Please answer ucation.comMQuestion 5 - HOMEWORK CHAPTER 4 - ConnectC Use The May 31 FiRK CHAPTER 4Savedsupplies expense, and advertising expense. It categorizes the remaining expenses as general and administratAdjusted Account BalancesMerchandise inventory (ending)Other (non-inventory) assetsTotal liabilitiesCommon stockRetained earningsDividendsDebit$ 33,500134,000Credit$ 38,69367,02945,0958,000Sales229,140Sales discountsSales returns ànd allowancesCost ofSales salaries expenseRent expense-Selling spaceStore supplies expenseAdvertising expenseOffice salaries expenseRent expense-Office spaceOffice supplies expense3,50615,12389,12931,39210,7702,75019,47728,6432,750917goods soldTotals$ 379,957$ 379,957Beginning merchandise inventory was $27,035. Supplementary records of merchandising activities for the year endAugust 31 reveal the following itemized costs.Invoice cost of merchandise purchasesPurchases discounts receivedPurchases returns and allowancesCosts of transportation-in$ 98,4902,0684,7283,900Required:1. Compute the company's net sales for the year.2. Compute the company's total cost of merchandise purchased for the year.3. Prepare a multiple-step income statement that includes separate categories for net sales, cost of goods sold, selling expergeneral and administrative expenses.4. Prepare a single-step income statement that includes these expense categories: cost of goods sold, selling expenses, andand administrative expenses.< Prev5 of 5NextDD000F2F3F4F6F6F7FBF9@%232$&23457CO SavedInvoice cost of merchandise purchasesPurchases discounts received$ 98,4902,0684,7283,900Purchases returns and allowancesCosts of transportation-inntsRequired:1. Compute the company's net sales for the year.2. Compute the company's total cost of merchandise purchased for the year.3. Prepare a multiple-step income statement that includes separate categories forgeneral and administrative expenses.4. Prepare a single-step income statement that includes these expense categoriesand administrative expenses.SkippedeBookComplete this question by entering your answers in the tabs below.PrintRearired 3Required 4Required 1Required 2ReferencesPrepare a multiple-step income statement that includes separate categories for net sales,and general and administrative expenses.VALLEY COMPANYIncome StatementFor Year Ended August 31Expenses( Prev5 of 5NextMcGrawHill

Working Notes :- Cost of Goods Sold Particulars…

expense, and advertising expense. It categorizes the remaining expenses a Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales Debit $ 33,500 134,000 Credit $ 38,693 67,029 45,095 8,000

expense, and advertising expense. It categorizes the remaining expenses a Adjusted Account Balances Merchandise inventory (ending) Other (non-inventory) assets Total liabilities Common stock Retained earnings Dividends Sales Debit $ 33,500 134,000 Credit $ 38,693 67,029 45,095 8,000

Corporate Financial Accounting

14th Edition

ISBN:9781305653535

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

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

Chapter5: Accounting For Merchandising Businesses

Section: Chapter Questions

Problem 5.5APR: Multiple-step income statement and balance sheet The following selected accounts and their current...

