Barbie Merchandising Company Adjusted Trial Balance For the Period Ended December 31, 2020 Account Title కులు Sales returns and allowances Sales discount Purchases Purchase returns and allowances Purchase discount Freight in Selling expese Gen and administrative expense Total Debit, Credit P1.652.000, P35.000 13:000 1.120.500 70,000, 55.000 40,000 P2,322,000 P2,322,000 Beginning and ending balance of Merchandise Invertcry amouted to P56.500 and P65 respectively How much is the net profe
Q: Direction: Journalize the given transactions below of BAM General Merchandise on the month of May…
A: Journal is a book in which all business transactions are recorded in the order in which they occur,…
Q: Adjustments for a Merchandising Business: Perpetual Inventory System with Sales Returns and…
A: Merchandise inventory TB $148,000 Estimated Return Inventory TB $800 (2)…
Q: Purchase with Trade Discount and Sales Discount On May 30, Cecil Company purchased merchandise on…
A: Cecil Company purchase Goods from Ricci Company on credit Ricci Company provide 25% Trade discount…
Q: the worksheet at the end of May 2020. Complete the worksheet by extending amounts reported in the…
A: Trial balance is the summary of all general ledger account balances of the business. Income…
Q: KINDLY CHECK IF THE ENTRIES IS CORRECT ON THIS ONE PLEASE USE PERIODIC INVENTORY SYSTEM
A: Periodic inventory system can be defined as the inventory valuation technique, which keeps the…
Q: Ing accounts are extracted from the worksheet of X Compan mber 31, 2020: Cost of Goods Sold Freight…
A: Inventory balance at the end depends on cost of goods sold and purchased done and beginning…
Q: 2. The Following Account balances are taken from the books of Winterfell Merchandising for the year…
A: Income statement: The income statement determines the net income of the business by subtracting the…
Q: Fabrika Enterprise (FE) is a retail business which sells fabric. FE uses a perpetual inventory…
A: Journal: Journal is used to record business transactions of an enterprises In FOB shipping point,…
Q: The following information pertains to the Leopoldo Valdez School Chairs: Transportation in…
A: The cost of goods sold section includes the details about all the inventory, purchases, returns,…
Q: A. Read and analyze the adjusted trial balance of AVETOR Hardware for the year ending 31 December…
A: Financial statement has 3 components, they are Statement of Comprehensive Income Statement of…
Q: ADJUSTMEl\'TS FOR A MERCHANDISING BUSINESS: PERPETUAL INVENTORY SYSTfu\1WITH SALES RETURNS AND…
A: Financial accounting of a firm starts with recording the financial transactions in the journal and…
Q: 2. On April 18, 2020, C Company purchased merchandise from Z Company amounting to P80,000 under the…
A: Cost of merchandise: The cost of products sold by a wholesaler or retailer is known as the cost of…
Q: 2-36. COST OF GOODS PURCHASED, COST OF GOODS SOLD, AND INCOME STATEMENT. The following data are for…
A: Cost of goods purchased is net cost of goods which are purchased from outside. Cost of goods sold is…
Q: Transportation In Merchandise Inventory, 1/1/2020 Merchandise Inventory, 12/31/2020 Purchases…
A: Cost of Goods Sold = Opening Inventory + Purchase - Closing Inventory.
Q: View Policies Current Attempt in Progress Company A purchases $1,200 of merchandise from Company B…
A: Inventory: It includes all the materials and goods that are held by an entity for the resale to the…
Q: The following information pertains to the Leopoldo Valdez School Chairs: Transportation In…
A: Cost of goods sold refers to the total direct costs incurred by the entity in relation to goods that…
Q: Using the following information, what is the amount of mercl Purchase discounts $778 Merchandise…
A: Calculation of Merchandise available for sale Particular Amount ($) Merchandise Inventory on…
Q: TB 06-60 On June 15, a retailer purchases merchandise on account On June 15, a retailer purchases…
A: Journal entries refer to the recording of transactions in an appropriate way. With the help of…
Q: 3. Shipping Terms and Inventoriable Cost. Super Sale Club reported inventory of P36,400 at December…
A: An inventory is supervision of non capitalized assets and stock items. It is physical stock of…
Q: On June 30, 2019, the balances of the accounts appearing in the ledger of Simkins Company are as…
A: Multiple income statement: Multiple income statement is a statement that records the operating…
Q: Golden Furniture in Muscat follows periodic inventory method. The business Purchased Merchandise 100…
A: Periodic inventory system. A system of inventory management under which after conducting the…
Q: Travis Company purchased merchandise on account from a supplier for $10,700, terms 2/10, net 30.…
A: As per perpetual inventory system, purchases increases the merchandise inventory which is an asset…
Q: Golden Furniture in Muscat follows periodic inventory method. The business Purchased Merchandise 100…
A: This question deals with the concept of discount benefits given for early payment. There are many…
Q: Journalizing Sales and Purchase-Related Transactions Detoya Distributors and Naranjo Retailers…
A: Prepare the journal entries in the books of D distributors: Date Description Post.Ref Debit…
Q: Hereunder are the nominal or temporary accounts of Lydia Merchandising on December 31, 2019.…
A: Since you have posted a question with multiple sub-parts, we will solve first three subparts for…
Q: The following amounts appeared on Plymouth Electronics' adjusted trial balance as of December 31,…
A: Income statement represents the net income or loss that is calculated by deducting the expenses from…
Q: G. The following information pertains to the Leopoldo Valdez School Chairs: P 172,000 1,200,000…
A: Note: As per the policy we are supposed to solve one question at a time, Since Question G is the…
