please make your answers clear IL. WHAT HAVE I LEARNEDEVALUATION/POSTTEST:Listed below are some of the accounts relating to the income of Leather Plus(owned by Abner Bravo) for the three-month period ended March 31, 2020Sales500,000Merchandise Inventory.beginning170, 100Sales Returns and Allowances15,000 Merchandise Inventory, Ending165,000Sales Discounts7,800 Purchase Discounts1,800Purchases302.000Freight-In5,000Purchase Returms andAllo wances4.900 Rental Expense5,0001,200 Delivery Expense18,000 Utilities ExpenseSupplies Expense2,100Salaries Expense8,000Instructions:1.Prepare a schedule of cost of goods sold for the three-month period ended March 31, 2020.2.Prepare a statement of income for the period ended March 31, 2020. Write your answers on youractivity sheets.

Name: please make your answers clear IL. WHAT HAVE I LEARNEDEVALUATION/POSTT
Uploaded: 2024-03-05T11:47:04.000Z
Channel: Bartleby
Description: please make your answers clear IL. WHAT HAVE I LEARNEDEVALUATION/POSTTEST:Listed below are some of the accounts relating to the income of Leather Plus(owned by Abner Bravo) for the three-month period ended March 31, 2020Sales500,000Merchandise Invent

The direct costs of producing the commodities sold by a corporation are referred to as the cost of…

Business

Accounting

owned by Abner Bravo) for the three-month period ended March 31, 2020 Sales 500,000 Merchandise Inventory. beginning Sales Returns and Allowances 15,000 Merchandise Inventory, Ending Sales Discounts 7,800 Purchase Discounts Purchases 302,000 Freight-In urchase Returms and llo wances 4.900 Rental Expense

owned by Abner Bravo) for the three-month period ended March 31, 2020 Sales 500,000 Merchandise Inventory. beginning Sales Returns and Allowances 15,000 Merchandise Inventory, Ending Sales Discounts 7,800 Purchase Discounts Purchases 302,000 Freight-In urchase Returms and llo wances 4.900 Rental Expense

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter12: Current Liabilities

Section: Chapter Questions

Problem 3PB: Review the following transactions, and prepare any necessary journal entries for Sewing Masters Inc....

