of goods sold 3,600Inventory 3,600b. Inventory 5,000Accounts payable 5,000c. Inventory 3,600Cost of goods sold 5,000Accounts payable 3,600Purchases 5,000d. Purchases 5,000
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