Q: Hong Cha-young Company began operations late in 2020. For the first quarter ended March 31, 2020,…
A: Accounts Payable:- It is a current liabilities which has to be paid within a year and it appears in…
Q: Department A Department B Total Merchandise Inventory, January 1 $ 47,000 $ 17,000 $ 64,000…
A: The income statement estimates a company's net income by decreasing the total expenses from total…
Q: Golden Furniture in Muscat follows periodic inventory method. The business Purchased Merchandise 100…
A: As per periodic inventory system, inventory records are updated periodically. Inventory records are…
Q: a. Differentiate between periodic inventory system and perpetual inventory system from an accounting…
A: The question has covered the concept of Periodic and perpetual method of Inventory Periodic Method:-…
Q: Question 2 Skyline Inc. has the following transactions during May, 2020. • May 10 Purchased goods…
A: The journal entries are prepared to keep the record of day to day transactions of the business.
Q: Purchase-Related Transactions Oppenheimer Company purchased merchandise on account from a supplier…
A: Discount is a benefit offered by a seller to the buyer for the payment done within the time period…
Q: Andy Company records its purchases at gross but wishes to change to recording purchases at net.…
A: WHEN PURCHASES ARE RECORDED USING THE NET METHOD , PURCHASES AND ACCOUNTS PAYABLE ARE RECORDED AT AN…
Q: Ayayai Company provides the following information for the month ended October 31, 2020: sales on…
A: The income statement is the financial statement of the business which records the revenues and…
Q: Assets Merchandise Inventory ______ __________ Estimated Returns Inventory ________…
A: Trial balance refers to the list of all the general ledger accounts contained in the ledger of a…
Q: Towbin Products sells merchandise On credit for $7,000 on December 1, 2019. The merchandise cost…
A: The answer is stated below:
Q: Quiz: Periodic Inventory System Bedazzle Department Store is located in midtown Metropolis. At the…
A: Since we answer only first three sub-parts, we shall answer first three. Please resubmit a new…
Q: Journalize each of the following transactions assuming a perpetual inventory system and PST at 8%…
A: Journal Entry: Journal entry is the act of keeping records of transactions in an accounting journal.…
Q: On the Income Statement, what would the Gross Profit be for Lion Consulting?
A: Solution Income statement is the financial statement that is prepared to present the income earned…
Q: Ceries Merchandising Unadjusted Trial Balance June 30, 2015 Account Title Debit Credit Cash…
A: Before financial statements can be created, adjusting entries are required to update all account…
Q: I computed 72,540 but is checked wrong why?
A: "LIFO" stands for last-in, first-out, meaning that the recently purchased inventory items are…
Q: Differentiate between periodic inventory system and perpetual inventory system from an accounting…
A: Inventory is the term which is defined as the goods and materials which the business holds for the…
Q: Ibri traders returned goods to Muscat mart, a supplier of RO 1,700, purchased on 8th May,2019. The…
A: Answer- A purchase return occurs when a buyer returns merchandise to a seller. When a buyer…
Q: The trial balance of Skysong Inc at the end of its fiscal year, August 31, 2022, indudes these…
A: Cost of goods sold = Beginning inventory + Net Purchases - Ending inventory
Step by step
Solved in 2 steps with 2 images
- Appendix 1 Adjusting entry for gross method The following data were extracted from the accounting records of Sacajawea Mercantile Co. for the year ended June 30, 20Y4: a. Journalize the June 30, 20Y4, adjusting entry for estimated sales discounts. b. How would sales and accounts receivable be reported on the financial statements for the year ending June 30, 20Y4?Retail Inventory Method Turner Corporation uses the retail inventory method. The following information relates to 2019: Required: Compute the cost of the ending inventory under each of the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places): 1. FIFO 2. average cost 3. LIFO 4. lower of cost or market (based on average cost)Retail Inventory Method EKC Company uses the retail inventory method. The following information for 2019 is available: Required: Compute the cost of the ending inventory under each of the following cost flow assumptions (round the cost-to-retail ratio to 3 decimal places): 1. FIFO 2. average cost 3. LIFO 4. lower of cost or market (based on average cost)
- Retail Inventory Method The following data were available from Hegge Department Stores records for the year ended December 31, 2019: Required: Using the retail method, what is the estimate of the merchandise inventory at December 31, 2019, valued at the lower of cost or market: Round the cost-to-retail ratio to 3 decimal places.Perpetual versus Periodic Inventory Systems Howard, Inc. is a merchandising company that began operations on January 1, 2019. During January, the following inventory transactions occurred: Required: 1. Assume that Howard uses a perpetual inventory system. Prepare the journal entries to record the January inventory transactions. 2. Assume that Howard uses a periodic inventory system. Prepare the journal entries to record the January inventory transactions. Be sure to include any adjusting entries necessary. 3. Next Level Howards CEO states that a perpetual inventory system would result in a better inventory valuation. Evaluate this statement and provide a discussion of the benefits of each type of inventory system.Dollar-Value LIFO Retail Intella Inc. adopted the dollar-value retail LIFO method on January 1, 2018. The following data apply to the 4 subsequent years: In addition, the following price indexes are available: Required: Compute the inventory at the end of each of the 4 years. Round the cost-to-retail ratio to 3 decimal places.
