1) An ice cream store vendor wants to find out if there is a difference in the sales of the store during thedifferent months of the year. Listed below is the sales (in thousands) of the store during 2021:No. ofsalesJan. Feb.22 30SatisfactoryRatingSales4.3Mar. Apr. May44 50 481542) A store owner wants to find out if the customer satisfactory rating (1 being the lowest and 5 being thehighest) affects the selling power of the store. Listed below is the customer satisfactory rating of the yearand its corresponding sale (in thousands):3.33Jun.231334.21Jul. Aug.21 201803.89Sept. Oct. Nov. Dec.30 31 29 331904.0200

Percentage change in sales in the current month as compared to previous month is calculated as shown…

Answered: 1) An ice cream store vendor wants to…

Excel Applications for Accounting Principles

4th Edition

ISBN:9781111581565

Author:Gaylord N. Smith

Publisher:Gaylord N. Smith

Chapter4: Merchandising Company Financial Statements (fmerch)

Section: Chapter Questions

Problem 5R: The following information is for Bonnies Buds, a nursery and floral shop, for the month ended May...

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The following information is for Bonnies Buds, a nursery and floral shop, for the month ended May 31, 2012: Click the Chart sheet tab on the FMERCH3 file. You will see a chart depicting the five-month trend in sales, gross profit, and net income. What favorable and unfavorable trends do you see in this month-to-month comparison? Comment on any unusual changes. When the assignment is complete, close the file without saving it again. Worksheet. Your boss would prefer to have the balance sheet shown before the income statement and the statement of retained earnings. Please make this change on the FMERCH3 file. Preview the printout to make sure that the worksheet will print neatly on two or three pages, and then print the worksheet. Save the completed file as FMERCHT. Chart. Using the FMERCH3 file, prepare a 3-D pie chart that shows the amount of each of the selling expenses in June. No Chart Data Table is needed. Select A57 to A62 as one range on the worksheet to be charted and then hold down the CTRL key and select E57 to E62 as the second range. Enter your name somewhere on the chart. Save the file again as FMERCH3. Select the chart and then print it out.
Prepare journal entry to record the expected sales return and cost of goods sold? Pinpong curtains sells with an unconditional sales return if its customers are not satisfied. The sales returns extends 60 days. On February 10, 2021, a customer purchases 4,000 of products (cost 2,000). Assuming that based on prior experience, estimated returns are 20%.
A retailer buys merchandise from a supplier with an invoice amount of $12,400. The terms of the sale are 5/20, n/30. What is the net amount due (in $) on the order if the bill is paid by the 20th day? Need Help? Food Watch t
[The following information applies to the questions displayed below.] 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. $75,300 6,000 3,900 7,100 Sales revenue Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold Inventory (Mar. 31, 2021) Insurance expense Sales discounts Salaries expense $1,100 2,100 2,800 9,000 3,800 Income tax expense 2,600 35,600 Required: 1. Prepare a multiple-step income statement for the month ended March 31, 2021. TOYS "R" US Multiple-step lIncome Statement For the month of March 2021 Net sales: Total sales revenue Net sales revenue
(The following information applies to the questions displayed below] 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 Advertising expense Rent expense Gain on sale of building Inventory (Mar. 1, 2021) Cost of goods sold $75, see 6,00e 3,900 7,100 2,600 Inventory (Mar. 31, 2021) Insurance expense Sales discounts Salaries expense Income tax expense $1,100 2,100 2,800 9,000 3,800 35,600 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
A retailer buys merchandise from a supplier with an invoice amount of $12,800. The terms of the sale are 6/20, n/30. What is the net amount due (in $) on the order if the bill is paid by the 20th day? $ 12,672 Need Help? Read It Watch It Master It
Company A sells floral centerpieces, but they aren't very good at accounting. They have a year-end of December 31st. In 2019, they recorded their regular transactions, but then realized the following: They were counting inventory at 12/31/18 and the inventory clerk forgot to include in inventory $40,000 of flowers that were in transit to a customer (shipped FOB destination a few days before). Analyze the error assuming that it is not discovered at 12/31/18. Use the standard grid, but also include a line for retained earnings. They are impressed, but are also bummed out. It appears that in March 2019, their clerk forgot to record the freight in of 10,000 for items that were purchased in March. The error was not discovered until they paid the freight bill in 2020. Analyze using the standard grid, but analyze retained earnings as well. If Company A just lets both errors play out without correcting them, what is the amount of the error they would have in their 2019 cost of goods sold…
Background It is the 1st April 2021. Jang is the Management Accountant for the business Chinese Lantern Imports. Based on the previous month sales (March 2021) Jang sets the following targets for April 2021. April 2021 targets Targeted Lantern sales = 2,300 units Targeted Lantern unit price = $230 (per lantern) Jang calculates the cost of the Lanterns he will need to purchase in during the month as 50% of the expected sales revenue. However, at the 1st April 2021, Jang already currently has $12,400 of Lanterns stock already in his shop. Jang does not intend to buy an extra Lanterns for May 2021. Question Referring to above information, what is the cost of the Lanterns that Jang needs to purchase in, for the month of April? Select one: a. Cost of Lanterns to purchase in = $237,900 O b. Cost of Lanterns to purchase in = $0 O c. Cost of Lanterns to purchase in = $252,100 O d. Cost of Lanterns to purchase in = $264,500
Every March, Buddie, who owns and operates a small retail shop, takes a large box of receipts and invoices to her accountant so the accountant can file Buddie's taxes in April. Only then does Buddie know if her business has been profitable. Buddie could benefit from a(n) ________.Select one:a. concurrent control systemb. management information system c. balanced scorecard systemd. inventory control system
Sally Resto's branch submitted the following data for 2021, the branches' first year of operation: Sales of $20,350 Debit balance for Shipment from home office $18,612 Operating Expenses $1,800 Credit balance for Home Office account $4,800 Shipment to the branch are billed at cost. The ending inventory of the branch was $2,500. What is the correct balance of Branch Account to be presented in the home office books?
2. On March 23, goods that were originally purchased for $10,000 were sold for $20,000 cash. A week later, the dissatisfied customer returned the goods. Prepare the journal entry to properly record the return of the goods. Remember, you can think of this as two transactions: reversing a sale through a sales return, and the customer physically returning inventory to the company.
30) Gigabyte traders has the following transactions for the month of August 2018: Aug 7- Goods returned to Max mart of RO 1,950 Aug 14- Returned goods to Almadina traders of RO 2,650 Aug 22- Returned goods to us by Finmart of RO 850 How much amount would you transfer to Purchases return daybook for the month of September 2018? a. RO 2,650 b. RO 850 c. RO 4,600 d. RO 1,950

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