The following information pertains to Christine Sousa Bags for the year ended December 31,2019.Cash45,000.00Sales Returns and Allowances187,000.00Accounts Receivable95,000.00Sales Discounts161,000.00Merchandise Inventory, end723,000.00Purchases3,000,500.00Prepaid AdvertisingOffice Supplies50,000.00Purchases Returns and Allowances233,000.0025,000.00Purchases Discounts142,000.00Office EquipmentAccumulated Depreciation-Off EquiptOffice BuildingAccumulated Depreciation-Off Bldg570,000.00Transportation In72,000.00170,000.00Salaries Expense883,000.001,600,000.00Travel Expense188,000.00115,000.00Insurance Expense25,000.00Land400,000.00Interest Expense208,000.00Accounts Payable74,000.00Office Supplies Expense17,000.00Mortgage Payable1,100,000.00Advertising Expense25,000.00Notes PayableSousa, Capital200,000.00Salaries Payable21,000.00Depreciation Expense - BldgDepreciation Expense - Office Eqt1,729,500.0015,000.00Sousa, Withdrawals200,000.0020,000.00Sales4,600,000.00Merchandise Inventory, beg598,000.00Prepare the following:1. Cost of Goods Sold2. Statement of Comprehensive Income3. Statement of Changes in Equity4. Statement of Financial Position

Financial statement means the statement which include the income statement and the balance sheet.…

The following information pertains to Christine Sousa Bags for the year ended December 31, 2019. Cash 45,000.00 Sales Returns and Allowances 187,000.00 Accounts Receivable 95,000.00 Sales Discounts 161,000.00 Merchandise Inventory, end Prepaid Advertising 723,000.00 Purchases 3,000,500.00 50,000.00 Purchases Returns and Allowances 233,000.00 Office Supplies Office Equipment Accumulated Depreciation-Off Equipt Office Building 25,000.00 Purchases Discounts 142,000.00 570,000.00 Transportation In 72,000.00 170,000.00 Salaries Expense 883,000.00 1,600,000.00 Travel Expense 188,000.00 Accumulated Depreciation-Off Bldg 115,000.00 Insurance Expense 25,000.00 Land 400,000.00 Interest Expense 208,000.00 Accounts Payable 74,000.00 Office Supplies Expense 17,000.00 Mortgage Payable Advertising Expense Salaries Payable Depreciation Expense - Bldg Depreciation Expense - Office Eqt 1,100,000.00 25,000.00 Notes Payable Sousa, Capital 200,000.00 21,000.00 1,729,500.00 15,000.00 Sousa, Withdrawals 200,000.00 20,000.00 Sales 4,600,000.00 Merchandise Inventory, beg 598,000.00 Prepare the following: 1. Cost of Goods Sold 2. Statement of Comprehensive Income 3. Statement of Changes in Equity

The following information pertains to Christine Sousa Bags for the year ended December 31, 2019. Cash 45,000.00 Sales Returns and Allowances 187,000.00 Accounts Receivable 95,000.00 Sales Discounts 161,000.00 Merchandise Inventory, end Prepaid Advertising 723,000.00 Purchases 3,000,500.00 50,000.00 Purchases Returns and Allowances 233,000.00 Office Supplies Office Equipment Accumulated Depreciation-Off Equipt Office Building 25,000.00 Purchases Discounts 142,000.00 570,000.00 Transportation In 72,000.00 170,000.00 Salaries Expense 883,000.00 1,600,000.00 Travel Expense 188,000.00 Accumulated Depreciation-Off Bldg 115,000.00 Insurance Expense 25,000.00 Land 400,000.00 Interest Expense 208,000.00 Accounts Payable 74,000.00 Office Supplies Expense 17,000.00 Mortgage Payable Advertising Expense Salaries Payable Depreciation Expense - Bldg Depreciation Expense - Office Eqt 1,100,000.00 25,000.00 Notes Payable Sousa, Capital 200,000.00 21,000.00 1,729,500.00 15,000.00 Sousa, Withdrawals 200,000.00 20,000.00 Sales 4,600,000.00 Merchandise Inventory, beg 598,000.00 Prepare the following: 1. Cost of Goods Sold 2. Statement of Comprehensive Income 3. Statement of Changes in Equity

