5-1A

Please provide a T-account.

Income satement (partial)

Calc the profit margin and gross profit!

Problem 5-1A Winters Hardware Store completed the following merchandising transactions in the month of May. At the beginning of May, Winters' ledger showed Cash of $9,600 and Common Stock of $9,600. May I Purchased merchandise on account from Black wholesale Supply for $8,100, terms 1/10, n/30 2 Sold merchandise on account for $4,900, terms 2/10, n/30. The cost of the merchandise sold was $3,675 5 Received credit from Black Wholesale Supply for merchandise returned $400 9 Received collections in full, less discounts, from customers biled on May 2 10 Paid Black Wholesale Supply in full, less discount 11 Purchased supplies for cash $1,080 12 Purchased merchandise for cash $3,720. 15 Received $276 refund for return of poor-quality merchandise from supplier on cash purchase. 17 Purchased merchandise from Wilhelm Distributors for $2,850, terms 2/10, n/30. 19 Paid freight on May 17 purchase $300. 24 Sold merchandise for cash $6,600. The cost of the merchandise sold was $4,920 25 Purchased merchandise from Clasps Inc. for $960, terms 3/10, n/30 27 Paid Wilhelm Distributors in full, less discount 29 Made refunds to cash customers for returned merchandise $135. The returned merchandise had cost $99. 31 Sold merchandise on account for $1,536, terms n/30. The cost of the merchandise sold was $96