any one knows the answer of Qs 5-8 and 5-5
ASAP
CHAPTER 5 Accounting for Merchandising Activities Problem 5-8A Income statements-perpetual LOS CHECK FIGURES: 1. Operating expenses = $141.800; Profit = $73.200 The following adjusted trial balance for Bell Servicing was prepared at the end of the fiscal year, Decem ber 31, 2017 Debit Crede 101 125 $ 8.000 16.200 10.000 4.000 51.000 46.500 69.000 165 166 167 168 201 301 302 34.200 16.000 20.000 41 000 2010 505 Cash Merchandise inventory Supplies Prepaid insurance Store ment Accumulated depreciation, store equipment mement Accumulated depreciation office equipment Accounts payable Jonah Bella Jonah Bell withdrawals Sales Sales discounts Cost of goods sold Depreciation expense, store equipment Depreciation expense, office equipment Sales salaries expense Om salaries expense Insurance expense, store Insurance expense, office Rent expense office space Rent expense. Selling Office supplies expense Store supplies expense Advertising expense Total 2.000 74.800 613 622 623 637 63 640 3.500 36.000 32.000 2.000 1600 13 000 17.000 1.200 2.400 17 600 $417.800 652 $417.800 Required 1. Prepare a classified multiple step income statement that would be used by the business owner (like Exhibit 5.13) 2. Prepare a multiple-step income statement that would be used by external users (ie chibit 6.10 2. Prepare a single-step income statement that would be provided to decision makers outside the company like Exhibit 5.15). Analysis Component: If you were a decision maker external to Bell Servicing, which income se format would you prefer and why, if you had a choice? Which income statement formats could Journal entries for merchandising activities periode ang the formation provided in Part 1 of Problem 5-1Ajonelle each of the tree smclude the following: 101 106 119 201 201 414 415 500 Cash Accounts Receivable Merchandise inventory Accounts Payable Sales Sales returns and allowances Sales discounts Cost of goods sold Exercise 5-5 Recording journal entries for merchandise sales transactions-perpetual Los some Journalize each of the following transactions assuming a perpetual inventory system. Feb. 1 2 3 4 Sold merchandise with a cost of $1,500 for $2,100; terms 2/10, 1/30, FOB destination Paid $225 to ship the merchandise sold on February 1. The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. Sold merchandise to a customer for $3,800 (cost of sales $2.280); terms 2/10, 1/30, FOB destination Collected the amount owing from the customer of February 1. Sold merchandise to a customer for cash of $1,200 (cost of sales $720). The customer of February 4 paid the amount owing. 11 23 28 Exercise 5-6 Recording merchandise transactions: purchase and sale discounts-perpetual L03 Chad Funk is a hair stylist who opened a business selling hair products. He imports products from aroun the world and sells to salons in Canada. CHAPTER 5 Accounting for Merchandising Activities Problem 5-8A Income statements-perpetual LOS CHECK FIGURES: 1. Operating expenses = $141.800; Profit = $73.200 The following adjusted trial balance for Bell Servicing was prepared at the end of the fiscal year, Decem ber 31, 2017 Debit Crede 101 125 $ 8.000 16.200 10.000 4.000 51.000 46.500 69.000 165 166 167 168 201 301 302 34.200 16.000 20.000 41 000 2010 505 Cash Merchandise inventory Supplies Prepaid insurance Store ment Accumulated depreciation, store equipment mement Accumulated depreciation office equipment Accounts payable Jonah Bella Jonah Bell withdrawals Sales Sales discounts Cost of goods sold Depreciation expense, store equipment Depreciation expense, office equipment Sales salaries expense Om salaries expense Insurance expense, store Insurance expense, office Rent expense office space Rent expense. Selling Office supplies expense Store supplies expense Advertising expense Total 2.000 74.800 613 622 623 637 63 640 3.500 36.000 32.000 2.000 1600 13 000 17.000 1.200 2.400 17 600 $417.800 652 $417.800 Required 1. Prepare a classified multiple step income statement that would be used by the business owner (like Exhibit 5.13) 2. Prepare a multiple-step income statement that would be used by external users (ie chibit 6.10 2. Prepare a single-step income statement that would be provided to decision makers outside the company like Exhibit 5.15). Analysis Component: If you were a decision maker external to Bell Servicing, which income se format would you prefer and why, if you had a choice? Which income statement formats could Journal entries for merchandising activities periode ang the formation provided in Part 1 of Problem 5-1Ajonelle each of the tree smclude the following: 101 106 119 201 201 414 415 500 Cash Accounts Receivable Merchandise inventory Accounts Payable Sales Sales returns and allowances Sales discounts Cost of goods sold Exercise 5-5 Recording journal entries for merchandise sales transactions-perpetual Los some Journalize each of the following transactions assuming a perpetual inventory system. Feb. 1 2 3 4 Sold merchandise with a cost of $1,500 for $2,100; terms 2/10, 1/30, FOB destination Paid $225 to ship the merchandise sold on February 1. The customer of February 1 returned half of the amount purchased because it was the incorrect product; it was returned to inventory. Sold merchandise to a customer for $3,800 (cost of sales $2.280); terms 2/10, 1/30, FOB destination Collected the amount owing from the customer of February 1. Sold merchandise to a customer for cash of $1,200 (cost of sales $720). The customer of February 4 paid the amount owing. 11 23 28 Exercise 5-6 Recording merchandise transactions: purchase and sale discounts-perpetual L03 Chad Funk is a hair stylist who opened a business selling hair products. He imports products from aroun the world and sells to salons in Canada
