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Samantha Corporation purchased inventory costing $140,000 and sold 70% of the goods for $173,000. All purchases and sales were on account. Samantha later collected 30% of the accounts receivable. Assume that sales returns are nonexistent. Read the requirements. Cash Accounts Accounts Receivable Debit 51,900 Credit 51,900 2. For these transactions, show what Samantha will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0. (If an input field is not used in the table leave the field empty; do not enter a label or enter a zero.) Determine what the company will report on the balance sheet: Balance Sheet

Samantha Corporation purchased inventory costing $140,000 and sold 70% of the goods for $173,000. All purchases and sales were on account. Samantha later collected 30% of the accounts receivable. Assume that sales returns are nonexistent. Read the requirements. Cash Accounts Accounts Receivable Debit 51,900 Credit 51,900 2. For these transactions, show what Samantha will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0. (If an input field is not used in the table leave the field empty; do not enter a label or enter a zero.) Determine what the company will report on the balance sheet: Balance Sheet

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Samantha Corporation purchased inventory costing $140,000 and sold 70% of the goods for $173,000. All purchases and sales were on account. Samantha later collected 30% of the accounts receivable. Assume that sales returns are nonexistent. Read the requirements. Cash Accounts Accounts Receivable Debit 51,900 C Credit 51,900 2. For these transactions, show what Samantha will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0. (If an input field is not used in the table leave the field empty; do not enter a label or enter a zero.) Determine what the company will report on the balance sheet: Balance Sheet
Transcribed Image Text:Samantha Corporation purchased inventory costing $140,000 and sold 70% of the goods for $173,000. All purchases and sales were on account. Samantha later collected 30% of the accounts receivable. Assume that sales returns are nonexistent. Read the requirements. Cash Accounts Accounts Receivable Debit 51,900 C Credit 51,900 2. For these transactions, show what Samantha will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0. (If an input field is not used in the table leave the field empty; do not enter a label or enter a zero.) Determine what the company will report on the balance sheet: Balance Sheet
Requirements 1. Journalize these transactions for Samantha, which uses the perpetual inventory system. - X 2. For these transactions, show what Samantha will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0. Print Done
Transcribed Image Text:Requirements 1. Journalize these transactions for Samantha, which uses the perpetual inventory system. - X 2. For these transactions, show what Samantha will report for inventory, revenues, and expenses on its financial statements at the end of the month. Report gross profit on the appropriate statement. Assume beginning inventory is $0. Print Done
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