The following summarizes Tesla's merchandising activities for the year. Cost of merchandise sold to customers Merchandise inventory, beginning-of-year Merchandise purchases, gross amount Shrinkage on inventory as of year-end Transportation-in for merchandise purchases Cost of merchandise returned by customers (and restored to inventory) Discounts received from suppliers on merchandise purchases Returns to and allowances from suppliers on merchandise purchases Enter the summarized activities in the two T-accounts below. Complete this question by entering your answers in the tabs below. Merchandise Cost of Goods Inventory Sold Enter the summarized activities in the T-account below. Merchandise Inventory $ 283,000 41,092 290,132 780 2,901 2,100 2,321 4,100

The following summarizes Tesla's merchandising activities for the year. Cost of merchandise sold to customers Merchandise inventory, beginning-of-year Merchandise purchases, gross amount Shrinkage on inventory as of year-end Transportation-in for merchandise purchases Cost of merchandise returned by customers (and restored to inventory) Discounts received from suppliers on merchandise purchases Returns to and allowances from suppliers on merchandise purchases Enter the summarized activities in the two T-accounts below. Complete this question by entering your answers in the tabs below. Merchandise Cost of Goods Inventory Sold Enter the summarized activities in the T-account below. Merchandise Inventory $ 283,000 41,092 290,132 780 2,901 2,100 2,321 4,100

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Administrative Expense Cost of Goods Sold Income Tax Expense Sales Returns and Allowances Selling Expense Sales of merchandise for cash Sales of merchandise on credit 20, 200 171,eee 18,800 7,600 42,600 270, eee 45,000 Required: 1. Based on these data, prepare a multi-step income statement for internal reporting pm MYSTERY INCORPORATED Income Statement For the Year Ended December 31 Operating expenses:
Prepare journal entries for the following merchandising transactions of Powell Company assuming it uses a perpetual inventory system and the gross method. May 1 Powell purchased merchandise with a price of $875 and credit terms of n/30. May 12 Powell returned merchandise that had a price of $125. May 31 Powell paid the amount due from the May 1 purchase, minus the May 12 return. June 3 Powell sold merchandise for $450, with credit terms n/15. Cost of the merchandise is $300. June 5 The customer discovers some of the units are scratched. Powell gives a price reduction (allowance) and credits the customer’s accounts receivable for $20 to compensate for the scratches. June 18 Powell received payment for the amount due from the June 3 sale less the June 5 allowance.
The records of Alaska Company provide the following information for the year ended December 31. At Cost $ 473,050 2,771,405 At Retail $928,850 6,281,050 5,512,700 46,300 Beginning inventory, January 1 Cost of goods purchased Sales Sales returns Required: 1. Use the retail inventory method to estimate the company's year-end inventory at cost. 2. A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Complete this question by entering your answers in the tabs below. Required 1 Re ired 2 A year-end physical inventory at retail prices yields a total inventory of $1,692,800. Prepare a calculation showing the company's loss from shrinkage at cost and at retail. Note: Round your ratio calculations to 2 decimal places. (i.e. 10.15%) ALASKA COMPANY Inventory Shortage December 31 At Cost Estimated inventory Physical inventory Inventory shortage Required 1 1. Use the retail…
Top Purse Company applies the periodic inventory system using the specific identification method. The company had the following transactions related to its best selling purse. Date Transaction Units Unit Cost Total Cost November 1 Beginning inventory 5 300 1,500 November 3 Sale 2 November 8 Purchase 9 320 2,880 November 10 Sale 4 November 17 Purchase 3 340 1,020 Compute the cost of goods sold for the best selling purse based on the following: The November 3rd sale consists of purses from beginning inventory. The November 10th sale consists of 1 purse from beginning inventory and 3 purses from the November 8th purchase.
