The following information were taken from the books of Fishman Island Sport Store that sells different kinds of swimming gears and accessories: Sales Returns & Allowances Freight In Commission Expense Purchase Returns & Allowances Merchandise Inventory, Dec. 31 Freight Out Merchandise Inventory, Jan. 1 HDMF Premium Expense SSS Premium Expense PHIC Premium Expense 4,000 | Purchase Discount 8,000 Communication Expense 30,000 Sales 7,500 Purchases 95,000 Sales Discount 11,000 Rent Expense – Showroom 78,500 | Sales Salaries Expense 1,826 Taxes & Licenses 3,088 | Depreciation Expense – Office Furniture 1,200 | Interest Expense 6,000 45,000 540,000 112,000 25,000 20,000 91,300 10,170 16,500 3,500 Requirement: 1. Compute for Cost of Sales, Selling Expenses and Administrative Expenses. 2. Present the Income Statement using Function of Expense method.

The following information were taken from the books of Fishman Island Sport Store that sells different kinds of swimming gears and accessories: Sales Returns & Allowances Freight In Commission Expense Purchase Returns & Allowances Merchandise Inventory, Dec. 31 Freight Out Merchandise Inventory, Jan. 1 HDMF Premium Expense SSS Premium Expense PHIC Premium Expense 4,000 | Purchase Discount 8,000 Communication Expense 30,000 Sales 7,500 Purchases 95,000 Sales Discount 11,000 Rent Expense – Showroom 78,500 | Sales Salaries Expense 1,826 Taxes & Licenses 3,088 | Depreciation Expense – Office Furniture 1,200 | Interest Expense 6,000 45,000 540,000 112,000 25,000 20,000 91,300 10,170 16,500 3,500 Requirement: 1. Compute for Cost of Sales, Selling Expenses and Administrative Expenses. 2. Present the Income Statement using Function of Expense method.

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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Prepare a cost of goods sold schedule (periodic method)
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onstration Problems i Saved Help Save & Exit Submit John's Specialty Store uses a perpetual inventory system. The following are some inventory transactions for the month of May: 1. John's purchased merchandise on account for $7,000. Freight charges of $1,300 were paid in cash. 2. John's returned some of the merchandise purchased in (1). The cost of the merchandise was $1,600 and John's account was credited by the supplier. 3. Merchandise costing $3,800 was sold for $7,200 in cash. Required: Prepare the necessary journal entries to record these transactions. (If no entry is requlred for a transaction/event, select "No journal entry required" in the first account field.) Sook View transaction list Journal entry worksheet 3. 5. Record the merchandise purchased on account for $7,000. Note: Enter debits before credits. Debit Credit Transaction General Journal 7,000 1a Purchases 7,000 Accounts payable Prev 1 of 12 Next > Mc Graw Hill Education MacBook Air 4.