Horngren's Accounting: The Managerial Chapters, Student Value Edition (12th Edition)
12th Edition
ISBN: 9780134491509
Author: MILLER-NOBLES, Tracie L., Mattison, Brenda L., Matsumura, Ella Mae
Publisher: PEARSON
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Textbook Question
Chapter 5, Problem S5.9SE
ournalizing closing entries
Learning Objective 4
Rocky RV Center’s accounting records include the following accounts at December 31, 2018.
| Cost of Goods Sold | $ 372,000 | $ 38,000 | |
| Accounts Payable | 16,000 | Cash | 47,000 |
| Rent Expense | 26,000 | Sales Revenue | 636,500 |
| Building | 113,000 | Depreciation Expense-Building | 13,000 |
| Rocky, Capital | 198,100 | Rocky, Withdrawals | 58,000 |
| Merchandise Inventory | 239,600 | Interest Revenue | 14,000 |
| Notes Receivable | 34,000 |
Requirements
- Journalize the required closing entries for Rocky.
- Determine the ending balance in the capital account.
Use the following information to answer Short Exercises S5-10 and S5-11 Camilla Communications reported the following figures from its adjusted trail balance for its first year of business, which ended on July 31, 2018.
| Cash | $ 2,900 | Cost of Goods Sold | $ 18,700 |
| Selling Expenses | 1,400 | Equipment, net | 9,500 |
| Accounts Payable | 4,300 | Accrued Liabilities | 1,800 |
| Camilia, Capital | 4,365 | Net Sales Revenue | 29,200 |
| Notes Payable, long-term | 500 | 3,200 | |
| Merchandise Inventory | 1,100 | Interest Expense | 65 |
| Administrative Expenses | 3,300 |
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Fixed Asset Turnover Ratio
Financial statement data for years ending December 31 for Xiong Company follow:
Year 2
Year 1
Sales
$1,560,000
$1,026,000
Fixed assets:
Beginning of year
580,000
500,000
End of year
620,000
580,000
a. Determine the fixed ass
nover ratio for Year 1 and Year 2. Round your answers to one decimal place.
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Year 2
b. Does the change in the fixed asset turnover ratio from Year 1 to Year 2 indicate a favorable or an unfavorable change?
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Gross Profit
During the current year, merchandise is sold for $135,100 cash and $501,500 on account. The cost of the goods sold is $458,400. What is the amount of the gross profit?
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Exercise 5A-9 a-b
Presented below is information for Ayayai Company for the month of March 2017.
Purchases
$212,426
Rent expense
$30,000
Freight-in
8,000
Sales discounts
9,000
Purchase returns and allowances
7,000
Sales returns and allowances
12,000
Salaries and wages expense
58,000
Sales revenue
375,000
Beginning inventory was $47,000, and ending inventory was $59,000.
Prepare a multiple-step income statement.
AYAYAI COMPANY
Income Statement
For the Month Ended March 31, 2017
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Chapter 5 Solutions
Horngren's Accounting: The Managerial Chapters, Student Value Edition (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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