The following amounts appeared on the Mendelstein Company's adjusted trial balance as of October 31, 2020, the end of its fiscalyear:Debit$ 1,75047,808CreditMerchandise inventoryOther assetsLiabilities$ 43,34037,690Joe Mendelstein, capitalJoe Mendelstein, withdrawalsInterest income3,700185Sales103,400Sales returns and allowances8,2001,19544, 200Sales discountsPurchasesPurchase returns and allowancesPurchase discounts2,500970Transportation-inSales salaries expenseRent expense, selling spaceStore supplies expenseAdvertising expenseOffice salaries expenseRent expense, office spaceOffice supplies expense5,40018,500,9003,9009,70822,7008,3003,648$188,885 $188,885TotalsA 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

Formula: Net sales = Sales - Sales returns and allowances - Sales discount.

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 47,000 Credit Merchandise inventory Other assets Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense $ 43,340 37,690 3, 700 185 103,400 8,200 1,195 44, 200 2,500 970 5,400 18, see 9,900 3,900 9,700 22,700 8,300 3,640 $188, e85 $188,e85 Totals A physical count shows that the cost of the ending inventory is $13,300. Requlred: 1. Calculate the company's net sales for the year. Net sales

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 47,000 Credit Merchandise inventory Other assets Liabilities Joe Mendelstein, capital Joe Mendelstein, withdrawals Interest income Sales Sales returns and allowances Sales discounts Purchases Purchase returns and allowances Purchase discounts Transportation-in Sales salaries expense Rent expense, selling space Store supplies expense Advertising expense Office salaries expense Rent expense, office space Office supplies expense $ 43,340 37,690 3, 700 185 103,400 8,200 1,195 44, 200 2,500 970 5,400 18, see 9,900 3,900 9,700 22,700 8,300 3,640 $188, e85 $188,e85 Totals A physical count shows that the cost of the ending inventory is $13,300. Requlred: 1. Calculate the company's net sales for the year. Net sales

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $643,363 Merchandise Inventory 581,620 Sales Discounts 58,030 Interest Expense 3,877 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 227,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,810 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,650 Sales Salaries Expense 30,410 Accounts Payable 136,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. Reese Industries
answer in text form with explanation , narration, calculation for every steps
PA10. O 6.6 The following is the adjusted trial balance data for Nino's Pizzeria as of December 31, 2019. NINO'S PIZZERIA Adjusted Trial Balance Year Ended December 31, 2019 Debit Credit $ 775,984 Cash Accounts Receivable Buildings Merchandise Inventory Accounts Payable Common Stock 45,688 200,460 135,624 $437,880 410,542 Sales 555,696 Interest Revenue 84,652 Rent Revenue 86,900 Sales Salaries Expense Office Supplies Expense Sales Discounts Interest Expense Sales Returns and Allowances 24,500 6,270 102,890 4,577 105,854 122,853 Cost of goods sold Rent Expense Depreciation Expense: Office Equipment Insurance Expense Advertising Expense Totals 20,000 10,555 2,780 17,635 $1,575,670 $1,575,670 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 multistep income statement for the year ended…
Andy Company records its purchases at gross but wishes to change to recording purchases at net. Discounts available on purchases recorded from October 1, 2020 to September 30, 2021 totaled P400,000. Of this amount P50,000 is still available in the accounts payable balance. The balances in the accounts before conversion are: Purchases 8,000,000 Purchase discounts taken 100,000 Accounts payable 3,000,000 The adjusted accounts payable on September 30, 2021 should be? A. 2,950,000 B.3,000,000 C. 2,900,000 D. 2,600,000
On November 1, 2019, Sherman Company sold $20,000 of merchandise inventory to a customer that originally cost $11,000. Sherman accepted a 90 day note receivable from the customer as payment for the inventory. The customer agreed to a 4% interest rate and will pay both principle and interest on January 31, 2020. Sherman Company closes their accounting records on December 31 and will need to prepare financial statements on that date. Required: Prepare journal entries for Sherman Company for: 1) November 1, 2019 – the date of sale 2) December 31, 2019 – adjustment (to recognize interest revenue) 3) January 31, 2020 – to record customer payment of principle and interest
The following selected accounts were taken from the financial records of Los Olivos Distributors at December 31, 2019. All accounts have normal balances. Cash $ 24,940 Accounts receivable 46,300 Note receivable, due 2020 8,100 Merchandise inventory 34,300 Prepaid insurance 2,210 Supplies 1,270 Equipment 42,100 Accumulated depreciation, equipment 22,100 Note payable to bank, due 2020 21,000 Accounts payable 27,590 Interest payable 210 Sales 523,000 Sales discounts 1,800 Cost of goods sold 384,300 Accounts Receivable at December 31, 2018, was $56,050. Merchandise inventory at December 31, 2018, was $57,200. Based on the account balances above, calculate the following: c. The current ratio Current Ratio Choose Numerator Choose Denominator Current Ratio ÷ =
Vishano
The accounting records of JasonJohnson Company provided the data below for years ending 30 June 2022 and 30 June 2021: 2022 2021 $ $ Sales (all on credit) for the year 950,000 Cost of goods sold for the year 380,000 Discount provided to customers for early payment 3,500 Bad debts expense for the year 2,500 Depreciation expense 55,000 Net profit 509,000 30 June 2022 30 June 2021 $ $ Accounts receivable 160,000 140,000 Less: Allowance for doubtful debts 4,500 4,200 155,500 135,800 Inventory 88,360 62,200 Accounts payable 55,500 47,700 Required: a. Based on the information given, prepare the section of cash flows statement for “net cash flows from operating activities” for the year ended 30 June 2022 for JasonJohnson company. Show your calculations for each item included in the section of the statement. b. Prepare a…
On January 1, 2021, the general ledger of ACME Fireworks includes the following account balances:Accounts Debit CreditCash $ 25,100Accounts Receivable 46,200Allowance for Uncollectible Accounts $ 4,200Inventory 20,000Land 46,000Equipment 15,000Accumulated Depreciation 1,500Accounts Payable 28,500Notes Payable (6%, due April 1, 2022) 50,000Common Stock 35,000Retained Earnings…
The following selected account balances were taken from Buckeye Company's general ledger at January 1, 2019 and December 31, 2022: Accounts receivable Inventory Sales revenue Cost of goods sold January 1 $126,000 $163,000 The following information was taken from Buckeye Company's 2022 income statement: Salaries expense Income tax expense Net income December 31 $139,000 131,000 $967,250 $429, 240 $211,390 $ 97,986 $228,634 Calculate the average number of days that elapse between Buckeye Company buying their inventory from suppliers and then selling the inventory to customers.
Presented below is information related to Tamarisk Corporation for the month of January 2020. Cost of goods sold $207,710 Salaries and wages expense $62,790 Delivery expense 6,520 Sales discounts 7,470 Insurance expense 11,170 Sales returns and allowances 11,870 Rent expense 20,580 Sales revenue 356,700 Prepare the necessary closing entries.