On January 1, 2013, Lindsay Owens opened Picture Perfect, a small retail store that sells picture frames, crafts & art. On June 30, 2014, her accounting records show the following: Store rent $7,000 Sales revenue $90,000 Sales salaries 4,500 Store utilities 1,950 Freight in 600 Purchase of merchandise 36,000 Inventory on June 30, 2014 9,600 Inventory on January1, 2014 12,000 Advertising expense 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.

On January 1, 2013, Lindsay Owens opened Picture Perfect, a small retail store that sells picture frames, crafts & art. On June 30, 2014, her accounting records show the following: Store rent $7,000 Sales revenue $90,000 Sales salaries 4,500 Store utilities 1,950 Freight in 600 Purchase of merchandise 36,000 Inventory on June 30, 2014 9,600 Inventory on January1, 2014 12,000 Advertising expense 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter6: Merchandising Transactions

Section: Chapter Questions

Problem 1PB: Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased...

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On January 1, 2013, Diana Walkers opened Walkers, a small retail store thatsells picture frames, crafts & art. On June 30, 2014, her accounting records show thefollowing:Store rent $7,000 Sales revenue $90,000Sales salaries 4,500 Store utilities 1,950Freight in 600 Purchase of merchandise 36,000Inventory on June 30, 2014 9,600 Inventory on January 1, 2014 12,000Advertising expense 2,300Prepare an income statement for Picture Perfect, a merchandiser, for the period endedJune 30, 2014.
On January 1, 2013, Lindsay Owens opened Picture Perfect, a small retail store that sells picture frames, crafts & art. On June 30, 2014, her accounting records show the following: Store rent $7,000 Sales revenue $90,000 Sales salaries 4,500 Store utilities 1,950 Freight in 600 Purchase of merchandise 36,000 Inventory on June 30, 2014 9,600 Inventory on January1, 2014 12,000 Advertising expense 2,300 Prepare an income statement for Picture Perfect, a merchandiser, for the period ended June 30, 2014. 2. The following information was extracted from the books of Bass Shoe Company, a manufacturer of loafers: Beginning of Year End of Year Raw materials inventory $700,000 $600,000 Work in process inventory 900,000 1,000,000 Finished goods inventory…
On January 1, 2013, Gwen Harvey sells picture frames, crafts & art. On following: opened Silly Sales, a small retail store that June 30, 2014, her accounting records show the Store Rent $7,000 Sales Revenue $90,000 Sales Salaries $4,500 Store Utilities $1,950 Freight in $600 Purchase of Merchandise $36,000 Inventory on June 30th 2014 $9,600 Inventory on January 1, 2014 $12,000 Advertising Expense $2,300 a) Prepare an income statement for Silly Sales, a merchandiser, for the period ended June 30, 2014.
Damon Associates reported the following transactions during September 2017: Sept. 8 Sold $3,000 of merchandise to Bruce Company for cash. The cost of the merchandise was $1,250          10     Owner invested $3,400 into the business.          15     Collected $580 from Lucille Adams on account.          16     Issued a credit memo for $650 to Susan Wilson for merchandise she purchased on credit several days ago. The cost of the returned                   merchandise was $250. Required:             Record the above transactions below in either the cash receipts journal or the general journal. Note: Individual entries will only belong in one of these two journals.
Cherry Lopez runs the Wear Ever Store. The following are some of the transactions during January 2020: 02   Purchased merchandise form Hongkong Wear P44,800 on account. 10   Paid shipping fee of P2,000 for the purchase from Hongkong Wear. 15   Purchased merchandise from Folks Wear, 44,800 on account and paid cash for        freight, P1,400. 20   Paid salaries, P14,000. 25   Ordered and received goods from Bulacan Wear, P10,000 cash. Additional information: Inventory beginning was P200,000 Physical count of goods on January 31 showed unsold inventory of P53,000. CALCULATE THE FOLLOWING AND PREPARE THE COST OF SALES SCHEDULE. Total Purchases for the month of January. Total Goods Available for Sale Cost of Sale
Lisa Company began operations in 2018. For the year ended December 31, 2018, Lisa made available the following information: Total merchandise purchases for the year                                            7,000,000 Merchandise inventory at December 31 1,400,000 Collection from customers 4,000,000 All merchandise was marked to sell at 40% above cost. All sales are on a credit basis and all receivables are collectible. What is the balance of accounts receivable on December 31, 2018?
Smith had the following transactions during March, 2022. 2 4. 5. Smith sold and delivered $13.000 of merchandise to LJ Enterprises. terms 2/10,n30. LJEnterprises also ordered an additional $4,000 worth of goods on the last day of the month. Smith lent $900 to its company president who promised to repay the loan on the 15th day of the next month. Smith sold old storage sheds to Alt Traders on 3/31. Alt Traders gave a $2.000 promissory note to Smith agreeing to pay for the sheds in 3 months. Other current assets totaled $45,000. Smith received no cash arising from the above transactions during March. Based only on the above transactions, and ignoring beginning balances, compute the accounts receivable as a percentage of the total current assets as of month end. (Round answer to 0 decimal places, e.g. 25%.) Accounts Receivable
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42. Assuming all sales were on account, what was the company's Accounts Receivable balance on December 31, 2022? The following information has been extracted from the records of Blue Trading, a dealer of office supplies. P70,000 400,000 Accounts Receivable. December 31, 2021 Collections on accounts receivable in 2022 Cost of Goods available for sale in 2022 Merchandise Inventory, December 31, 2022 Gross profit rate based on sales 460,000 100,000 20%
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 USD 4, 365, 000 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.
entxies Jounal Green Company sells goods to Thumb Inc. on account on January 1, 2017.The goods have a sales price of $312,000 (cost $164,000).The terms of sale are net 30.lf Thumb pays within 5 days, it receives a cash discount of $12,000.Past history indicates that the cash discount will be taken.
Record journal entries for the following transactions of Furniture Warehouse. A. July 5: Purchased 30 couches at a cost of $150 each from a manufacturer. Credit terms are 2/15, n/30, invoice date July 5. B. July 10: Furniture Warehouse returned 5 couches for a full refund. C. July 15: Furniture Warehouse found 6 defective couches, but kept the merchandise for an allowance of $500. D. July 20: Furniture Warehouse paid their account in full with cash.

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bartleby, a Learneo, Inc. business

Store rent	$7,000	Sales revenue	$90,000
Sales salaries	4,500	Store utilities	1,950
Freight in	600	Purchase of merchandise	36,000
Inventory on June 30, 2014	9,600	Inventory on January1, 2014	12,000
Advertising expense	2,300