|
Accounting | Business | Computer
Science | General
Studies | Math | Sciences | Civics Exam | Help/Support | Join/Cancel | Contact Us | Login/Log Out
Homework 1.1 1.2 2.1 2.2 3.1 3.2 4.1 4.2 5.1 5.2 6.1 6.2 7.1 7.2 8.1 8.2 9.1 9.2 10.1 10.2 11.1 11.2 12.1 12.2 13.1 13.2
Learnsmart 1.1 2.1 3.1 4.1 5.1 6.1 7.1 8.1 9.1 10.1 11.1 12.1 13.1 13.2 | Exam 1 2 3 4 5 6 7 8 9 10 11 12 13 | Final Exam 1 2
Principals Of Financial Accounting Homework 5 Part 1
Martinez Company's ending inventory includes the
following items.
Compute the lower of cost or market for ending inventory applied separately to each product. 
2 Exercise 5-17B Estimating ending inventory-gross profit method LO P4 On January 1, JKR Shop had $590,000 of inventory at cost. In the first quarter of the year, it purchased $1,730,000 of merchandise, returned $24,500, and paid freight charges of $39,000 on purchased merchandise, terms FOB shipping point. The company's gross profit averages 40%, and the store had $2,140,000 of net sales (at retail) in the first quarter of the year. Use the gross profit method to estimate its cost of inventory at the end of the first quarter. 
3. Exercise 5-16B Estimating ending inventory-retail method LO P4 In 2017, Dakota Company had net sales (at retail) of $150,000.
The above additional information is available from its records at the end of 2017. Use the retail inventory method to estimate Dakota's 2017 ending inventory at cost. (Round cost ratio to the nearest whole percentage.) 
4. Required information Problem 5-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
Problem 5-1A Part 1 
Problem 5-1A Part 2 2. Compute the number of units in ending inventory. 
Required information Problem 5-1A Perpetual: Alternative cost flows LO P1 [The following information applies to the questions displayed below.] Warnerwoods Company uses a perpetual inventory system. It entered into the following purchases and sales transactions for March.
2. Compute the number of units in ending inventory. 
Cushman Company had $822,000 in sales sales discounts of $12,330 sales returns and allowances of $18,495 cost of goods sold of $390,450 282,770 in operating expenses Net income equals: $117,955 822,000 − 12,330 − 18,495 − 390,450 − 282,770 = 117,955 On March 12, Fret Company sold merchandise in this amount of $7,800 to Babson Company, with credit terms of 2/10, n/30. The cost of the items sold is $4,500. Fret uses the perpetual inventory system and the gross method of accounting for sales. The journal entry or entries that Fret will make on March 12 is(are): Debit Accounts Receivable $7,800 Credit Sales $7,800 Debit Cost of Goods Sold $4,500 Credit Merchandise Inventory $4,500 A company has net sales of $695,000 and cost of goods sold of $278,000. Its gross profit equals: $417,000 695,000 − 278,000 = 417,000 A company purchased $8,400 of merchandise on June 15 with the terms of 3/10, n/45. On June 20, it returned $420 of that merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals: $7,741 (8,400 − 420) × 0.97 = 7,741} On May 1, Shilling Company sold merchandise in the amount of $5,800 to Anderson, with credit terms of 2/10, n/30. The cost of the items sold is $4,000. Shilling uses the perpetual inventory system and the gross method. The journal or entries that Shilling will make on May 1 is(are): Debit Accounts Receivable $5,800 Credit Sales $5,800 Debit Cost of Goods Sold $4,000 Credit Merchandise Inventory $4,000 A company purchased $3,700 of merchandise on July 5 with terms 3/10, n/30. On July 7, it returned $410 worth of merchandise. On July 8, it paid the full amount due. The amount of the cash paid on July 8 equal: $3,191 (3,700 − $410) × 0.97 = 3,191 A company's inventory records report the following in November of the current year. Date. Activities. Units Acquired at Cost. Units Sold at Retail. Nov 1. Beginning Inventory 5 units @ $20 = $ 100 Nov 2. Purchase 10 units @ $22 = $ 220 Nov 8. Sales 12 units @ $54 = $ 648 Nov 12. Purchase 6 units @ $25 = $ 150 Using the LIFO perpetual inventory method, what was the amount recorded in the cost of goods sold account for the 12 units sold? $260 Cushman Company had $818,000 in sales sales discounts of $12,270 sales returns and allowances of $18,405, cost of goods sold of $388,550 $281,395 in operating expenses. Gross profit equals: $398,775 818,000 − 12,270 − 18,405 − 388,550 = 398,775 Franklin Company's bank reconciliation as of August 31 is shown below.
The adjusting journal entries that Clayborn must record as a result of the bank reconciliation include: Debit Cash $1,725 Credit Notes Receivable $1,725 Data is given The following information is available for Birch Company at December 31: Money market fund balance $ 2,980 deposit maturing June 30 of next year $16,900 Postdated checks from customers $1,950 Cash in bank account $24,331 NSF checks customers returned by bank $840 Cash in petty cash fund. $390 Inventory of postage stamps. $37 U.S. Treasury bill purchased on December 15 and maturing on February 28 of following year. $11 Based on this information, Birch Company should report Cash and Cash Equivalents on December 31 of: $39,601 2,980 + 24,331 + 390 + 11,900 = 39,601 A company had net sales of $31,400 and ending accounts receivable of $2,800 for the current period. Its days' sales uncollected equals: (Use 365 days a year.) 32.55 days (2,800 / 31,400) × 365 = 32.55 A company purchased $10,000 of merchandise on June 15 with terms 3/10, n/45. On June 20, it returned $800 of the merchandise. On June 24, it paid the balance owed for the merchandise taking any discount it was entitled to. The cash paid on June 24 equals: $8,924 (10,000 − 800) × 0.97 = 8,924 Use the following information for Davis Company to compute inventory turnover for year 2. Year 2 Year 1 Cost of Goods Sold 279,504 291,810 Ending inventory 47,700 49,350 5.76 279,504 / (47,700 + 49,350) / 2 279,504 / 48,525 = 5.76 Based on this information, the correct balance for ending inventory on December 31 is: Start with beginning inventory of $412,000. The information in the first bullet point was handled correctly since inventory should include consigned goods for which the subject company is the consignor. No adjustment. With respect to the second bullet point, inventory should not include office supplies held for use. $390,000 412,000 − 22,000 = 390,000. Homework 1.1 1.2 2.1 2.2 3.1 3.2 4.1 4.2 5.1 5.2 6.1 6.2 7.1 7.2 8.1 8.2 9.1 9.2 10.1 10.2 11.1 11.2 12.1 12.2 13.1 13.2
Learnsmart 1.1 2.1 3.1 4.1 5.1 6.1 7.1 8.1 9.1 10.1 11.1 12.1 13.1 13.2 | Exam 1 2 3 4 5 6 7 8 9 10 11 12 13 | Final Exam 1 2
|
|||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Home |
Accounting & Finance | Business |
Computer Science | General Studies | Math | Sciences |
Civics Exam |
Everything
Else |
Help & Support |
Join/Cancel |
Contact Us |
Login / Log Out |