SydGee Itd completed the following transactions during July 2023 (all amounts include G July 1 Purchased supplies for cash, $880. 4Purchased inventory on credit terms of 3/10, n/eom, $21,120. 8 Returned half the inventory purchased on 4 July. 10Sold goods for cash, $2,640 (cost, $1540). 13Sold inventory on credit terms of 2/15, n/45, $21,780 (cost, $11,720), 14Paid the amount owed on account from 4 July, less the return (8 July) and the discount. Requirement: Journalise the transactions on the books of SydGee Ltd, including accounting for GST.

SydGee Itd completed the following transactions during July 2023 (all amounts include G July 1 Purchased supplies for cash, $880. 4Purchased inventory on credit terms of 3/10, n/eom, $21,120. 8 Returned half the inventory purchased on 4 July. 10Sold goods for cash, $2,640 (cost, $1540). 13Sold inventory on credit terms of 2/15, n/45, $21,780 (cost, $11,720), 14Paid the amount owed on account from 4 July, less the return (8 July) and the discount. Requirement: Journalise the transactions on the books of SydGee Ltd, including accounting for GST.

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

Chapter5: The Income Statement And The Statement Of Cash Flows

Section: Chapter Questions

Problem 3RE: Shaquille Corporation began the current year with inventory of 50,000. During the year, its...

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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.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of goods sold on October 29, and (c) the inventory on October 31.
Beginning inventory, purchases, and sales for WCS12 are as follows: Assuming a perpetual inventory system and using the weighted average method, determine (a) the weighted average unit cost after the October 22 purchase, (b) the cost of the merchandise sold on October 29, and (c) the inventory on October 31.
RE7-8 Johnson Company uses a perpetual inventory system. On October 23, Johnson purchased 100,000 of inventory on credit with payment terms of 1/15, net 45. Using the net price method, prepare journal entries to record Johnsons purchases on October 23 and the subsequent payment on October 31. Using the information from RE7-8, prepare journal entries to record Johnsons purchase on October 23 and the subsequent payment on November 30.
Hurst Companys beginning inventory and purchases during the fiscal year ended December 31, 20-2, were as follows: There are 1,200 units of inventory on hand on December 31, 20-2. REQUIRED 1. Calculate the total amount to be assigned to the cost of goods sold for 20-2 and ending inventory on December 31 under each of the following periodic inventory methods: (a) FIFO (b) LIFO (c) Weighted-average (round calculations to two decimal places) 2. Assume that the market price per unit (cost to replace) of Hursts inventory on December 31 was 18. Calculate the total amount to be assigned to the ending inventory on December 31 under each of the following methods: (a) FIFO lower-of-cost-or-market (b) Weighted-average lower-of-cost-or-market 3. In addition to taking a physical inventory on December 31, Hurst decides to estimate the ending inventory and cost of goods sold. During the fiscal year ended December 31, 20-2, net sales of 100,000 were made at a normal gross profit rate of 35%. Use the gross profit method to estimate the cost of goods sold for the fiscal year ended December 31 and the inventory on December 31.
Abacus Ltd undertook the following transactions during May 2022. Purchased $18,480 inventory; terms 1/10, n/30. May. 1 8 Returned $1,980 of the inventory purchased on May 1. 16 Sold inventory on credit for $8,745. Cost of the inventory sold was $5,700. Required: a) Prepare the journal entries to record the transactions using periodic inventory system. GST apply, and assuming that all the prices are GST inclusive. b) Prepare the journal entries to record the 8th and 16th transactions using perpetual inventory system. Ignore GST.
16:52 itc.birzeit.edu XYZ Company uses the periodic inventory method and had the following inventory information available: Units Unit Cost Total Cost Beginning 100 1/1 entory $5 $ 500 20/2 Purchase 400 $6 2,400 25/7 Purchase 200 $7 1,400 10/10 Purchase 300 $9 2,700 1,000 $7,000
Accounting Abacus Ltd undertook the following transactions during May 2022. May. 1 Purchased $18,480 inventory; terms 1/10, n/30. 8 Returned $1,980 of the inventory purchased on May 1. 16 Sold inventory on credit for $8,745. Cost of the inventory sold was $5,700. Required: a) Prepare the journal entries to record the transactions using periodic inventory system. GST apply, and assuming that all the prices are GST inclusive. b) Prepare the journal entries to record the 8th and 16th transactions using perpetual inventory system. Ignore GST.
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The December 31, 2024, year-end inventory balance of the Almond Corporation is $224,000. You have been asked to review the following transactions to determine if they have been correctly recorded. 1. Goods shipped to Almond f.o.b. destination on December 26, 2024, were received on January 2, 2025. The invoice cost of $37,000 is included in the preliminary inventory balance. 2. At year-end, Almond held $21,000 of inventory on consignment from the Hardgrove Company. This inventory is included in the preliminary inventory balance. 3. On December 29, inventory costing $6,700 was shipped to a customer f.o.b. shipping point and arrived at the customer's location on January 3, 2025. The inventory is not included in the preliminary inventory balance. 4. At year-end, Almond had inventory costing $22,000 on consignment with the Juniper Corporation. The inventory is not included in the preliminary inventory balance. Required: Determine the correct inventory amount to be reported in Almond's 2024…
The following information was available for the year ended December 31, 2019: Net sales $821,250 Cost of goods sold Average accounts receivable for the year Accounts receivable at year-end Average inventory for the year Inventory at year-end 602, 250 39,100 30,400 166,000 157,575 Required: a. Calculate the inventory turnover for 2019. (Round your answer to 2 decimal places.) b. Calculate the number of days' sales in inventory for 2019, using year-end inventories. (Use 365 days a year. Round your answer to 1 decimal place.) c. Calculate the accounts receivable turnover for 2019. (Round your answer to 1 decimal place.) d. Calculate the number of days' sales in accounts receivable for 2019, using year-end accounts receivable. (Use 365 days a year. Round your answer to 1 decimal place.) a. Inventory turnover b. Number of days' sales in Inventory c. Accounts receivable turnover d. Number of days' sales in accounts receivable times days times days