QUESTION 3 Correct Mark 1.00 out of 1.00Remove flag Edit question Foot Locker, Inc. is a retailer of athletic footwear and apparel. During a recent fiscal year, Foot Locker purchased merchandise inventory costing $4,047 (S millions). Assume that Foot Locker makes all purchases on credit, and that its accounts payable is only used for inventory purchases. The following T-accounts reflect information contained in the company's balance sheets (S millions). What amount did Foot Locker pay in cash to its suppliers during the fiscal year? Inventories Accounts Payable Select one: Beg Bal. 381 A. $4,067 million B. $20 million C. $103 million D. $381 million B.151 Bal. O End. Bal. End. Bal. 361 1,254 O
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- Exercise 3-51 Adjustment for Supplies The downtown location of Chicago Clothiers purchases large quantities Of supplies, including plastic garment bags and paper bags and boxes. At December 31, 2019, the following information is available concerning these supplies: Supplies inventory, 1/1/2019 $4,150 Supplies inventory, 12/31/2019 5,220 Supplies purchased for cash during 2019 12,690 All purchases of supplies during the year are debited to the supplies inventory. Required: What is the expense reported on the income statement associated with the use of supplies during 2019? What is the adjusting entry at December 31, 2019? By how much would assets and income be overstated or understated if the adjusting entry were not recorded?Question 2Showbiz Sportswear completed the following selected transactions during 2008 & 2009:2008Dec. 31 Estimated that uncollectible-account (bad-debt) expense for the year was 1% of credit sales of $450,000 and recorded the amount as expense. Use the allowance method.Dec. 31 Made the closing entry for uncollectible-account expense.2009Feb. 4 Sold inventory to Marian Holt, $1,500 on account. Ignore cost of goods sold.July 1 Wrote off Marian Holt’s account as uncollectible after repeated effort to collect from her.Nov. 19 Received $1,500 from Marian Holt, along with a letter apologizing for being so late.Reinstated Holt’s account in full and recorded the cash receipt.Dec. 31 Made a compound entry to write off the following accounts as uncollectible: Kaycee Britt, $2,300; Tim Sands, $500 and Anna Chin, $1,200.Dec. 31 Estimated that uncollectible expense for the year was 1% of credit sales of $480,000, and recorded the expenseDec. 31 Made the closing entry for uncollectible-account…Question 4Young Traders is owned by Yvonne Young. Young Traders is not a VAT vendor and uses the perpetualinventory system. Goods are sold at a mark‐up of 50% on cost price. The following pre‐adjustment trialbalance appeared in the books of Young Traders at the end of their current financial year, 30 April 2020:Pre‐adjustment Trial Balance of Young Traders as at 30 April 2020Debit (R) Credit (R)Capital (1 May 2019) 1 200 000Vehicles 550 000Accumulated Depreciation on Vehicles (1 May 2019) 205 000Fixed deposit (ABBA Bank) (12% p.a.) 75 000Inventory 149 000Debtors Control 123 500Allowance for Credit Losses (1 May 2019) 2 500Creditors Control 50 100Bank 199 400Sales 1 467 500Cost of Sales 914 000Sales Returns 70 000Salaries and Wages 640 000Stationery 84 500Carriage on Sales 23 700Credit Losses 13 500Telephone 82 500R2 925 100 R2 925 10020 2020© The Independent Institute of Education (Pty) Ltd 2020Page 10 of 14Additional information and adjustments at year‐end:1. According to a physical…
- Question # 2Some of M and T Electronics’ merchandise is gathering dust. It is now December 31, 2012, and the current replacement cost of the ending inventory is $20,000 below the business’s cost of the goods, which was $100,000. Before any adjustments at the end of the period, the company’s Cost of goods sold account has a balance of $410,000.Requirements1. Journalize any required entries.2. At what amount should the company report for Inventory on the balance sheet?3. At what amount should the company report for Cost of goods sold?4. Which accounting principle or concept is most relevant to this situation?PROBLEM 3 (MODIFIED) Seed Enterprise gathered the following information from its accounting records for the year ended December 31, 2020, prior to adjustments: Net credit sales for the year Php 680,000 Accounts receivable at December 31, 2020 92,000 Allowance for uncollectible accounts at December 31, 2020 1,850 Debit Seed uses the allowance method of accounting for uncollectible accounts and estimates uncollectible account expense at 2% of net credit sales. REQUIRED: Prepare the adjusting entry to record uncollectible account expense on December 31, 2020. Determine the balance in allowance for uncollectible accounts after the adjusting entry is prepared. Show how the receivables would be reported on the December 31, 2020 balance sheet for Seed Enterprise.Comprehensive Problem 2Part 1 and Part 2: Palisade Creek Co. is a merchandising business that uses the perpetual inventory system. The account balances for Palisade Creek Co. as of May 1, 2019 (unless otherwise indicated), are as follows: 110 Cash $83,600 112 Accounts Receivable 233,900 115 Merchandise Inventory 624,400 116 Estimated Returns Inventory 28,000 117 Prepaid Insurance 16,800 118 Store Supplies 11,400 123 Store Equipment 569,500 124 Accumulated Depreciation—Store Equipment 56,700 210 Accounts Payable 96,600 211 Customer Refunds Payable 50,000 212 Salaries Payable — 310 Lynn Tolley, Capital, June 1, 2018 685,300 311 Lynn Tolley, Drawing 135,000 410 Sales 5,069,000 510 Cost of Merchandise Sold 2,823,000 520 Sales Salaries Expense 664,800 521 Advertising Expense 281,000 522 Depreciation Expense — 523 Store Supplies Expense — 529 Miscellaneous Selling Expense 12,600 530 Office Salaries Expense 382,100 531 Rent Expense 83,700 532…
