Sales $640,363 Merchandise Inventory $582,620 Sales discounts $58,040 Interest expense $3,677 Sales returns and allowances $90,232 Interest Revenue $10,268 Cost of goods sold $224,598 Rent expense $15,080 Depreciation expense: office equipment $3,200 Insurance expense $2,450 Advertising expense $12,906 Accounts receivable $100,440 Office supplies expense $1,600 Rent revenue $23,622 Sales salaries expense $60,410 Accounts payable $135,404 Common stock $59,419 Marketing expense $31,000 The above select account data is taken from the records of a company for 2019. a. use the data provided to compute net sales for 2019 b. prepare a simple income statement for the year ended December 31, 2019. c. compute the gross margin for 2019 d. prepare a multi-step income statement for the year ended December 31, 2019

Sales $640,363 Merchandise Inventory $582,620 Sales discounts $58,040 Interest expense $3,677 Sales returns and allowances $90,232 Interest Revenue $10,268 Cost of goods sold $224,598 Rent expense $15,080 Depreciation expense: office equipment $3,200 Insurance expense $2,450 Advertising expense $12,906 Accounts receivable $100,440 Office supplies expense $1,600 Rent revenue $23,622 Sales salaries expense $60,410 Accounts payable $135,404 Common stock $59,419 Marketing expense $31,000 The above select account data is taken from the records of a company for 2019. a. use the data provided to compute net sales for 2019 b. prepare a simple income statement for the year ended December 31, 2019. c. compute the gross margin for 2019 d. prepare a multi-step income statement for the year ended December 31, 2019

Name: Sales$640,363Merchandise Inventory$582,620Sales discounts$58,040Intere
Uploaded: 2024-03-20T06:32:37.000Z
Channel: Bartleby
Description: Sales$640,363Merchandise Inventory$582,620Sales discounts$58,040Interest expense$3,677Sales returns and allowances$90,232Interest Revenue$10,268Cost of goods sold$224,598Rent expense$15,080Depreciation expense: office equipment$3,200Insurance expens

Financial And Managerial Accounting

15th Edition

ISBN:9781337902663

Author:WARREN, Carl S.

Publisher:WARREN, Carl S.

Chapter5: Accounting For Retail Businesses

Section: Chapter Questions

Problem 41E: Cost of goods sold and related items The following data were extracted from the accounting records...

