Gross profits.

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Answer 1

Question

Chapter 4, Problem 27E

(a)

To determine

To Compute: Gross profits.

(b)

To determine

To Prepare: 1. Adjustment entry for expected sales return, 2. Adjustment entry for cost of sales return, and 3. Revised amount of gross profit.

(c)

To determine

To explain: Sales refund payable as asset, liability or an equity account.

(d)

To determine

To explain: Estimated inventory returns are asset, liability or an equity account.

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During 2015, the assets of Inspiring Sky increased by $45,000, and the liabilities increased by $20,000. If the owner's equity in Inspiring Sky is $100,000 at the end of 2015, the owner's equity at the beginning of 2015 must have been __.

Cullumber Company uses a job order cost system and applies overhead to production on the basis of direct labor costs. On January 1, 2025, Job 50 was the only job in process. The costs incurred prior to January 1 on this job were as follows: direct materials $16,800, direct labor $10,080, and manufacturing overhead $13,440. As of January 1, Job 49 had been completed at a cost of $75,600 and was part of finished goods inventory. There was a $12,600 balance in the Raw Materials Inventory account on January 1. During the month of January, Cullumber Company began production on Jobs 51 and 52, and completed Jobs 50 and 51. Jobs 49 and 50 were sold on account during the month for $102,480 and $132,720, respectively. The following additional events occurred during the month. 1. Purchased additional raw materials of $75,600 on account. 2. Incurred factory labor costs of $58,800. 3. Incurred manufacturing overhead costs as follows: depreciation expense on equipment $10,080; and various other…

Answer 2

Question

Chapter 4, Problem 27E

(a)

To determine

To Compute: Gross profits.

(b)

To determine

To Prepare: 1. Adjustment entry for expected sales return, 2. Adjustment entry for cost of sales return, and 3. Revised amount of gross profit.

(c)

To determine

To explain: Sales refund payable as asset, liability or an equity account.

(d)

To determine

To explain: Estimated inventory returns are asset, liability or an equity account.

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Answer 3

Question

Chapter 4, Problem 27E

(a)

To determine

To Compute: Gross profits.

(b)

To determine

To Prepare: 1. Adjustment entry for expected sales return, 2. Adjustment entry for cost of sales return, and 3. Revised amount of gross profit.

(c)

To determine

To explain: Sales refund payable as asset, liability or an equity account.

(d)

To determine

To explain: Estimated inventory returns are asset, liability or an equity account.

Expert Solution & Answer

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Answer 4

Question

Chapter 4, Problem 27E

(a)

To determine

To Compute: Gross profits.

(b)

To determine

To Prepare: 1. Adjustment entry for expected sales return, 2. Adjustment entry for cost of sales return, and 3. Revised amount of gross profit.

(c)

To determine

To explain: Sales refund payable as asset, liability or an equity account.

(d)

To determine

To explain: Estimated inventory returns are asset, liability or an equity account.

Expert Solution & Answer

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Answer 5

Chapter 4, Problem 27E

(a)

To determine

To Compute: Gross profits.

(b)

To determine

To Prepare: 1. Adjustment entry for expected sales return, 2. Adjustment entry for cost of sales return, and 3. Revised amount of gross profit.

(c)

To determine

To explain: Sales refund payable as asset, liability or an equity account.

(d)

To determine

To explain: Estimated inventory returns are asset, liability or an equity account.

Answer 6

Chapter 4, Problem 27E

(a)

To determine

To Compute: Gross profits.

Answer 7

Chapter 4, Problem 27E

(a)

To determine

To Compute: Gross profits.

Answer 8

(b)

To determine

To Prepare: 1. Adjustment entry for expected sales return, 2. Adjustment entry for cost of sales return, and 3. Revised amount of gross profit.

Answer 9

(b)

To determine

To Prepare: 1. Adjustment entry for expected sales return, 2. Adjustment entry for cost of sales return, and 3. Revised amount of gross profit.

Answer 10

(c)

To determine

To explain: Sales refund payable as asset, liability or an equity account.

Answer 11

(c)

To determine

To explain: Sales refund payable as asset, liability or an equity account.

Answer 12

(d)

To determine

To explain: Estimated inventory returns are asset, liability or an equity account.

Answer 13

(d)

To determine

To explain: Estimated inventory returns are asset, liability or an equity account.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 4 - Prob. 1QS Ch. 4 - Prob. 2QS Ch. 4 - Merchandise accounts and computations C2 Use the...Ch. 4 - Computing net invoice amounts P1 Compute the...Ch. 4 - Recording purchases, returns, and discounts taken...Ch. 4 - Prob. 6QS Ch. 4 - Prob. 7QS Ch. 4 - Prob. 8QS Ch. 4 - Prob. 9QS Ch. 4 - Prob. 10QS

Gross profits.

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To Compute: Gross profits.

To Prepare: 1. Adjustment entry for expected sales return, 2. Adjustment entry for cost of sales return, and 3. Revised amount of gross profit.

To explain: Sales refund payable as asset, liability or an equity account.

To explain: Estimated inventory returns are asset, liability or an equity account.

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Chapter 4 Solutions