Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

(a) On March 2, Pharoah Company sold $ 897.900 of merchandise to Shamrock Company on account, terms 2/10,1/30. The cost of the merchandise sold was

image text in transcribed
image text in transcribed
(a) On March 2, Pharoah Company sold $ 897.900 of merchandise to Shamrock Company on account, terms 2/10,1/30. The cost of the merchandise sold was $594,200. On March 6, Shamrock Company returned $ 100,900 of the merchandise purchased on March 2 The cost of the merchandise returned was $ 67,500 (c) on March 12, Pharoah Company received the balance due trom Shamrock Company (b) Date Account Titles and Explanation Debit March 2 Inventory 879900 Accounts Payable (To record sale of merchandise) March 6 Accounts Payable 100900 Inventory (To record return of merchandise) 10000 0101 March 12 Accounts Payable 797000 Inventory Cash e Textbook and Media List of Accounts Sage for Later Attempts: 1 of 3 used Submit Answer MacBook Air Financial information for two companies are presented below. Fill in the missing amounts. Pina Colada Corp. Bramble Corp. Sales revenue $ 96,000 $ Sales returns and allowances 5,600 Net sales 90,000 112,000 Cost of goods sold 60,300 Gross profit 39,200 Operating expenses 18,000 Net income 16,800 e Textbook and Media Calculate the proht margin and the gross proftrate for each company. (Round answers to o decimal places, c.8. 15%.) Pina Colada Corp Bramble Corp Proht margin % % Gross profit rate % %6 e Textbook and Media

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Dynamical Corporate Finance

Authors: Umberto Sagliaschi, Roberto Savona

1st Edition

3030778525, 9783030778521

More Books

Students also viewed these Accounting questions

Question

Is Java a 100% strongly typed language? Why or why not?

Answered: 1 week ago