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- Inventory analysis Costco Wholesale Corporation (COST) and Wal-Mart Stores Inc. (WMT) compete against each other in general merchandise retailing, gas stations, pharmacies, and optical centers. Below is selected financial information for both companies from a recent year's financial statements (in millions): a. Determine for bom companies (1) the inventory turnover and (2) the days' sales in inventory. Round to one decimal place. b. Compare and interpret the inventory metrics computed in (a).A firm is preparing to make adjusting entries at the end of the accounting period. The balance of the merchandise inventory account is 100,000. If the firm is using the perpetual inventory system, what does this balance represent?Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
- Toby Company had the following sales transactions for March: Mar. 6Sold merchandise on account to Osbourne, Inc., invoice no. 1128, 563.17. 14Sold merchandise on account to Ortiz Company, invoice no. 1129, 823.50. 20Sold merchandise on account to Bailey Corporation, invoice no. 1130, 2,350.98. 24Sold merchandise on account to Shannon Corporation, invoice no. 1131, 1,547.07. Assume that Toby Company had beginning balances on March 1 of 3,569.80 (Sales 411) and 2,450.39 (Accounts Receivable 113). Record the sales of merchandise on account in the sales journal (page 24) and then post to the general ledger.Presented below is selected information related to Metlock, Inc. for the year ended January 31, 2022. Ending inventory per Insurance expense $ 11,150 perpetual records $ 31,180 Rent expense 21,280 Ending inventory actually Salaries and wages expense 55,630 on hand 30,480 Sales discounts 11,090 Cost of goods sold 218,770 Sales returns and allowances 15,740 Freight-out 7,290 Sales revenue 404,680 Prepare the necessary adjusting entry for inventory.On June 1, Calumet Corp. paid $25,000 for inventory previously purchased on account. Which of the following statements is correct with respect to how this transaction should be shown on the transaction worksheet? Select one: a. The cash account will decrease and the deferred revenue account will decrease. b. The inventory account will decrease and the cash account will decrease. c. The cash account will decrease and the accounts payable account will decrease. d. The cash account will decrease and the retained earnings account will decrease. e. The cash account will increase and the accounts payable account will increase.
- The unadjusted trial balance of S&M Corporation as on June 30, 2020 are as follows: Cash $188,640 Salaries and wages expense (sales) $287,640 Inventory 538,640 Salaries and wages expense (office) 349,640 Sales revenue 4,278,640 Purchase returns 18,640 Unearned sales revenue 120,640 Sales returns and allowances 82,640 Purchases 2,789,640 Freight-in 75,640 Sales discounts 37,640 Accounts receivable 146,140 Purchase discounts 30,640 Sales commissions 86,640 Selling expenses 72,640 Telephone and Internet expense (sales) 20,640 Accounting and legal services 36,640 Utilities expense (office) 35,640 Insurance expense (office) 27,640 Miscellaneous office expenses 11,640 Advertising expense 57,640 Rent revenue 243,640 Delivery expense 96,640 Extraordinary loss (before tax) 73,640 Depreciation expense (office equipment) 51,640…The following information relates to extract from financial data of Dorah Willemse Ltd for the ended 31 December 2010: Current assets - R 65000 Current liabilities - R60000 Accounts receivables - R20000 Inventory - R2000 Goodwill - R40000 Sales (on credit) - R365000 Cost of goods sold - R 280000 Calculate the Current Ratio Select one: A. 2.10 to 1 B. 0.10 to 1 C. 0.90 to 1 D. 1.08 to 13. The following records were taken from the books of the Company and its branch on December 31, 2021: (see image below) Expenses incurred by the HO is P382,000 and branch incurred P101,500. In 2021, home office billed the branch at 120% of cost which was lower by 5% than last year’s. The Company applies FIFO inventory system What is the a.combined net income and b. balance of the Unrealized Gain account?
- On November 1, 2025, Alpha Omega, Inc. sold merchandise for $19,000, FOB destination, with payment terms, n/30. The cost of goods sold was $5,700. On November 3, the customer returns on 3 this sale amounted $7,600 of goods purchased. The company received the balance on November 9, 2025. Calculate the cost of goods sold from these transactions.1.The following items were among those that appeared on Rubi Co.’s books at the end of 20X1:Merchandise inventory P600,000Loans to employees 20,000 What amount should Rubi classify as monetary assets in preparing constant peso financial statements? a.0b.20,000c. 600,000d.620,0002. The followimg assets were among those that appeared on Baird’s Co.’s books at the end of the year:Demand bank deposits P650,000Net Long-Term Receivables 400,000Patents and Trademarks 150,000 In preparing constant peso financial statements, how much should Baird classify as monetary assets?a.1,200,000b.1,050,000c.800,000d.650,000The following selected accounts and the current balances apper in the ledger of Anderson Co., for the fiscal year ended May 31, 2020. Advertising Expense $550Cost of Merchandise Sold 7850Customer Refunds Payable 40Delivery Expense 16Depreciation Expense-Office Equipment 50Depreciation Expense-Store Equipment 140Estimated Returns Inventory 22Insurance Expense 48Interest Expense…
