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Aanswer questions SE5-4,5,7 and 9 ! Not handwritings please SE54. Accounting for Purchase Discounts Ken Company purchased $5,000 of merchandise from Marilyn Company with terms

Aanswer questions SE5-4,5,7 and 9 ! Not handwritings please image text in transcribed
SE54. Accounting for Purchase Discounts Ken Company purchased $5,000 of merchandise from Marilyn Company with terms of 3/10 n/45. What percent discount will Ken Company get if it pays within the allowed discount period? If Ken Company fails to pay within the discount period, how many days does Ken Company have from the date of purchase before the payment is considered to be late? SE5-5. Accounting for Purchase Discounts Using the information in SE5-4, what amount will Ken Com- pany pay to Marilyn Company if Ken Company takes advantage of the purchase discount? SE5-6. Accounting for Sales Transactions Kate Company uses the perpetual inventory system. Record the journal entries for the following transactions: a. On July 16, Kate sold $600 of merchandise with terms of 2/10 n/30. The cost of the merchandise was $360 b. On July 19, the customer returned $100 of the merchandise from (a). The cost of the merchandise c. On July 22, the customer paid the entire balance due to Kate. month of January was $60. SE5.-7. Gross Profit Percentage Using the data below, compute Dino's gross profit percentage for the 4,000 3,000 500 1,200 Other income Return on Sales Ratio Using the data in SE5-9, compute Dino's return on sales ratio for of January Cost of Goods Sold and the Periodic System Kanzu Company uses the periodic inventory system. Kanzu started the period with $10,000 in inventory. The Company purchased an additional $25,000o merchandise, and returned $1,000 for a full credit. A physical count of inventory at the end of the pe- riod revealed that there was an ending inventory balance of $8,000. What sold during the period? SE5-8. month SES-9

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