None The December 31, 2024, adjusted trial balance for the Blueboy Cheese Corporation is presented below.Account TitleCashAccounts receivablePrepaid rentInventoryOffice equipmentAccumulated depreciationAccounts payableNotes payable (due in six months)Salaries payableInterest payableCommon stockRetained earningsSales revenueCost of goods soldSalaries expenseRent expenseDepreciation expenseInterest expenseAdvertising expenseTotalsRequired:DebitsCredits$ 54,600285,0008,50042,000520,000$ 218,00054,00036,0006,7001,200400,000110,000670,000402,000100,50025,50052,0002,4003,400$ 1,495,900$ 1,495,9001-a. Prepare an income statement for the year ended December 31, 2024.1-b. Prepare a classified balance sheet as of December 31, 2024.2. Prepare the necessary closing entries on December 31, 2024.

2. Prepare the Necessary Closing Entries on December 31, 2024The closing entries for Blueboy Cheese…

Answered: The December 31, 2024, adjusted trial…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 12PB: The following is the adjusted trial balance data for Elm Connections as of December 31, 2019. A. Use...

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The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscal year: Debit $ 1,750 47,808 Credit Merchandise inventory Other assets Liabilities $ 43,340 37,690 Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income 3,700 185 Sales 103,400 Sales returns and allowances 8,200 1,195 44, 200 Sales discounts Purchases Purchase returns and allowances Purchase discounts 2,500 970 Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense 5,400 18,500 ,900 3,900 9,708 22,700 8,300 3,648 $188,885 $188,885 Totals A physical count shows that the cost of the ending inventory is $13.30o. Requlred: 1. Calculate the company's net sales for the year. Net sales
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247,605 67,e00 Sales 942,e0e Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense 719,000 79,200 56,500 33, eee 3,000 1,620 Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 735 Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 8,910 2,760 3,390 Totals $1, 502,695 $1,502,695 Required: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19, 500 487,785 Other assets Liabilities $ 312,370 Celine Plymouth, capital Celine Plymouth, withdrawals 247, 605 67,000 Sales 942, eee Sales discounts 14,580 Sales returns and allowances 5,715 Interest income 720 Cost of goods sold Sales salaries expense Office salaries expense 719,000 79, 200 56, 500 33,000 Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense 3,00e 1,620 735 Depreciation expense, store equipment Depreciation expense, office equipment 8,910 2,768 Insurance expense 3,39e Totals $1,502, 695 $1,502,695 Requlred: 1. Prepare a 2020 classified multiple-step Income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31 , 2020
Valley Company's odjusted trial balance on August 31, its fiscal year-end, follows. It cstegorizes the following accounts os selling expenses: sales salaries expense, rent expense-selling space, store supplies expense, and advertising expense. It cotegorizes the remaining expenses os general and administrative. Debit Credit Merchandise inventory (ending) Other (noninventory) assets Total liabilitics $ 42,680 55,518 $ 24,100 Conmon stock 15,520 Retained carnings Dividends Sales Sales discounts Sales returns and allowances 19,48e 8,700 225,480 Cost of goods sold Sales salaries expense Rent expense-Selling space Store supplies expense Advertising expense office salaries expense Rent expense office space Office supplies expense 2,268 14, 000 72,600 32,180 8,600 1,se0 13,000 29,800 3,400 350 Totals $284,420 $284,420 Beginning merchandise inventory wes $25,700. Supplementery records of merchandising octivities for the year ended August 31 reveal the following itemized costs. Invoice cost of…
Seed Enterprise gathered the following information from its accounting records for the year ended December 31, 2019, prior to adjustments: Net credit sales for the year Php 680,000 Accounts receivable at December 31, 2019 92,000 Allowance for uncollectible accounts at December 31, 2019 1,850 Seed uses the allowance method of accounting for uncollectible accounts and estimates uncollectible account expense at 2% of net credit sales. REQUIRED: 1. Determine the net balance of AR to be reflected in the balance sheet using net credit sales 2. Assume that Allowance for uncollectible accounts has a debit balance of 1,850 and Aging revealed that 11,040 may proved to be uncollectible, What amount of AR should be reflected in the balance sheet
