oys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $74,800 Inventory (Mar. 31, 2021) $1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 3. Calculate the gross profit ratio for the month of March. Gross Profit Ratio Gross profit = = 0 Net sales =

oys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $74,800 Inventory (Mar. 31, 2021) $1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 3. Calculate the gross profit ratio for the month of March. Gross Profit Ratio Gross profit = = 0 Net sales =

Intermediate Accounting: Reporting And Analysis

3rd Edition

ISBN:9781337788281

Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach

Chapter7: Inventories: Cost Measurement And Flow Assumptions

Section: Chapter Questions

Problem 4MC: Dixon Menswear Shop purchased shirts from Colt Company on May 28, 2019, and received an invoice with...

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The following transactions relate to Khan, Inc., a sporting goods wholesaler, during November of this year. Terms of sale are 2/10, n/30. The company is located in Denver, Colorado. Nov. 3Sold merchandise on account to Spence Tennis Shop, invoice no. 5420, 2,482.51. The cost of the merchandise was 1,961.18. 5Issued credit memo no. 38 to Spence Tennis Shop for merchandise returned, 287.45. The cost of the merchandise was 227.09. 7Bought merchandise on account from Maldonado Manufacturing, Inc., invoice no. 1548, 3,854.16; terms n/45; dated November 4; FOB Memphis, freight prepaid and added to the invoice, 135 (total 3,989.16). 9Bought merchandise on account from Lozano, Inc., invoice no. 8755, 426.65; terms 1/15, n/30; dated November 5; FOB New York City, freight prepaid and added to the invoice, 67 (total 493.65). 12Received credit memo no. 542 to Lozano, Inc., for merchandise returned, 102.20. 17Sold merchandise on account to Jacks Golfing Shop, invoice no. 5421, 486.35. The cost of the merchandise was 432.85. 23Sold merchandise on account to Yates Sporting Goods, invoice no. 5422, 2,465.99. The cost of the merchandise was 1,972.79. 28Bought merchandise on account from Fields, Inc., invoice no. 4599, 441.29; terms 2/10, n/30; dated November 25; FOB Austin, freight prepaid and added to the invoice, 102 (total 543.29). Required Record the transaction in the general journal using the perpetual inventory system. If using Working Papers, use pages 84 and 85.
On June 1, Lupita Candy Supplies sells 1,250 candy buckets to a local school at a sales price of $10 per bucket. The cost to Lolita is $2 per bucket. The terms of the sale are 2/10, n/60, with an invoice date of June 1. Create the journal entries for Lupita to recognize the following transactions. A. the initial sale B. the subsequent customer payment on July 12
On January 1, Incredible Infants sold goods to Babies Inc. for $1,540, terms 30 days, and received payment on January 18. Which journal would the company use to record this transaction on the 18th? A. sales journal B. purchases journal C. cash receipts journal D. cash disbursements journal E. general journal
Dixon Menswear Shop purchased shirts from Colt Company on May 28, 2019, and received an invoice with a list price amount of 5,000 and payment terms of 2/10, n/30. Dixon uses the net method to record purchases. Dixon should record purchases of: a. 4,000 b. 4,900 c. 5,000 d. 5,100
Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $ 74,800 Inventory (Mar. 31, 2021) $ 1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 2-a. Calculate the inventory turnover ratio for the month of March. Inventory Turnover Ratio = =
Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $74,800 Inventory (Mar. 31, 2021) $1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 Required:1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple-step Income Statement For the month of March 2021 Net sales: Total sales revenue Less: Sales discounts Net sales revenue Operating expenses: Total 0 Operating income Non-operating items: Total
Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $74,800 Inventory (Mar. 31, 2021) $1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 Required:1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple-step Income Statement For the month of March 2021 Net sales: Total sales revenue Net sales revenue Operating expenses: Total 0 Operating income Non-operating items: Total
Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021. Sales revenue $ 74,800 Inventory (Mar. 31, 2021) $ 1,200 Advertising expense 5,900 Insurance expense 2,050 Rent expense 3,800 Sales discounts 2,750 Gain on sale of building 7,000 Salaries expense 8,900 Inventory (Mar. 1, 2021) 2,550 Income tax expense 3,700 Cost of goods sold 35,550 3. Calculate the gross profit ratio for the month of March. Gross Profit Ratio = = 0
Toys “R” Us sells a variety of children’s toys, games, books, and accessories. Assume that a local store has the following amounts for the month of March 2021.Sales revenue $77,300 Inventory (Mar. 31, 2021) $1,000 Advertising expense 6,400 Insurance expense 2,300 Rent expense 4,300 Sales discounts 3,000 Gain on sale of building 7,500 Salaries expense 9,400 Inventory (Mar. 1, 2021) 2,800 Income tax expense 4,200 Cost of goods sold 35,800Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. 2. Calculate the inventory turnover ratio for the month of March. Would you expect this ratio to be higher or lower in December 2021? Explain. 3. Calculate the gross profit ratio for the month of March.
Derry Co. is a company in the industry of selling and installing laundry systems, Derry choose financial period ending by December 31. The following were selected from among the transactions completed during 2020. 2019 Oct 10 Sold merchandise to Edin, and received $6,000 cash. The cost of the merchandise sold was $3,800. Nov 13 Sold $25,000 merchandise to Flora, receive $12,000 in cash this day and the rest would follow Derry’s credit policy of 1/15, n/30. The cost of merchandise sold was $15,300. Dec 31 During 2019, Derry Co. offered sales of 30,000 laundry devices with one-year warranty-on-part policy. A provision was made by Derry Co., based on the management’s experience, 900 units (3%) will be defective and that warranty repair costs will average $4 per unit. Journalize this provision. Dec 31 Based on an analysis of the $92,000 of accounts receivable, it was estimated that $9,848 will be uncollectible, given the balance of the account Allowance for doubtful accounts…
Ryan Manufacturing sells flat-pack bookcases to retailers. The following transactions occurred during the month of July 2019. All sales on account come with terms of 5/10, net 30. Jul 1 Received a loan from the bank for $20,000. Jul 5 Sold products for cash to Brock Retailer for $9,000. The products had a cost of $4,950. Jul 9 Sold products on account to Furniture Outlet for $10,200. The products had a cost of $6,120. Jul 11 Furniture Outlet paid the amount owing from Jul 9. Jul 19 Sold products on account to Brock Retailer for $6,700. The products had a cost of $3,685. Requireda) Record the above transactions in the sales journal and the cash receipts journal.b) Post the appropriate transactions from the journals to the subledger accounts.c) At the end of the month, total the journals and update the accounts receivable control account.Do not enter dollar signs or commas in the input boxes. Sales Journal Page 1 Date Account Invoice # Accounts Receivable / Sales…
USA Trading Corporation and you need to record the following transactions in the General Journal & General Ledger for March 2022. The company owns and operates a retail electronics & appliance store. The company started on March 1, 2022. March 22 The company collected $20,000 cash in advance from Queens Electronics for Merchandise to be delivered next week; the cost of the merchandise is $ 12,000. March 29 Shipped and delivered the Merchandise to Queens Electronic

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bartleby, a Learneo, Inc. business

Sales revenue	$74,800	Inventory (Mar. 31, 2021)	$1,200
Advertising expense	5,900	Insurance expense	2,050
Rent expense	3,800	Sales discounts	2,750
Gain on sale of building	7,000	Salaries expense	8,900
Inventory (Mar. 1, 2021)	2,550	Income tax expense	3,700
Cost of goods sold	35,550