Assume that Guardian Company uses a periodic inventory system and has these account balances: Purchases P500,000; Purchase Returns and Allowances P14,000; Purchase Discounts P9,000; and Freight-in P15,000. Determine net cost of purchases.

The following information were taken from the 2019 balance sheet and income statement for WAY retailer:Net salesOR 1,937.80Cost of goods soldOR 1,151.70Operating expensesOR 447.20InventoryOR 186.10Accounts receivableOR 78.00Other current assetsOR 422.70EquipmentOR 400.00Distribution centersOR 140.00Long-term liabilitiesOR 320.00Calculate (you need to show your calculations; not acceptable to show only a final number):1. Asset turnoverWhat does this number mean? ______________________________________2. Return on AssetWhat does this number mean? ______________________________________3. Net profit marginWhat does this number mean? ______________________________________

Which of the following entries would be made to record the purchase of inventory on account for $12,000, if a company uses the perpetual inventory system? O A. Merchandise Inventory 12,000 Accounts Payable 12,000 B. Accounts Payable 12,000 Merchandise Inventory 12,000 C. Cash 12,000 Merchandise Inventory 12,000 D. Merchandise Inventory 12,000 Cash 12,000

Travis Company purchased merchandise on account from a supplier for $12,000, terms 2/10, net 30. Travis Company paid for the merchandise within the discount period. Under a perpetual inventory system, record the journal entries required for the above transactions. If an amount box does not require an entry, leave it blank.

Presented below are transactions related to Bonita, Inc. Bonita uses the periodic inventory method. May 10 (a) 11 19 24 Purchased goods billed at $11,500 subject to cash discount terms of 2/10, n/60. Purchased goods billed at $13,000 subject to terms of 1/15, n/30. Paid invoice of May 10. Purchased goods billed at $14,000 subject to cash discount terms of 2/10, n/30. Prepare general journal entries for the transactions above under the assumption that purchases are to be recorded at net amounts after cash discounts and that discounts lost are to be treated as financial expense. (If no entry is required, select "No entry" for the account titles and enter O for the amounts. Round answers to O decimal places, e.g. 6,578, Credit account titles are automatically indented when amount is entered. Do not indent manually.) Date V Account Titles and Explanation Debit Credit D

Calculate the cost of goods sold for a merchandiser using the periodic inventory system from the following details. Purchases Beginning Merchandise Inventory Purchase Returns and Allowances Purchase Discounts Freight In Ending $510,000 175,000 50,000 12,000 18,000 160,000 Merchandise Inventory $510,000 $481,000 $499,000 $801.000

On September 1, Dayne Ltd. purchased $9,500 of inventory items on credit with the terms 1/15, net 30, FOB destination. Freight charges were $200. Payment for the purchase was made on September 18. Assuming Dayne Ltd. uses the perpetual inventory system and the net method of accounting for purchase discounts, what amount is recorded as accounts payable from this purchase? Select one: a. $9,500. O b. $9,605. O c. $9,405. O d. $9,700.

Hirsch Company buys inventory for $30,000 on terms of 1/10, n/30. It pays within the discount period.   Required: 1. Prepare the journal entries to record the purchase and the payment under both the (a) gross price and (b) net price methods. Assume that Hirsch uses a periodic inventory system. 2. Prepare the journal entries to record the purchase and payment under both the (a) gross price and the (b) net price methods. Assume that Hirsch uses a perpetual inventory system. CHART OF ACCOUNTS Hirsch Company General Ledger   ASSETS 111 Cash 121 Accounts Receivable 131 Inventory 142 Prepaid Insurance 181 Equipment 198 Accumulated Depreciation   LIABILITIES 211 Accounts Payable 224 Interest Payable 231 Salaries Payable 241 Accrued Loss on Purchase Commitment   EQUITY 311 Common Stock 331 Retained Earnings   REVENUE 411 Sales Revenue   EXPENSES 500 Cost of Goods Sold 510 Purchases 511…

Shankar Company uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 2 for $48,000, with terms 4/10, n/30. On February 10, the company pays on account for the inventory. Required: (a) Determine the financial statement effects for the inventory purchase on account on February 2. (b) Determine the financial statement effects for the payment on February 10. Complete this question by entering your answers in the tabs below. Required a Required b Determine the financial statement effects for the inventory purchase on account on February 2. (Amounts to be deducted should minus sign.) Revenues Income Statement Expenses Net Income

Assume that Telca Co. uses perpetual inventory system. The following are the transactions that occurred. Journalize Purchased merchandise amounting to 9, 000 from Racer Company with terms 3/10, net/30 on March 6. > Paid freight on purchase from Racer Company with an amount 500 on March 7. > Returned merchandise to Racer Company 2,000 on March 9. > Paid Racer Company in full on March 16. > On March 25, Telca Co. sold merchandise purchased from Racer Company, which cost 1,700 to a customer on account at a gross profit of 15%.