A gift shop owner purchases items to sell in her store. She purchases a chair for $125 and sells it for $275. Determine the following: a. dollar markup b. markup percentage on cost c. markup percentage on selling price

A gift shop owner purchases items to sell in her store. She purchases a chair for $125 and sells it for $275. Determine the following: a. dollar markup b. markup percentage on cost c. markup percentage on selling price

Name: A gift shop owner purchases items to sell in her store. She purchases
Uploaded: 2024-03-04T10:43:15.000Z
Channel: Bartleby
Description: A gift shop owner purchases items to sell in her store. She purchases a chair for $125 and sells it for $275. Determine the following: a. dollar markup b. markup percentage on cost c. markup percentage on selling price

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter9: Accounting For Receivables

Section: Chapter Questions

Problem 3EB: Consider the following transaction: On February 15, Darling Dolls sells 110 dolls with a sales price...

See similar textbooks

Similar questions

A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. What accounts recognize this return before the retailer remits payment to the manufacturer? A. accounts payable, merchandise inventory B. accounts payable, cash C. cash, merchandise inventory D. merchandise inventory, cost of goods sold
A buyer purchases $250 worth of goods on credit from a seller. Shipping charges are $50. The terms of the purchase are 2/10, n/30, FOB Destination. What, if any, journal entry or entries will the buyer record for these transactions?
If a retailer made a purchase in the amount of $350 with credit terms of 2/15, n/60. What would the retailer pay in cash if they received the discount?
Review the following situations and record any necessary journal entries for Mequon’s Boutique. May 10 Mequon’s Boutique purchases $3,000 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $100 cash. Terms of the purchase are FOB Shipping Point. May 14 Mequon’s Boutique sells $3,700 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon’s of $1,800. Shipping charges are an extra $150 cash. Terms of the sale are FOB Shipping Point. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used. May 10 Purchase - Select - - Select - - Select - - Select - May 10 Shipping charges - Select - - Select - - Select - - Select - May 14 Sale with cash - Select - - Select - - Select - - Select - May 14 Cost of sale - Select - - Select - - Select - - Select -
Mary operates a wholesale business that distributes canned food. She receives a complaint from a customer and accepts $500 worth of product back from the customer that was billed on account. The cost of the product is $300. Which of the following entries is correct? Select one: a. Dr. Sales Returns and Allowances $500, Cr. A/R $500 and Dr. Merchandise Inventory $300, Cr. COGS $300 b. Dr. A/R $500, Cr. Sales Returns and Allowances $500 c. Dr. A/R $500, Cr. Sales Returns and Allowances $500 and Dr. Merchandise Inventory $300, Cr. COGS $300 d. Dr. Sales Returns and Allowances $500, Cr. A/R $500
Review the following situations and record any necessary journal entries for Mequon’s Boutique May 10 Mequon’s Boutique purchases $2,500 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $120 cash. Terms of the purchase are FOB Shipping Point. May 14 Mequon’s Boutique sells $3,000 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon’s of $1,800. Shipping charges are an extra $120 cash. Terms of the sale are FOB Shipping Point. If an amount box does not require an entry, leave it blank. Assume the perpetual inventory system is used.
A jewelry store sells diamond rings, silver charms, gold bracelets and pearl necklace. The proprietor Amanda usually sets a selling price for silver charms based on a markup on cost of 80%. Pearl necklaces have a markup og 60%. All other items are sold 100%. She buys gold bracelets for $125 each. Use this information. What is the selling price of a diamond ring that Amanda purchases for $1,400?
She purchased merchandise costing 75,000 for which she paid freight of 7,500. She sold 60% of the merchandise for 68,000, after spending for various expenses totalling 13,000. She also paid 2,000 for interest on a money she borrowed for her store. Questions 1. How much was her cost of sales? 2. How much gross profit did she make? 3. How much was her net profit?
Review the following situations and record any necessary journal entries for Mequon's Boutique. May 10: Mequon's Boutique purchases $2400 worth of merchandise with cash from a manufacturer. Shipping charges are an extra $130 cash. Terms of the purchase are FOB Shipping Point. May 14: Mequon's Bountique sells $3000 worth of merchandise to a customer who pays with cash. The merchandise has a cost to Mequon's of $1750. Shipping charges are and extra $150 cash. Terms of the sale are FOB Shipping Point.
A photographer buys some merchandise with a list price of $5,000. If the supplier offers trade discount rates of 20/15/5, find the trade discount (in $). (Find the single equivalent discount first.)
A woman’s store sells the following categories of clothing or the following prices : Blouse :GH 14 Skirt:GH 16 Dress:GH 25 Pantyhose:GH 2 pair for GH3 Socks :GH 7 A lady goes to the store on a day when the store has 20% off sale on all skirts.If Yaa buys 2 skirts,1 dress ,and 4 pairs of pantyhose,How much money does lady have to pay ?
Mei-Ling will buy the. items listed below. She has a score-valued card worth $150. The store offers her a 5% discount if she uses her credit card to pay for any part of the purchase. What is the total cost of the purchase after Mei-Ling uses her stored-value card prior to using her credit card? Round to the nearest cent. Item. Cost($) circular area rug. 324.60 ceiling fan 179.99 a $504.59 b $479.36 c $354.59 d $336.86