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ACCT 1A Financial Accounting CH 4-6

19/04/2020 Client: azharr Deadline: 24 Hours


ACCT 1A: Financial Accounting...




Ch. 4-6







1.Nix’It Company’s ledger on July 31, its fiscal year-end, includes the following selected accounts that have normal balances (Nix’It uses the perpetual inventory system).

























  Merchandise inventory



$



 34,800



  Sales returns and allowances



$



  3,500




  Retained earnings






115,300



  Cost of goods sold






102,000




  Dividends






7,000



  Depreciation expense






7,300




  Sales






157,200



  Salaries expense






29,500




  Sales discounts






1,700



  Miscellaneous expenses






2,000








A physical count of its July 31 year-end inventory discloses that the cost of the merchandise inventory still available is $32,900.




Prepare journal entries to close the balances in temporary revenue and expense accounts. Remember to consider the entry for shrinkage. (Omit the "$" sign in your response.)






2.





Income statement information for adidas Group, a German footwear, apparel, and accessories manufacturer, for the year ended December 31, 2009, follows. The company applies IFRS, as adopted by the European Union, and reports its results in millions of Euros.



















  Net income






245




  Financial income






19




  Financial expenses






169




  Operating profit






508




  Cost of sales






5,669




  Income taxes






113




  Income before taxes






358




  Gross profit






4,712




  Royalty and commission income






86




  Other operating income






100




  Other operating expenses






4,390




  Net sales






10,381










1.



Prepare the multiple-step income statement for the company for the year ended December 31, 2009.(Enter your answers in millions. Input all amounts as positive values. Omit the "€" sign in your response.)



 Prepare the single-step income statement for the company for the year ended December 31, 2009.(Enter your answers in millions. Input all amounts as positive values. Omit the "€" sign in your response.)








.







Apr. 2



Purchased merchandise from Blue Company under the following terms: $3,600 price, invoice dated April 2, credit terms of 2/15, n/60, and FOB shipping point.




3



Paid $200 for shipping charges on the April 2 purchase.




4



Returned to Blue Company unacceptable merchandise that had an invoice price of $600.




17



Sent a check to Blue Company for the April 2 purchase, net of the discount and the returned merchandise.




18



Purchased merchandise from Fox Corp. under the following terms: $7,500 price, invoice dated April 18, credit terms of 2/10, n/30, and FOB destination.




21



After negotiations, received from Fox a $2,100 allowance on the April 18 purchase.




28



Sent check to Fox paying for the April 18 purchase, net of the discount and allowance.














Prepare journal entries to record the above transactions for a retail store. Assume a perpetual inventory system. (Omit the "$" sign in your response.)









 

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