- Client 1: SpongeBob CorporationA. SpongeBob received P 324,000 from Patrick, a customer, at the beginning of 2018for services that it is to perform evenly over a three-year period beginning in 2018.None of the amount received was reported as unearned revenue at the end of2018.B. Merchandise inventory costing P 163,800 was in the warehouse at December 31,2018, but was incorrectly omitted from the physical count at that date. SpongeBobuses the periodic inventory method.C. A machine costing P36,000 was expensed when purchased on July 1, 2018. It isexpected to have a 4-year life with no residual value. The company typically usesstraight-line depreciation for all property, plant and equipment.D. Research costs of P297,000 were incurred early in 2018 and recorded as assets tobe amortized over 36 months. Amortization expense for 2018 and 2019 includeamortization on the capitalized research cost.E. Interest income of P126, 900 was not accrued at the end of 2018. It was recordedwhen received in…PRACTICE Q 4 Current Attempt in Progress This information relates to Sunland Co. 1. On April 5, purchased merchandise on account from Sarasota Company for $ 22,400, terms 2/10, net/30, FOB shipping point. 2. On April 6, paid freight costs of $ 950 on merchandise purchased from Sarasota Company. 3. On April 7, purchased equipment on account for $ 27,800. 4. On April 8, returned some of April 5 merchandise, which cost $ 3,200, to Sarasota Company. 5. On April 15, paid the amount due to Sarasota Company in full. (a) Prepare the journal entries to record these transactions on the books of Sunland Co. using a periodic inventory system. (Credit account titles are automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit choose a transaction date enter an account title enter a…PRACTICE Q 1 Current Attempt in Progress Wildhorse’s Book Warehouse distributes hardcover books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. At the end of May, Wildhorse’s inventory consisted of books purchased for $1,900. During June, the following merchandising transactions occurred. June 1 Purchased books on account for $1,800 from Binsfeld Publishers, FOB destination, terms 2/10, n/30. The appropriate party also made a cash payment of $60 for the freight on this date. 3 Sold books on account to Reading Rainbow for $2,500. The cost of the books sold was $1,800. 6 Received $100 credit for books returned to Binsfeld Publishers. 9 Paid Binsfeld Publishers in full, less discount. 15 Received payment in full from Reading Rainbow. 17 Sold books on account to Rapp Books for $1,700. The cost of the books sold was $1,020. 20 Purchased books on account for $1,700 from McGinn Publishers, FOB destination,…
- Comprehensive Problem 2Part 1 and Part 2: Palisade Creek Co. is a retail business that uses the perpetual inventory system. The account balances for Palisade Creek as of May 1, 20Y6 (unless otherwise indicated), are as follows. Assume all accounts have normal balances. 110 Cash $83,600 312 Dividends $135,000 112 Accounts Receivable 233,900 410 Sales 5,069,000 115 Inventory 624,400 510 Cost of Goods Sold 2,823,000 116 Estimated Returns Inventory 28,000 520 Sales Salaries Expense 664,800 117 Prepaid Insurance 16,800 521 Advertising Expense 281,000 118 Store Supplies 11,400 522 Depreciation Expense — 123 Store Equipment 569,500 523 Store Supplies Expense — 124 Accumulated Depreciation—Store Equipment 56,700 529 Miscellaneous Selling Expense 12,600 210 Accounts Payable 96,600 530 Office Salaries Expense 382,100 211 Salaries Payable — 531 Rent Expense 83,700 212 Customers Refunds Payable…Please help to answer below question: Q1: Prepare journal entries to record the following transactions entered into by the Castagno Company: 2022 Nov.1Sold merchandise on account to Mercer, Inc., for $18,000, terms 2/10, n/30. Nov.5Mercer, Inc., returned merchandise worth $1,000. Nov.9Received payment in full from Mercer, Inc. br,Question 2 The inventories control account balance of St George Fashions at 30 June 2023 was $110 510 using the perpetual method. A physical count conducted on that day found inventories on hand worth $110 100. Net realisable value for each inventories item held for sale exceeded cost. An investigation of the discrepancy revealed the following. Goods worth $3300 held on consignment for Rockhampton Accessories had been included in the physical count. Goods costing $600 were purchased on credit from Springbrook Ltd on 27 June 2023 on FOB shipping terms. The goods were shipped on 28 June 2023 but, as they had not arrived by 30 June 2023, were not included in the physical count. The purchase invoice was received and processed on 30 June 2023. Goods costing $1200 were sold on credit to Noosa Pty Ltd for $1950 on 28 June 2023 on FOB destination terms. The goods were still in transit on 30 June 2023. The sales invoice was raised and processed on 29 June 2023. Goods costing $1365 were…