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Analyzing the Accounts Casey Company uses a perpetual inventory system and engaged in the following transactions: a. Made credit sales of $825,000. The cost of the merchandise sold was $560,000. b. Collected accounts receivable in the amount of $752,600. c. Purchased goods on credit in the amount of $574,300. d. Paid accounts payable in the amount of $536,200. Required: Prepare the journal entries necessary to record the transactions. Indicate whether each transaction increased cash, decreased cash, or had no effect on cash.
Adjustments for a Merchandising Business: Perpetual Inventory System with Sales Returns and Allowances A partial Trial Balance for Curless Company as of December 31, 20-- is shown. Curless Company Partial Trial Balance For Year Ended December 31, 20-- ACCOUNT TITLE DEBIT BALANCE CREDIT BALANCE Merchandise Inventory 150,000.00 Estimated Returns Inventory 500.00 Customer Refunds Payable 650.00 Sales 425,000.00 Sales Returns and Allowances 18,000.00 Cost of Goods Sold 288,000.00 Curless has made the following estimates for next year: • Sales made this year of $7,800 will be returned next year and customers will be granted full refunds. • The estimated cost of the inventory sold this year and expected to be returned by customers next year is $5,900. Open T accounts and enter the balances for the above accounts. Make appropriate adjustments to the T accounts. For grading purposes use the labels shown. TB Trial balance (beginning balance) ATB Adjusted trial balance (ending balance) (1)…
Cost Retail Inventory, 12/31/25 $254,700 $397,600 Purchases 1,002,796 1,454,100 Purchase returns 59,600 80,100 Purchase discounts 17,900 Gross sales revenue - Sales returns 1,423,100 95,600 Markups 119,500 Markup cancellations Markdowns Markdown cancellations 40,500 44,300 20,200 Freight-in 41,400 Employee discounts granted 8,000 Loss from breakage (normal) 4,200 Assuming that Cheyenne Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2026. Ending inventory using the conventional retail inventory method $ 31158
Sales $640,363 Merchandise Inventory $582,620 Sales discounts $58,040 Interest expense $3,677 Sales returns and allowances $90,232 Interest Revenue $10,268 Cost of goods sold $224,598 Rent expense $15,080 Depreciation expense: office equipment $3,200 Insurance expense $2,450 Advertising expense $12,906 Accounts receivable $100,440 Office supplies expense $1,600 Rent revenue $23,622 Sales salaries expense $60,410 Accounts payable $135,404 Common stock $59,419 Marketing expense $31,000 The above select account data is taken from the records of a company for 2019. a. compute the gross margin for 2019 b. prepare a multi-step income statement for the year ended December 31, 2019
Assume the perpetual inventory system is used. Sales $642,363 Merchandise Inventory 582,620 Sales Discounts 58,010 Interest Expense 3,777 Sales Returns and Allowances 90,232 Interest Revenue 10,268 Cost of Goods Sold 225,598 Rent Expense 15,090 Depreciation Expense-Office Equipment 3,400 Insurance Expense 2,450 Advertising Expense 12,870 Accounts Receivable 101,440 Office Supplies Expense 1,600 Rent Revenue 23,680 Sales Salaries Expense 30,410 Accounts Payable 138,404 Common Stock 59,419 Marketing Expense 33,000 A. Use the data provided to compute net sales for 2019.
Adjustment for Merchandise Inventory Using T Accounts: Periodic Inventory System with Sales Returns and Allowances Sam Edwards owns a business called Sam's Stuff. A physical count determined his ending inventory as of December 31, 20-- was $72,000. Based on past experience, Sam estimates that $5,000 of sales from this year will be returned next year. The cost of the merchandise expected to be returned is $3,000. Using the partial Trial Balance provided below, set up T accounts for Merchandise Inventory, Estimated Returns Inventory, Customer Refunds Payable, Sales Returns and Allowances, and Income Summary and prepare the year-end adjustments for Merchandise Inventory and related accounts. TRIAL BALANCE (PARTIAL) DEBIT CREDIT Merchandise Inventory 60,000.00 Estimated Returns Inventory 2,500.00 Customer Refunds Payable 4,000.00 Sales Returns and Allowances 20,000.00 Income Summary For grading purposes use the labels shown and enter transactions in alphabetical order. TB Trial balance…
Cost of goods sold Cost of goods sold: Inventory, May 31, 20Y5 $ 105,000 Cost of merchandise purchased: Purchases $1,110,000 Purchases returns and allowances 55,000 Purchases discounts 30,000 Freight in (22,000) Total cost of merchandise purchased 1,173,000 Inventory available for sale $1,278,000 Less inventory, June 1, 20Y4 91,300 Cost of goods sold before estimated returns $1,186,700 Estimated returns of this year’s sales 43,300 Cost of goods sold $1,230,000 The schedule of the cost of goods sold for the year ended May 31, 20Y5 above contains errors. Prepare a corrected schedule of the cost of goods sold.
Sales Sales Returns & Allowances Sales Discount Purchases Freight in Purchase Renurns & Allowances Purchase Discount Beginning Inventory Ending Inventory Operating expenses Other Income Otber Expenses P 780,000 15,000 19,000 420,000 12,000 8,000 2,000 50,000 80,000 120,000 16,000 3,000 How much is the cost of goods available for sale? P 4E0.000 P 472,000 P448,000 P 470,000
Item Beginning Ending Inventory $ 12,435 $ 15,615 Accounts receivable 6,120 6,287 Accounts payable 7,930 9,140 Net sales $ 143,187 Cost of goods sold 79,218 Calculate the operating and cash cycles.
The following information is provided: Beginning inventory $64,000 Purchases 128,000 Purchase returns and allowances 9,600 Purchase discounts 12,800 Freight-in ? Cost of goods available for sale 176,000 Ending inventory ? Cost of goods sold 70,400 Given the information above, determine the amount of freight-in. Oa. $3,200 Ob. $9,600 Oc. $12,800 Od. $6,400
Presented below is information related to Sage Inc. Cost Retail Inventory, 12/31/20 $245,700 $384,400 Purchases 818,428 1,450,600 Purchase returns 61,000 79,700 Purchase discounts 18,100 — Gross sales revenue — 1,411,200 Sales returns — 97,900 Markups — 118,900 Markup cancellations — 40,400 Markdowns — 44,800 Markdown cancellations — 20,100 Freight-in 41,900 — Employee discounts granted — 8,100 Loss from breakage (normal) — 4,600 Assuming that Sage Inc. uses the conventional retail inventory method, compute the cost of its ending inventory at December 31, 2021.
Given the following information, what is the cost of goods sold? Purchases Inventory, September 1 Administrative expense Rent revenue Selling expense Inventory, September 30 Sales Interest expense Oa. $29,893 Ob. $33,205 c. $16,982 Od. $1,128 $30,807 5,504 961 1,071 $971 3,106 51,148 1,128

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bartleby, a Learneo, Inc. business

Sales	$640,363
Merchandise Inventory	$582,620
Sales discounts	$58,040
Interest expense	$3,677
Sales returns and allowances	$90,232
Interest Revenue	$10,268
Cost of goods sold	$224,598
Rent expense	$15,080
Depreciation expense: office equipment	$3,200
Insurance expense	$2,450
Advertising expense	$12,906
Accounts receivable	$100,440
Office supplies expense	$1,600
Rent revenue	$23,622
Sales salaries expense	$60,410
Accounts payable	$135,404
Common stock	$59,419
Marketing expense	$31,000