Generalized Statement Instructions Instructions Multiple-Step Income Statement Use the following information to prepare a multiple-step income statement, including the revenue section and the cost of goods sold section, for Sauter Office Supplies for the year ended December 31, 20-. Sales $156,300 Sales Returns and Allowances 2,360 Sales Discounts 4,167 Interest Revenue 425 Merchandise Inventory, January 1, 20- 29,600 Purchases 112,000 Purchases Returns and Allowances 5,640 Purchases Discounts 2,690 Freight-In Merchandise Inventory, December 31, 20-- 875 33,000 Wages Expense 27,600 Supplies Expense 700 Phone Expense 900 Utilities Expense 8,000 Insurance Expense 1,300 Depreciation Expense-Equipment Miscellaneous Expense 3,800 590 Interest Expense 4,700 H
please answer within the format by providing formula the detailed workingPlease provide answer in text (Without image)Please provide answer in text (Without image)Please provide answer in text (Without image)
Global Company sold merchandise for $11,700 on account. The cost of the items sold was $7,900. If the company uses the perpetual inventory system, which of the following best reflects the journal entry that should be prepared to record this transaction? Debit Credit A. Sales revenue 11,700 Accounts receivable 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 B. Accounts receivable 11,700 Merchandise inventory 7,900 Sales revenue 3,800 C. Accounts receivable 3,800 Sales revenue 3,800 D. Accounts receivable 11,700 Sales revenue 11,700 Cost of goods sold 7,900 Merchandise inventory 7,900 Group of answer choices A. B. C. D.
Presented here are selected transactions for the Pharoah Company during April. Pharoah uses the perpetual inventory system. April 1: Sold merchandise to Mann Company for $6,400, terms 2/10, n/30. The merchandise sold had a cost of $2,600. April 2: Purchased merchandise from Wild Corporation for $7,800, terms 1/10, n/30. April 4: Purchased merchandise from Ryan Company for $1,000, n/30. April 10: Received payment from Mann Company for purchase of April 1 less appropriate discount. April 11: Paid Wild Corporation for April 2 purchase. Journalize the April transactions for Pharoah Company. (Credit account titles are automatically indented when the amount is entered. Do not indent manually. Record journal entries in the order presented in the problem.)
Suppose Dave's Discount's Merchandise Inventory account showed a balance of $8,000 before the year-end adjustments. The physical count of goods on hand totaled $7,400. Dave uses a perpetual inventory system. To adjust the accounts, which entry would the company make? O A. OB. O C. O D. Accounts and Explanation Accounts Payable Merchandise Inventory Accounts and Explanation Merchandise Inventory Cost of Goods Sold Accounts and Explanation Cost of Goods Sold Merchandise Inventory Accounts and Explanation Merchandise Inventory Accounts Receivable Debit 600 Debit 600 Debit 600 Credit 600 600 Credit 600 Credit 600 Debit Credit 600
Sant Summa is a retailer that purchases merchandise inventory from Lee Co. Sant Summa record inventory purchases using the gross method and the perpetual inventory system. Sant Summa started the month of July with $2,000 in inventory. Required: Record the journal entries for the following transactions Calculate Sant Summa's Cost of Goods Available for Sale based on the above information. Calculate Sant Summa's Ending Inventory based on the above information. 2-Jul Purchased $5,200 of merchandise inventory from Lee Co. with credit terms 2/15, n60 and FOB shipping point. (Inventory cost Lee $4,000) 3-Jul Paid $350 for shipping charges for the May 2 purchase. 4-Jul Sant Summa returned $200 of damaged merchandise inventory to Lee Co. (inventory cost to Lee of $170) 13-Jul Paid the appropriate amount for the Lee Co. purchases of July 2, taking all discounts. (Lee…
Crosby Company owns a chain of hardware stores throughout the state. The company uses a periodic inventory system and the retail Inventory method to estimate ending inventory and cost of goods sold. The following data are available for the three months ending March 31, 2021: Beginning inventory. Net purchases Net markups Net markdowns Net sales Beginning inventory Net purchases Net markups Required: Complete the table below to estimate the LIFO cost of ending inventory and cost of goods sold for the three months ending March 31, 2021, using the information provided. Assume stable retail prices during the period (Round ratio calculation to 2 decimal places (i.e.. 0.1234 should be entered as 12.34%.). Enter amounts to be deducted with a minus sign.) Cost $180,000 630,000 Net markdowns Goods available for sale (excluding beg. inventory) Goods available for sale (including beg inventory) Cost-to-retail percentage (beginning) Cost-to-retail percentage (current) sales Estimated ending…
A retailer returns $400 worth of inventory to a manufacturer and receives a full refund. Whataccounts recognize this return before the retailer remits payment to the manufacturer?A. accounts payable, merchandise inventoryB. accounts payable, cashC. cash, merchandise inventoryD. merchandise inventory, cost of goods sold