See similar textbooks

Similar questions

The records of Earthly Goods provided the following Information for the year ended December 31, 2020. At Cost At Retail $ 521, 35e $ 977,150 4,138, 245 January 1 beginning inventory 6,448, 700 129, 35e 5,595, 700 Purchases Purchase returns 62, 800 Sales Sales returns 49,600 Requlred: 1. Prepare an estimate of the company's year-end Inventory by the retall method. (Round all calculations to two decimal places.) EARTHLY GOODS Estimated Inventory December 31, 2020 At Cost At Retail Goods available for sale: Goods available for sale Cost to retail ratio Estimated ending inventory at cost
The following information pertains to the Leopoldo Valdez School Chairs Transportation in P 172,000Merchandise Inventory 1/1/2019 1,200,000Merchandise invenoty 12/31/2019 1,900,000Purchases 4,300,000Purchase Returns and allowances 129,000Purchase Discounts 215,000Required: Prepare the cost of goods sold section of the income statement for the year ended Dece. 31, 2020
2. The Following Account balances are taken from the books of Winterfell Merchandising for the year ended on June 30, 2019. Create an income statement based on the following balances. Comment on the Statement atter, state if it is favorable or unfavorable Sales 664,000 Purchases 445,000 Inventory, July 1, 2018 180,000 Sales Returns and Allowances 6,400 Sales Discount 13,280 Purchase Return and Allowances 14,400 Purchase Discount 8,900 Freight in 2,560 Inventory, June 30, 2019 118,400 Advertising Expense 5,540 Sales Salaries 48,000 Freight out 20,000 Utilities - Store 7,000 Store Supplies 27,600 Office Salaries 22,000 Utilities- office 4,800 Office Supplies 2,400 Depreciation - Delivery van 2,500 Dividends Income 2,500 Rent income 12,000 interest expense 17,000 Discount lost 3,200 Depreciation Office Furniture 12,000 Loss on sale of equipment 5,000
How do I prepare an income statement table? At the end of Monty Department Store’s fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance. Freight-In $7,600 Inventory 41,500 Purchases 575,100 Purchase Discounts 6,600 Purchase Returns and Allowances 2,500 Sales Revenue 1,043,500 Sales Returns and Allowances 21,200 Additional facts: 1. Merchandise inventory on November 30, 2020, is $51,200. 2. Monty Department Store uses a periodic system. Prepare an income statement through gross profit for the year ended November 30, 2020. (Enter negative amounts using either a negative sign preceding the number e.g. -45 or parentheses e.g. (45).)
HOW DO I PREPARE AN INCOME STATEMENT TABLE? At the end of Monty Department Store’s fiscal year on November 30, 2020, these accounts appeared in its adjusted trial balance. Freight-In $7,600 Inventory 41,500 Purchases 575,100 Purchase Discounts 6,600 Purchase Returns and Allowances 2,500 Sales Revenue 1,043,500 Sales Returns and Allowances 21,200 Additional facts: 1. Merchandise inventory on November 30, 2020, is $51,200. 2. Monty Department Store uses a periodic system.
Complete the necessary journal entries for the company below. a. ABC Co purchased $1,000 of inventory on account. Credit Terms 2/10, n/30. X/X b. ABC Co paid for shipping of $50 for the purchase. (FOB Shipping Point) X/X c. ABC Co. returned $400 of the purchased. X/X d. ABC Co. paid the bill within the discount period. X/X
Accounting Compute for the net sales that would be reported in LIVA company's Income Statement. You are to be assigned to prepare the financial statement of LIVA Company for the year 2021. The following data were made available for you: Ending Inventory at Cost - 739, 160 Goods Available for Sale at retail - 3, 930, 000 Sales Discount - 16, 000 Net markdowns - 48, 500 Net markups - 30, 000 Beginning inventory at retail - 1, 450, 000 Purchases at retail - 2, 422, 000 The company adopts the average cost approach to estimate the value of its inventory and the cost ratio is computed at 68%.
Data for the next 6 questions: You are accountant for New Horizon Merchandising Company. New Horizon Merchandising Company buys and sells a product called Zoom. Company uses Perpetual Inventory System with LIFO method for inventory valuation. New Horizon uses Net Method for accounting for its purchases and sales. On January 1, 2019, New Horizon’s merchandise inventory on hand consisted of the following: Zoom: Quantity Cost per Unit 1st Purchase 200 $4 2nd Purchase 110 $5 New Horizon Company purchased 300 units of Zoom at $5.50 each plus $99 sales taxes. Terms were 2/10, n/30, FOB Shipping Point.Shipping cost was $51.Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the above purchase within discount period. Provide the necessary journal entry to record the transaction. Debit Credit Assume New Horizon paid for the…
Compute for the net sales that would be reported in LIVA company's Income Statement. You are assigned to prepare the financial statements of LIVA Company for the year 2021. The following data were made available for you: Ending Inventory at Cost 739,160 3,930,000 16,000 Goods Available for Sale at retail Sales Discount Net markdowns 48,500 Net markups 30,000 1,450,000 2,422,000 Beginning inventory at retail Purchases at retail The company adopts the ayverage cost approach to estimate the value of its inventory and the cost ratio is computed at 68%.
Compute for the net sales that would be reported in LIVA company's Income Statement. You are assigned to prepare the financial statements of LIVA Company for the year 2021. The following data were made available for you: Ending Inventory at Cost 739,160 Goods Available for Sale at retail 3,930,000 16,000 48,500 Sales Discount Net markdowns Net markups 30,000 Beginning inventory at retail 1,450,000 Purchases at retail 2,422,000 The company adopts the average cost approach to estimate the value of its inventory and the cost ratio is computed at 68%.
The June 30, 2024, year-end trial balance for Askew Company contained the following information: Account Debit Credit Inventory, 7/1/2023 $ 33,700 Sales revenue $ 397,000 Sales returns 13,700 Purchases 257,000 Purchase discounts 7,700 Purchase returns 11,700 Freight-in 20,400 In addition, you determine that the June 30, 2024, inventory balance is $41,700. Required: Calculate the cost of goods sold for the Askew Company for the year ending June 30, 2024.
B. Journalize the following transactions using the Perpetual method: Sta. Rosa Trading completed the following merchandising transactions in the month of October 2020: 11-Purchased merchandise on account from Vera Supply P4,000, 2/10, n/30. 12-Sold merchandise on account to Sanchez Variety P4,300, terms: 2/10, 1/20, n/30. The cost of merchandise sold was P3,600. 13 - Received credit from Vera Supply for merchandise returned P250. 14 - Paid P150 freight on October 12 sales. 15 - Purchased supplies for cash P850. 16 -Purchased merchandise for cash P2,700. 20 -Sold merchandise for cash P6,300. The merchandise sold had a cost of P4,800.