Financial Accounting
3rd Edition
ISBN: 9780133791129
Author: Jane L. Reimers
Publisher: Pearson Higher Ed
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Textbook Question
Chapter 5, Problem 46PA
The following transactions occurred during July 2010 at Tiny’s Sports Shop:
Requirements
- 1. Suppose Tiny’s Sports Shop started the month with cash of $8,000, merchandise inventory of $2,000, and common stock of $10,000. Enter each transaction into the
accounting equation , assuming Tiny’s Sports Shop uses a perpetual inventory system. - 2. Calculate the cost of goods sold for July and the ending balance in inventory.
- 3. Prepare the multistep income statement, and the statement of changes in shareholders’ equity for the month of July, and the
balance sheet at July 31. - 4. Calculate the gross profit ratio for Tiny’s Sports Shop for July. Explain what the ratio measures.
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Financial Accounting
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