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strayer acc100 week 2 ch 5 homework

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Question;Brief Exercise 5-1Presented below are the components in Gates Company?s income statement.Determine the missing amounts.WarningDon't show me this message again for the assignmentBrief Exercise 5-2Radomir Company buys merchandise on account from Lemke Company. The selling price of the goods is $780, and the cost of the goods is $470. Both companies use perpetual inventory systems.Journalize the transaction on the books of both companies. (Credit account titles are automatically indented when amount is entered. Do not indent manually.)WarningDon't show me this message again for the assignmentOkCancelBrief Exercise 5-7Arndt Company provides the following information for the month ended October 31, 2014: sales on credit $280,000, cash sales $100,000, sales discounts $5,000, sales returns and allowances $11,000.Prepare the sales revenues section of the income statement based on this information.WarningDon't show me this message again for the assignmentOkCancelBrief Exercise 5-9Assume Kader Company has the following reported amounts: Sales revenue $510,000, Sales returns and allowances $15,000, Cost of goods sold $330,000, and Operating expenses $110,000.(a)Compute net sales.(b)Compute gross profit.(c) Compute income from operations.(d)Compute the gross profit rate.(Round answer to 1 decimal place, e.g. 25.2%.)Exercise 5-4 (Part level Submission)Prepare separate entries for each transaction on the books of Tuzun Company. (Record journal entries in the order presented in the problem. Credit account titles are automatically indented when amount is entered. Do not indent manually.)WarningDon't show me this message again for the assignmentExercise 5-4 (Part level Submission)On June 10, Tuzun Company purchased $8,000 of merchandise;from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight;costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for;credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays;Epps Company in full, less the purchase discount. Both companies use a;perpetual inventory system.(a) Your answer is correct.Prepare separate entries for each transaction on the books;of Tuzun Company. (Record journal entries in the order presented in the;problem. Credit account titles are automatically indented when amount is;entered. Do not indent manually.) Date Account;Titles and Explanation Debit Credit Exercise 5-4 (Part level Submission)On June 10, Tuzun Company purchased $8,000 of merchandise;from Epps Company, FOB shipping point, terms 2/10, n/30. Tuzun pays the freight;costs of $400 on June 11. Damaged goods totaling $300 are returned to Epps for;credit on June 12. The fair value of these goods is $70. On June 19, Tuzun pays;Epps Company in full, less the purchase discount. Both companies use a;perpetual inventory system.(b) Prepare separate entries for each transaction for Epps;Company. The merchandise purchased by Tuzun on June 10 had cost Epps $4,800.;(Credit account titles are automatically indented when amount is entered. Do;not indent manually.) Attempt of 1 GOExercise 5-6 (Part level Submission)The adjusted trial balance of Tsai Company shows the;following data pertaining to sales at the end of its fiscal year October 31;2014: Sales Revenue $820,000, Freight-out $16,000, Sales Returns and Allowances;$25,000, and Sales Discounts $13,000.(a) Your answer is correct.Prepare the sales revenues section of the income statement.Tsai COMPANYIncome Statement (Partial)For the Year Ended October 31, 2014 Exercise 5-6 (Part level Submission)The adjusted trial balance of Tsai Company shows the;following data pertaining to sales at the end of its fiscal year October 31;2014: Sales Revenue $820,000, Freight-out $16,000, Sales Returns and Allowances;$25,000, and Sales Discounts $13,000.(b) Your answer is correct.Prepare separate closing entries for (1) sales revenue, and;(2) the contra accounts to sales revenue.(Credit account titles are;automatically indented when amount is entered. Do not indent manually.) Exercise 5-14 Your answer is correct.Financial information is presented below for three different;companies.Determine the missing amounts. Allen;Cosmetics Bast;Grocery Corr;WholesalersSales revenue;(e) Sales returns and allowances (a) Net sales;(i)Cost of goods sold (f) (j)Gross profit (b) Operating expenses;(g) 18,000 Income from operations (c) (h) (k)Other expenses and losses 4 (l)Net income (d);="msonormal">

 

Paper#38570 | Written in 18-Jul-2015

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