tructions Interest Revenue 3,183 Merchandise Inventory, January 1, 20-- 32,500 Estimated Returns Inventory, January 1, 20- 600 Purchases 111,200 Purchases Returns and Allowances 3,600 Purchases Discounts 2,225 Freight-In 630 Merchandise Inventory, December 31, 20-- 29,300 Estimated Returns Inventory, December 31, 20- 500 Wages Expense Supplies Expense Phone Expense 22,000 640 1,000 Utilities Expense 8,000 Insurance Expense 900 Depreciation Expense Building 4,600 Depreciation Expense-Equipment 2,800 Miscellaneous Expense Interest Expense 215 1,126 Required: Prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Aeito's Plumbing Supplies for the year ended December 31, 20-.

tructions Interest Revenue 3,183 Merchandise Inventory, January 1, 20-- 32,500 Estimated Returns Inventory, January 1, 20- 600 Purchases 111,200 Purchases Returns and Allowances 3,600 Purchases Discounts 2,225 Freight-In 630 Merchandise Inventory, December 31, 20-- 29,300 Estimated Returns Inventory, December 31, 20- 500 Wages Expense Supplies Expense Phone Expense 22,000 640 1,000 Utilities Expense 8,000 Insurance Expense 900 Depreciation Expense Building 4,600 Depreciation Expense-Equipment 2,800 Miscellaneous Expense Interest Expense 215 1,126 Required: Prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Aeito's Plumbing Supplies for the year ended December 31, 20-.

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Description: еВookShow Me HoWPrint ItemMultiple-Step Income StatementInstructions Amount Descriptions Income StatementInstructionsInterest Revenue3,183Merchandise Inventory, January 1, 20--Estimated Returns Inventory, January 1, 20-32,500600Purchases111,200Purch

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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Inventory turnover and 'number of days' sales in inventory Financial statement data for years ending December 31 for Tango Company follow: 20Y7 20Υ6 Cost of goods sold $3,739,790 $3,852,940 Inventories: Beginning of year 759,200 722,700 End of year 832,200 759,200 Required a. Determine the inventory turnover for 20Y7 and 20Y6. Round to one decimal place. 20Υ7 20Y6 Inventory turnover b. Determine the number of days' sales in inventory for 20Y7 and 20Y6. Use 365 days and round to one decimal place. 20Υ7 20Y6 Number of days' sales in inventory days days c. Are the changes in inventory turnover and the number of days' sales in inventory from 20Y6 to 20Y7 favorable or unfavorable?
Cost of Goods Sold Inventories LIFO Reserve Decrease in LIFO Reserve Total Assets Net Income $29,301 $4,588 $670 $128 $30,435 $3,397 Reformulate the account balance for the following financial statement items assuming the company used FIFO instead of LIFO for its inventory costing method. The company has a 22% tax rate. Note: Round answers to the nearest whole number.
aj.4
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Ending Inventory?
Total merchandise inventory as of January 1, 2019 amounted to PBlank 1.
JOURNAL TRANSACTION: Sold $45,500 in inventory to a customer for $68,250 on account, 2/10, n/30. Transaction for $68,250:
What amount should be reported as Inventory at year-end? 7. Alaska Company reported the following current assets at year-end: Cash 23,000 Account receivable 44,000 Notes receivable, net of discounted note P53,000 300,000 Inventory 40,000 Deferred charges 15,000 422.000 Accounts receivable comprised the following: Trade accounts receivable 12,000 Allowance for doubtful accounts 12,000) Claim against shipper for goods lost in transit 22,000 Selling price of Saudi Company's unsold goods sent to Alaska Company on consignment at 150% of cost and excluded from Saudi's ending Inventory 12,000 Your answer
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Journalize each of the transactions In assuming a perlodic inventory system and PST at 7% along with 5% GST. Note: Any avallable cash discount is taken only on the sale price before taxes. Aug. 1 Purchased $2, 000 of merchandise for cash. 2 Purchased $6,800 of merchandise; terms 2/18, n/30. 5 Sold merchandise costing $3,690 for $5,200; terms 1/18, n/30. 12 Paid for the merchandise purchased on August 2. 15 Collected the amount owing from the customer of August 5. 17 Purchased $6,009 of merchandise; terms n/15. 19 Recorded $7,800 of cash sales (cost of sales $5,800). View transaction list Journal entry worksheet 3 4 5 6 7 > 1 2 Record the cash purchase. Note: Enter debits before credits. Date General Journal Debit Credit Aug. 01