- Cost of Goods Sold, Income Statement. and Statement of Comprehensive Income Gaskin Company derives the following items from its adjusted trial balance as of December 31, 2019: The following; additional information is also available. The December 31, 2019, ending inventory is 14,700. During 2019, 4,200 shares of'common stock were outstanding the entire year. The income tax rate 30% on all items of income. Required: 1. As a supporting document for Requirements 2 and 3, prepare a separate schedule for Gaskins cost of goods sold. 2. Prepare a 2019 single-step income statement. 3. Prepare a 2019 multiple-step income statement. 4. Prepare a 2019 statement of comprehensive income.The 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…company A issues an invoice upon selling its product to company bBelow is the information extracted from the invoiceprice : $ 100quantity: 50Term: n/3; 2/10date : 2022-oct-10 find the discount amount? and discount period?
- Record the following through the use of special journals The following are selected transactions for KnK Enterprises on September 2020. All transactions involving sale and purchase of goods and services are VAT-inclusive, except sale and purchase transactions quoted at a list price, in which case, 12% VAT will be computed and added to the invoice price. 03-Sep Bought merchandise from Min Ho Trading, P48,160, term: 2/10, 1/20, n/30 03-Sep FOB Shipping point, Freight prepaid: P2,240 04-Sep Received a credit memorandum from Min Ho Trading for defective merchandise returned, P3,360. 06-Sep Sold merchandise to Bee Hun, P16,800; term: 2/10, n/30 09-Sep Purchased a cash register from Jun Song for P23,520; terms: P6,720 downpayment, balance in 2 equal monthly installments. 10-Sep Received a 20-day, 15% note from Seo Park, in exchange for loan of P15,000 extended to him 11-Sep Bought additional store supplies on credit from Bo Goom, P4,200. 13-Sep Paid Min Ho…Existence of Accounts ReceivableTo substantiate the existence of the accounts receivable balances as at December 31, 2020 of Guipetacio Company, you have decided to send confirmation requests to customers. Below is a summary of the confirmation replies together with the exceptions and audit findings. Gross profit on sales is 20%. The company is under the perpetual inventory method. Customer Balances per Books (in PHP) Comments from customers Audit Findings Abejo 50,000 P30,000 on January 2,2021. Correct balance is20,000. Returned goods receivedJanuary 5, 2021. Pacturan 10,000 Your credit memorepresenting priceadjustment datedDecember 29. 2020cancels this. The credit memo wastaken up by Pacturan in2021 Badilla 48,000 You have overpriced usby P50. Correct priceshould be P100. The complaint is valid. Villaranda 37,500 We received the goodsonly on January 5, 2021. Term is shipping pointshipped in 2020. Dacer 45,000 Balance was offset by ourDecember shipment ofyour raw…Existence of Accounts ReceivableTo substantiate the existence of the accounts receivable balances as at December 31, 2020 of Guipetacio Company, you have decided to send confirmation requests to customers. Below is a summary of the confirmation replies together with the exceptions and audit findings. Gross profit on sales is 20%. The company is under the perpetual inventory method. Customer Balances per Books (in PHP) Comments from customers Audit Findings Abejo 50,000 P30,000 on January 2,2021. Correct balance is20,000. Returned goods receivedJanuary 5, 2021. Pacturan 10,000 Your credit memorepresenting priceadjustment datedDecember 29. 2020cancels this. The credit memo wastaken up by Pacturan in2021 Badilla 48,000 You have overpriced usby P50. Correct priceshould be P100. The complaint is valid. Villaranda 37,500 We received the goodsonly on January 5, 2021. Term is shipping pointshipped in 2020. Dacer 45,000 Balance was offset by ourDecember shipment ofyour raw…