HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
7th Edition
ISBN: 9780136505273
Author: MILLER-NOBLES
Publisher: PEARSON
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Chapter 5, Problem 5.52PS
(1)
To determine
To prepare: The T-accounts for each item.
Introduction: The financial statements of a company include the balance sheet, income statement, and
2.
To determine
Introduction:
To record: Journalizing and posting December transactions.
3.
To determine
To prepare: Adjusted
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
4.
To determine
To prepare: Single-step income statement, statement of
Introduction: The financial statements of a company include the balance sheet, income statement, and cash flow statement. All these statements help the internal and external users of financial statements help in analyzing and concluding the financial position of the respective company.
5.
To determine
To prepare: Calculation of Gross profit percentage
Introduction: Gross profit is the profit a company makes after deducting the costs associated with making and selling its products, or the costs associated with providing its services. Gross profit will appear on a company's income statement and can be calculated by subtracting the cost of goods sold (COGS) from revenue (sales).
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Car Armour sells car wash cleaners. Car Armour uses a perpetual inventory system and made purchases and sales of a particular
product in 2023 as follows:
Jan. 1 Beginning inventory
Jan. 10 Sold
Mar. 7 Purchased
Mar. 15 Sold
July 28 Purchased
Oct. 3 Purchased
Oct. 5 Sold
Total goods available for sale
Required:
1. Calculate the total goods available for sale (in units and cost).
Number of units sold
Number units remaining in ending inventory
130 units @ $ 6.90
60 units @ $15.40 =
290 units @ $ 6.20 =
120 units @ $15.40 =
540 units @ $ 6.00 =
490 units @ $ 5.90 =
660 units @ $15.40 =
a FIFO
b. Moving weighted average
Units
$
1,450 $
2. Calculate the number of units sold and units remaining in ending inventory.
Cost
Ending
Inventory
897.00
924.00
1,798.00
1,848.00
3,240.00
2,891.00
10,164.00
840
610
3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending inventory and to
goods sold under: (Do not round the intermediate…
Data for the next 6 questions: You are accountant for New Horizon Merchandising Company. New Horizon Merchandising Company buys and sells a product called Zoom. Company uses Perpetual Inventory System with LIFO method for inventory valuation. New Horizon uses Net Method for accounting for its purchases and sales.
On January 1, 2019, New Horizon’s merchandise inventory on hand consisted of the following:
Zoom:
Quantity
Cost per Unit
1st Purchase
200
$4
2nd Purchase
110
$5
New Horizon Company purchased 300 units of Zoom at $5.50 each plus $99 sales taxes. Terms were 2/10, n/30, FOB Shipping Point.Shipping cost was $51.Provide the necessary journal entry to record the transaction.
Debit
Credit
Assume New Horizon paid for the above purchase within discount period. Provide the necessary journal entry to record the transaction.
Debit
Credit
Assume New Horizon paid for the…
Car Armour sells car wash cleaners. Car Armour uses a perpetual Inventory system and made purchases and sales of a particular
product in 2023 as follows:
Jan. 1 Beginning inventory
Jan. 10 Sold
Mar. 7 Purchased
Mar. 15 Sold
July 28 Purchased
oct. 3 Purchased
Oct. 5 sold
Total goods available for sale
Required:
