Horngren's Accounting, The Financial Chapters, Student Value Edition (11th Edition)
11th Edition
ISBN: 9780133876352
Author: Tracie L. Miller-Nobles, Brenda L. Mattison, Ella Mae Matsumura
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem S5.9SE
Use the following information to answer Short Exercises S5-8 and S5-9.
Carissa Communications reported the following figures from its adjusted
| Cash | $4,100 | Cost of goods Sold | $18,800 |
| Selling Expenses | 1,300 | Equipment net | 8,500 |
| Accounts Payable | 4,900 | Accrued Liabilities | 2,000 |
| Carissa. Capital | 2,820 | Sales Revenue | 42,000 |
| Notes Payable, long-term | 400 | 3, 400 | |
| Merchandise Inventory | 1,200 | Interest Expense | 20 |
| Administrative Expenses | 3,100 | Sales Discounts | 4,300 |
| Sales Returns and Allowances | 7,400 |
S5-8 Preparing a merchandiser's income statement
Prepare Carissa Communications's multi-step income statement for the year ended July 31, 2016.
S5-9 Preparing a merchandiser's statement of owner’s equity and
Requirements
1. Prepare Carissa Communications's statement of owner's equity for the year ended July 31, 2016. Assume that there were no additional contributions or withdrawals during the year and that the business began on August 1, 2015.
2. Prepare Carissa Communications's classified balance sheet at July 31, 2016. Use the report format.
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JYP began operation in 2016. For the year ended, the company has the ff details:
Merchandise Purchases
USD 6, 000, 000
Merchandise Inventory, Dec. 31
USD 2, 400, 000
Collection from customers
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Note that all merch was marked to sell at 35% on selling price. All sales are made on a credit basis and all receivables are collectibl
Determine and compute the balance of accounts receivable on year end.
Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows.
Debit
Credit
Merchandise inventory
$
38,000
Other (noninventory) assets
152,000
Total liabilities
$
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K. Valley, Capital
125,585
K. Valley, Withdrawals
8,000
Sales
259,920
Sales discounts
3,977
Sales returns and allowances
17,155
Cost of goods sold
100,577
Sales salaries expense
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Rent expense—Selling space
12,216
Store supplies expense
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Advertising expense
22,093
Office salaries expense
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Rent expense—Office space
3,119
Office supplies expense
1,040
Totals
$
429,395
$
429,395
On August 31, 2014, merchandise inventory was $30,666. Supplementary records…
Valley Company’s adjusted trial balance on August 31, 2015, its fiscal year-end, follows.
Debit
Credit
Merchandise inventory
$
38,000
Other (noninventory) assets
152,000
Total liabilities
$
43,890
K. Valley, Capital
125,585
K. Valley, Withdrawals
8,000
Sales
259,920
Sales discounts
3,977
Sales returns and allowances
17,155
Cost of goods sold
100,577
Sales salaries expense
35,609
Rent expense—Selling space
12,216
Store supplies expense
3,119
Advertising expense
22,093
Office salaries expense
32,490
Rent expense—Office space
3,119
Office supplies expense
1,040
Totals
$
429,395
$
429,395
On August 31, 2014, merchandise inventory was $30,666. Supplementary records…
Chapter 5 Solutions
Horngren's Accounting, The Financial Chapters, Student Value Edition (11th 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 - Prob. 5QCCh. 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 - (
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 - Prob. 17RQCh. 5 - Prob. 18RQCh. 5 - Prob. 19RQCh. 5 - Prob. 20RQCh. 5 - What financial statement is merchandise inventory...Ch. 5 - Prob. 22RQCh. 5 - Prob. 23ARQCh. 5 - Prob. 24ARQCh. 5 - Prob. 25ARQCh. 5 - Prob. 26ARQCh. 5 - Prob. 27ARQCh. 5 - Prob. 28ARQCh. 5 - Prob. 29ARQCh. 5 - Comparing periodic and perpetual inventory systems...Ch. 5 - Prob. S5.2SECh. 5 - Prob. S5.3SECh. 5 - Prob. S5.4SECh. 5 - Prob. S5.5SECh. 5 - Prob. S5.6SECh. 5 - Prob. S5.7SECh. 5 - Prob. S5.8SECh. 5 - Use the following information to answer Short...Ch. 5 - Prob. S5.10SECh. 5 - Prob. S5.11SECh. 5 - Prob. S5.12SECh. 5 - Prob. S5A.13SECh. 5 - Prob. S5B.14SECh. 5 - E5-18 Using accounting vocabulary Learning...Ch. 5 - Prob. S5B.16SECh. 5 - Prob. S5B.17SECh. 5 - Prob. E5.18ECh. 5 - Prob. E5.19ECh. 5 - Prob. E5.20ECh. 5 - Prob. E5.21ECh. 5 - Prob. E5.22ECh. 5 - Prob. E5.23ECh. 5 - Prob. E5.24ECh. 5 - Prob. E5.25ECh. 5 - Prob. E5.26ECh. 5 - Prob. E5.27ECh. 5 - Prob. E5A.28ECh. 5 - Prob. E5B.29ECh. 5 - Prob. E5B.30ECh. 5 - Prob. P5.31APGACh. 5 - Prob. P5.32APGACh. 5 - Prob. P5.33APGACh. 5 - Prob. P5.34APGACh. 5 - Prob. P5.35APGACh. 5 - Prob. P5A.36APGACh. 5 - Prob. P5A.37APGACh. 5 - Prob. P5.38BPGBCh. 5 - Prob. P5.39BPGBCh. 5 - Preparing a multi-step income £ and preparing a...Ch. 5 - Prob. P5.41BPGBCh. 5 - Prob. P5.42BPGBCh. 5 - Prob. P5.43BPGBCh. 5 - Prob. P5.44BPGBCh. 5 - Prob. P5.45CPCh. 5 - Prob. P5.46PSCh. 5 - Prob. 5.1CPCh. 5 - Prob. 5.1DCCh. 5 - Prob. 5.1EICh. 5 - Prob. 5.1FCCh. 5 - Prob. 5.1FSC
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