Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card
22nd Edition
ISBN: 9781259542169
Author: John J Wild
Publisher: McGraw-Hill Education
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Textbook Question
Chapter 5, Problem 6BPSB
Problem 5-6BE
Refer to the data and information in Problem 5-5B.
Preparing a work sheet for a merchandiser
Required
Prepare and complete the entire 10-column work sheet for Foster Products Company. Follow the structure of Exhibit 5B.1 in Appendix 5B.
Rent expense and salaries expense are equally divided between selling activities and the general and administrative activities. Foster Products Company uses a perpetual inventory system.
Required
- Prepare
adjusting journal entries to reflect each of the following. - Store supplies still available at fiscal year-end amount to $3,700.
- Expired insurance, an administrative expense, for the fiscal year is $2,800.
Depreciation expense on store equipment, a selling expense, is $3,000 for the fiscal year.- To estimate shrinkage, a physical count of ending merchandise inventory is taken. It shows $21,300 of inventory is still available at fiscal year-end.
EXHIBIT 5B.1
Work Sheet for Merchandiser (using a perpetual system)
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please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
A manufacturer's Raw Materials Inventory account appears as follows:
Beginning
Purchases
Debit
2. Direct materials used.
3. Indirect materials used.
View transaction list
Ending
All raw materials purchases are made on credit. Prepare journal entries to record the:
1. Purchase of raw materials.
1
Raw Materials Inventory
25,700
100,700
Journal entry worksheet
2 3
27,900
Credit
82,800 Direct materials used
15,700 Indirect materials used
Record the purchase of raw materials on credit.
Chapter 5 Solutions
Loose Leaf for Fundamentals of Accounting Principles and Connect Access Card
Ch. 5 - Prob. 1DQCh. 5 - 2. In comparing the accounts of a merchandising...Ch. 5 - Prob. 3DQCh. 5 - Prob. 4DQCh. 5 - Prob. 5DQCh. 5 - Prob. 6DQCh. 5 - Prob. 7DQCh. 5 - Prob. 8DQCh. 5 - Prob. 9DQCh. 5 - Prob. 10DQ
Ch. 5 - Prob. 11DQCh. 5 - Prob. 12DQCh. 5 - Prob. 13DQCh. 5 - Prob. 14DQCh. 5 - Prob. 15DQCh. 5 - Prob. 1QSCh. 5 - Prob. 2QSCh. 5 - Prob. 3QSCh. 5 - Prob. 4QSCh. 5 - Prob. 5QSCh. 5 - Prob. 6QSCh. 5 - Prob. 7QSCh. 5 - Prob. 8QSCh. 5 - Prob. 9QSCh. 5 - Prob. 10QSCh. 5 - Prob. 11QSCh. 5 - Prob. 12QSCh. 5 - Prob. 13QSCh. 5 - Prob. 14QSCh. 5 - Prob. 15QSCh. 5 - Prob. 16QSCh. 5 - Prob. 17QSCh. 5 - Prob. 18QSCh. 5 - Prob. 1ECh. 5 - Prob. 2ECh. 5 - Prob. 3ECh. 5 - Prob. 4ECh. 5 - Prob. 5ECh. 5 - Exercise 5-6 Recording purchase returns and...Ch. 5 - Prob. 7ECh. 5 - Prob. 8ECh. 5 - Prob. 9ECh. 5 - Prob. 10ECh. 5 - Prob. 11ECh. 5 - Prob. 12ECh. 5 - Prob. 13ECh. 5 - Prob. 14ECh. 5 - Prob. 15ECh. 5 - Prob. 16ECh. 5 - Exercise 5-17A Recording purchases and...Ch. 5 - Prob. 18ECh. 5 - Prob. 19ECh. 5 - Prob. 20ECh. 5 - Prepare journal entries to record the following...Ch. 5 - (
Problem 5-2A
Preparing journal entries for...Ch. 5 - Prob. 3APSACh. 5 - Prob. 4APSACh. 5 - Prob. 5APSACh. 5 - Prob. 6APSACh. 5 - Prob. 1BPSBCh. 5 - Prepare journal entries to record the following...Ch. 5 - Prob. 3BPSBCh. 5 - Prob. 4BPSBCh. 5 - Prob. 5BPSBCh. 5 - Problem 5-6BE Refer to the data and information in...Ch. 5 - Prob. 5SPCh. 5 - Prob. 1GLPCh. 5 - Prepare journal entries to record the following...Ch. 5 - Based on Problem 5-5A Problem 5-5A Preparing...Ch. 5 - Prob. 1BTNCh. 5 - Prob. 2BTNCh. 5 - Prob. 3BTNCh. 5 - Prob. 4BTNCh. 5 - Prob. 5BTNCh. 5 - Prob. 6BTNCh. 5 - Prob. 7BTNCh. 5 - Prob. 8BTNCh. 5 - Prob. 9BTN
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- Assume that the business in Exercise 7-3 maintains a perpetual inventory system, costing by the last-in, first-out method. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, presenting the data in the form illustrated in Exhibit 5.arrow_forwardAssume that the business in Exercise 7-9 maintains a perpetual inventory system. Determine the cost of merchandise sold for each sale and the inventory balance after each sale, assuming the first-in, first-out method. Present the data in the form illustrated in Exhibit 3.arrow_forwardLean Mfg: Modern Lighting Inc.arrow_forward
- I need help with Req 2 and Req 3Barrow_forwardThe cost accountant for Sunset Fashions has compiled the following information for last quarter's operations: Administrative costs Merchandise inventory, April 1 Merchandise inventory, June 30 Merchandise purchases Miscellaneous store costs Sales commissions Sales revenue Store lease Utilities Transportation-in costs Wages and benefits Required: 1. Prepare a cost of goods sold statement. 2. Prepare an income statement. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Prepare an income statement. SUNSET FASHIONS Income Statement For the Quarter Ended June 30 Sales revenue Cost of goods sold Gross margin Store rent Operating loss $ $ $ 232,000 55,000 45,500 1,790,000 23,400 134,400 3,126,000 53,000 57,900 124,400 770,000 $ 3,126,000 1,923,900 1,202,100 53,000 68,400arrow_forwardPosting from the purchases journal; balancing the ledgers The purchases journal of Southeastern Publishing Company follows: Requirements Total each column of the purchases journal. Open four-column ledger accounts for Merchandise Inventory (118), Office Supplies (120), Equipment (150), and Accounts Payable (211). Post to these accounts from the purchases journal. Use dates and posting references in the accounts. Open four-column accounts in the accounts payable subsidiary ledger for Fallon Equipment, jell Supply, and Leap Tech. Post from the purchases journal. Use dates and Posting references in the ledger accounts. Balance the Accounts Payable control account in the general ledger with the total of the ending balances in the accounts payable subsidiary ledger.arrow_forward
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