1. Calculate the total goods available for sale (in units and cost).
130 units @s 7.20 - $
60 units @$15.70-
320 units es 6.50 =
120 units @ $15.70 =
570 units @s 6.30-
520 units @s 6.20
710 units @ $15.70-
Units
Number of units sold
Number units remaining in ending inventory
4 FIFO
b Moving weighted average
2. Calculate the number of units sold and units remaining in ending inventory.
936.00
942.00
2,080.00
1,884.00
3,591.00
3,224.00
11,147.00
Cost
3. Determine the share of the cost of goods available for sale calculated in Part 1 that should be assigned to ending Inventory and to
goods sold under: (Do not round the Intermediate calculations and round the final answers to…
Chapter 5 Solutions
HORNGREN'S FINANCIAL & MANGERIAL ACCOUNT
Ch. 5 - Which account does a merchandiser use that a...Ch. 5 - The two main inventory accounting systems are the...Ch. 5 - The journal entry for the purchase of inventory on...Ch. 5 - JC Manufacturing purchase d inventory for 5,300...Ch. 5 - Prob. 5QCCh. 5 - Suppose Daves Discounts Merchandise Inventory...Ch. 5 - Which of the following accounts would be closed at...Ch. 5 - What is the order of the subtotals that appear on...Ch. 5 - Prob. 9QCCh. 5 - Prob. 10AQC
Ch. 5 - Prob. 11BQCCh. 5 - What is a merchandiser, and what is the name of...Ch. 5 - Prob. 2RQCh. 5 - Describe the operating cycle of a merchandiser.Ch. 5 - What is Cost of Goods Sold (COGS), and where is it...Ch. 5 - How is gross profit calculated, and what does it...Ch. 5 - What are the two types of inventory accounting...Ch. 5 - What is an invoice?Ch. 5 - What account is debited when recording a purchase...Ch. 5 - Prob. 9RQCh. 5 - What is a purchase return? How does a purchase...Ch. 5 - Prob. 11RQCh. 5 - How is the net cost of inventory calculated?Ch. 5 - What are the two journal entries involved when...Ch. 5 - Prob. 14RQCh. 5 - When granting a sales allowance, is there a return...Ch. 5 - Prob. 16RQCh. 5 - Prob. 17RQCh. 5 - Prob. 18RQCh. 5 - What are the four steps involved in the closing...Ch. 5 - Prob. 20RQCh. 5 - Prob. 21RQCh. 5 - Prob. 22RQCh. 5 - Prob. 23RQCh. 5 - Prob. 24ARQCh. 5 - Prob. 25BRQCh. 5 - Prob. 26BRQCh. 5 - Prob. 27BRQCh. 5 - Prob. 28BRQCh. 5 - Prob. 29BRQCh. 5 - Prob. 30BRQCh. 5 - Prob. 31BRQCh. 5 - Comparing periodic and perpetual inventory systems...Ch. 5 - Prob. 5.2SECh. 5 - Prob. 5.3SECh. 5 - Prob. 5.4SECh. 5 - Prob. 5.5SECh. 5 - Prob. 5.6SECh. 5 - Prob. 5.7SECh. 5 - Prob. 5.8SECh. 5 - Prob. 5.9SECh. 5 - Prob. 5.10SECh. 5 - Prob. 5.11SECh. 5 - Prob. 5.12SECh. 5 - Prob. 5.13SECh. 5 - Prob. 5.14SECh. 5 - Prob. 5.15SECh. 5 - Prob. 5.16SECh. 5 - Prob. 5.17SECh. 5 - Prob. 5.18SECh. 5 - Prob. 5.19SECh. 5 - For all exercises, assume the perpetual inventory...Ch. 5 - Journalizing purchase transactions from an invoice...Ch. 5 - Prob. 5.22ECh. 5 - Prob. 5.23ECh. 5 - Prob. 5.24ECh. 5 - Prob. 5.25ECh. 5 - Use the following information to answer Exercises...Ch. 5 - Prob. 5.27ECh. 5 - Prob. 5.29ECh. 5 - Prob. 5.30ECh. 5 - Prob. 5.31ECh. 5 - Prob. 5.32ECh. 5 - Prob. 5.33ECh. 5 - Prob. 5.34ECh. 5 - Prob. 5.35ECh. 5 - Prob. 5.36APCh. 5 - Prob. 5.37APCh. 5 - Prob. 5.38APCh. 5 - Prob. 5.39APCh. 5 - Prob. 5.40APCh. 5 - Prob. 5.41APCh. 5 - Prob. 5.42APCh. 5 - Prob. 5.43BPCh. 5 - Prob. 5.44BPCh. 5 - Prob. 5.45BPCh. 5 - Prob. 5.46BPCh. 5 - Prob. 5.47BPCh. 5 - Prob. 5.48BPCh. 5 - Prob. 5.49BPCh. 5 - Prob. 5.50CPCh. 5 - Prob. 5.51CPCh. 5 - Prob. 5.52PSCh. 5 - Prob. 5.1CTDCCh. 5 - Prob. 5.1CTEICh. 5 - Prob. 5.1CTFC
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