СP 5-1 Consider the following information of Jones Corporation over four years: 2022 2021 2020 2019 Sales $10,000 $9,000 $ ? $7,000 Cost of goods sold Gross profit Gross profit percentage ? 6,840 ? 6,160 1,840 2,500 ? ? ? 22% Required: 1. Calculate the missing amounts for each year. 2. What does this information indicate about the company?
СP 5-1 Consider the following information of Jones Corporation over four years: 2022 2021 2020 2019 Sales $10,000 $9,000 $ ? $7,000 Cost of goods sold Gross profit Gross profit percentage ? 6,840 ? 6,160 1,840 2,500 ? ? ? 22% Required: 1. Calculate the missing amounts for each year. 2. What does this information indicate about the company?
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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How do I find these figures?
Cp 5-1
![6:58
ACC111-Student Te...
ccounting for the Sale of Goods First US Edition
ension Problems
CP 5-1
Consider the following information of Jones Corporation over four
years:
2022
2021
2020
2019
Sales
$10,000
$9,000
$
? $7,000
Cost of goods sold
Gross profit
Gross profit percentage
6,840
?
6,160
1,840
2,500
?
?
22%
Required:
1. Calculate the missing amounts for each year.
2. What does this information indicate about the company?
CP 5-2
Reber Corp. uses the perpetual inventory system. Its transactions
during July 2019 are as follows:
July 6 Purchased $600 of merchandise on account (for credit) from
Hobson Corporation for terms 1/10, net 30
9 Returned $200 of defective merchandise
15 Paid the amount owing to Hobson.
Required: Prepare journal entries to record the above transactions.
Include general ledger account numbers and brief
descriptions.
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因](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F894a5a11-273d-4344-aa11-9cc2ddeddc3d%2Fd7c73811-18ff-4487-91cc-355f9a25e866%2Fra9nrrs_processed.jpeg&w=3840&q=75)
Transcribed Image Text:6:58
ACC111-Student Te...
ccounting for the Sale of Goods First US Edition
ension Problems
CP 5-1
Consider the following information of Jones Corporation over four
years:
2022
2021
2020
2019
Sales
$10,000
$9,000
$
? $7,000
Cost of goods sold
Gross profit
Gross profit percentage
6,840
?
6,160
1,840
2,500
?
?
22%
Required:
1. Calculate the missing amounts for each year.
2. What does this information indicate about the company?
CP 5-2
Reber Corp. uses the perpetual inventory system. Its transactions
during July 2019 are as follows:
July 6 Purchased $600 of merchandise on account (for credit) from
Hobson Corporation for terms 1/10, net 30
9 Returned $200 of defective merchandise
15 Paid the amount owing to Hobson.
Required: Prepare journal entries to record the above transactions.
Include general ledger account numbers and brief
descriptions.
Dashboard
Calendar
To Do
Notifications
Inbox
因
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