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Appendix Periodic inventory accounts, multiple-step income statement, closing entries On June 30, 2018, the balances of the accounts appearing in the ledger of Simkins Company are as follows: Cash 125,000 Dividends 275,000 Accounts Receivable 72,000 Sales 6,590,000 Inventory, July 1, 2017 415,000 Purchases 4,100,000 Estimated Returns Inventory, July 1,2017 25,000 Purchases Returns and Allowances 32,000 Purchases Discounts 13,000 Office Supplies 9,000 Freight In 45,000 Prepaid Insurance 18,000 Sales Salaries Expense 580,000 Land 300,000 Advertising Expense 315,000 Store Equipment 550,000 Delivery Expense 18,000 Accumulated Depreciation Store Equipment 190,000 Depreciation Expense Store Equipment 12,000 Office Equipment 250,000 Miscellaneous Selling Expense 28,000 Accumulated Depreciation Office Equipment 110,000 Office Salaries Expense 375,000 Rent Expense 43,000 Accounts Payable 85,000 Insurance Expense 17,000 Salaries Payable 30,000 Office Supplies Expense 5,000 Customer Refunds Payable 9,000 Depreciation Expense Office Equipment 4,000 Unearned Rent 6,000 Notes Payable 50,000 Miscellaneous Administrative Expense 16,000 Common Stock 300,000 Rent Revenue 32,500 Retained Earnings 520,000 Interest Expense 2,500 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, 2018. The inventory as of June 30, 2018, was 508,000. The estimated cost of customer returns inventory for June 30, 2018, is estimated to increase to 33,000. 3. Prepare the closing entries for Simkins Company as of June 30, 2018. 4. What would be the net income if the perpetual inventory system had been used?
PARRISH 4-12 LEDGER POSTINGSAccounts Payable $500Accounts Receivable $1000Accumulated Depreciation, Equipment $500Cash $600Common Stock $1200Depreciation Expense, Equipment $0Equipment $2300Insurance Expense $0Inventory $2000Prepaid Insurance $600Retained Earnings $2800Service Fee Revenues $3500Supplies $700Supplies Expense $0Wages Expense $1300Wages Payable $0 Please 1) Give the ledger name 2) Include a description 3) and if it is a debit or credit, and what the balance is. I DO NOT NEED TO KNOW WHAT FINANCIAL STATEMENT THE TRANSACTION GO ON. Please refer to the attachment to see what the answser boxes look like. I need the answers in that format. Thank you.
6. Identify the most relevant transaction for this entry:Assets Owners’ Equity Liabilities+50 000 0 +50 000 A. Bought inventory on credit R50 000.B. Sold inventory on credit R50 000.C. Sold inventory on credit R50 000.D. Cash paid to creditors R50 000.
Hh1. Account Blossom has year-end account balance of sales Revenue $843779, Interest Revenue $12160, Cost of Good Sold $531052, Administrative Expenses $177930, Income Tax Expenses $36772, and Dividends $17793. Prepare the year-end closing entries.
Parrish 2-8 Pg 37 For each of the T-accounts find the missing amount and write it in the space in the T-Account . Assume that the beginning and ending balances are on the normal side of the account, that is, the side on which the balance increases. Inventory Left Side of T-Account4/1 Beginning balance $400004/15 Transaction (B) $500 Right Side of T-Account4/9 Trasnsaction (A) $80004/28 Transaction (C) $2500 Ending balance?
T. Nix, Capital$ 128,300Cost of goods sold$ 108,900T. Nix, Withdrawals7,000Depreciation expense11,600Sales183,000Salaries expense39,000Sales discounts4,200Miscellaneous expenses5,000Sales returns and allowances5,200 1. Record the entry to close the income statement accounts with credit balances. 2. Record the entry to close the income statement accounts with debit balances. 3. Record the entry to close the Income Summary account. 4. Record the entry to close the Withdrawals account.
Only Req A 1. Record entry for issuance of common stock. 2. Record the entry of inventory purchased for cash. 3. Record sale of inventory for cash. 4. Record entry for cost of goods sold. 5. Record entry for advertising expenses paid.
MODLUE 4 HOMEWORK Please tell me the corresponding answered numbered below the following accounts. Indicate what numbered answer goes with each account. 1) Preferred Stock 2) Merchandise Inventory 3) Additional Paid-in-capital 4) Copyrights 5) Unearned Revenue Choices to Choose From 1) Current Assets 2) Investments 3) Property Plant Equipment 4) Intangibles 5) Current Liabilities 6) Long Term Liabilities 7) Contributed Capital 8) Retained Earnings
16) When creating a new QuickBooks data file for an existing company, QuickBooks automatically offsets accounts receivable balances with an entry to the:A) Uncategorized Expenses accountB) Uncategorized Income accountC) Opening Balance Equity accountD) Capital Stock account Group of answer choices A B C D
eBook Show Me How Accounting Equation Determine the missing amount for each of the following: Assets = Liabilities + Stockholders' Equity a. $fill in the blank 1 = $266,290 + $832,170 b. $133,150 = $fill in the blank 2 + $41,610 c. $64,080 = $9,150 + $fill in the blank 3
Homework 1 EX.01-22 EX.01-14 EX.01-21 EX.01-16 EX.01-13 EX.01-15.Algo EX.01-18 MP.FINANCIAL.STMT.RELATIONSHIPS EX.01-14.Algo EX.01-23 MP.PREPARING.FINANCIAL.STMTS-BASIC EX.01-20.Algo Hide or show questions Progress:2/12 items eBook Show Me How Video Print Item Income Statement Maynard Services was organized on August 1, 20Y5. A summary of the revenue and expense transactions for August follows: Fees earned $3,400,000 Wages expense 2,150,000 Miscellaneous expense 55,000 Rent expense 320,000 Supplies expense 30,000 Prepare an income statement for the month ended August 31. Maynard Services Income Statement For the Month Ended August 31, 20Y5 $fill in the blank 2 Operating expenses: $fill in the blank 4 fill in the blank 6 fill in the blank 8 fill in the blank 10 Total operating expenses fill in the blank 11 $fill in the blank 13
1UWI Open CampusACCT 1002INTRODUCTION TOFINANCIAL ACCOUNTINGWorksheet 1Unit # 2 WorksheetFinancial Accounting Cycle- Part I1. The accounting equation is often described as being very important inaccounting. Explain the purpose of the accounting equation and state twodifferent forms or ways in which it can be written.2. Distinguish between assets and liabilities and provide three (3) examples ofeach to support your arguments.3. Distinguish between income and expenses and provide three (3) examples ofeach to support your arguments.4. Suppose a business receives a bill for services rendered from one of itssuppliers. The business will pay the supplier next month. When the businessreceives the bill from its supplier, explain how this affect the accounting equationin terms of increasing or decreasing assets, liabilities, or owner’s equity?5. Suppose equipment is sold for cash in an amount equal to the cost of theequipment recorded on the books. How does this sale affect the…