#### Description of this paper

##### Accounting homework_wileyplus

Description

solution

Question

Question;Brief Exercise 5-1Presented here are the components in Casilla Company?s income statement.Determine the missing amounts.Sales Revenue Cost of Goods Sold Gross Profit Operating Expenses Net Income sales COGS GP Operating exp NPYear 1 \$ 71,200 \$ 30,000 \$ 12,100 Year 2 \$ 108,000 \$ 70,000 \$ 29,500 Year 3 \$ 71,900 \$ 109,600 \$ 46,200 Brief Exercise 5-8Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases \$404,000, Purchase Returns and Allowances \$13,000, Purchase Discounts \$9,000, and Freight-in \$16,000.Determine net purchases and cost of goods purchased.Brief Exercise 5-9Assume that Tracy Company uses a periodic inventory system and has these account balances: Purchases \$404,000, Purchase Returns andAllowances \$13,000, Purchase Discounts \$9,000, and Freight-in \$16,000. Tracy Company has beginning inventory of \$60,000, ending inventory of \$90,000, and net sales of \$612,000.Determine the amounts to be reported for cost of goods sold and gross profit.Brief Exercise 5-10Durbin Corporation reported net sales of \$250,000, cost of goods sold of \$150,000, operating expenses of \$50,000, net income of \$32,500,beginning total assets of \$520,000, and ending total assets of \$600,000.Calculate profit margin and gross profit rate. (Round answers to 0 decimal places, e.g. 10%.)Exercise 5-6 (Part Level Submission)Presented below is information for Zhou Co. for the month of January 2014.Cost of goods sold \$212,000 Rent expense \$32,000Freight-out 7,000 Sales discounts 8,000Insurance expense 12,000 Sales returns and allowances 20,000Salaries and wages expense 60,000 Sales revenue 370,000(a) Prepare an income statement using the multi-step format. Assume a 25% tax rate.(b) Calculate the profit margin and the gross profit rate. (Round answers to 1 decimal place, e.g. 15.2%.)Problem 5-2AMcCoy Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During themonth of June, the following merchandising transactions occurred.June 1 Purchased books on account for \$1,040 (including freight) from Carlin Publishers, terms 2/10, n/30.3 Sold books on account to the Goldschmidt bookstore for \$1,200. The cost of the merchandise sold was \$720.6 Received \$40 credit for books returned to Carlin Publishers.9 Paid Carlin Publishers in full.15 Received payment in full from the Goldschmidt bookstore.17 Sold books on account to Town Crier for \$1,200. The cost of the merchandise sold was \$730.20 Purchased books on account for \$720 from Good Book Publishers, terms 1/15, n/30.24 Received payment in full from Town Crier.26 Paid Good Book Publishers in full.28 Sold books on account to Emporia Bookstore for \$1,300. The cost of the merchandise sold was \$780.30 Granted Emporia Bookstore \$130 credit for books returned costing \$80.Journalize the transactions for the month of June for McCoy Warehouse, using a perpetual inventory system. (Credit account titles areautomatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in theproblem. Round answers to 0 decimal places e.g. 15,222.)Problem 5-9A (Part Level Submission)At the beginning of the current season on April 1, the ledger of Flint Hills Pro Shop showed Cash \$ 2,500, Inventory \$ 3,500, and CommonStock \$ 6,000. The following transactions occurred during April 2014.Apr. 5 Purchased golf bags, clubs, and balls on account from Akers Co. \$ 1,500, terms 3 /10, n/60.7 Paid freight on Akers Co. purchases \$ 80.9 Received credit from Akers Co. for merchandise returned \$ 200.10 Sold merchandise on account to members \$ 1,340, terms n/30.12 Purchased golf shoes, sweaters, and other accessories on account from Palmer Sportswear \$ 830, terms 1 /10, n/30.14 Paid Akers Co. in full.17 Received credit from Palmer Sportswear for merchandise returned \$ 30.20 Made sales on account to members \$ 810, terms n/30.21 Paid Palmer Sportswear in full.27 Granted credit to members for clothing that did not fit properly \$ 80.30 Received payments on account from members \$ 1,220.(a)Journalize the April transactions using a periodic inventory system. (Credit account titles are automatically indented when amount isentered. Do not indent manually. Record journal entries in the order presented in the problem.)(b)Using T accounts, enter the beginning balances in the ledger accounts and post the April transactions. (Post entries in the order of journalentries posted in part a.)(c)Prepare a trial balance on April 30, 2014.(d)Prepare an income statement through gross profit, assuming inventory on hand at April 30 is \$4,263.

Paper#45347 | Written in 18-Jul-2015

Price : \$22