Loading...

Messages

Proposals

Stuck in your homework and missing deadline? Get urgent help in $10/Page with 24 hours deadline

Get Urgent Writing Help In Your Essays, Assignments, Homeworks, Dissertation, Thesis Or Coursework & Achieve A+ Grades.

Privacy Guaranteed - 100% Plagiarism Free Writing - Free Turnitin Report - Professional And Experienced Writers - 24/7 Online Support

Exercise 5 9 part level submission

04/01/2021 Client: saad24vbs Deadline: 7 Days

Brief Exercise 5-1

Presented 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






Brief Exercise 5-8

Assume 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.

Net purchases $


Cost of goods purchased $






Brief Exercise 5-9

Assume 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. 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.


Cost of goods sold $

Gross profit $






Brief Exercise 5-10

Durbin 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%.)



Profit margin %

Gross profit rate %






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 $32,000

Freight-out 7,000 Sales discounts 8,000

Insurance expense 12,000 Sales returns and allowances 20,000

Salaries 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 5-2A

McCoy Warehouse distributes hardback books to retail stores and extends credit terms of 2/10, n/30 to all of its customers. During the

month 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 are

automatically indented when amount is entered. Do not indent manually. Record journal entries in the order presented in the

problem. 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 Common

Stock $ 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 is

entered. 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 journal

entries 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.


Homework is Completed By:

Writer Writer Name Amount Client Comments & Rating
Instant Homework Helper

ONLINE

Instant Homework Helper

$36

She helped me in last minute in a very reasonable price. She is a lifesaver, I got A+ grade in my homework, I will surely hire her again for my next assignments, Thumbs Up!

Order & Get This Solution Within 3 Hours in $25/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 3 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 6 Hours in $20/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 6 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

Order & Get This Solution Within 12 Hours in $15/Page

Custom Original Solution And Get A+ Grades

  • 100% Plagiarism Free
  • Proper APA/MLA/Harvard Referencing
  • Delivery in 12 Hours After Placing Order
  • Free Turnitin Report
  • Unlimited Revisions
  • Privacy Guaranteed

6 writers have sent their proposals to do this homework:

Top Essay Tutor
Helping Hand
Writer Writer Name Offer Chat
Top Essay Tutor

ONLINE

Top Essay Tutor

I have more than 12 years of experience in managing online classes, exams, and quizzes on different websites like; Connect, McGraw-Hill, and Blackboard. I always provide a guarantee to my clients for their grades.

$65 Chat With Writer
Helping Hand

ONLINE

Helping Hand

I am an Academic writer with 10 years of experience. As an Academic writer, my aim is to generate unique content without Plagiarism as per the client’s requirements.

$60 Chat With Writer

Let our expert academic writers to help you in achieving a+ grades in your homework, assignment, quiz or exam.

Similar Homework Questions

Equivocation fallacy advertisements - Warr corporation just paid a dividend - Unit 7 discussion - Assingment - Multiple intelligence inventory for adults - One – Group Assessment - Amerindo internet fund plc - Activate as primary ps4 error np 34993 8 - BE DS 8. - Organization and leadership - Convert watts to amperage - Diary of a madman summary sparknotes - Discussion 3 cryptography - Hotel investment business plan - The median cubital vein is located in the ________ space - Paper on blockchain use - Star in a box lab answers - Brightspace resu - How far is venus from the sun - How to run a scatter plot in spss - Coun 646 case study 3 - How many electrons are in potassium outer shell - Meno 3 definitions of virtue - Dangers of taking apart a rear projection tv - 200 words and a visio diagram( Urgent need it done by tonight 8:00 pm EST) - Quartet whiteboard cleaner sds - Lil wayne quote mirror - Casey hospital psych ward - Export processing zone karachi - Arguments against mobile phones in school - Electromagnetic induction lab answers - Thick face black heart - Roland barthes death of the author - Health promotion project plan template - DB 3 and reply - Simple stud service contract - Geography Assignment - Security architecture risk assessment - How to calculate a z score - minerals vital to human health - Secretive contracts briefly crossword clue - Ns travel planner app - Eyeglassomatic manufactures eyeglasses for different retailers - Fundamental methods of mathematical economics 4th edition solutions pdf - Which consumer market segments best match with benihana - Discussion - 5.9 8 explore network communications - Nursing Article Summary - T8 - Caravan drawbar replacement cost - First city bank pays percent simple interest - An Essay through African American Odyssey AKA the HINE book - When an online math class is too difficult for you - Windshield survey example - The time complexity of algorithms. - Grace to you sermon - Mutual benefit bailment definition - Payroll process data flow diagram - Assignment 1 - Subdivision registrar's requirements regulations 2011 - Big things come in small packages summary - Week7 6053 - Mason paper company manufactures commodity - , identify and explain what exo-system and macro-system factors affect access to child care? - Codon worksheet answer key - Youyang airport lighting equipment - Http www drugfreeworld org drugfacts the truth about drugs html - Spp split case pumps - Walden university code of conduct - Payroll program in python - Nature vs nurture examples twins - Greenfield Investments - Cgs1000 - Global marketing svend hollensen 6th edition - Free Writing assignment - Problems with modern portfolio theory - Jinx episode 3 escape from area 52 - Year 7 history ancient china - Nsqhs standards medication safety - 35/33 malcolm street west perth - Hexaco org personality test - Gcse bitesize injection moulding - Long black leather coat grammar - What is etsy's business model - REFLECTING ON READING #2 - Hudek inc a manufacturing corporation - History and Development of School Counseling Paper - Tpg home phone and internet bundles - Abc does not conform to gaap because it - Red rooster flayva calories - Cornwall voluntary sector forum - Mihaly csikszentmihalyi creativity fulfillment and flow - Littlefield simulation answer - In what financial activities does a corporate treasurer engage - Merchants of cool questions - How would you explain the correlation between the amount of corruption in a country and economic development? - Https www procon org debate topics php - Assignment help - Dance - Netmba value chain