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 trial balance os Skysong Company at the end of its fiscal year, August 31, 2022 includes these accounts: Inventory $20,500; Purchases $174,200; Sales Revenue $225,000; Freight-In $5,500; Sales Discount $3,700; Sales Returns and Allowances $4,300; Freight-Out $2,000; Purchase Discounts $3,400; Purchase Returns and Allowances $2,900. The ending Inventory is $27,478. Do not give answer in image
REQUIRED: PREPARE A STATEMENT OF COMPREHENSIVE INCOME FOR THE YEAR USING THE FOLLOWING METHOD: • NATURE OF EXPENSE WITH SUPPORTING NOTES
Instructions. Answer the following problems below: The following information were taken from the books of Maria Mot on December 31, 2020. Merchandise Inventory, January 1 ₱ 140,000 Merchandise Inventory, December 31 125,000 Sales 680,650 Sales return and allowances 85,000 Sales discount 75,000 Purchases 535,500 Purchase returns and allowances 11,000 Purchase discounts 5,300 Freight-in 12,500 Salaries expense-Selling 30,500 Salaries expense-Administrative 21,750 Advertising expense 42,000 Supplies expense-Selling 7,250 Supplies expense-Administrative 8,275 Utilities expense 12,500 Rent expense 60,000 Depreciation expense 22,500 Interest expense 25,000 The utilities, rent, and depreciation expenses are shared as 45%…
The following information applies to the Grady Company for the current year: Purchases of merchandise for resale $300,000 Merchandise returned to vendor 3,000 Interest on notes payable to vendors Freight-in on merchandise 6,000 7,500 Grady's inventory costs for the year would be: a. $297,000 b. $300,000 c. $304,500 d. $316,500
The following are selected 2025 transactions of Whispering Corporation. Sept. 1 Oct. 1 Oct. 1 (a) Purchased inventory from Encino Company on account for $39,000. Whispering records purchases gross and uses a periodic inventory system. Issued a $39,000, 12-month, 8% note to Encino in payment of account. Borrowed $39,000 from the Shore Bank by signing a 12-month, zero-interest-bearing $42,120 note. Prepare journal entries for the selected transactions above. (If no entry is required, select "No Entry" for the account titles and enter O for the amounts. Credit account titles are automatically indented when amount is entered. Do not indent manually. Record entries in the order displayed in the problem statement. List all debit entries before credit entries.) Date Account Titles and Explanation Debit Credit
Sales Inventory (1 October 2019) Purchases Operating expenses Loan from: Nelly Olive Land Building Plant and machinery (cost) Accumulated depreciation (30 September 2020) Accounts receivable and accounts payable Bank overdraft Capital accounts: Mercy Nelly Olive Current accounts: Mercy Nelly Olive Drawings: Mercy Nelly Olive $ 9,000 30,000 19,200 3,000 15,000 21,000 12,000 600 $ 60,000 3,000 6,000 12,000 9,900 3,600 7,500 6,000 3,000 900 600 900 1,200 600 112,800 112,800
Required: 30. What is the amount of sales from January 1, 2021 to April 30, 2021?31. What is the amount of purchases from January 1, 2021 to April 30, 2021?32. What is the amount of fire loss to be recognized on April 30, 2021?
dont give answer in image format
Assuming that a Retail Merchandise business purchased 500 numbers of HP three in one printer for OMR 40 each on 1st December 2020 under the credit terms of 5/20, n/60. On 3rd December 2020 the business discovers that 100 numbers of HP three in one Printer are HP two in one. Therefore, the business returned the goods to supplier. On 5th December 2020, the business settles full cash. Which of the following journal entry is correct on 3rd December 2020 assumes that the business uses periodic inventory system? a. Debit Accounts payable OMR 16,000 Credit Cash OMR 15,200 Credit Discount OMR 800 b. Debit Purchase OMR 20,000 Credit Accounts payable OMR 20,000 c. Debit Accounts payable OMR 4000 Credit Purchase return and allowances OMR 4000 d. Debit Accounts payable OMR 20,000 Credit Merchandise Inventory OMR 20,000
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Raleigh Department Store uses the conventional retail method for the year ended December 31, 2022. Available information follows: a. The inventory at January 1, 2022, had a retail value of $49,000 and a cost of $34,380 based on the conventional retail method. b. Transactions during 2022 were as follows: Gross purchases Purchase returns Purchase discounts Sales Sales returns Employee discounts Freight-in Net markups Net markdowns Cost $ 323,040 6,300 5,400 Beginning inventory 28,500 Sales Sales returns Employee discounts Estimated ending inventory at retail Estimated ending inventory at cost Retail $530,000 14,000 Sales to employees are recorded net of discounts. c. The retail value of the December 31, 2023, inventory was $85,330, the cost-to-retail percentage for 2023 under the LIFO retail method was 69%, and the appropriate price index was 106% of the January 1, 2023, price level. d. The retail value of the December 31, 2024, inventory was $52,320, the cost-to-retail percentage for…
Make a Journal Entry to each transactions below: Date June 2, 2020 Purchased 250 units of merchandise at P30 per unit and paid P7,500 in cash June 7, 2020 Sold merchandise for P1,000 June 10, 2020 Sold merchandise for P2,000 on account June 14, 2020 Paid rent in advance P5,000 as downpayment and the remaining balance of P5,000 to be paid at the end of the month. June 19, 2020 Received electricity bill amounting to P1,500. June 21, 2020 Sold goods amounting to P3,000 June 24, 2020 Sold goods on account for P5,000 June 27, 2020 Purchased supplies worth P500. June 29, 2020 Paid salary to employees of P1,000 June 30, 2020 Paid the remaining balance of P5,000 for rent.