Horngren's Accounting (12th Edition)
12th Edition
ISBN: 9780134486444
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem 5.1TIATC
Tying It All Together Case 5-1
Before you begin this assignment, review the Tying It All Togetherfeature in the chapter. It will also be helpful if you review Macy’s. Inc. 2015 annual report
(https:y/www.sec.gov/Archivesfedgar/data/794367/000079436716000221/m-0130201610k.htm).
Macy's, Inc. is a premier retailer in the United States, operating nearly 900 stores in 45 states. Macy's, Bloomingdale's, and Bloomingdale's Outlet are all brands that operate under Macy's, Inc. The company sells a wide range of merchandise including apparel and accessories, cosmetics, home furnishings, and other goods. Macy's, Inc. purchases it merchandise from many suppliers and also develops is own private label brands.
Requirements
- Under the new revenue recognition rules, how will Macy's record and recognize sales revenue? Which financial statement is sales revenue reported on?
- Macy's, Inc. reported cost of sales of $16,496 million for the year ending January 30, 2016. Which financial statement is cost of sales (also known as cost of goods sold) reported on? What does cost of sales represent? What type of account is cost of sales?
- Assume Macy's, Inc. purchases $100, 000of inventory from one of is vendors. The terms of the purchase are FOB shipping point. Who pays the freight and how does the cost of the freight get recorded? Assume Macy's uses the perpetual inventory system.
- On which financial statement will Macy's report is merchandise inventory?
- Assume Macy's, Inc. prepares a multi-step income statement. What would the format of that income statement look like? What is one benefit of preparing a multi-step income statement for merchandising companies such as Macy's, Inc?
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Expressive Youths is a non-profit youth club in the Corporate Area that engages its members in
the buying and selling of paintings that are sold to public to provide income for the club. For the
financial year ending December 31, 2020 the clerical officer of the club provided the following
information in relation to the club's activities:
Payments
Electricity
Purchase of television
Purchase of paintings
Refreshments, etc.
Stipend for clerk
Stationery
2$
120,000 subscription
60,000 Sale of paintings
320,000 Refreshment, etc. sale
Receipts
300,000
800,000
600,000
280,000
Donations
250,000
200,000
96,000 Other activities
50,000
I.
Additional Information:
()
On January 1, 2020 the club had paintings valued at $350,000., while subscription in
arrears at that date was $15,000
On December 31, 2020 the club owed $25,000 for electricity, while $10,000 was paid
for stationery that was to be…
Chapter 5 Solutions
Horngren's Accounting (12th Edition)
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - 2. The two main inventory accounting system are...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC manufacturing purchased inventory for $5,300...Ch. 5 - Austin sold inventory for $2/10, n/30. Cost of...Ch. 5 - Prob. 6QCCh. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Assume Juniper Natural Dyes made Net Sales Revenue...Ch. 5 - Prob. 10AQC
Ch. 5 - (
11B_ The journal entry for the purchase of...Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Describe the operating cycle of a merchandiser.Ch. 5 - What is Cost of Goods (COGS), and where is it...Ch. 5 - How is gross profit calculated, and what does it...Ch. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - 8. What account is debited when recording a...Ch. 5 - Prob. 9RQCh. 5 - Prob. 10RQCh. 5 - Prob. 11RQCh. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14RQCh. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - 17. What is freight out and how is it recorded by...Ch. 5 - Prob. 18RQCh. 5 - Prob. 19RQCh. 5 - Prob. 20RQCh. 5 - Prob. 21RQCh. 5 - What financial statement is merchandise inventory...Ch. 5 - Prob. 23RQCh. 5 - Prob. 24ARQCh. 5 - Prob. 25BRQCh. 5 - Prob. 26BRQCh. 5 - Prob. 27BRQCh. 5 - Prob. 28BRQCh. 5 - Prob. 29BRQCh. 5 - Prob. 30BRQCh. 5 - Prob. 31BRQCh. 5 - Comparing periodic and perpetual inventory systems...Ch. 5 - Journalizing purchase transactions Learning...Ch. 5 - Prob. S5.3SECh. 5 - Journalizing sales transactions Learning Objective...Ch. 5 - Estimating sales returns Learning Objective 3 On...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Adjusting for inventory shrinkage Learning...Ch. 5 - ournalizing closing entries Learning Objective 4...Ch. 5 - Preparing a merchandiser’s income statement...Ch. 5 - Preparing a merchandiser’s statement of owner’s...Ch. 5 - Computing the gross profit percentage Learning...Ch. 5 - Prob. S5A.13SECh. 5 - Journalizing purchase transactions—periodic...Ch. 5 - Journalizing sales transactions—periodic inventory...Ch. 5 - Journalizing closing entries-periodic inventory...Ch. 5 - Computing cost of goods sold in a periodic...Ch. 5 - E5-18 Using accounting vocabulary Learning...Ch. 5 - Prob. E5.19ECh. 5 - Howie Jewelers had the following purchase...Ch. 5 - E5-21 Journalizing sales transactions Learning...Ch. 5 - Journalizing purchase and sales transactions...Ch. 5 - Journalizing closing entries Learning Objective 4...Ch. 5 - Preparing a single-step income statement Learning...Ch. 5 - Preparing a multi-step income statement. Learning...Ch. 5 - Journalizing adjusting entries including estimate...Ch. 5 - Prob. E5.27ECh. 5 - Journalizing multiple performance obligations and...Ch. 5 - Prob. E5B.29ECh. 5 - Prob. E5B.30ECh. 5 - Prob. E5B.31ECh. 5 - Prob. E5B.32ECh. 5 - Prob. E5B.33ECh. 5 - Prob. P5.34APGACh. 5 - Journalizing purchase and sale transaction...Ch. 5 - P5-36A Preparing a multi-step income statement,...Ch. 5 - Journalizing adjusting entries, preparing adjusted...Ch. 5 - Preparing Single-Step income statement, preparing...Ch. 5 - Journalizing purchase and sale...Ch. 5 - Preparing a multi-step income statement and...Ch. 5 - Journalizing purchase and sale transaction...Ch. 5 - Prob. P5.42BPGBCh. 5 - Prob. P5.43BPGBCh. 5 - Prob. P5.44BPGBCh. 5 - Prob. P5.45BPGBCh. 5 - Journalizing purchase and sale transation-periddic...Ch. 5 - Preparing a multi-step income statement and...Ch. 5 - Using Excel to prepare a multi-step income...Ch. 5 - Journalizing and posting purchase and sale...Ch. 5 - Prob. P5.50CP2Ch. 5 - Prob. P5.51PSCh. 5 - Tying It All Together Case 5-1 Before you begin...Ch. 5 - Prob. 5.1DCCh. 5 - Prob. 5.1EICh. 5 - Prob. 5.1FCCh. 5 - Financial Statement Case 51 This cause uses both...
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