The following are selected account balances of the Roberts Company:DebitCreditCash$15,300Accounts Receivable25,000Freight-In2,400Inventory, December 31, 20198,300Prepaid Rent8,000Purchases69,700Purchases Discounts$1,500Purchases Returns and Allowances2,350Sales Discounts4,550Sales Revenue115,000Sales Salaries Expense15,000Required:Prepare a partial income statement through gross profit. The beginning inventory balance was$10,000.ROBERTS COMPANYIncome StatementFor Year Ended December 31, 2019

An income statement is prepared by the management that shows the revenue and expenses of a certain…

Answered: The following are selected account…

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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The following selected information is for Sandhill Company for the year ended January 31, 2021: Freight in $6,500 Purchase discounts $12,000 Freight out 7,500 Purchase returns and allowances 16,500 Insurance expense 12,000 Rent expense 20,500 Interest expense 6,000 Salaries expense 60,800 Merchandise inventory, beginning 61,400 Salaries payable 2,500 Merchandise inventory, ending 42,000 Sales 324,000 O. G. Pogo, capital 105,000 Sales discounts 14,000 O. G. Pogo, drawings 42,000 Sales returns and allowances 20,400 Purchases 213,000 Unearned sales revenue 4,500 prepare closing entries
presented below is information related to Ayayai industries for the month of january 2020. Ending Inventory per ; 1. perpetual records €24.710 Ending inventory actually; 1. on hand 23.910 2. cost of goods sold 213.050 3. freight out 7.270 4. insurance expenses €11.820 5. rent expenses 22.450 6. salaries and wages expense 55.490 7. sales discounts 13.080 8. sales returns and allowances 15.060 9. sales revenue 401.870 prepare the necessary adjusting entry for inventory.
Crane Company's balance sheet at December 31, 2021, is presented below. Cash Inventory Prepaid Insurance Equipment 1. 2. 3. 4. 5. 6. 7. CRANE COMPANY Balance Sheet December 31, 202 $24,000 Accounts Payable Interest Payable Notes Payable Owner's Capital 24,600 Adjustment data: 4,800 During January 2022, the following transactions occurred. (Crane Company uses the perpetual inventory system.) 30,400 $83,800 $11,000 200 40,000 32,600 $83,800 Crane paid $200 interest on the note payable on January 1, 2022. The note is due December 31, 2023. Crane purchased $208,880 of inventory on account. Crane sold for $352,000 cash, inventory which cost $212,000. Crane also collected $22,880 in sales taxes. Crane paid $184,000 in accounts payable. Crane paid $13,600 in sales taxes to the state. Paid other operating expenses of $24,000. On January 31, 2022, the payroll for the month consists of salaries and wages of $48,000. All salaries and wages are subject to 7.65% FICA taxes. A total of $7,120…
This information is available for Monty Inc. for 2021 and 2022. (in millions) Beginning inventory Ending inventory Cost of goods sold Sales Days in inventory 2021 2022 $2.540 2,971 24,351 23,097 43,483 42,105 Inventory tumover ratio Gross profit rate $2,163 Calculate the inventory turnover, days in inventory, and gross profit rate for Monty Inc. for 2021 and 2022. (Round gross profit rate to 2 decimal places, e.g. 0.25 and all other answers to 1 decimal place, e.g. 15.2. Use 365 days for calculation.) 2,540 2021 26 140.4 44 times days 2022 21 1738 45.14 times days
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The trial balance of Ivanhoe Company at the end of its fiscal year, August 31, 2025, includes these accounts: Beginning Inventory $24,450, Purchases $194,940, Sales Revenue $195,900, Freight-In $9,740, Sales Returns and Allowances $4,620, Freight-Out $1,690, and Purchase Returns and Allowances $5,810. The ending inventory is $20,500. Prepare a cost of goods sold section (periodic system) for the year ending August 31, 2025. * : : + ◆ + IVANHOE COMPANY Cost of Goods Sold $ + $ SUPPORT
Prepare a properly-formatted Income Statement using the periodic method of inventory control using the following accounts and balances : debit credit Freight In 2,500 General Expenses 15,000 Income Summary 25,000 35,000 Sales 103,000 Sales Discounts 1,500 Sales Returns 1,500 Selling Expenses 25,000 Purchases 77,500 Purchases Discounts 5,000
The following information is available for a company: Beginning inventory $ 33,000 Inventory purchases (on account) 163,000 Freight charges on purchases (paid in cash) 18,000 Inventory returned to suppliers (for credit) 20,000 Ending inventory 38,000 Sales (on account) 258,000 Cost of inventory sold 156,000 Required: Applying both a perpetual and a periodic inventory system, prepare the journal entries that summarize the transactions that created these balances. Include all end-of-period adjusting entries indicated. Record merchandise purchased on account for $163,000. Record the payment of $18,000 in cash for freight charges. Record merchandise returned to supplier for credit of $20,000. Record sales on account of $258,000. Record cost of merchandise sold of $156,000.
SCC Company reported the following for the current year: $ 52,000 45,900 2,400 8,400 Net sales Cost of goods sold Beginning balance in inventory Ending balance in inventory Compute (a) Inventory turnover and (b) days' sales in Inventory. Hint Inventory turover uses average Inventory and days' sales in Inventory uses the ending balance in Inventory. Complete this question by entering your answers in the tabs below. Inventory Days Sales In Turnover Inventory Compute the inventory turnover. Numerator: 1 1 1 Inventory Turnover Denominator:
During 2021, your company completed the following summarized transactions. Prepare journal entries for the following events. 1. Your company sold $60,000 of merchandise to various customers for $150,000 on account, terms 2/10, n/30. Assume your company uses a PERIODIC inventory system and the GROSS method of discounts. 2. Accounts from transaction “#1." above for which the original amount was $70,000 were collected within the 10 day period. 3. Accounts from transaction "#1." above for which the original amount was $40,000 were collected 27 days after the sale. 4. One customer from transaction “#1" above returned a product which cost $410 and had been sold for $1,000. This customer had NOT paid his account so you credited his account. On December 1, 2021, you loaned $80,000 to another company and received a nine- month, 6% note. 5. 6. Your company wrote off $2,100 of past due accounts receivable. 7. At the end of the year, your company estimated bad debts would be 1% of GROSS sales for…
On December 22, Travis Company purchased merchandise on account from a supplier for $7,500, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period on December 31. Required: Under a perpetual inventory system, record the journal entries required for the above transactions. Refer to the Chart of Accounts for exact wording of account titles. Chart of Accounts CHART OF ACCOUNTS Travis Company General Ledger ASSETS 110 Cash 120 Accounts Receivable 125 Notes Receivable 130 Merchandise Inventory 131 Estimated Returns Inventory 140 Supplies 142 Prepaid Insurance 180 Land 190 Equipment 191 Accumulated Depreciation LIABILITIES 210 Accounts Payable 216 Salaries Payable 221 Sales Tax Payable 222 Customers Refunds Payable 231 Unearned Rent 241 Notes Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary REVENUE…
Brandeis Company's accounting records show the following for the year ending on December 31, 2022. Beginning Inventory Net Purchases Ending Inventory Using the periodic system, the cost of goods sold is $252,500 $235,000 $270,900 $208,500 $17,500 213,000 22,000 ? I hope you needed this image.

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