#3) Prepare and income statement, statement of owners equty and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable solve Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00 Intereest Expense 1,805.00 Tax Expense 7,220.00 Sales 250,000.00 4)Three identical units of merchandise were purchased during July, as follows: DateProduct Basic HUnits Cost 3-JulPurchase135 10Purchase136 24Purchase137 Total 3$108 Average cost per unit $36 Assume one unit sells on July 28 for $45. Determine the gross profit, cost of merchandise sold, and ending inventory on July 31 using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.5)Prepare a bank reconciliation for XYZ on 11/30 Balance per books 11/309,920 Balance per bank 11/3012,170 Deposit in Transit1,500 Outstanding Checks1,710 Bank Service Charge190 Note Collected by bank2,2306)CBC has accounts receivable at year end 620,000.00 Balance in allowance for doubtful accts 12,400.00credit balance Sales on account for the year were 868,000.00 The company uses the % of receivables allownace method for bad debt Prepare the journal entry for bad debt expense at year end if 3% is the expected bad debt

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3) Prepare and income statement, statement of owners equty and balance sheet for Rabid Insect based on the information below Salary Expense 28,500.00 Rent Expense 14,250.00 Insurance Expense 9,500.00 Depreciation Expense 4,750.00 Miscellaneous Expense 1,900.00 Sales Returns/Allowance 5,000.00 Sales Discounts 7,500.00 Cost of Goods Sold 142,500.00 Accts Payable 30,000.00 Note Payable solve Equipment 400,000.00 Accum Depreciation (160,000.00) Accts Receivable 20,000.00 Mdse Inventory 60,000.00 Prepiaid Insurance 10,000.00 Cash 100,000.00 Capital 1/1 (beginning) 187,500.00 Drawing (5,415.00) Cost of Goods Sold 142,500.00 Intereest Expense 1,805.00 Tax Expense 7,220.00 Sales 250,000.00

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 22Q: The following is select account information for August Sundries. Sales: $850,360; Sales Returns and...

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#3)
Prepare and income statement, statement of owners equty
and balance sheet for Rabid Insect based on the information below
Salary Expense	28,500.00
Rent Expense		14,250.00
Insurance Expense	9,500.00
Depreciation Expense	4,750.00
Miscellaneous Expense	1,900.00
Sales Returns/Allowance	5,000.00
Sales Discounts	7,500.00
Cost of Goods Sold	142,500.00
Accts Payable		30,000.00
Note Payable			solve

Equipment	400,000.00
Accum Depreciation	(160,000.00)
Accts Receivable	20,000.00
Mdse Inventory	60,000.00
Prepiaid Insurance	10,000.00
Cash		100,000.00

Capital 1/1 (beginning)	187,500.00
Drawing		(5,415.00)
Cost of Goods Sold	142,500.00

Intereest Expense	1,805.00
Tax Expense		7,220.00
Sales			250,000.00

Three identical units of merchandise were purchased during July, as follows:

Date	Product Basic H	Units	Cost
3-Jul	Purchase	1	35
10	Purchase	1	36
24	Purchase	1	37
Total		3	$108

	Average cost per unit		$36

Assume one unit sells on July 28 for $45.

Determine the gross profit, cost of merchandise sold, and ending inventory on July 31
using the (a) first-in, first-out, (b) last-in, first-out, and (c) average cost flow methods.

Prepare a bank reconciliation for XYZ on 11/30

Balance per books 11/30	9,920
Balance per bank 11/30	12,170
Deposit in Transit	1,500
Outstanding Checks	1,710
Bank Service Charge	190
Note Collected by bank	2,230

CBC has accounts receivable at year end	620,000.00
Balance in allowance for doubtful accts	12,400.00	credit balance
Sales on account for the year were	868,000.00
The company uses the % of receivables allownace method for bad debt
Prepare the journal entry for bad debt expense at year end if 3% is the expected bad debt

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