CPAinTransit Company has the following balances: Accounts Payable: January 1, 2021 P265,432 ; December 31, 2021 838,923 ; Inventory balance: January 1, 2021 824,687 ; December 31, 2021 453,624 ; Cost of Goods Sold – 2021 1,924,6508. Determine the amount CPAinTransit paid to its suppliers in 2021 * a. 819,019 b. 1,553,587 c. 2,127,078 d. 980,096
Question Completion Status: The following select account data is taken from the records of Reese Industries for 2019. Sales Merchandise inventory sales discounts interest expense Sales return and allowances Interest revenue Cost of goods sold Rent expense Depreciation expense: office equipment Insurance expense Advertising expense Accounts receivable Office supplies expense rent revenue sales salaries expense accounts payable common stock Marketing expense 640,363 582,620 58,040 3,677 90,232 10,232 224,598 15,080 3,200 2,450 12,906 100,440 1,600 23,622 30,410 135,404 59,419 31,000 1. Use the data provided to compute net sales for 2019. 2. Prepare a simple income statement for the year ended December 31, 2019. 3.Compute the gross margin for 2019. For the toolbar, press ALT+F10 (PC) or ALT+FN+F10 (Mac).
The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31, 2020. Debit Credit Merchandise inventory 19,500 487,785 Other assets $ 312, 370 247, 685 Liabilities Celine Plymouth, capital Celine Plymouth, withdrawals Sales 67,000 942, 800 14, 580 5,715 Sales discounts Sales returns and allowances Interest income Cost of goods sold Sales salaries expense Office salaries expense Rent expense, selling space Rent expense, office space Store supplies expense Office supplies expense Depreciation expense, store equipment Depreciation expense, office equipment Insurance expense 720 719,000 79, 200 56,500 33,000 3,000 1,620 735 8,910 2,760 3,390 $1,502,695 $1,502, 695 Totals Required: 1. Prepare a 2020 classified multiple-step income statement for Plymouth Electronics. PLYMOUTH ELECTRONICS Income Statement For Year Ended December 31, 2020
The following amounts appeared on the Mendelsteln Company's adjusted trial balance as of October 31, 2020, the end of Its fiscal year. Debit Credit Merchandise inventory $ 1,750 Other assets 47, 000 $ 43, 340 37,698 Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals 3,700 Interest income 185 Sales 103,400 Sales returns and allowances 8, 200 Sales discounts 1,195 Purchases 44, 200 Purchase returns and allowances 2, see Purchase discounts 970 Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense 5,400 18,500 9,900 3,900 9,700 22,700 Rent expense, office space Office supplies expense 8, 300 3,640 Totals $188,085 $188,085 A physical count shows that the cost of the ending inventory is $13,300. Required: 1. Calculate the company's net sales for the year. Net sales
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The balance in Ashwood Companys accounts payable account at December 31, 2019, was 1,200,000 before any necessary year-end adjustment relating to the following: Goods were in transit from a vendor to Ashwood on December 31, 2019. The invoice cost was 85,000, and the goods were shipped FOB shipping point on December 29, 2019. The goods were received on January 2, 2020. Goods shipped FOB shipping point on December 20, 2019, from a vendor to Ashwood were lost in transit. The invoice cost was 40,000. On January 5, 2020, Ashwood filed a 40,000 claim against the common carrier. Goods shipped FOB destination on December 22, 2019, from a vendor to Ashwood were received on January 6, 2020. The invoice cost was 20,000, What amount should Ashwood report as accounts payable on its December 31,2019, balance sheet? a. 1,260,000 b. 1,285,000 c. 1,325,000 d. 1,345,000
The following is the adjusted trial balance data for Ninos Pizzeria as of December 31, 2019. A. Use the data provided to compute net sales for 2019. B. Compute the gross margin for 2019. C. Compute the gross profit margin ratio (rounded to nearest hundredth). D. Prepare a simple income statement for the year ended December 31, 2019. E. Prepare a multi-step income statement for the year ended December 31, 2019.

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