Take me to the text The following information was taken from the financial records of Thornhill Public House, owned by Justin Thonhill at its year end of February 28, 2021. The company uses the periodic inventory system and combines its beverage and food inventory in a single account. Freight-In Interest Expense Inventory, March 1, 2020 Inventory, February 28, 2021 Purchase Returns and Allowances Purchases Rent Expense Salaries & Wages Expense Sales Discounts Sales Revenue Purchases Required a) Calculate the Cost of Sales. Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Inventory, March 1, 2020 Purchase Returns and Allowances $ Net Purchases Freight-In Subtotal Cost of Goods Available for Sale $1,330 $2,830 $161,440 $127,910 $10,180 $105,710 $29,540 $44,300 $9,940 $267,180 Inventory, February 28, 2021 S

Take me to the text The following information was taken from the financial records of Thornhill Public House, owned by Justin Thonhill at its year end of February 28, 2021. The company uses the periodic inventory system and combines its beverage and food inventory in a single account. Freight-In Interest Expense Inventory, March 1, 2020 Inventory, February 28, 2021 Purchase Returns and Allowances Purchases Rent Expense Salaries & Wages Expense Sales Discounts Sales Revenue Purchases Required a) Calculate the Cost of Sales. Do not enter dollar signs or commas in the input boxes. Do not use negative signs. Inventory, March 1, 2020 Purchase Returns and Allowances $ Net Purchases Freight-In Subtotal Cost of Goods Available for Sale $1,330 $2,830 $161,440 $127,910 $10,180 $105,710 $29,540 $44,300 $9,940 $267,180 Inventory, February 28, 2021 S

Financial Accounting

15th Edition

ISBN:9781337272124

Author:Carl Warren, James M. Reeve, Jonathan Duchac

Publisher:Carl Warren, James M. Reeve, Jonathan Duchac

Chapter6: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 9PB: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as...

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On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Instructions 1. Does Simkins Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Simkins Company for the year ended June 30, 2019. The merchandise inventory as of June 30, 2019, was 508,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
On December 31, 2019, the balances of the accounts appearing in the ledger of Wyman Company are as follows: Instructions 1. Does Wyman Company use a periodic or perpetual inventory system? Explain. 2. Prepare a multiple-step income statement for Wyman Company for the year ended December 31, 2019. The merchandise inventory as of December 31, 2019, was 305,000. The adjustment for estimated returns inventory for sales for the year ending December 31, 2019, was 30,000. 3. Prepare the closing entries for Wyman Company as of December 31, 2019. 4. What would the net income have been if the perpetual inventory system had been used?
Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Record the following transactions on Page 21 of the journal: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for May, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of stockholders equity, and a balance sheet. Assume that additional common stock of 10,000 was issued in January 20Y6. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the retained earnings account. 10. Prepare a post-closing trial balance.
Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2016 (unless otherwise indicated), are as follows: During May, the last month of the fiscal year, the following transactions were completed: Instructions 1. Enter the balances of each of the accounts in the appropriate balance column of a four-column account. Write Balance in the item section, and place a check mark () in the Posting Reference column. Journalize the transactions for July, starting on Page 20 of the journal. 2. Post the journal to the general ledger, extending the month-end balances to the appropriate balance columns after all posting is completed. In this problem, you are not required to update or post to the accounts receivable and accounts payable subsidiary ledgers. 3. Prepare an unadjusted trial balance. 4. At the end of May, the following adjustment data were assembled. Analyze and use these data to complete (5) and (6). 5. (Optional) Enter the unadjusted trial balance on a 10-column end-of-period spreadsheet (work sheet), and complete the spreadsheet. 6. Journalize and post the adjusting entries. Record the adjusting entries on Page 22 of the journal. 7. Prepare an adjusted trial balance. 8. Prepare an income statement, a statement of owners equity, and a balance sheet. 9. Prepare and post the closing entries. Record the closing entries on Page 23 of the journal. Indicate closed accounts by inserting a line in both the Balance columns opposite the closing entry. Insert the new balance in the owners capital account. 10. Prepare a post-closing trial balance.
Periodic Inventory System Raynolde Company uses a periodic inventory system. At the end of the year, the following information is available: Required: Prepare a schedule to compute Raynoldes cost of goods sold.
A čompany uses a perpetual system to record inventory transactions. The company purchases inventory on account on February 9, 2021, for $57,000 and then sells this inventory on account on March 7, 2021, for $74,000. Record the transactions for the purchase and sale of the inventory. (If no entry is required for a particular transaction/event, select "No Journal Entry Required" in the first account field.) View transaction list EX: ...... Record the purchase of inventory on account. 2 Record the sale of inventory on account. Record the cost of inventory sold. Credit Note : journal entry has been entered %3D View general journal Clear entry Record entry
Selected information from the statement of financial position of FAIRVIEW Company at November 30 and December 31, 2021 is presented below. The company uses the perpetual inventory system and all sales and purchases were made on credit. How much is the wages expense for the month of December?
The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $644,363 Merchandise Inventory 580,620 Sales Discounts 58,050 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 226,598 Rent Expense 15,070 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,890 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,690 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 Question Content Area A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
The Income Statement section of the Johnson Company worksheet for the year ended December 31, 2019, has $185,000 recorded in the Debit column and $208,744 in the Credit column on the line for the Income Summary account. What were the beginning and ending balances for Merchandise Inventory? Beginning merchandise inventory Ending merchandise inventory
The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $644,363 Merchandise Inventory 580,620 Sales Discounts 58,050 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 226,598 Rent Expense 15,070 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,890 Accounts Receivable 102,440 Office Supplies Expense 1,600 Rent Revenue 23,690 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 Question Content Area D. Prepare a multi-step income statement for the year ended December 31, 2019.
The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $644,363 Merchandise Inventory 578,620 Sales Discounts 58,000 Interest Expense 3,677 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 228,598 Rent Expense 15,060 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 100,440 Office Supplies Expense 1,600 Rent Revenue 23,670 Sales Salaries Expense 30,410 Accounts Payable 135,404 Common Stock 59,419 Marketing Expense 31,000 A. Use the data provided to compute net sales for 2019. B. Prepare a simple income statement for the year ended December 31, 2019. C. Compute the gross margin for 2019. D. Prepare a multi-step income statement for the year ended December 31, 2019.
The following selected account data is taken from the records of Reese Industries for 2019. Assume the perpetual inventory system is used. Sales $644,363 Merchandise Inventory 578,620 Sales Discounts 58,000 Interest Expense 3,677 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 228,598 Rent Expense 15,060 Depreciation Expense-Office Equipment 3,600 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 100,440 Office Supplies Expense 1,600 Rent Revenue 23,670 Sales Salaries Expense 30,410 Accounts Payable 135,404 Common Stock 59,419 Marketing Expense 31,000 a. Prepare a multi-step income statement for the year ended December 31, 2019