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accounting please help uestion 1 of 4 -72 ew Policies arrent Attempt in Progress Chocolate Treats has the following account balances: Cost of goods sold
accounting please help
uestion 1 of 4 -72 ew Policies arrent Attempt in Progress Chocolate Treats has the following account balances: Cost of goods sold $390,000 Rent expense $45,000 Depreciation expense 13,500 Salaries expense 56,000 Insurance expense 3,000 Sales 555,000 Interest expense 11.500 Sales discounts 5,600 Anterest revenue 8,500 Sales returns and allowances H1 15,500 a Assuming Chocolate Treats uses a multiple step income statement, calculate the following: (a) net sales, (b) gross profit, (c) operating expenses. (d) profit from operations, and (e) profit. (a) Netsales (b) Gross profit (d) Operating expenses (d) Profit from operations le) Profit e Textbook and Media Save for later Attempts: 0 of 3 used Submit Answer View Policies Current Attempt in Progress The following merchandise transactions occurred in December. Both companies use a perpetual inventory system, Dec. 3 Cullumber Company sold merchandise to Thomas Co. for $36,000, terms 2/10, n/30, FOB destination. This merchandise cost Cullumber Company $18,000. 4 The correct company paid freight charges of $875. 8 Thomas Co. returned unwanted merchandise to Cullumber. The returned merchandise had a sales price of $2,600 and a cost of $990. It was restored to inventory. 13 Cullumber Company received the balance due from Thomas Co. and enter for the amounts. Record journal entries in the order presented in the problem.) Date Account Titles and Explanation Debit Credit (To record sales on account) (To record cost of goods sold.) (Cash payment for freight costs.) (To record credit for goods returned.) (To record cost of goods returned.) Dec 18 (Collection on account) une problem Date Account Titles and Explanation Debit Credit Purchase on account) (To record purchase return.) (Payment on account) Assuming that Thomas Co. had a balance in Merchandise Inventory on December 1 of $6.000, determine the balance Merchandise Inventory account at the end of December for Thomas Co. (Post entries in the order of journal entries preser previous part) Merchandise Inventory e Textbook and Media List of Accounts View Policies Current Attempt in Progress Bujold Company has the following internal controls over cash payments. Identify the control activity that is applicable to each of the following 1. Company cheques are pre-numbered. 2. Blank cheques are stored in a safe in the controller's office. 3. All employees in the accounting department are required to take vacations each yean 4. The bank statement is reconciled monthly by the assistant controller. 5. Both the controller and the treasurer are required to sign cheques or authorize EFTU 6. Cheque signers are not allowed to record cash payments. e Textbook and Media Attempts: 0 of 3 used Submit Answer Savel for Late Question 4 of 4
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